PHX Minerals Reports Results for the Quarter Ended March 31, 2024
FORT WORTH, Texas, May 8, 2024 /PRNewswire/ -- PHX MINERALS INC., "PHX" or the "Company" (NYSE:PHX), today reported financial and operating results for the quarter ended March 31, 2024.
Summary of Results for the Quarter Ended March 31, 2024
- Net loss was ($0.2) million, or ($0.01) per diluted share, compared to net income of $2.5 million, or $0.07 per diluted share, for the quarter ended Dec. 31, 2023.
- Adjusted EBITDA(1) was $4.6 million, compared to $4.5 million for the quarter ended Dec. 31, 2023.
- Royalty production volumes decreased 5% to 1,857 Mmcfe compared to the quarter ended Dec. 31, 2023.
- Total production volumes decreased 6% to 2,117 Mmcfe compared to the quarter ended Dec. 31, 2023.
- Converted 85 gross (0.32 net) wells to producing status, compared to 46 gross (0.098 net) during the quarter ended Dec. 31, 2023.
- Inventory of 230 gross (1.099 net) wells in progress and permits as of March 31, 2024, compared to 263 gross (1.295 net) wells in progress and permits as of Dec. 31, 2023.
- Total debt was $30.8 million and the debt to adjusted EBITDA (TTM) (1) ratio was 1.58x at March 31, 2024.
Subsequent Events
- PHX entered into the sixth amendment to its credit agreement on April 18, 2024, pursuant to which, among other changes, the maturity date was extended to Sept. 1, 2028, and the borrowing base under PHX's credit facility was reaffirmed at $50.0 million in connection with its regularly scheduled semi-annual redetermination.
|
(1) |
This is a non-GAAP measure. Refer to the Non-GAAP Reconciliation section. |
Chad L. Stephens, President and CEO, commented, "PHX Minerals continues to deliver positive Adjusted EBITDA and cash flow, servicing our dividend and lowering our debt by $2.0 million from last quarter, despite the significant commodity headwinds. With 0.32 net wells converted to production this quarter, the highest since the quarter ended March 31, 2023, it demonstrates the acreage quality through our asset acquisition strategy. The number of rigs operating on the Company's acreage and its surrounding area increased since our last update, even during the current challenging pricing environment with reduced drilling activities industry-wide, further validates our methodical strategy of acquiring acreage ahead of the drill-bits.
"In addition to the LNG export demand I have previously mentioned," continued Mr. Stephens, "artificial intelligence/data center related power demand is an emerging driver for the natural gas markets going forward. With our strong financial position and a proven business strategy, we expect to continue to unlock stockholder value as we navigate through the current commodity cycle."
|
Financial Highlights |
||||||||
|
Three Months Ended |
Three Months Ended |
|||||||
|
March 31, 2024 |
March 31, 2023 |
|||||||
|
Royalty Interest Sales |
$ |
6,176,274 |
$ |
10,123,741 |
||||
|
Working Interest Sales |
$ |
913,934 |
$ |
1,733,506 |
||||
|
Natural Gas, Oil and NGL Sales |
$ |
7,090,208 |
$ |
11,857,247 |
||||
|
Gains (Losses) on Derivative Contracts |
$ |
627,492 |
$ |
3,802,820 |
||||
|
Lease Bonuses and Rental Income |
$ |
151,718 |
$ |
313,150 |
||||
|
Total Revenue |
$ |
7,869,418 |
$ |
15,973,217 |
||||
|
Lease Operating Expense |
||||||||
|
per Working Interest Mcfe |
$ |
1.28 |
$ |
1.48 |
||||
|
Transportation, Gathering and Marketing |
||||||||
|
per Mcfe |
$ |
0.40 |
$ |
0.45 |
||||
|
Production and Ad Valorem Tax per Mcfe |
$ |
0.19 |
$ |
0.22 |
||||
|
G&A Expense per Mcfe |
$ |
1.58 |
$ |
1.20 |
||||
|
Cash G&A Expense per Mcfe (1) |
$ |
1.25 |
$ |
0.95 |
||||
|
Interest Expense per Mcfe |
$ |
0.34 |
$ |
0.22 |
||||
|
DD&A per Mcfe |
$ |
1.11 |
$ |
0.76 |
||||
|
