OKLAHOMA CITY, Dec. 13, 2021 /PRNewswire/ -- PHX MINERALS
INC. ("PHX" or the "Company") (NYSE: PHX) today reported financial
and operating results for the fourth quarter and fiscal year ended
Sept. 30, 2021.
HIGHLIGHTS FOR THE PERIOD ENDED SEPT. 30,
2021, AND SUBSEQUENT EVENTS
- Total production volumes for the full fiscal year 2021
increased 6% to 9,076 Mmcfe from 8,593 Mmcfe in the full fiscal
year 2020.
- Royalty production volumes for the full fiscal year 2021
increased 25% to 4,178 Mmcfe from 3,348 Mmcfe in the full fiscal
year 2020.
- Total production volumes for the fourth fiscal quarter of 2021
decreased 11% to 2,212 Mmcfe from 2,493 Mmcfe in the third fiscal
quarter of 2021.
- Royalty production volumes for the fourth fiscal quarter of
2021 decreased 17% to 998 Mmcfe from 1,205 Mmcfe in the third
fiscal quarter of 2021.
- Announced the quarterly dividend increased to 1.5 cents per share, a 50% increase, payable on
March 3, 2022, to shareholders of
record on February 17, 2022.
- Recorded a net loss in fiscal 2021 of $(6.2) million, or $(0.24) per share, as compared to net loss of
$(24.0) million, or $(1.41) per share, in fiscal 2020.
- Recorded a net loss in the fourth quarter 2021 of $(3.8) million, or $(0.14) per share, as compared to a net loss of
$(1.4) million, or $(0.05) per share, in the third fiscal quarter of
2021.
- Adjusted EBITDA(1) increased in the full fiscal year
2021 to $15.0 million from
$13.5 million in the full fiscal year
2020.
- Adjusted EBITDA(1) decreased in the fourth fiscal
quarter of 2021 to $4.1 million from
$4.7 million in the third fiscal
quarter of 2021 and increased from $2.7
million in the fourth fiscal quarter of 2020.
- Reduced debt 39% from $28.8
million as of Sept. 30, 2020,
to $17.5 million, as of Sept. 30, 2021.
- Total debt to adjusted EBITDA(1) ratio was 1.17x at
Sept. 30, 2021.
- Increased the borrowing base to $32.0
million from $27.5
million.
- Completed approximately $30.0
million of mineral and royalty interest acquisitions in
fiscal 2021 and an additional approximately $10.0 million in fiscal 2022.
- Completed the divestiture of 708 legacy non operated working
interest wellbores for net proceeds of $4.6
million and the removal of approximately $0.7 million of asset retirement obligation from
the balance sheet since Sept. 30,
2021.
(1)
|
This is a non-GAAP
measure. Refer to the Non-GAAP Reconciliation section.
|
Chad L. Stephens, President and
CEO, commented, "Throughout the last several quarters, we have
repeatedly expressed our stated strategy to focus on growing our
asset base through the acquisition of minerals in core areas with
active development under reputable operators, high grade the asset
base by divesting of lower margin working interest wells and
strengthen the balance sheet. As we close out an excellent
fiscal year 2021, we can proudly report that we have achieved
stellar results at the high end of expectations in all of these
areas.
"An important barometer of the success of our strategy is
produced royalty volumes, which increased year over year almost
25%, while our non-operated working interest volumes continue to
decline and become a lower percent of our total company
volumes. Also, our adjusted EBITDA for the full fiscal
year 2021 increased 11% year over year, we reduced our debt by 39%
year over year and, since our fiscal year-end 2021, increased our
bank borrowing base by 16%, which improves our liquidity. This
increase is a direct reflection of high grading the asset base and
our improving collateral profile. Most importantly, while paying
down our debt by $11.3 million, we
closed on the acquisition of minerals totaling approximately
$30.0 million in fiscal year 2021.
Since fiscal year-end, we have announced the close of an additional
$10.0 million of mineral acquisitions
with $5.8 million more to close
mid-December. Given these significant accomplishments and our
confidence in continuing to execute our strategy, we are increasing
our quarterly dividend by 50% to $.015 per share.
"With a stronger balance sheet, improved liquidity and
allocating 100% of our free cash flow to our mineral acquisition
strategy, we are excited about PHX's ability to build shareholder
value."
OPERATING
HIGHLIGHTS
|
|
|
Fourth Quarter
Ended Sept. 30, 2021
|
|
|
Fourth Quarter
Ended
Sept. 30, 2020
|
|
Year Ended
Sept. 30, 2021
|
|
Year Ended
Sept. 30, 2020
|
|
Mcfe Sold
|
|
2,211,570
|
|
|
|
2,037,779
|
|
|
|
9,075,519
|
|
|
|
8,593,153
|
|
Average Sales Price
per Mcfe
|
$
|
5.46
|
|
|
$
|
2.47
|
|
|
$
|
4.16
|
|
|
$
|
2.72
|
|
Gas Mcf
Sold
|
|
1,609,101
|
|
|
|
1,423,602
|
|
|
|
6,699,720
|
|
|
|
5,962,705
|
|
Average Sales Price
per Mcf
|
$
|
4.27
|
|
|
$
|
1.68
|
|
|
$
|
3.13
|
|
|
$
|
1.72
|
