Panhandle Oil and Gas to release final 2019 financial results

Oklahoma City’s Panhandle Oil and Gas Inc. plans to release its fiscal 2019 results on December 12, 2019.

The fiscal year for the company ended Sept. 30, 2019 and the financial results will be made available after the close of trading on the New York Stock Exchange.

Company leaders also plan to hold a conference call to discuss the results on the same day at 4 p.m. Central Standard Time. They will take questions from investors and others during the call.

At the end of the third quarter, Panhandle reported net income in the first nine months of 2019 had grown to $15.4 million or 92 cents a share compared to $14.1 million and 83 cents a share in the same period of 2018. Net income was up to $4.6 million or 28 cents a share compared to $0.8 million and 5 cents a share in the 2018 quarter.

The company also sold some of its holdings in the Permian Basin to make acquisitions in Oklahoma’s STACK and the Bakken play in North Dakota. One sale brought more than $4 million which was used to make the new acquisitions.

Panhandled also sold 372 mineral areas in the Permian Basin in Texas and New Mexico for $13.1 million which was used to acquire still more land in the STACK and the Bakken play.

 

 

 

 

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