Total Expense per Mcfe |
$ |
3.78 |
$ |
3.08 |
||||
|
Net Income (Loss) |
$ |
(183,615) |
$ |
9,553,244 |
||||
|
Adjusted EBITDA (2) |
$ |
4,607,034 |
$ |
7,740,240 |
||||
|
Cash Flow from Operations (3) |
$ |
5,246,651 |
$ |
8,933,477 |
||||
|
CapEx (4) |
$ |
7,440 |
$ |
190,826 |
||||
|
CapEx - Mineral Acquisitions |
$ |
1,406,248 |
$ |
10,236,615 |
||||
|
Borrowing Base |
$ |
50,000,000 |
$ |
50,000,000 |
||||
|
Debt |
$ |
30,750,000 |
$ |
26,000,000 |
||||
|
Debt to Adjusted EBITDA (TTM) (2) |
1.58 |
0.91 |
||||||
|
(1) |
Cash G&A expense is G&A excluding restricted stock and deferred director's expense from the adjusted EBITDA table in the non-GAAP Reconciliation section. |
|
(2) |
This is a non-GAAP measure. Refer to the Non-GAAP Reconciliation section. |
|
(3) |
GAAP cash flow from operations. |
|
(4) |
Includes legacy working interest expenditures and fixtures and equipment. |
|
Operating Highlights |
||||||||
|
Three Months Ended |
Three Months Ended |
|||||||
|
March 31, 2024 |
March 31, 2023 |
|||||||
|
Gas Mcf Sold |
1,700,108 |
1,959,010 |
||||||
|
Average Sales Price per Mcf before the |
||||||||
|
effects of settled derivative contracts |
$ |
2.10 |
$ |
3.53 |
||||
|
Average Sales Price per Mcf after the |
||||||||
|
Nancy Pelosi says she 'would never recommend' Biden debate Trump on stage after surprise announcement
Nancy Pelosi revealed that she would prefer separate town hall sessions and not a debate after Biden and Trump agreed to a televised debate.
foxnews.com
This incentive will make men 4 times more likely to lose weight
People with obesity are four times more likely to lose weight if they’re offered pounds at the end of their weight loss journey, according to a new study from the UK.
nypost.com
What Olivia Culpo won’t do during Christian McCaffrey wedding: ‘Little less common these days’
Culpo and McCaffrey announced their engagement in April 2023.
nypost.com
Biden highlights police funding, gun control efforts at National Peace Officers’ Memorial Service
President Biden touted his efforts to support law enforcement and shared about the pain of loss during remarks at the National Peace Officers' Memorial Service at the Capitol.
foxnews.com
Tesla to cut 601 jobs in Bay Area, a sign of more problems for EV maker
Tesla says it will cut 601 jobs in the Bay Area in another round of layoffs amid problems with its Cybertruck, flagging sales and declining stock price.
latimes.com
Red state university accused of giving more financial aid to Black students
University of Oklahoma students are suing the school over alleged racial bias in financial aid, claiming violation of Equal Protection Clause.
foxnews.com
Here's what Americans think is the best long-term investment
What's the best place to park your money? Americans put their faith in this long-term investment, a new Gallup poll shows.
cbsnews.com
Rory McIlroy did not mention estranged wife Erica Stoll in Mother’s Day interview
Rory McIlroy paid tribute to his mother, Rosie, after winning the Wells Fargo Championship in Charlotte on Sunday, which fell on Mother's Day, but he did not mention his estranged wife, Erica Stoll.
nypost.com
L.A. City Council just proved it can't be trusted to fix itself
The City Council's decision to eliminate key changes to strengthen the Ethics Commission proves, yet again, that City Hall insiders are incapable of making meaningful reforms.
latimes.com
Cowboys planning to give Trey Lance a chance to salvage career: ‘He is the question mark’
It's sink or swim time for Trey Lance.
nypost.com
Mets strike $5 million deal with Elian Peña, 16, in international signing splash
Get to know the name Elian Peña, who the Mets are hoping at some near future date will be a rising star in their farm system.
