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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) has announced the acquisition of approximately 827 net royalty acres in the Haynesville play located in East Texas and Louisiana for $5.2 million in cash and stock. This acquisition includes a mix of cash and 1,519,481 shares of PHX common stock, subject to a 120-day lock-up period, and is expected to close by December 1, 2021. Additionally, PHX has completed two prior transactions for 219 net royalty acres for $2.3 million. The acquisitions enhance PHX's asset base with significant upside potential in a key natural gas region.
On November 1, 2021, PHX Minerals Inc. (NYSE: PHX) announced the sale of 499 non-operated wellbores in Arkansas for $2,125,000. The buyer will assume a $173,000 asset retirement obligation. PHX also acquired approximately 220 net royalty acres in Oklahoma for $1,216,374. This strategic divestiture aligns with PHX's aim to focus on higher-margin mineral and royalty operations. CEO Chad Stephens emphasized the intent to enhance corporate margins and expand royalty production volumes through this move.
PHX MINERALS INC. (NYSE: PHX) has declared a quarterly dividend of one cent per share, approved by its Board of Directors on October 18, 2021. The dividend will be payable on December 7, 2021, to shareholders of record as of November 23, 2021. This move reflects the company's strategy in the natural gas and oil sector, where it holds approximately 251,000 net mineral acres across key states including Oklahoma, Texas, and North Dakota.
PHX MINERALS INC. (NYSE: PHX) has successfully closed the acquisition of two mineral and royalty packages in East Texas and Louisiana, totaling 817 net royalty acres for $7,249,347. This amount includes $728,214 in cash and 2,349,207 newly issued shares of PHX common stock. The cash flow from production related to this acquisition is expected to commence on April 1, 2021. PHX aims to enhance its mineral position, owning approximately 251,000 net mineral acres across various states including Oklahoma and Texas.
PHX Minerals Inc. (NYSE: PHX) announced the acquisition of mineral and royalty interests totaling approximately 817 net royalty acres in East Texas and Louisiana for $7,249,347, comprising $728,214 in cash and $6,521,133 in stock. The acquisition targets the Haynesville play and is estimated to include 8.5 Bcfe in reserves, with current production at 0.062 Mmcfe/d. The acquisition is expected to enhance cash flow and natural gas volumes, closing by September 30, 2021.
PHX Minerals Inc. (NYSE: PHX) has successfully closed a new four-year, $100 million senior secured credit facility, enhancing its financial flexibility. The facility, led by Independent Bank, replaces the previous agreement with a lending syndicate led by Bank of Oklahoma. Key improvements include an initial borrowing base of $27.5 million, no quarterly commitment reduction, and a reduced interest rate of 3.75%. The company aims to further its transformation into a mineral-focused entity, owning approximately 251,000 net mineral acres across several states.
PHX Minerals Inc. (NYSE: PHX) has filed a prospectus supplement through an At-The-Market Equity Offering Sales Agreement with Stifel, allowing the sale of up to 3,000,000 shares of common stock. The net proceeds will be used for general corporate purposes, including funding for working capital and acquisitions, primarily mineral and royalty interests. The offering will be conducted under an effective shelf registration statement.
PHX Minerals (NYSE: PHX) reported a 31% increase in production volumes to 2,493 Mmcfe for Q3 2021, compared to 1,904 Mmcfe in Q3 2020. The net loss decreased to $1.36 million, or $0.05 per share, from a loss of $3.56 million, or $0.21 per share, a year earlier. Adjusted EBITDA rose to $4.7 million, up 292% year-over-year. The company also reduced total debt by 15% to $19.9 million and declared a $0.01 per share dividend payable on September 10, 2021. Recent acquisitions in Oklahoma and Haynesville have added to the company's mineral holdings, demonstrating strategic growth.
PHX Minerals Inc. (NYSE: PHX) will release its fiscal 2021 third quarter results on August 5, 2021, after market close. The company will host a conference call at 5:00 p.m. EDT the same day to discuss the results, followed by a Q&A session. Investors can join by calling 877-407-3088 (domestic) or 201-389-0927 (international). PHX operates approximately 255,000 net mineral acres across Oklahoma, Texas, North Dakota, New Mexico, and Arkansas, focusing on growth in its mineral holdings.
PHX Minerals (PHX) reported a net loss of $0.5 million for Q2 2021, significantly reduced from a net loss of $20.5 million in Q2 2020. Production volumes were 2,297 Mmcfe, a slight decline from 2,373 Mmcfe in the same quarter last year, but an increase from Q1 2021's 2,074 Mmcfe. Adjusted EBITDA rose to $3.4 million, up from $2.4 million in Q2 2020. The company reduced total debt by 13% to $23.5 million as of March 31, 2021, aiming for a debt-to-adjusted EBITDA ratio of approximately 1.0x by year-end 2021. PHX also declared a $0.01 per share dividend to be paid on June 4, 2021.
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