Fort Worth-based MorningStar Partners LP, which will be renamed TXO Energy Partners LP, has launched its initial public offering of 5 million common units representing limited partner interests in TXO.
The oil and gas company also will grant the underwriters an option to buy up to an additional 750,000 common units at the initial public offering price, less underwriting discounts and commissions.
IPO price expected between $19 and $21
The initial public offering price is expected to be between $19 and $21 per common unit. The company has applied to list its common units on the New York Stock Exchange under the ticker symbol “TXO.”
The common units being offered to the public represent an approximate 17% limited partner interest in TXO, or an approximate 19% limited partner interest if the underwriters exercise, in full, their option to buy additional common units.
Raymond James, Stifel, Janney Montgomery Scott and Capital One Securities are acting as joint book-running managers for the offering, TXO said.
Focusing on Permian Basin and San Jaun Basin
TXO Energy Partners is a master limited partnership focused on the acquisition, development, optimization, and exploitation of conventional oil, natural gas, and natural gas liquid reserves in North America.
Its current acreage positions are concentrated in the Permian Basin of West Texas and New Mexico and the San Juan Basin of New Mexico and Colorado.
The company is headquartered in the historic Fort Worth Star-Telegram Building on West Seventh Street and is owned by Bob Simpson.
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