Focusing on an acreage acquisition strategy, Fort Worth-based PHX Minerals Inc. will reveal in August whether its plans are paying off for investors.
The company intends to release its second quarter earnings results after the close of markets on Wednesday, August 7.
Management will discuss the results the next day during a conference call, Thursday, August 8 at 10 a.m. central time.
With mineral acreage in Oklahoma, Texas, Louisiana, North Dakota and Arkansas, the company had a $200,000 net loss or a penny a share in the first quarter compared to $2.5 million and 7 cents a share net income at the end of the quarter Dec. 31, 2023.
Its adjusted EBITDA was $4.6 million, up slightly from the $4.5 million in the previous quarter. PHX also saw a 5% drop in royalty production volumes and a 6% decline in total production volumes compared to the quarter that ended in 2023. Still, it managed to convert 85 wells to producing status, nearly twice as many as the previous quarter. PHX had an inventory of 230 wells in progress and permits at the end of March compared to 263 as of Dec. 31, 2023.
Chad L. Stephens, President and CEO, stated at the time, “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.”