|
Oil Barrels
Sold
|
|
54,043
|
|
|
|
55,626
|
|
|
|
224,479
|
|
|
|
269,785
|
|
Average Sales Price
per Barrel
|
$
|
68.02
|
|
|
$
|
37.80
|
|
|
$
|
56.58
|
|
|
$
|
41.47
|
|
NGL Barrels
Sold
|
|
46,369
|
|
|
|
46,737
|
|
|
|
171,488
|
|
|
|
168,623
|
|
Average Sales Price
per Barrel
|
$
|
32.91
|
|
|
$
|
11.84
|
|
|
$
|
23.80
|
|
|
$
|
11.42
|
|
Total Production for the last four quarters was as follows:
Quarter
ended
|
|
Mcf Sold
|
|
|
Oil Bbls
Sold
|
|
|
NGL Bbls
Sold
|
|
|
Mcfe Sold
|
|
9/30/2021
|
|
|
|
1,609,101
|
|
|
|
54,043
|
|
|
|
46,369
|
|
|
|
2,211,570
|
|
6/30/2021
|
|
|
|
1,879,343
|
|
|
|
55,492
|
|
|
|
46,753
|
|
|
|
2,492,813
|
|
3/31/2021
|
|
|
|
1,735,820
|
|
|
|
56,269
|
|
|
|
37,228
|
|
|
|
2,296,802
|
|
12/31/2020
|
|
|
|
1,475,456
|
|
|
|
58,675
|
|
|
|
41,138
|
|
|
|
2,074,334
|
|
Royalty Interest Production for the last four quarters was as
follows:
Quarter
ended
|
|
Mcf Sold
|
|
|
Oil Bbls
Sold
|
|
|
NGL Bbls
Sold
|
|
|
Mcfe Sold
|
|
9/30/2021
|
|
|
|
705,397
|
|
|
|
29,442
|
|
|
|
19,364
|
|
|
|
998,230
|
|
6/30/2021
|
|
|
|
908,471
|
|
|
|
31,095
|
|
|
|
18,255
|
|
|
|
1,204,571
|
|
3/31/2021
|
|
|
|
924,969
|
|
|
|
31,768
|
|
|
|
19,088
|
|
|
|
1,230,105
|
|
12/31/2020
|
|
|
|
487,925
|
|
|
|
27,840
|
|
|
|
14,948
|
|
|
|
744,653
|
|
Working Interest Production for the last four quarters was as
follows:
Quarter
ended
|
|
Mcf Sold
|
|
|
Oil Bbls
Sold
|
|
|
NGL Bbls
Sold
|
|
|
Mcfe Sold
|
|
9/30/2021
|
|
|
|
903,704
|
|
|
|
24,601
|
|
|
|
27,005
|
|
|
|
1,213,340
|
|
6/30/2021
|
|
|
|
970,872
|
|
|
|
24,397
|
|
|
|
28,498
|
|
|
|
1,288,242
|
|
3/31/2021
|
|
|
|
810,851
|
|
|
|
24,501
|
|
|
|
18,140
|
|
|
|
1,066,697
|
|
12/31/2020
|
|
|
|
987,531
|
|
|
|
30,835
|
|
|
|
26,190
|
|
|
|
1,329,681
|
|
FINANCIAL
HIGHLIGHTS
|
|
|
|
Fourth Quarter
Ended
Sept. 30, 2021
|
|
|
Fourth Quarter
Ended
Sept. 30, 2020
|
|
|
Year Ended
Sept. 30, 2021
|
|
|
Year Ended
Sept. 30, 2020
|
|
Working Interest Sales
|
|
$
|
6,071,031
|
|
|
$
|
2,937,807
|
|
|
$
|
19,317,009
|
|
|
$
|
12,914,080
|
|
Royalty Interest Sales
|
|
$
|
6,007,389
|
|
|
$
|
2,103,179
|
|
|
$
|
18,432,035
|
|
|
$
|
10,455,923
|
|
Natural Gas, Oil and
NGL Sales
|
|
$
|
12,078,420
|
|
|
$
|
5,040,986
|
|
|
$
|
37,749,044
|
|
|
$
|
23,370,003
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease Bonuses and
Rental Income
|
|
$
|
105,974
|
|
|
$
|
118,174
|
|
|
$
|
425,113
|
|
|
$
|
690,961
|
|
Total
Revenue
|
|
$
|
4,071,567
|
|
|
$
|
3,651,178
|
|
|
$
|
21,971,668
|
|
|
$
|
24,968,383
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOE per
Mcfe
|
|
$
|
0.51
|
|
|
$
|
0.48
|
|
|
$
|
0.47
|
|
|
$
|
0.56
|
|
Transportation,
Gathering and Marketing per Mcfe
|
|
$
|
0.74
|
|
|
$
|
0.55
|
|
|
$
|
0.64
|
|
|
$
|
0.56
|
|
Production Tax per
Mcfe
|
|
$
|
0.28
|
|
|
$
|
0.09
|
|
|
$
|
0.21
|
|
|
$
|
0.12
|
|
G&A Expense per
Mcfe
|
|
$
|
0.97
|
|
|
$
|
0.84
|
|
|
$
|
0.90
|
|
|
$
|
0.93
|
|
Interest Expense per
Mcfe
|
|
$
|
0.09
|
|
|
$
|
0.16
|
|
|
$
|
0.11
|
|
|
$
|
0.15
|
|
DD&A per
Mcfe
|
|
$
|
0.71
|
|
|
$
|
1.24
|
|
|
$
|
0.85
|
|
|
$
|
1.32
|
|
Total Expense per
Mcfe
|
|
$
|
3.30
|
|
|
$
|
3.36
|
|
|
$
|
3.18
|
|
|
$
|
3.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
$
|
(3,764,200)
|
|
|
$
|
(1,834,122)
|
|
|
$
|
(6,217,237)
|
|
|
$
|
(23,952,037)
|
|
Adjusted
EBITDA(1)
|
|
$
|
4,141,890
|
|
|
$
|
2,723,331
|
|
|
$
|
14,999,938
|
|
|
$
|
13,465,853
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flow from
Operations
|
|
$
|
(6,298,246)
|
|
|
$
|
1,280,555
|
|
|
$
|
3,942,087
|
|
|
$
|
11,106,295
|
|
CapEx - Drilling
& Completing
|
|
$
|
36,413
|
|
|
$
|
206,968
|
|
|
$
|
733,172
|
|
|
$
|
403,136
|
|
CapEx - Mineral
Acquisitions
|
|
$
|
1,287,082
|
|
|
$
|
15,766
|
|
|
$
|
20,624,347
|
|
|
$
|
10,288,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowing
Base
|
|
|
|
|
|
|
|
|
|
$
|
27,500,000
|
|
|
$
|
31,000,000
|
|
Debt
|
|
|
|
|
|
|
|
|
|
$
|
17,500,000
|
|
|
$
|
28,750,000
|
|
Debt/Adjusted EBITDA
(1)
|
|
|
|
|
|
|
|
|
|
|
1.17
|
|
|
|
2.14
|
|
|
|
(1)
|
This is a non-GAAP
measure. Refer to the Non-GAAP Reconciliation section.
|
RESULTS OF FOURTH QUARTER 2021 COMPARED TO THE FOURTH QUARTER
2020
Natural gas, oil and NGL revenue increased 140% in the 2021
quarter as total production increased 9% and product prices
increased 121%, relative to the 2020 quarter. Royalty revenue
increased 186% in the 2021 quarter as total production increased
29% and product prices increased 122%, relative to the 2020
quarter. Total production increased due to the recent mineral and
royalty interest acquisitions in the Haynesville play, in Texas and Louisiana, and SCOOP. These increases
were offset by naturally declining production in the Eagle Ford and
Arkoma Stack.
