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 Inc. (NYSE: PHX) announced that underwriters exercised an option to purchase an additional 675,000 shares at $2.00 each, raising total shares offered to 6,175,000. The net proceeds are projected at $1,269,000, resulting in total proceeds of $11,209,000 to fund a pending acquisition and corporate needs. The transaction is expected to close around April 23, 2021. Stifel leads the offering with Northland Capital and Seaport Global as co-managers. This action follows an effective registration statement, with final prospectus details available upon request.
PHX Minerals Inc. (NYSE: PHX) has priced an underwritten public offering of 5,500,000 shares of common stock at $2.00 per share, increasing from an initial offering of 5,000,000 shares. The offering includes a 30-day option for underwriters to purchase an additional 825,000 shares. The expected net proceeds are approximately $9,940,000 and will be used to fund a pending acquisition and for general corporate purposes. The offering is anticipated to close around April 20, 2021.
PHX Minerals Inc. (NYSE: PHX) announced the acquisition of approximately 2,698 net royalty acres in the Southern SCOOP play for $11,947,000, comprising $9,547,000 in cash and $2,400,000 in common stock. The deal, approved by PHX's Board, aims to enhance the company's mineral portfolio, particularly in areas with active drilling programs. Estimated reserves from this acquisition are 20.3 Bcfe, with current production at 0.529 Mmcfe/d. The transaction is expected to close in late April 2021.
PHX Minerals Inc. (NYSE: PHX) has launched an underwritten public offering of 5,000,000 shares of common stock, with an option for underwriters to purchase an additional 750,000 shares. The proceeds will be allocated towards a pending acquisition and general corporate purposes. Stifel is the book-running manager, supported by Northland Capital Markets and Seaport Global Securities. The offering falls under an effective shelf registration statement with the SEC. Details regarding the offering can be obtained via Stifel.
PHX Minerals Inc. (NYSE: PHX) announced an amendment to its revolving credit facility with Bank of Oklahoma, effective April 7, 2021. The revised borrowing base is set at $29 million, maturing on November 30, 2023, with a reduced quarterly commitment reduction of $500,000. As of March 31, 2021, PHX reported $23.5 million in outstanding debt, a decrease of $3.5 million since December 31, 2020. The next borrowing base redetermination is scheduled for December 1, 2021.
PHX Minerals Inc. (NYSE: PHX) has declared a quarterly dividend of one cent per share, approved during the Board of Directors meeting on March 2, 2021. This dividend is set for payment on June 4, 2021, to shareholders on record by May 20, 2021. PHX operates primarily in natural gas and oil mineral rights, owning approximately 253,000 net mineral acres across several states including Oklahoma, Texas, North Dakota, New Mexico, and Arkansas.
PHX Minerals Inc. (PHX) reported a net loss of $0.6 million in Q1 2021, down from a profit of $1.9 million in Q1 2020. Production volumes slightly increased to 2,074 Mmcfe, yet revenue dropped 42% to $6.19 million due to lower natural gas, oil, and NGL prices. Adjusted EBITDA decreased to $2.76 million, but debt was reduced by 6% to $27 million. The company approved a dividend of $0.01 per share, payable March 5, 2021. PHX continues to acquire mineral assets and reported a decrease in total cost per Mcfe, driven primarily by reduced depreciation rates.
PHX Minerals Inc. (NYSE: PHX) announced it will release its fiscal 2021 first quarter results on February 8, 2021, after the NYSE trading close. A conference call will follow at 5:00 p.m. EST to discuss the results and address investor questions. The company, based in Oklahoma City, holds approximately 253,000 net mineral acres across Oklahoma, Texas, North Dakota, New Mexico, and Arkansas, with about 71% being unleased and undeveloped. More details are available at their official website.
PHX MINERALS INC. (NYSE: PHX) announced the appointment of John H. Pinkerton to its Board of Directors effective February 1, 2021. Mr. Pinkerton succeeds Robert E. Robotti, who retired on May 1, 2020. This addition increases the board size to six members. With extensive experience in the oil and gas sector, including leadership roles at Range Resources Corporation and Encino Energy, Mr. Pinkerton aims to enhance the company's growth strategy in mineral acquisitions.
PHX Minerals reported a net loss of $24 million in fiscal 2020, narrowing from $40.7 million in 2019. Production volumes decreased by 17% to 8.6 Bcfe, while revenue fell 56% to $29 million. Adjusted EBITDA was $13.5 million, down from $36.9 million. Despite challenges from COVID-19, the company paid down $6.7 million in debt and reduced cash expenses by 19%, indicating a focus on fiscal health. Looking ahead, the company aims to eliminate debt in four years and pursue strategic mineral acquisitions, bolstered by its recent equity offering of 5.75 million shares.
FAQ
What is the current stock price of PHX Minerals (PHX)?
What is the market cap of PHX Minerals (PHX)?
What does PHX Minerals Inc. do?
Where are PHX Minerals' primary operations located?
How does PHX Minerals generate revenue?
What are the recent achievements of PHX Minerals?
What is PHX Minerals' financial condition?
How does PHX plan to enhance shareholder value?
When will PHX release its next financial results?
Where can I find more information about PHX Minerals?