nypost.com
Senators unveil bipartisan push to spend billions on AI research, warn China is 'in a hurry'
A bipartisan group of senators unveiled a new push on Wednesday to spend tens of billions each year on funding non-military AI research.
foxnews.com
Sour note! NYC subway musicians are scared to play over violent crime underground
Buskers said they’re frightened to perform because there’s so much violent crime underground -- as they vied for plum performance spots at MTA-held auditions.
nypost.com
Queen Camilla quits buying fur, PETA confirms: ‘A true queen’
PETA U.K. announced Wednesday that the royal, who has worn real fur pieces in the past, will not add additional items to her closet moving forward.
nypost.com
Five things homeowners can still control in today’s market
As the pandemic receded, mortgage rates shot up to the mid-6% to 7%-plus range, where they continue to linger. Today’s buyers also face inventory shortages, with active listings down 35.9% this April compared with typical 2017 to 2019 levels.
nypost.com
Brothers accused of stealing $25 million in cryptocurrency in 12 seconds
The 12-second execution of the alleged theft took months to plan, federal prosecutors said.
cbsnews.com
Mom of OnlyFans model Ava Louise says she’s ‘proud’ after NYC-Dublin portal flashing scandal — which dad learned about in the Post
“I’m proud of her no matter what she does,” Susan Lockner told The Post Wednesday of her 25-year-old daughter Ava Louise.
nypost.com
Biden campaign needs debate with Trump because they're 'losing': NBC's Chuck Todd
NBC's Chuck Todd said Wednesday that President Biden needed to schedule debates with Donald Trump, because the campaign was currently losing.
foxnews.com
Sitting still is hard, but experts say the benefits of meditation are worth the struggle
Meditation has numerous mental health benefits, like reducing stress and anxiety. Experts say that getting distracted is normal, and recommend starting with short sessions.
foxnews.com
Angie Harmon sues Instacart over fatal dog shooting, PTSD; app is 'beyond responsible,' she says
Angie Harmon opens up about the shooting of her dog, Oliver, whose death led her to file a lawsuit against Instacart and the delivery person who allegedly shot the pet.
latimes.com
Forget skincare — the latest tween obsession is this must-have $60 hoodie
“I thought, 'That is the cutest thing ever, I need to own one of those,'” said one 13-year-old fan.
nypost.com
Mets vs. Phillies prediction: Back the home team Wednesday
The Phillies are 7-0 in Ranger Suarez starts this season.
nypost.com
Massive search in France for prison-break gang that shot 2 officers dead
A massive search is underway in France for a gang that killed two prison officers and seriously injured three others to free an inmate they were escorting.
latimes.com
NYU students walk out of commencement, demand university divest from Israel
New York University student protesters walked out of their commencement at Yankee Stadium and demanded the university divest from Israel.
foxnews.com
Meet Estevie, the Gen Z cumbia pop star in the making
Estevie spent her early teenage years as a singing show contestant. Now, she's ready to take over the world with her brand of cumbia pop.
latimes.com
Schumer-led senators call for $32B yearly spending to ‘cement America’s dominance in AI’, largely punt on regulation
A bipartisan group of senators unveiled their game plan for addressing the challenges posed by the meteoric rise of artificial intelligence.
nypost.com
Caitlin Clark's WNBA debut overshadowed by record turnover night: 'We’ve got to help her out'
Caitlin Clark set the WNBA all-time record for the most turnovers in a debut after she committed 10 in her first professional game with the Indiana Fever on Tuesday night.
foxnews.com
Chiefs' Harrison Butker's 'homemaker' remark to women during commencement speech draws massive backlash
Super Bowl champion Kansas City Chiefs kicker Harrison Butker received immense backlash for his remarks aimed toward women in his commencement speech.
foxnews.com
With AFL teams folding, league names ex-Rams coach Jeff Fisher interim commissioner
Jeff Fisher was fired by the Rams in 2016, making way for Sean McVay. Since then, Fisher has bounced around lesser leagues and has a daunting task ahead with the AFL.
latimes.com
Guatemalan court orders release of journalist jailed for nearly 2 years on money laundering charges
A Guatemalan court has ordered the release of journalist José Rubén Zamora, jailed for nearly two years on money laundering charges.