The 2% decrease in total cost per Mcfe in the 2021 quarter,
relative to the 2020 quarter, was primarily driven by a decrease in
DD&A. DD&A decreased $950,365, or 38%, in the 2021 quarter to
$0.71 per Mcfe, as compared to
$1.24 per Mcfe in the 2020 quarter.
Of the decrease, $1,165,857 was a
result of a $0.53 decrease in the
DD&A rate per Mcfe, partially offset by an increase of
$215,492 resulting from total
production increasing 9% in the 2021 quarter. The rate
decrease was partially due to higher natural gas, oil and NGL
prices utilized in the reserve calculations during the 2021 period,
as compared to 2020 period, lengthening the economic life of wells.
This resulted in higher projected remaining reserves on a
significant number of wells causing decreased units of production
DD&A, despite the increase in projection.
No material impairment charge was recorded during the 2021 and
2020 quarters.
No significant divestitures of minerals occurred in the fourth
quarter of 2021. In the fourth quarter of 2020, the Company sold
open and non-producing net mineral acres in northwest Oklahoma for a gain of $717,640.
On Sept. 2, 2021, the Company
settled all of its derivative contracts with Bank of Oklahoma ("BOKF") by paying $8.8 million. On Sept. 3, 2021, the Company entered into new
derivative contracts with BP Energy Company ("BP") that had similar
terms to the contracts settled with BOK and received a payment of
$8.8 million from BP. The new
derivative contracts consisted of all fixed swap contracts and are
secured under the Company's credit facility with Independent Bank.
The $8.8 million paid to BOK to
settle the derivatives is included as a loss on derivatives. The
$8.8 million received from BP was
considered a cash flow from financing activities and had no effect
on the statement of operations. The derivative activity was
associated with entering into a new credit agreement with
Independent Bank and ending the relationship with BOKF. The
2021 quarter included an $8.1 million
loss on derivative contracts as compared to a $1.5 million loss for the 2020 quarter.
The Company's net income (loss) changed from net loss of
$(1.8) million in the 2020 quarter to
a net loss of $(3.8) million in the
2021 quarter. The change was primarily due to the increase in loss
on derivative contracts (as noted above) in 2021, partially offset
by an increase in natural gas, oil and NGL revenue.
RESULTS OF FISCAL YEAR 2021 AS COMPARED TO FISCAL YEAR 2020
Natural gas, oil and NGL revenue increased 62% in 2021 as
production increased 6% and product prices increased 53%, relative
to 2020. Royalty revenue increased 76% in 2021 as total production
increased 25% and product prices increased 41%, relative to 2020.
Total production increased due to an increase in natural gas
production from the recent mineral and royalty acquisitions in the
Haynesville play of Texas and Louisiana, and slightly offset by naturally
declining production in the Fayetteville, SCOOP and Arkoma STACK. The
decrease in oil production was a result of naturally declining
production in working interest wells in the Eagle Ford play and
royalty wells in the Bakken play, due to the company strategy of no
longer participating with working interest in new drilling in the
Eagle Ford, and reduced drilling activity in the Bakken. These
decreases were partially offset by new drilling in the STACK. The
increase in NGL production is primarily attributable to high
interest wells coming back online after being shut-in for part of
fiscal year 2020, as well as new wells being brought online in the
STACK. This was partially offset by naturally declining production
in the SCOOP.
Given our strategic decision to cease participating with working
interests, we plan to offset the natural decline of our existing
production base by the development of our current inventory of
mineral acreage and through acquisitions of additional mineral
interests.
Expenses decreased in 2021, primarily the result of a decrease
in the provision for impairment, DD&A, LOE and interest
expense, offset by an increase in transportation, gathering and
marketing expenses, production taxes and loss on debt
extinguishment. The reduction in DD&A expense is
discussed above and the reduction in interest expense is due to the
Company paying down $11.3 million of
debt in 2021. The increase in transportation, gathering and
marketing expense and production taxes is due to the increase in
production and related revenue.
An impairment expense of $50,475
was recorded during 2021 compared to $29,904,528 in 2020. In 2020, an impairment
of expense of $19.3 million and
$7.3 million was recorded on the
Fayetteville Shale and Eagle Ford fields, respectively. The
remaining $2.7 million of impairment
was taken on other producing assets.
In 2021, the Company sold 2,857 net mineral acres in the Central
Basin Platform, TX, for a gain on sales of $0.2 million. In 2020, the Company sold 530 net
mineral acres in Eddy County,
N.M., for a gain on sales of $3.3
million and 5,925 open and non-producing net mineral acres
in northwest Oklahoma for a net
gain on sales of $0.7 million.
The Company's net income (loss) changed from a net loss of
$(24.0) million in 2020 to a net loss
of $(6.2) million in 2021. The change
in net (loss) was due to the increase in revenue mentioned above
and decrease in expenses, partially offset by an increase in loss
on derivative contracts and a decrease on net gain on sale of
assets. Fiscal 2021 total revenues included a $16.2 million loss on derivative contracts, as
compared to a $0.9 million gain on
derivative contracts for 2020.
