TXO Partners, L.P. — Director's Dealing 2023

Feb 2, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TXO Energy Partners, L.P. (TXO)
CIK: 0001559432
Period of Report: 2023-01-31

Reporting Person: KING J LUTHER JR (Director, 10% Owner, See Remarks)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-01-31	Common Units	C	1339474	—	Acquired	3295474	Indirect
2023-01-31	Common Units	A	3000	$0.00	Acquired	3000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2023-01-31	Series 5 Preferred Units	$	C	53.3158	Disposed	2024-10-15	Common Units (273676)	Direct
2023-01-31	Series 5 Preferred Units	$	C	207.6316	Disposed	2024-10-15	Common Units (1065798)	Indirect

Footnotes

F1: Immediately prior to the closing of the Issuer's initial public offering, the Issuer's series 5 preferred units automatically converted into common units of the Issuer.

F2: Reflects securities acquired in a transaction exempt from reporting pursuant to Rule 16a-13.

F3: Reflects the number of units beneficially held following a 1-for-25.33 reverse unit split effected by the Issuer on January 31, 2023, which was exempt from reporting pursuant to Rule 16a-9.

F4: Reflects phantom units. Each phantom unit is the economic equivalent of one common unit of the Issuer and will be settled in common units upon vesting. The phantom units will vest on January 31, 2024.

F5: The securities reported include (i) 507,909 common units underlying series 5 preferred units held by LKCM Investment Partnership, L.P. and (ii) 557,889 common units underlying series 5 preferred units held by PDLP Morningstar, LLC.

F6: LKCM Investment Partnership GP, LLC is the general partner of LKCM Investment Partnership, L.P. LKCM Private Discipline Management, L.P. is the sole holder of management shares of LKCM Private Discipline Master Fund, SPC. PDLP Morningstar, LLC is a wholly owned subsidiary of LKCM Private Discipline Master Fund, SPC. Luther King Capital Management Corporation serves as the investment adviser to each of LKCM Investment Partnership, L.P. and LKCM Private Discipline Master Fund, SPC. J. Luther King, Jr. serves as the President of Luther King Capital Management Corporation.

F7: Luther King Capital Management Corportion has voting and investment power over the securities beneficially owned by each of LKCM Investment Partnership GP, LLC and LKCM Private Discipline Management L.P. Accordingly, each of J. Luther King and Luther King Capital Management Corporation may be deemed to share beneficial ownership of the Series 5 Preferred Units held by each of LKCM Investment Partnership, L.P. and PDLP Morningstar, LLC, but each disclaims beneficial ownership of such common units except to the extent of their pecuniary interest therein.