TXO Partners TXO

Brent W. Clum has served as our Chief Financial Officer since the founding of TXO Partners in June 2012, and has served as the Co-Chief Executive Officer since April 2025. Mr. Clum previously served as the President of Business Operations and as a Director from July 2022 to March 2025. Mr. Clum served as Chief Financial Officer and Director of Southland from February 2015 until January 2020. Since August 2010, he has served as Chairman of the Finance and Audit Committee of Rangers Baseball Express. Additionally, he currently serves on the Fort Worth Advisory Board for UMB Financial Corporation. He served as Senior Vice President and Treasurer of XTO from 2003 until the Exxon acquisition. Prior to joining XTO, Mr. Clum worked as a portfolio manager at Luther King Capital Management, served as a Managing Director at Invesco and was an Analyst for T. Rowe Price and Associates. He graduated from Baylor University with a Bachelors in Business Administration in Finance, Accounting and Marketing and from the Harvard Graduate School of Business with a Master's in Business Administration. He is a CPA and a chartered financial analyst (CFA).

Gary D. Simpson has served as the Co-Chief Executive Officer since April 2025. Mr. Simpson previously served as the President of Production and Development of TXO Partners from November 2024 to March 2025. Mr. Simpson served as Senior Vice President of the General Partner since January 2023. Mr. Simpson has been a consultant at the Partnership since its founding in 2012. Prior to joining the Partnership, Mr. Simpson served as Senior Vice President of Investor Relations & Finance and board member at XTO Energy Inc., prior to its acquisition by ExxonMobil Corporation in 2010. Mr. Simpson's prior company affiliations include XTO Energy Inc., Simpson Oil & Land Company, Arco International Oil & Gas, Inc. and ExxonMobil Corporation. Mr. Simpson received a Bachelor of Science, magna cum laude, in Petroleum Engineering from Texas A&M University in 1985 and a Master of Fine Arts from the American Film Institute in 1996. Mr. Simpson is the nephew of Bob R. Simpson, Chairman and Director of the Partnership.

Scott T. Agosta has served as Chief Accounting Officer and Controller of TXO Partners since its founding in June 2012. He also served as Chief Accounting Officer and Controller of Southland from August 2017 until January 2020. He served as Vice President-Financial Reporting of XTO from February 2005 until the Exxon acquisition in March 2012. Additionally, Mr. Agosta has served as a Board Member of the Junior Achievement of the Chisholm Trail since August 2009. Prior to joining XTO, Mr. Agosta worked as the Manager-Financial Reporting and Analysis at Devon Energy Corporation, served as Manager-Financial Reporting at Albemarle Corporation and was an Audit Manager at KPMG. He graduated from Louisiana State University with a B.B.A in Accounting. He is a CPA.

Rick J. Settle has served as a Director of TXO Partners since July 2020. Mr. Settle is a Principal at LKCM Headwater Investments, the private equity arm of Luther King Capital Management, and has previously served as a Vice President and Associate since joining the firm in October 2014. Prior to becoming a Principal at LKCM Headwater, Mr. Settle worked as a financial analyst for Citigroup. Additionally, Mr. Settle currently serves on the board of several private companies. He graduated from Texas Christian University with a B.B.A. in Finance, Entrepreneurial Management. He is a CFA.

Bill H. Adams has served as Director of TXO Partners since January 2023. He also serves as Director of Kimbell Royalty GP, LLC (NYSE: KRP), a position he has held since January 2017. In this position, Mr. Adams has served on the Audit, Compensation and Conflicts Committees of the company. Additionally, Mr. Adams has served as Director of Graham Savings Bank since 2018. Mr. Adams has also held the position of Chairman and has been a principal owner of Texas Appliance Supply, Inc., a wholesale and retail distribution company, since 2007. Prior to its sale to Exxon Mobil Corporation in 2010, he served on the board of directors of XTO Energy Inc., where he chaired the Compensation and the Corporate Governance and Nominating committees. Previously, Mr. Adams had a 25-year career in commercial and energy banking, most recently as Executive Regional President of Texas Bank in Fort Worth, before retiring in 2006. He also served as President of Frost Bank-Arlington. Mr. Adams received a B.B.A. in Finance from Texas Tech University.