OPERATIONS UPDATE
At Nov. 15, 2021, the Company had
a total of 86 gross wells (0.46 net wells) in progress across its
mineral positions and 33 gross active permitted wells. As of
Nov. 15, 2021, there were 15 rigs
operating on the Company's acreage and 73 rigs operating within 2.5
miles of its acreage.
|
|
SCOOP
|
|
|
STACK
|
|
|
Bakken/
Three
Forks
|
|
|
Arkoma Stack
|
|
|
Permian
|
|
|
Fayetteville
|
|
|
Haynesville
|
|
|
Other
|
|
|
Total
|
|
As of
11/15/21:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Wells in
Progress on PHX
Acreage
|
|
41
|
|
|
8
|
|
|
2
|
|
|
3
|
|
|
3
|
|
|
-
|
|
|
26
|
|
|
3
|
|
|
86
|
|
Net Wells in Progress
on PHX
Acreage
|
|
0.04
|
|
|
0.04
|
|
|
-
|
|
|
0.03
|
|
|
0.14
|
|
|
-
|
|
|
0.20
|
|
|
0.01
|
|
|
0.46
|
|
Gross Active Permits
on PHX
Acreage
|
|
13
|
|
|
6
|
|
|
5
|
|
|
4
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
5
|
|
|
33
|
|
As of
11/15/21:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rigs Present on PHX
Acreage
|
|
7
|
|
|
1
|
|
|
-
|
|
|
1
|
|
|
-
|
|
|
-
|
|
|
6
|
|
|
-
|
|
|
15
|
|
Rigs Within 2.5 Miles
of PHX
Acreage
|
|
19
|
|
|
14
|
|
|
9
|
|
|
2
|
|
|
3
|
|
|
-
|
|
|
16
|
|
|
10
|
|
|
73
|
|
Leasing Activity
During the fourth quarter of fiscal year 2021, the Company
leased 265 net mineral acres for an average bonus payment of
$402 and an average royalty of
20%.
|
|
SCOOP
|
|
|
STACK
|
|
|
Bakken/
Three
Forks
|
|
|
Arkoma Stack
|
|
|
Permian
|
|
|
Fayetteville
|
|
|
Haynesville
|
|
|
Other
|
|
|
Total
|
|
During Three Months
Ended 9/30/21:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Mineral Acres
Leased
|
|
184
|
|
|
37
|
|
|
-
|
|
|
-
|
|
|
30
|
|
|
-
|
|
|
-
|
|
|
14
|
|
|
265
|
|
Average Bonus per Net
Mineral Acre
|
|
225
|
|
|
1,450
|
|
|
-
|
|
|
-
|
|
|
488
|
|
|
-
|
|
|
-
|
|
|
325
|
|
|
402
|
|
Average Royalty per
Net Mineral
Acre
|
|
20%
|
|
|
19%
|
|
|
-
|
|
|
-
|
|
|
25%
|
|
|
-
|
|
|
-
|
|
|
20%
|
|
|
20%
|
|
ACQUISITION AND DIVESTITURE UPDATE
During the fourth quarter of fiscal year 2021 through
Nov. 15, 2021, the Company purchased
1,311 net royalty acres for $11,129,413.
|
|
SCOOP
|
|
|
STACK
|
|
|
Bakken/
Three
Forks
|
|
|
Arkoma
Stack
|
|
|
Permian
|
|
|
Fayetteville
|
|
|
Haynesville
|
|
|
Other
|
|
|
Total
|
|
For the period ended
11/15/21: (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Mineral Acres
Purchased
|
|
|
208
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
698
|
|
|
-
|
|
|
|
906
|
|
Net Royalty Acres
Purchased
|
|
|
241
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
1,070
|
|
|
-
|
|
|
|
1,311
|
|
Price per Net Royalty
Acre
|
|
$
|
5,747
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
$
|
9,107
|
|
|
-
|
|
|
$
|
8,489
|
|
Net Mineral Acres
Sold
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
|
|
Net Royalty Acres
Sold
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
Price per Net Royalty
Acre
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
(1)
|
Fourth quarter 2021
through Nov. 15, 2021.
|
During the fourth quarter of fiscal year 2021 through
Nov. 15, 2021, the Company sold 731
gross working interest wells (20.21 net wells).
For the Period
Ended
|
|
Proceeds
($)
|
|
|
P&A
Liability
(Net Value
$)
|
|
|
Gross
Wells
|
|
|
Net Wells
|
|
September 30,
2021
|
|
$
|
419,171
|
|
|
$
|
37,242
|
|
|
|
23
|
|
|
|
1.28
|
|
November 23,
2021
|
|
$
|
4,625,000
|
|
|
$
|
693,235
|
|
|
|
708
|
|
|
|
18.93
|
|
|
|
$
|
5,044,171
|
|
|
$
|
730,477
|
|
|
|
731
|
|
|
|
20.21
|
|
RESERVES UPDATE
At Sept. 30, 2021, proved reserves were 83.0 Bcfe, as
calculated by DeGolyer and MacNaughton, the Company's independent
consulting petroleum engineering firm. This was a 44% increase,
compared to the 57.7 Bcfe of proved reserves at Sept. 30, 2020. Total proved developed reserves
increased 42% to 77.7 Bcfe, as compared to Sept. 30, 2020 reserve volumes, mainly due to
2021 pricing revisions, partially offset by production and
performance revisions. The pricing revisions were due to
well economic limits extending later than was projected in
2020 as a result of higher gas and oil prices. The performance
revisions were principally due to lower performance of
high-interest Mississippian and Woodford wells in the STACK play in
Oklahoma that were brought online
in 2021. Total proved undeveloped reserves increased 2.2 Bcfe,
principally due to mineral interest acquisitions in the Haynesville
Shale in Texas and Louisiana and Meramec and Woodford SCOOP play
in Oklahoma. SEC prices used for
the Sept. 30, 2021, report averaged $2.79 per Mcf for natural gas, $56.51 per barrel for oil and $20.58 per barrel for NGL, compared to
$1.62 per Mcf for natural gas,
$40.18 per barrel for oil and
$9.95 per barrel for NGL for the
Sept. 30, 2020, report. These prices
reflect net prices received at the wellhead.
BORROWING BASE
On Sept. 1, 2021, the Company
entered into a new four-year $100
million senior secured credit facility with an initial
Borrowing Base of $27.5 million and a
maturity date of Sept. 1, 2025 (the
"New Credit Facility"). The New Credit Facility is led by
Independent Bank and replaced the Company's prior credit facility.
On Dec. 6, 2021,cr the borrowing base
was increased to $32.0 million.
