[SCHEDULE 13G] Civeo Corporation SEC Filing

Rhea-AI Filing Summary

TXO Partners, L.P. (TXO) Q2-25 10-Q highlights

• Top-line growth: revenue rose 57 % YoY to $89.9 m on 21 % higher volumes (2.37 MMBoe); natural-gas price recovery and Williston Basin assets drove gains.
• Bottom-line pressure: quarter posted a small $0.1 m net loss versus $2.8 m profit a year ago as DD&A doubled to $21.7 m and G&A expense (+106 %) absorbed unit-based comp.
• Cash metrics solid: operating cash flow up 19 % to $57.5 m YTD; Adjusted EBITDAX climbed 30 % to $27.5 m for the quarter.
• Balance-sheet reset: May equity offering raised $189.5 m; long-term debt cut to $19.1 m from $157.1 m YE-24. Post-quarter, borrowing base lifted from $275 m to $410 m, funding the $338.6 m White Rock Energy acquisition that closed 31 Jul 25.
• Hedging support: $14.8 m quarterly derivative gain (realized + unrealized) cushioned commodity swings; 50–90 % of forward PDP volumes hedged per covenant matrix.
• Returns to unitholders: distribution declared at $0.45 per unit (down from $0.61 in Q1); units outstanding increased 34 % to 54.8 m, diluting per-unit metrics.
• Liquidity & covenants: leverage well below 1×; in compliance with all credit facility tests; $7.95 m cash on hand.

Outlook: management targets “production & distribution” model—expect integration of WRE assets, stepped-up development spend (~$15 m YTD), and focus on maintaining hedge cover amid price volatility.

Insights

Financial Analyst

TL;DR — solid revenue & cash flow growth but margin erosion and dilution temper upside.

Volume-driven revenue surge and sizeable hedge gains lifted Adjusted EBITDAX 30 %. Equity raise delevered the balance sheet and increased liquidity ahead of the WRE deal; borrowing base step-up provides ample headroom. Yet per-unit economics weakened: net loss, 110 % jump in DD&A, 19 % higher opex, and 106 % higher G&A. Distribution cut to $0.45 offsets some dilution but signals cash retention for integration. Near-term catalysts hinge on WRE asset performance and ability to compress operating costs toward historical norms.

Portfolio Manager

TL;DR — mixed; lower leverage good, but rising costs and unit count dilute thesis.

Debt reduction from $157 m to $19 m and expanded credit line materially lower financial risk; however, 13.4 m new units (+34 %) create headwind for per-unit cash flow. Operating loss underscores cost-control challenge as legacy PDP base ages. Distribution yield remains competitive (~11 % at $16) but coverage tight; sustainability rests on WRE synergy capture and commodity strip. Stock likely trades range-bound until integration proof points emerge.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Civeo Corporation

(Name of Issuer)

Common Shares

(Title of Class of Securities)

17878Y207

(CUSIP Number)

07/29/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 17878Y207

1

Names of Reporting Persons

M Partners Fund LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 666,717.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 666,717.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

666,717.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.31 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 17878Y207

1

Names of Reporting Persons

M Partners Fund (GP) LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 666,717.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 666,717.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

666,717.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.31 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 17878Y207

1

Names of Reporting Persons

Ali John Mirshekari

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 666,717.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 666,717.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

666,717.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.31 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: M Partners Fund LP is a Delaware limited partnership whose sole general partner is M Partners Fund (GP) LLC. The managing member of M Partners Fund (GP) LLC is Ali John Mirshekari. As a result, Ali John Mirshekari is deemed to be the indirect owner of the shares held directly by M Partners Fund LP. Despite such shared beneficial ownership, the Reporting Persons disclaim that they constitute a statutory group within the meaning of Rule 13d-5(b)(1) of the Securities Exchange Act of 1934. Based on the 12,551,769 common shares, without par value per share, outstanding as of July 25, 2025, as reported in the Form 10-Q for the quarterly period ended June 30, 2025, of Civeo Corporation.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Civeo Corporation
(b)	Address of issuer's principal executive offices: Three Allen Center 333 Clay Street, Suite 4980 Houston, Texas, 77002
Item 2.
(a)	Name of person filing: This Schedule is filed by M Partners Fund LP, M Partners Fund (GP) LLC and Ali John Mirshekari.
(b)	Address or principal business office or, if none, residence: The principal business address of the Reporting Persons is 24 Shipyard Drive, Suite 102, Hingham, MA 02043.
(c)	Citizenship: M Partners Fund LP is a Delaware limited partnership. M Partners Fund (GP) LLC is a Delaware limited liability company. Ali John Mirshekari is a citizen of the United States of America.
(d)	Title of class of securities: Common Shares
(e)	CUSIP No.: 17878Y207
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 666,717
(b)	Percent of class: 5.31%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 666,717
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 666,717
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

M Partners Fund LP

Signature:	/s/ Ali John Mirshekari
Name/Title:	Ali John Mirshekari, Managing Member of M Partners Fund (GP) LLC
Date:	08/05/2025

M Partners Fund (GP) LLC

Signature:	/s/ Ali John Mirshekari
Name/Title:	Ali John Mirshekari, Managing Member
Date:	08/05/2025

Ali John Mirshekari

Signature:	/s/ Ali John Mirshekari
Name/Title:	Ali John Mirshekari
Date:	08/05/2025

FAQ

How did TXO (NYSE:TXO) perform financially in Q2 2025?

Revenue rose 57 % to $89.9 m, but the partnership posted a small $0.1 m loss; Adjusted EBITDAX improved 30 % to $27.5 m.

What is TXO’s current debt position?

Long-term debt was reduced to $19.1 m at 30 Jun 25 from $157.1 m at year-end, backed by a $410 m borrowing base credit facility maturing 2029.

Why was the unit distribution lowered to $0.45?

Management retained cash to help fund the $338.6 m White Rock Energy acquisition and offset higher operating costs and dilution from the May equity offering.

How was the White Rock Energy acquisition financed?

Through the $189.5 m May equity offering and incremental draws under the expanded credit facility; deal closed 31 Jul 25.

What hedging strategy does TXO employ?

The partnership hedges 35–90 % of projected PDP volumes per covenant triggers; Q2 delivered a $14.8 m gain from crude and gas derivatives.

Has TXO maintained covenant compliance?

Yes, TXO reported compliance with liquidity, current-ratio and leverage covenants as of 30 Jun 25.