On February 14, 2022, the stock of PHX Minerals Inc (PHX) closed the trading session at $2.35, 0.42% less than the previous trading session. During the last check, the stock gained 12.77% to $2.65, in the after-hours. The company announced the financial results for the first quarter of the fiscal year 2022. PHX also filed form 8-K and form 10-Q with the SEC to report a major event and the quarterly results, respectively.
PHX Financials:
On February 14, 2022, PHX Minerals announced the financial results for the first quarter of FY22, which ended on December 31, 2021. The total revenue of the company was $16.6 million in the Q1 of FY22 as compared $6.1 million in the same quarter of FY21. The net income of PHX during Q1 of FY22 was $6.6 million against the loss of $0.59 million in the same quarter last year. The earnings per share (EPS) of the company was reported to be $0.20 for Q1 of the fiscal year 2022 in comparison to the loss per share of $0.03 in Q1 of FY21. Adjusted EBITDA increased from $2.9 million in Q1 of FY21 to $4.4 million the Q1 of FY22.
PHX Operations update:
The company also announced the results for its operational activities during Q1 of FY22. PHX converted 68 gross wells to the status of producing wells, during the first quarter of the financial year 2022. The company also added 54 gross wells to its mineral position. During Q1 of FY22, PHX leased 175 mineral acres against the average payment of $546 and the royalty of 22%.
CEO Remarks:
The Chief Executive Officer (CEO) of PHX Minerals Inc, Chad L. Stephens, said that the fiscal year 2022 clearly shows their grip of gaining from their mineral acquisition. He added that YoY royalty increased by 60% and the working interest decreased by 33% YoY.
Mr. Stephens concluded that their mineral acquisition over the last two years will keep on proving to be fruitful in the preceding quarters. This will help them in achieving their goal.