FOURTH QUARTER EARNINGS CALL
PHX will host a conference call to discuss fourth quarter
results at 5:00 p.m. EST on
Dec. 13, 2021. Management's
discussion will be followed by a question and answer session with
investors. To participate on the conference call, please dial
877-407-3088 (domestic) or 201-389-0927 (international). A replay
of the call will be available for 14 days after the call. The
number to access the replay of the conference call is 877-660-6853
and the PIN for the replay is 13725000.
FINANCIALS
|
|
Statements of
Operations
|
|
|
Three Months Ended
Sept. 30,
|
|
|
Year Ended Sept.
30,
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Revenues:
|
|
|
|
|
|
Natural gas, oil and
NGL sales
|
$
|
12,078,420
|
|
|
$
|
5,040,986
|
|
|
$
|
37,749,044
|
|
|
$
|
23,370,003
|
|
Lease bonuses and
rental income
|
|
105,974
|
|
|
|
118,174
|
|
|
|
425,113
|
|
|
|
690,961
|
|
Gains (losses) on
derivative contracts
|
|
(8,112,827)
|
|
|
|
(1,507,982)
|
|
|
|
(16,202,489)
|
|
|
|
907,419
|
|
|
$
|
4,071,567
|
|
|
|
3,651,178
|
|
|
|
21,971,668
|
|
|
|
24,968,383
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease operating
expenses
|
|
1,130,916
|
|
|
|
969,723
|
|
|
|
4,230,968
|
|
|
|
4,841,541
|
|
Transportation,
gathering and marketing
|
|
1,628,634
|
|
|
|
1,116,587
|
|
|
|
5,767,287
|
|
|
|
4,812,869
|
|
Production
taxes
|
|
622,266
|
|
|
|
187,628
|
|
|
|
1,938,304
|
|
|
|
1,022,912
|
|
Depreciation,
depletion and amortization
|
|
1,569,631
|
|
|
|
2,519,996
|
|
|
|
7,745,804
|
|
|
|
11,313,783
|
|
Provision for
impairment
|
|
4,620
|
|
|
|
-
|
|
|
|
50,475
|
|
|
|
29,904,528
|
|
Interest
expense
|
|
204,925
|
|
|
|
328,359
|
|
|
|
995,127
|
|
|
|
1,286,788
|
|
General and
administrative
|
|
2,142,205
|
|
|
|
1,718,422
|
|
|
|
8,207,882
|
|
|
|
8,024,901
|
|
Loss on debt
extinguishment
|
|
260,236
|
|
|
|
-
|
|
|
|
260,236
|
|
|
|
-
|
|
Losses (gains) on
asset sales and other
|
|
(178,615)
|
|
|
|
(677,355)
|
|
|
|
(356,127)
|
|
|
|
(3,997,902)
|
|
Total costs and
expenses
|
|
7,384,818
|
|
|
|
6,163,360
|
|
|
|
28,839,956
|
|
|
|
57,209,420
|
|
Income (loss) before
provision (benefit) for income taxes
|
|
(3,313,251)
|
|
|
|
(2,512,182)
|
|
|
|
(6,868,288)
|
|
|
|
(32,241,037)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for income taxes
|
|
450,949
|
|
|
|
(678,060)
|
|
|
|
(651,051)
|
|
|
|
(8,289,000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
(3,764,200)
|
|
|
$
|
(1,834,122)
|
|
|
$
|
(6,217,237)
|
|
|
$
|
(23,952,037)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
earnings (loss) per common share
|
$
|
(0.14)
|
|
|
$
|
(0.07)
|
|
|
$
|
(0.24)
|
|
|
$
|
(1.41)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
shares
|
|
29,997,490
|
|
|
|
18,289,502
|
|
|
|
25,742,202
|
|
|
|
16,856,792
|
|
Unissued, directors'
deferred compensation shares
|
|
210,002
|
|
|
|
147,341
|
|
|
|
183,334
|
|
|
|
154,142
|
|
|
|
30,207,492
|
|
|
|
18,436,843
|
|
|
|
25,925,536
|
|
|
|
17,010,934
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared
per share of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
common stock and paid
in period
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
$
|
0.04
|
|
|
$
|
0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
Sheets
|
|
|
Sept. 30,
2021
|
|
|
Sept. 30,
2020
|
|
Assets
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
2,438,511
|
|
|
$
|
10,690,395
|
|
Natural gas, oil and
NGL sales receivables (net of $0
|
|
6,428,982
|
|
|
|
2,943,220
|
|
allowance for
uncollectable accounts)
|
|
|
|
|
|
|
|
Refundable income
taxes
|
|
2,413,942
|
|
|
|
3,805,227
|
|
Other
|
|
942,082
|
|
|
|
351,088
|
|
Total current
assets
|
|
12,223,517
|
|
|
|
17,789,930
|
|
Properties and
equipment at cost, based on
|
|
|
|
|
|
|
|
successful efforts accounting:
|
|
|
|
|
|
|
|
Producing natural gas
and oil properties
|
|
319,984,874
|
|
|
|
324,886,491
|
|
Non-producing natural
gas and oil properties
|
|
40,466,098
|
|
|
|
18,993,814
|
|
Other
|
|
794,179
|
|
|
|
582,444
|
|
|
|
361,245,151
|
|
|
|
344,462,749
|
|
Less accumulated
depreciation, depletion and amortization
|
|
(257,643,661)
|
|
|
|
(263,590,801)
|
|
Net properties and
equipment
|
|
103,601,490
|
|
|
|
80,871,948
|
|
|
|
|
|
|
|
|
|
Investments
|
|
308
|
|
|
|
79,308
|
|
Operating lease
right-of-use assets
|
|
607,414
|
|
|
|
690,316
|
|
Other, net
|
|
578,285
|
|
|
|
590,333
|
|
Total
assets
|
$
|
117,011,014