latimes.com
Video shows aftermath after barge hits bridge in Texas
A barge collided with the Pelican Island Bridge in Galveston, Texas, spilling oil into the bay. There were no reported injuries, but Galveston's government said the bridge, which is the only access to Pelican Island, is closed to all vehicular traffic.
edition.cnn.com
Pickup driver with lengthy record held in Florida bus crash that killed 8 Mexican farmworkers
A pickup truck driver is held without bond in the crash, which overturned a bus carrying seasonal workers to a Florida farm to harvest watermelons.
latimes.com
Kristin Cavallari recalls when a ‘psycho’ stalker slashed her tires, forcing her to get restraining order
"People are crazy, man. You have to be careful," the former MTV star reflected on her podcast, "Let's Be Honest with Kristin Cavallari."
nypost.com
5 accessories that will elevate your bike ride and keep you safe
Start riding faster and smarter with these five bike accessories.
foxnews.com
Stormy Daniels' husband says they'll probably leave country if Trump gets acquitted
Barrett Blade, the husband of Stormy Daniels, said the couple will likely move out of the United States if former President Trump is found not guilty.
foxnews.com
Survey reveals the difference between a trip and a vacation
While a “trip” is travel for a purpose, such as an event (32%) or simply getting out of their hometown (30%).
nypost.com
Nikki Glaser says it’s ‘impossible’ Tom Brady didn’t consider roast’s effect on family: He did ‘his research’
The comedian claimed that while she believes Brady "knew exactly what he was getting into," the Netflix special may have been "more than he planned."
nypost.com
Medication for deadly cat virus soon to be available in US: ‘Huge triumph’
Many cat owners are rejoicing at the news that a drug used to treat an otherwise fatal illness for cats will be available in the United States as of June 1.
nypost.com
U.S. announces new sanctions against Nicaragua
Some of the new sanctions are being taken to address "significant concern" about the Nicaraguan government's "continued repression" of the Nicaraguan people.
cbsnews.com
Woman horrified as Uber driver masturbates in front of her during rush hour traffic
A “creepy” Adelaide Uber driver who masturbated in front of a terrified female passenger while driving her home from the CBD has escaped jail time over the incident.
nypost.com
Pelican Island Bridge in Galveston struck by barge, causing portion to collapse: officials
A large barge crashed into the Pelican Island Bridge in Texas Wednesday morning causing a section of the bridge, including railroad tracks, to smash down onto the barge, Fox 7 Austin reports.
foxnews.com
A small plane crashes in Montana, killing the pilot and a passenger
The Federal Aviation Administration says the crash of a single-engine airplane in southeastern Montana killed the pilot and a passenger
abcnews.go.com
Nevada wildlife mystery solved, suspected wolves were actually coyotes
After animals spotted from a helicopter over Nevada were suspected to be wolves, extensive DNA testing of hair, scat and urine samples proved that they were just coyotes.
foxnews.com
NYC Council speaker forces pols to take down political signs — including Israeli hostage posters
City Council members are being forced to strip their desks of political signs — including Israeli hostage posters and flyers calling for a cease-fire in the Middle East — in a move by Speaker Adrienne Adams that is already drawing outrage, The Post has learned. The speaker (no relation to Mayor Eric Adams) first floated...
nypost.com
OnlyFans model Ava Louise says she’s made $30K in two days from NYC-Dublin portal scandal
The OnlyFans model who flashed the New York-to-Dublin portal said she’s earned a pretty penny off the scandal.
nypost.com
Sexual abuse by coaches, teachers at Rosemead High School alleged in lawsuit by former students
Three former Rosemead High School students are suing the El Monte Union High School District for negligence, alleging that they were sexually abused by staff.
latimes.com
Michigan county plagued by 'burglary tourism' as foreign crime gangs abuse US visa waiver program
Oakland County Sheriff Michael Bouchard joined "Fox & Friends" to discuss how Chilean nationals are expertly ransacking homes throughout his community.
foxnews.com
I was addicted to vaping — until docs said it was ‘frying my lungs like hot chicken’
"The doctor came in and showed me my X-ray and said, 'Do you vape?' And he said, 'That's why you have pneumonia,'" Tennessee mom Hannah Roth recalled.
nypost.com
| ||||||||