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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 Inc. (NYSE: PHX) will announce its financial results for the quarter ended March 31, 2023, after the market closes on May 9, 2023. A conference call to discuss these results is scheduled for May 10, 2023, at 11 a.m. EDT. Stakeholders can participate by calling 877-407-3088 (U.S. Toll-Free) or 201-389-0927, and a replay will be available for 14 days following the call. PHX Minerals focuses on growing its mineral positions, owning acreage primarily in Oklahoma, Texas, Louisiana, North Dakota, and Arkansas. For more details, visit the company's website.
PHX Minerals Inc. (NYSE: PHX) released a strategy update on March 23, 2023, detailing its financial performance since adopting a mineral-only strategy in January 2020. The company emphasizes the strategic rationale and financial benefits linked to this approach. PHX Minerals focuses on growing its mineral positions primarily in Oklahoma, Texas, Louisiana, North Dakota, and Arkansas. The investor presentation is available on their website, showcasing the advantages of their current strategy.
PHX Minerals reported a net income of $3.3 million, or $0.09 per share, for Q4 2022, down from $9.2 million in Q3 2022 and $6.7 million in Q4 2021. Adjusted EBITDA fell to $5.3 million from $8.4 million in Q3 2022. Total production dropped 15% to 2,215 Mmcfe compared to Q3 2022, but rose 4% year-over-year. The company invested $14.7 million in acquisitions while reducing total debt to $33.3 million. Despite a challenging environment due to lower commodity prices, management remains optimistic about a potential recovery in natural gas prices in late 2023.
PHX MINERALS INC. (PHX) has successfully closed the sales of its legacy non-operated working interest wellbores in the Arkoma Basin and Eagleford Play, totaling $10.7 million. The Arkoma Basin sale included 151 wellbores for approximately $5.1 million, removing $0.2 million in asset retirement obligations. The Eagleford Play, consisting of 106 wellbores, sold for about $5.6 million, eliminating $0.7 million in obligations. Following these transactions, PHX retains 563 gross legacy non-operated working interest wellbores.
PHX Minerals Inc. (NYSE: PHX) will release its quarterly financial results for the period ending December 31, 2022, on February 8, 2023, after market closure. Management will host a conference call on February 9, 2023, at 11 a.m. EST to discuss these results. The conference call can be accessed by calling 877-407-3088 (U.S. Toll-Free) or 201-389-0927. A replay will be available for 14 days post-call. PHX, a natural gas and oil mineral company, focuses on growing its mineral position across key areas in Oklahoma, Texas, Louisiana, North Dakota, and Arkansas.
PHX Minerals has announced the sale of 257 non-operated legacy working interest wellbores for approximately $10.7 million. This sale includes assets in the Arkoma Basin and Eagleford Play, with buyers assuming $879,000 in asset retirement obligations. The proceeds will be used to acquire higher-margin minerals and repay credit facility borrowings. Once completed, PHX will retain 564 legacy working interest wellbores, marking a significant reduction since the CEO's appointment in 2019.
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