|
|
|
$
|
100,021,835
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
$
|
772,717
|
|
|
$
|
997,637
|
|
Derivative contracts,
net
|
|
12,087,988
|
|
|
|
281,942
|
|
Current portion of
operating lease liability
|
|
132,287
|
|
|
|
127,108
|
|
Income taxes
payable
|
|
334,050
|
|
|
|
-
|
|
Accrued liabilities
and other
|
|
1,809,337
|
|
|
|
1,297,363
|
|
Short-term
debt
|
|
-
|
|
|
|
1,750,000
|
|
Total current
liabilities
|
|
15,136,379
|
|
|
|
4,454,050
|
|
|
|
|
|
|
|
|
|
Long-term
debt
|
|
17,500,000
|
|
|
|
27,000,000
|
|
Deferred income
taxes, net
|
|
343,906
|
|
|
|
1,329,007
|
|
Asset retirement
obligations
|
|
2,836,172
|
|
|
|
2,897,522
|
|
Derivative contracts,
net
|
|
1,696,479
|
|
|
|
425,705
|
|
Operating lease
liability, net of current portion
|
|
789,339
|
|
|
|
921,625
|
|
Total
liabilities
|
|
38,302,275
|
|
|
|
37,027,909
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
Class A voting common
stock, par value $0.01666 per share: 36,000,500 shares
|
|
545,956
|
|
|
|
377,304
|
|
authorized and
32,770,443 shares issued and outstanding at Sept. 30, 2021;
24,000,500
|
|
|
|
|
|
|
|
shares authorized and
22,647,306 shares issued and outstanding at Sept. 30,
2020
|
|
|
|
|
|
|
|
Capital in excess of
par value
|
|
33,213,645
|
|
|
|
10,649,611
|
|
Deferred directors'
compensation
|
|
1,768,151
|
|
|
|
1,874,007
|
|
Retained
earnings
|
|
48,966,420
|
|
|
|
56,244,100
|
|
|
|
84,494,172
|
|
|
|
69,145,022
|
|
Treasury stock, at
cost: 388,545 shares at Sept. 30,
|
|
|
|
|
|
|
|
2021, and 411,487
shares at Sept. 30, 2020
|
|
(5,785,433)
|
|
|
|
(6,151,096)
|
|
Total stockholders'
equity
|
|
78,708,739
|
|
|
|
62,993,926
|
|
Total liabilities and
stockholders' equity
|
$
|
117,011,014
|
|
|
$
|
100,021,835
|
|
Condensed Statements
of Cash Flows
|
|
|
Year ended Sept.
30,
|
|
|
2021
|
|
|
2020
|
|
Operating
Activities
|
|
|
Net income
(loss)
|
$
|
(6,217,237)
|
|
|
$
|
(23,952,037)
|
|
Adjustments to
reconcile net income (loss) to net cash provided
|
|
|
|
|
|
|
|
by operating
activities:
|
|
|
|
|
|
|
|
Depreciation,
depletion and amortization
|
|
7,745,804
|
|
|
|
11,313,783
|
|
Impairment of
producing properties
|
|
50,475
|
|
|
|
29,904,528
|
|
Provision for deferred
income taxes
|
|
(985,101)
|
|
|
|
(4,647,000)
|
|
Gain from leasing fee
mineral acreage
|
|
(421,915)
|
|
|
|
(685,927)
|
|
Proceeds from leasing
fee mineral acreage
|
|
441,653
|
|
|
|
701,948
|
|
Net (gain) loss on
sales of assets
|
|
(309,348)
|
|
|
|
(3,973,321)
|
|
ESOP contribution
expense
|
|
-
|
|
|
|
103,104
|
|
Directors' deferred
compensation expense
|
|
234,466
|
|
|
|
228,408
|
|
Total (gain) loss on
derivative contracts
|
|
16,202,489
|
|
|
|
(907,419)
|
|
Cash receipts
(payments) on settled derivative contracts
|
|
(11,925,669)
|
|
|
|
4,109,210
|
|
Restricted stock
awards
|
|
801,200
|
|
|
|
743,897
|
|
Loss on debt
extinguishment
|
|
260,236
|
|
|
|
-
|
|
Other
|
|
(11,099)
|
|
|
|
(2,611)
|
|
Cash provided (used)
by changes in assets and liabilities:
|
|
|
|
|
|
|
|
Natural gas, oil and
NGL sales receivables
|
|
(3,485,762)
|
|
|
|
1,434,426
|
|
Refundable income
taxes
|
|
1,391,285
|
|
|
|
(2,299,785)
|
|
Other current
assets
|
|
(436,401)
|
|
|
|
(89,931)
|
|
Accounts
payable
|
|
(151,875)
|
|
|
|
1,308,731
|
|
Other non-current
assets
|
|
(86,282)
|
|
|
|
(1,044,680)
|
|
Accrued
liabilities
|
|
845,168
|
|
|
|
(1,139,029)
|
|
Total
adjustments
|
|
10,159,324
|
|
|
|
35,058,332
|
|
Net cash provided by
operating activities
|
|
3,942,087
|
|
|
|
11,106,295
|
|
|
|
|
|
|
|
|
|
Investing
Activities
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
(733,172)
|
|
|
|
(403,136)
|
|
Acquisition of
minerals and overriding royalty interests
|
|
(20,624,347)
|
|
|
|
(10,288,250)
|
|
Proceeds from sales of
assets
|
|
988,600
|
|
|
|
4,228,868
|
|
Net cash provided
(used) by investing activities
|
|
(20,368,919)
|
|
|
|
(6,462,518)
|
|
|
|
|
|
|
|
|
|
Financing
Activities
|
|
|
|
|
|
|
|
Borrowings under
Credit Facility
|
|
26,300,000
|
|
|
|
6,061,725
|
|
Payments of loan
principal
|
|
(37,550,000)
|
|
|
|
(12,736,725)
|
|
Net proceeds from
equity issuance
|
|
11,688,137
|
|
|
|
8,220,726
|
|
Cash receipts from
(payments on) off-market derivative contracts
|
|
8,800,000
|
|
|
|
-
|
|
Purchases of treasury
stock
|
|
(2,741)
|
|
|
|
(7,635)
|
|
Payments of
dividends
|
|
(1,060,448)
|
|
|
|
(1,652,164)
|
|
Net cash provided
