Welcome to our dedicated page for PHX Minerals news (Ticker: PHX), a resource for investors and traders seeking the latest updates and insights on PHX Minerals stock.
PHX Minerals Inc. (NYSE: PHX) is a Fort Worth-based natural gas and oil mineral company with a strategic focus on perpetual mineral and natural gas ownership. As part of its business plan, PHX has shifted away from drilling activities and now concentrates primarily on owning mineral acreage. The company holds substantial mineral assets across key locations including Oklahoma, Texas, Louisiana, North Dakota, and Arkansas.
PHX derives its revenues from royalties obtained through the production and sale of natural gas, oil, and natural gas liquids (NGLs). A smaller portion of its income also comes from its legacy interests in working properties that have ceased operations. The company's mineral assets have been strategically acquired to enhance its royalty volumes and streamline cash flow, positioning it for consistent performance in fluctuating market conditions.
Recent achievements include significant royalty volume growth, expansion of 2P royalty reserves, and the acquisition of high-quality mineral acres in the Haynesville and SCOOP plays. These initiatives have strengthened the company’s portfolio, allowing it to raise its quarterly dividend by 33% despite challenging market conditions driven by natural gas price volatility.
PHX maintains a strong financial condition with a proactive approach to capital management. The company recently had its $50 million credit facility reaffirmed and extended to 2028 by its bank lending group led by Independent Financial, demonstrating confidence in PHX's asset quality and financial stability.
Management remains committed to enhancing shareholder value through a focused acquisition strategy, optimizing its substantial mineral holdings, and maintaining a strong balance sheet. Upcoming milestones include the release of quarterly and annual financial results, coupled with investor conference calls to discuss performance and strategic outlook.
For more information, visit the company's website at www.phxmin.com.
PHX Minerals (NYSE: PHX) announced on December 12, 2024, that its Board of Directors has initiated a process to evaluate strategic alternatives aimed at maximizing shareholder value. The company is considering options including a potential merger or sale. RBC Capital Markets has been appointed as financial advisor to assist in the review process.
PHX Minerals' Board of Directors has formally responded to and declined WhiteHawk Energy's acquisition proposal. The board stated they appreciate stockholder engagement aimed at enhancing value but determined that rejecting WhiteHawk's offer was in the best interest of PHX stockholders. The company affirmed its commitment to continue reviewing opportunities focused on maximizing stockholder value.
WhiteHawk Energy, has called on the Board of Directors of PHX Minerals to respond to its proposal to acquire PHX in an all-cash transaction valued at $4.00 per share. WhiteHawk's CEO, Daniel C. Herz, emphasized that the proposal offers a substantial premium over PHX's recent trading prices and urged stockholders to encourage the PHX Board to engage in discussions.
WhiteHawk has demonstrated financing for the transaction and believes it benefits all stockholders. The company is advised by Stephens Inc. and Weil, Gotshal & Manges LLP. WhiteHawk Energy specializes in acquiring mineral and royalty interests in top-tier natural gas resource plays, managing approximately 1,050,000 gross unit acres and interests in over 3,400 producing horizontal wells.
WhiteHawk is committed to pursuing this value-creating opportunity and encourages transparency and engagement from PHX's Board. Investors are urged to read any forthcoming documents related to the proposal filed with the SEC.
PHX Minerals reported financial results for Q3 2024. The company posted net income of $1.1 million ($0.03 per diluted share), down from $1.9 million in Q3 2023. Adjusted EBITDA was $4.9 million, compared to $6.3 million year-over-year. Total production volumes decreased 20% quarter-over-quarter to 2,379 Mmcfe but increased 1% year-over-year. The company converted 46 gross wells to producing status and maintained an inventory of 278 gross wells in progress. Total debt stood at $27.8 million with a debt-to-adjusted EBITDA ratio of 1.36x. PHX announced a $0.04 per share quarterly dividend and had its $50 million borrowing base reaffirmed.
PHX Minerals announced it will release its financial results for the quarter ended Sept. 30, 2024, after market close on Nov. 6, 2024. The company will host a conference call to discuss the results on Nov. 7, 2024, at 12 p.m. EST. Investors can join via phone (877-407-3088 U.S. Toll-Free or 201-389-0927) or access the webcast through the company's website. A replay will be available for 14 days using access code 13748980.
WhiteHawk Energy has reiterated its proposal to acquire PHX Minerals for $4.00 per share in an all-cash transaction. This offer represents a 19% premium to PHX's 90-day volume weighted average price and a 17% premium to its 30-day volume weighted average price. WhiteHawk currently owns 946,506 common shares of PHX, approximately 2.5% of the outstanding common stock.
The proposal includes an option for qualified PHX stockholders to exchange their shares for WhiteHawk common shares. WhiteHawk has been attempting to engage with PHX for over 18 months, expressing concerns about PHX's excessive G&A expenses, dilutive acquisitions, and minimal dividends. WhiteHawk urges PHX's Board of Directors to engage in good faith negotiations, highlighting PHX's underperformance compared to peers and market indices since 2020.
LSB Industries (NYSE: LXU) announced the retirement of Richard Roedel as Chairman of the Board due to health reasons. Mark Behrman, the company's President and CEO, has been elected as the new Board Chairman, while Lynn White has been appointed Lead Independent Director. Mr. Roedel will remain on the Board until a successor is identified to ensure a smooth transition.
Mr. Behrman, who joined LSB in 2014 and became President and CEO in 2018, has led the company through operational and balance sheet transformation. He has also established LSB's low carbon ammonia strategy. With 30 years of experience in finance and investment banking, Mr. Behrman has been instrumental in positioning LSB for future growth in the global energy transition.
PHX Minerals (NYSE: PHX) reported financial and operating results for Q2 2024. The company achieved a record royalty production of 2,709 Mmcfe, a 46% increase from Q1 2024. Net income was $1.3 million, or $0.04 per diluted share, compared to a net loss of $0.2 million in Q1 2024. Adjusted EBITDA rose to $6.4 million from $4.6 million in Q1 2024.
PHX converted 55 gross wells to producing status and reduced its total debt by $4.0 million to $28.8 million. The debt-to-adjusted EBITDA ratio improved to 1.32x. The company increased its fixed quarterly dividend by 33% to $0.04 per share, payable on Sep. 6, 2024.
PHX Minerals Inc. (NYSE: PHX) has announced its schedule for releasing financial results for the quarter ended June 30, 2024. The company will release its quarterly results on Wednesday, August 7, 2024, after the market closes. Following this, management will host a conference call on Thursday, August 8, 2024, at 11 a.m. EDT to discuss the results.
Investors and interested parties can access the conference call by dialing 877-407-3088 (U.S. Toll-Free) or 201-389-0927. A replay of the call will be available for 14 days by dialing 877-660-6853 and using the access code 13748051. Additionally, a live audio webcast of the conference call will be accessible from the 'Investors' section of the PHX website and will be archived for at least 90 days.
PHX Minerals, listed on the NYSE as PHX, has announced a quarterly dividend of $0.03 per share.
This dividend will be paid on June 11, 2024, to shareholders who own the stock as of May 31, 2024.
The announcement was made by the company's Board of Directors on May 20, 2024.
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