Larry Massaro has served as Director of TXO Partners since March 2025. Prior to his appointment to the Board, he was the Chief Executive Officer of Silverado Oil & Gas LLC from March 2019 to November 2021. Prior thereto, Mr. Massaro was Executive Vice President and Chief Financial Officer of Newfield Exploration from November 2013 to February 2019. Prior to joining Newfield, Mr. Massaro was Managing Director at JP Morgan and Head of Acquisitions and Divestitures from July 2005 to February 2011. Prior to JP Morgan, Mr. Massaro was Vice President Corporate Development of Amerada Hess from February 1999 to June 2005. His prior company affiliations before joining Amerada Hess in 1995 include British Petroleum and PG&E Resources. Mr. Massaro currently serves on the board of Advantage Energy Ltd (TSX: AAV), a Canadian oil and gas company. Mr. Massaro received a Bachelor of Science in Petroleum Engineering from Texas A&M University and a Master's in Business Administration from Southern Methodist University.

Phillip R. Kevil has served as a Director of TXO Partners since January 2023. He previously served as a Director and as a member of the Audit Committee for XTO from 2004 until 2010. He also served as Vice President - Tax at XTO from 1987 until 1997. Mr. Kevil was responsible for all tax functions for Southland Royalty Company (formerly listed on the New York Stock Exchange) from 1975 until 1986. He graduated from the University of Texas at Arlington with a B.A in Accounting. He is a CPA.

J. Luther King, Jr. has served as Director of TXO Partners since 2016. He served as Director of Tyler Technologies, Inc. (NYSE: TYL) from May 2004 until May 2021, serving on the Compensation and Audit Committees throughout his tenure at the company. Additionally, he has served as Director of LKCM Funds since February 1994. Mr. King also previously served as Director of Encore Energy Partners LP and as Director of XTO. Over the course of his career, he has served on the boards of several publicly traded companies, three of which were listed on the NYSE. In his position as a director of these companies, Mr. King has served as Chair of both Audit and Compensation Committees. Mr. King currently serves as President of Luther King Capital Management, a position he has held since February 1979. He attended Texas Christian University, where he earned a B.Sc. and then an M.B.A. Mr. King is a CFA and was recognized by CFA Magazine as Most Inspiring in the Investment Advisory Profession in 2007. Additionally, Mr. King is a founding member of the Strategic Advisory Board of the CFA Society of Dallas/Fort Worth.

Bob R. Simpson founded TXO Partners in June 2012 and has served as a Director and the Chairman of the Board since its founding. From July 2022 to March 2025, Mr. Simpson served as our Chief Executive Officer. Mr. Simpson previously served as the Chairman and a Director of Southland from February 2015 until January 2020. From August 2010 until September of 2020, Mr. Simpson served as Co-Chairman of the Rangers Baseball Express and since September of 2020, he has served as Chair of the Executive Committee. He also served as Chief Executive Officer of XTO (a company he founded) until 2008 and as Chairman of XTO until 2010 when XTO merged with Exxon for $41 billion in one of the largest transactions in history for an independent oil and gas company. Mr. Simpson attended Baylor University, where he earned a B.B.A. in Accounting magna cum laude and then an M.B.A. He served in the Texas Army National Guard after graduation and then earned his certified public accountant (CPA) designation. Mr. Simpson is the uncle of Gary D. Simpson, Co-Chief Executive Officer.

Keith A. Hutton served as our President of Production and Development from July 2022 until November 2024 and as a Director since our founding in June 2012. He previously served as our Chief Executive Officer from our founding in June 2012 until July 2022. Mr. Hutton served as Director of Southland from February 2015 until January 2020. Mr. Hutton also served as Chief Executive Officer and Director of XTO until the time of the Exxon acquisition. He remained a consultant with Exxon until January 2012. Mr. Hutton held various management positions for XTO over his 25-year career and was promoted to CEO in December 2008. Prior to joining XTO Energy in 1987, Mr. Hutton was employed with Sun Oil Company in both the international and domestic divisions for five years. He graduated from Texas A&M University with a B.S. in Petroleum Engineering and was named a Harold Vance Department of Petroleum Engineering Distinguished Graduate in 2009.