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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 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.
PHX Minerals Inc. (NYSE: PHX) will announce its fiscal 2020 results on December 10, 2020, after market close. The results will cover the year ending September 30, 2020. A conference call at 5:00 p.m. EST will follow, allowing investors to engage in a Q&A session. PHX owns approximately 253,000 net mineral acres in key states, with about 71% unleased and undeveloped. Detailed information will be posted on their website.
PHX MINERALS INC. (NYSE: PHX) announced a quarterly dividend of one cent per share during its Board meeting on October 23, 2020. The dividend is set to be paid on December 7, 2020, to shareholders recorded by November 23, 2020. Based in Oklahoma City, PHX focuses on growing its mineral holdings, owning approximately 253,000 net mineral acres across several states, with 71% of these being unleased and undeveloped.
PHX Minerals Inc. (formerly Panhandle Oil and Gas) announced a name change effective October 8, 2020, aimed at reflecting its new corporate strategy. The company will now focus solely on acquiring and managing mineral rights, ceasing participation as a non-operated working interest owner in new drilling wells. With approximately 253,000 net mineral acres across several states, 71% of its assets are still undeveloped. This strategic shift emphasizes growth through the acquisition of high-quality minerals and divestment of lower-margin properties.
Panhandle Oil and Gas Inc. (NYSE: PHX) has finalized the acquisition of two mineral and royalty packages in Grady County, Oklahoma, and Panola and Harrison Counties, Texas, for approximately $5.5 million and 153,375 shares of common stock. This deal allows Panhandle to benefit from cash flow starting June 1, 2020. CEO Chad L. Stephens highlighted the importance of this acquisition in transitioning the company's focus towards minerals and expressed optimism about future market opportunities.
Panhandle Oil and Gas Inc. (NYSE: PHX) has priced its public offering of 5 million shares of common stock at $1.63 each. The offering aims to raise about $7.2 million after expenses, with expected closure on or around Sept. 1, 2020. The funds will be used for acquisitions and general corporate purposes. Additionally, underwriters have a 30-day option to purchase 750,000 extra shares at the same price. The offering is made under an effective shelf registration statement.
Panhandle Oil and Gas Inc. (NYSE: PHX) announced its agreement to acquire mineral and royalty assets in the SCOOP and Haynesville plays for approximately $6.9 million in cash and stock. The transaction includes $6.4 million in cash and $0.5 million in stock, with funding through a public offering. The assets consist of 795 net royalty acres with an estimated 7.4 Bcfe of reserves and a current production of 1.1 Mmcfe/d. The deal, approved by the Board, is set to close in the first fiscal quarter of 2021.
Panhandle Oil and Gas is initiating an underwritten public offering of 5,000,000 shares of its common stock, with a potential option for underwriters to purchase 750,000 additional shares. The company plans to use net proceeds for pending acquisitions and general corporate purposes. Stifel and Northland Capital Markets are the joint book-running managers. This offering is registered under a previous shelf registration statement with the SEC. Forward-looking statements in this release are subject to risks and uncertainties that may affect actual results.
Panhandle Oil and Gas Inc. (NYSE: PHX) reported challenging third-quarter results for the period ending June 30, 2020. Total volumes sold dropped by 20%, with a net loss of $3.6 million ($0.21 per share) compared to a loss of $20.5 million in Q2 2020. Adjusted EBITDA was $1.2 million, down from $2.4 million, primarily due to lower production volumes and prices. The company reduced its debt from $35.4 million to $30 million. A dividend of $0.01 per share is set for payment on September 11, 2020. Despite the current challenges, management remains optimistic about future opportunities.
Panhandle Oil and Gas Inc (NYSE: PHX) will release its fiscal 2020 third quarter results on August 13, 2020, after market close. A conference call will follow at 5:00 p.m. EDT for management to discuss the results, with a Q&A session for investors. The company owns approximately 258,000 net mineral acres, predominantly in Oklahoma and other states, with 71% of this area currently unleased and undeveloped. Further investor information will be accessible on their website.
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