William H. Adams III - Jan 26, 2023 Form 3 Insider Report for MorningStar Partners, L.P. (TXO)

Role: Director, Other*
Signature: /s/ Brent W. Clum, Attorney-in-fact
Stock symbol: TXO
Transactions as of: Jan 26, 2023
Transactions value $: $0
Form type: 3
Date filed: 1/26/2023, 06:00 PM
Previous filing: Feb 28, 2022
Next filing: Feb 2, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	TXO	Common Units						736K	Jan 26, 2023	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	TXO	Series 5 Preferred Units							Jan 26, 2023	Common Units	639K		Direct	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Immediately prior to the closing of the Issuer's initial public offering, the Issuer's series 5 preferred units will automatically convert into common units of the Issuer.

Remarks:

The Reporting Person is a Director of TXO Energy GP, LLC, the general partner of the Issuer (the "General Partner"). The Issuer is managed by the directors and executive officers of the General Partner. Exhibit 24 - Power of Attorney.