(used) by financing activities
|
|
8,174,948
|
|
|
|
(114,073)
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in
cash and cash equivalents
|
|
(8,251,884)
|
|
|
|
4,529,704
|
|
Cash and cash
equivalents at beginning of year
|
|
10,690,395
|
|
|
|
6,160,691
|
|
Cash and cash
equivalents at end of year
|
$
|
2,438,511
|
|
|
$
|
10,690,395
|
|
|
|
|
|
|
|
|
|
Supplemental
Disclosures of Cash Flow
Information
|
|
|
|
|
|
|
|
Interest paid (net of
capitalized interest)
|
$
|
1,021,142
|
|
|
$
|
1,306,967
|
|
Income taxes paid (net
of refunds received)
|
$
|
(1,391,225)
|
|
|
$
|
(1,342,275)
|
|
Supplemental
Schedule of Noncash Investing and Financing
Activities
|
|
|
|
|
|
|
|
Additions and
revisions, net, to asset retirement obligations
|
$
|
-
|
|
|
$
|
4
|
|
|
|
|
|
|
|
|
|
Gross additions to
properties and equipment
|
$
|
31,485,015
|
|
|
$
|
10,701,284
|
|
Equity offering used
for acquisitions
|
|
(10,272,288)
|
|
|
|
-
|
|
Net (increase)
decrease in accounts payable for properties
|
|
144,792
|
|
|
|
(9,898)
|
|
and equipment
additions
|
|
|
|
|
|
|
|
Capital expenditures,
including dry hole costs
|
$
|
21,357,519
|
|
|
$
|
10,691,386
|
|
Proved
Reserves
|
|
|
Proved Reserves SEC
Pricing
|
|
|
Sept. 30,
2021
|
|
|
Sept. 30,
2020
|
|
Proved Developed
Reserves:
|
|
|
Mcf of Gas
|
|
60,287,881
|
|
|
|
40,924,083
|
|
Barrels of
Oil
|
|
1,439,860
|
|
|
|
1,148,989
|
|
Barrels of
NGL
|
|
1,467,092
|
|
|
|
1,135,864
|
|
Mcfe (1)
|
|
77,729,593
|
|
|
|
54,633,201
|
|
Proved Undeveloped
Reserves:
|
|
|
|
|
|
|
|
Mcf of Gas
|
|
4,664,787
|
|
|
|
1,448,690
|
|
Barrels of
Oil
|
|
64,980
|
|
|
|
184,668
|
|
Barrels of
NGL
|
|
34,761
|
|
|
|
83,993
|
|
Mcfe (1)
|
|
5,263,233
|
|
|
|
3,060,656
|
|
Total Proved
Reserves:
|
|
|
|
|
|
|
|
Mcf of Gas
|
|
64,952,668
|
|
|
|
42,372,773
|
|
Barrels of
Oil
|
|
1,504,840
|
|
|
|
1,333,657
|
|
Barrels of
NGL
|
|
1,501,853
|
|
|
|
1,219,857
|
|
Mcfe (1)
|
|
82,992,826
|
|
|
|
57,693,857
|
|
|
|
|
|
|
|
|
|
10% Discounted
Estimated Future
|
|
|
|
|
|
|
|
Net Cash Flows
(before income taxes):
|
|
|
|
|
|
|
|
Proved
Developed
|
$
|
86,793,303
|
|
|
$
|
33,270,804
|
|
Proved
Undeveloped
|
|
9,731,035
|
|
|
|
5,659,479
|
|
Total
|
$
|
96,524,338
|
|
|
$
|
38,930,283
|
|
SEC
Pricing
|
|
|
|
|
|
|
|
Gas/Mcf
|
$
|
2.79
|
|
|
$
|
1.62
|
|
Oil/Barrel
|
$
|
56.51
|
|
|
$
|
40.18
|
|
NGL/Barrel
|
$
|
20.58
|
|
|
$
|
9.95
|
|
|
|
|
|
|
|
|
|
Proved Reserves -
Projected Future Pricing (2)
|
|
|
|
|
|
|
|
|
|
10% Discounted
Estimated Future
|
Proved
Reserves
|
|
Net Cash Flows
(before income taxes):
|
Sept. 30,
2021
|
|
|
Sept. 30,
2020
|
|
Proved
Developed
|
$
|
111,007,369
|
|
|
$
|
63,648,347
|
|
Proved
Undeveloped
|
|
11,989,928
|
|
|
|
7,197,350
|
|
Total
|
$
|
122,997,297
|
|
|
$
|
70,845,697
|
|
|
|
|
|
|
|
|
|
(1) Crude oil and NGL
converted to natural gas on a one barrel of crude oil or NGL equals
six Mcf of natural gas basis
|
|
(2) Projected futures
pricing as of Sept. 30, 2021, and Sept. 30, 2020, basis adjusted to
Company wellhead price
|
|
Hedge Position as of
Nov. 26, 2021
|
|
Fiscal
Period
|
|
Product
|
|
Volume
Mcf/Bbl
|
|
|
Swap Price
|
|
|
Collar Average
Floor Price
|
|
|
Collar Average
Ceiling Price
|
|
2022
|
|
Natural
Gas
|
|
80,000
|
|
|
|
|
|
|
$
|
3.50
|
|
|
$
|
5.10
|
|
2022
|
|
Natural
Gas
|
|
3,162,000
|
|
|
$
|
2.93
|
|
|
|
|
|
|
|
|
|
2023
|
|
Natural
Gas
|
|
300,000
|
|
|
|
|
|
|
$
|
3.20
|
|
|
$
|
4.86
|
|
2023
|
|
Natural
Gas
|
|
1,980,000
|
|
|
$
|
3.22
|
|
|
|
|
|
|
|
|
|
2024
|
|
Natural
Gas
|
|
60,000
|
|
|
|
|
|
|
$
|
3.00
|
|
|
$
|
4.70
|
|
2024
|
|
Natural
Gas
|
|
360,000
|
|
|
$
|
3.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022
|
|
Crude Oil
|
|
125,500
|
|
|
$
|
44.25
|
|
|
|
|
|
|
|
|
|
2023
|
|
Crude Oil
|
|
43,500
|
|
|
$
|
52.84
|
|
|
|
|
|
|
|
|
|
2024
|
|
Crude Oil
|
|
4,500
|
|
|
$
|
67.55
|
|
|
|
|
|
|
|
|
|
Non-GAAP Reconciliation
This press release includes certain "non-GAAP financial
measures" under the rules of the Securities and Exchange Commission
(the "SEC"), including Regulation G. These non-GAAP measures are
calculated using GAAP amounts in our financial statements. These
measures, detailed below, are provided in addition to, not as an
alternative for, and should be read in conjunction with, the
information contained in our financial statements prepared in
accordance with GAAP (including the notes thereto), included in our
SEC filings and posted on our website.
