Oil and gas producer Morningstar, aka TXO Energy, files for a $100 million IPO
Oil and gas company MorningStar Partners LP, soon to be known as TXO Energy Partners LP (TXO), has submitted a $100 million initial public offering proposal.
MorningStar does not disclose in its profile quantity or price of shares will be offered for sale, but assigned in a Application fee schedule attached that it is looking to raise as much as $100 million, a number that is likely to hold a place and is subject to change.
MorningStar said it plans to change its name to TXO Energy Partners ahead of the offering and may also conduct a reverse stock split.
The company hopes to list its shares on the NYSE under the symbol TXO. Booksellers include Raymeond James, Stifel, Janney Montgomery Scott and Capital One Securities.
Headquartered in Fort Worth, Texas, TXO will focus on acquiring, developing, and exploiting oil and gas reserves, primarily in the Permian Basin of Texas and New Mexico and the San Juan Basin of New Mexico and Colorado.
The company is profitable. For the nine-month period ended September 30, it reported net income of $15 million on sales of $204 million.
MorningStar is the latest oil and gas company to file for an IPO. Natural gas interest management company Bounty Minerals (BNTY) Apply for an IPO $100 last week while Permex Petroleum (OTCQB: OIL) filed earlier this month to listed its shares on the NYSE and raised $11 million.