Adjusted EBITDA Reconciliation
Adjusted EBITDA excluding unrealized gains (losses) on
derivatives and including cash receipts from off-market derivatives
is defined as adjusted EBITDA. We have included a presentation of
adjusted EBITDA excluding unrealized gains (losses) on derivatives
and including cash receipts from off-market derivatives because we
recognize that certain investors consider this amount a useful
means of measuring our ability to meet our debt service obligations
and evaluating our financial performance. Adjusted EBITDA excluding
unrealized gains (losses) on derivative contracts and including
cash receipts from off-market derivatives has limitations and
should not be considered in isolation or as a substitute for net
income, operating income, cash flow from operations or other
consolidated income or cash flow data prepared in accordance with
GAAP. Because not all companies use identical calculations, this
presentation of adjusted EBITDA excluding unrealized gains (losses)
on derivatives and including cash receipts from off
market-derivatives may not be comparable to a similarly titled
measure of other companies. The following table provides a
presentation of net income (loss) to adjusted EBITDA and of the
resulting adjusted EBITDA excluding unrealized gains (losses) on
derivative contracts and including cash receipts from off-market
derivatives for the periods indicated:
|
Fourth Quarter
Ended
Sept. 30,
2021
|
|
|
Fourth Quarter
Ended
Sept. 30,
2020
|
|
|
Year Ended
Sept. 30,
2021
|
|
|
Year Ended
Sept. 30,
2020
|
|
|
Third Quarter
Ended
June 30,
2021
|
|
Net Income
(Loss)
|
$
|
(3,764,200)
|
|
|
$
|
(1,834,122)
|
|
|
$
|
(6,217,237)
|
|
|
$
|
(23,952,037)
|
|
|
$
|
(1,356,594)
|
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Benefit)
|
|
450,949
|
|
|
|
(678,060)
|
|
|
|
(651,051)
|
|
|
|
(8,289,000)
|
|
|
|
(816,000)
|
|
Interest Expense
|
|
204,925
|
|
|
|
328,359
|
|
|
|
995,127
|
|
|
|
1,286,788
|
|
|
|
220,439
|
|
DD&A
|
|
1,569,631
|
|
|
|
2,519,996
|
|
|
|
7,745,804
|
|
|
|
11,313,783
|
|
|
|
2,137,707
|
|
Impairment
|
|
4,620
|
|
|
|
-
|
|
|
|
50,475
|
|
|
|
29,904,528
|
|
|
|
45,855
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gains (losses)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
on
derivatives
|
|
3,124,035
|
|
|
|
(2,387,158)
|
|
|
|
(4,276,820)
|
|
|
|
(3,201,791)
|
|
|
|
(4,482,793)
|
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash receipts from
off-market derivative contracts(1)
|
|
8,800,000
|
|
|
|
-
|
|
|
|
8,800,000
|
|
|
|
-
|
|
|
|
-
|
|
Adjusted
EBITDA
|
$
|
4,141,890
|
|
|
$
|
2,723,331
|
|
|
$
|
14,999,938
|
|
|
$
|
13,465,853
|
|
|
$
|
4,714,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt
|
|
|
|
|
|
|
|
|
$
|
17,500,000
|
|
|
$
|
28,750,000
|
|
|
|
|
|
Debt/Adjusted
EBITDA
|
|
|
|
|
|
|
|
|
|
1.17
|
|
|
|
2.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The initial
receipt of cash from BP for entering into the off-market derivative
contracts has no effect on the statement of operations and is
considered a cash flow from financing activities.
|
|
PHX Minerals Inc. (NYSE: PHX) Oklahoma City-based, PHX Minerals Inc. is a
natural gas and oil mineral company with a strategy to proactively
grow its mineral position in its core areas of focus. PHX owns
approximately 251,000 net mineral acres principally located in
Oklahoma, Texas, Louisiana, North
Dakota, and Arkansas.
Additional information on PHX can be found at www.phxmin.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release includes "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Words such as
"anticipates," "plans," "estimates," "believes," "expects,"
"intends," "will," "should," "may" and similar expressions may be
used to identify forward-looking statements. Forward-looking
statements are not statements of historical fact and reflect PHX's
current views about future events. Forward-looking statements may
include, but are not limited to, statements relating to: the
Company's ability to execute its business strategies; the
volatility of realized natural gas and oil prices; the level of
production on the Company's properties; estimates of quantities of
natural gas, oil and NGL reserves and their values; general
economic or industry conditions; legislation or regulatory
requirements; conditions of the securities markets; the Company's
ability to raise capital; changes in accounting principles,
policies or guidelines; financial or political instability; acts of
war or terrorism; title defects in the properties in which the
Company invests; and other economic, competitive, governmental,
regulatory or technical factors affecting properties, operations or
prices. Although the Company believes expectations reflected in
these and other forward-looking statements are reasonable, we can
give no assurance they will prove to be correct. Such
forward-looking statements are subject to a number of assumptions,
risks and uncertainties, many of which are beyond the control of
the Company. These forward-looking statements involve certain risks
and uncertainties that could cause the results to differ materially
from those expected by the Company's management. Information
concerning these risks and other factors can be found in the
Company's filings with the Securities and Exchange Commission,
including its Annual Reports on Form 10-K and Quarterly Reports on
Form 10-Q, available on the Company's website or the SEC's website
at www.sec.gov.
Investors are cautioned that any such statements are not
guarantees of future performance and that actual results or
developments may differ materially from those projected in
forward-looking statements. The forward-looking statements in this
press release are made as of the date hereof, and the Company does
not undertake any obligation to update the forward-looking
statements as a result of new information, future events or
otherwise.
View original
content:https://www.prnewswire.com/news-releases/phx-minerals-inc-reports-fourth-quarter-and-fiscal-2021-results-and-announces-dividend-payment-301443380.html
SOURCE PHX MINERALS INC.