PHX Minerals Reports Results for the Quarter and Fiscal Year Ended Dec. 31, 2023; Announces Dividend and Provides 2024 Operational Outlook
Summary of Results for the Period Ended
- Net income in the fiscal fourth quarter and full fiscal year 2023 was
$2.5 million , or$0.07 per diluted share, and$13.9 million , or$0.39 per diluted share, respectively, compared to net income of$1.9 million , or$0.05 per diluted share, for the quarter endedSept. 30, 2023 , and net income of$17.1 million , or$0.48 per diluted share, for the year endedDec. 31, 2022 . - Adjusted EBITDA(1) in the fiscal fourth quarter and full fiscal year was
$4.5 million and$22.7 million , respectively, compared to$6.3 million for the quarter endedSept. 30, 2023 , and$26.7 million for the year endedDec. 31, 2022 . - Royalty production volumes for the fiscal fourth quarter decreased 6% to 1,946 Mmcfe compared to the quarter ended
Sept. 30, 2023 , and increased 23% to 8,123 Mmcfe for the full fiscal year 2023 compared to the year endedDec. 31, 2022 . - Total production volumes for the fiscal fourth quarter decreased 4% to 2,245 Mmcfe compared to the quarter ended
Sept. 30, 2023 , and decreased 3% to 9,379 Mmcfe for the full fiscal year 2023 compared to the year endedDec. 31, 2022 . - Net proved royalty interest reserves increased 9% to 57.8 Bcfe at
Dec. 31, 2023 from 53.1 Bcfe atDec. 31, 2022 . - Converted 46 gross (0.098 net) and 314 gross (1.03 net) wells to producing status in the fiscal fourth quarter and full fiscal year 2023, compared to 71 gross (0.155 net) during the quarter ended
Sept. 30, 2023 , and 313 gross (1.15 net) during the year endedDec. 31, 2022 . - Inventory of 168 gross (0.851 net) wells in progress and 95 gross (0.444 net) permits as of
Dec. 31, 2023 , compared to 185 gross (0.81 net) wells in progress and 93 gross (0.28 net) permits as ofSept. 30, 2023 . - Total debt was
$32.8 million and the debt to adjusted EBITDA (TTM) (1) ratio was 1.45x as ofDec. 31, 2023 .
Subsequent Events
- PHX announced a
$0.03 per share quarterly dividend, payable onMarch 29, 2024 , to stockholders of record onMarch 18, 2024 .
(1) This is a non-GAAP measure. Refer to the Non-GAAP Reconciliation section. |
"Looking forward, we are optimistic that reduced drilling activity, announced production curtailments, and the expansion of LNG export facilities should balance the market and improve commodity prices," continued
Financial Highlights |
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Three Months |
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Three Months |
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Twelve Months |
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Twelve Months |
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Royalty Interest Sales |
|
$ |
7,378,650 |
|
|
$ |
10,571,704 |
|
|
$ |
31,593,351 |
|
|
$ |
47,335,656 |
|
Working Interest Sales |
|
$ |
1,170,133 |
|
|
$ |
4,316,970 |
|
|
$ |
4,942,934 |
|
|
$ |
23,726,485 |
|
Natural Gas, Oil and NGL Sales |
|
$ |
8,548,783 |
|
|
$ |
14,888,674 |
|
|
$ |
36,536,285 |
|
|
$ |
71,062,141 |
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|
|
|
|
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|
|
|
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Gains (Losses) on Derivative Contracts |
|
$ |
3,211,410 |
|
|
$ |
3,347,002 |
|
|
$ |
6,859,589 |
|
|
$ |
(16,322,244) |
|
Lease Bonuses and Rental Income |
|
$ |
22,780 |
|
|
$ |
34,482 |
|
|
$ |
1,068,022 |
|
|
$ |
423,069 |
|
Total Revenue |
|
$ |
11,782,973 |
|
|
$ |
18,270,158 |
|
|
$ |
44,463,896 |
|
|
$ |
55,162,966 |
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Lease Operating Expense |
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per Working Interest Mcfe |
|
$ |
1.07 |
|
|
$ |
1.66 |
|
|
$ |
1.27 |
|
|
$ |
1.21 |
|
Transportation, Gathering and Marketing |
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per Mcfe |
|
$ |
0.42 |
|
|
$ |
0.66 |
|
|
$ |
0.39 |
|
|
$ |
0.63 |
|
Production and Ad Valorem Tax per Mcfe |
|
$ |
0.20 |
|
|
$ |
0.30 |
|
|
$ |
0.20 |
|
|
$ |
0.34 |
|
G&A Expense per Mcfe |
|
$ |
1.36 |
|
|
$ |
1.42 |
|
|
$ |
1.28 |
|
|
$ |
1.29 |
|
Cash G&A Expense per Mcfe (1) |
|
$ |
1.10 |
|
|
$ |
1.16 |
|
|
$ |
1.02 |
|
|
$ |
1.02 |
|
Interest Expense per Mcfe |
|
$ |
0.32 |
|
|
$ |
0.29 |
|
|
$ |
0.25 |
|
|
$ |
0.17 |
|
DD&A per Mcfe |
|
$ |
1.09 |
|
|
$ |
0.81 |
|
|
$ |
0.91 |
|
|
$ |
0.77 |
|
Total Expense per Mcfe |
|
$ |
3.53 |
|
|
$ |
3.92 |
|
|
$ |
3.20 |
|
|
$ |
3.58 |
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Net Income |
|
$ |
2,513,444 |
|
|
$ |
3,346,133 |
|
|
$ |
13,920,800 |
|
|
$ |
17,073,156 |
|
Adjusted EBITDA (2) |
|
$ |
4,504,288 |
|
|
$ |
5,334,016 |
|
|
$ |
22,652,263 |
|
|
$ |
26,743,500 |
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Cash Flow from Operations (3) |
|
$ |
3,361,455 |
|
|
$ |
10,141,814 |
|
|
$ |
24,171,139 |
|
|
$ |
39,035,474 |
|
CapEx (4) |
|
$ |
4,587 |
|
|
$ |
87,104 |
|
|
$ |
325,983 |
|
|
$ |
447,065 |
|
CapEx - Mineral Acquisitions |
|
$ |
4,351,757 |
|
|
$ |
14,499,014 |
|
|
$ |
29,735,516 |
|
|
$ |
46,380,423 |
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Borrowing Base |
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$ |
50,000,000 |
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$ |
50,000,000 |
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Debt |
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|
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$ |
32,750,000 |
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$ |
33,300,000 |
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Debt to Adjusted EBITDA (TTM) (2) |
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|
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|
1.45 |
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|
1.25 |
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(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 |
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Three Months |
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Three Months |
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Twelve Months |
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Twelve Months |
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Gas Mcf Sold |
|
1,775,577 |
|
|
|
1,669,320 |
|
|
|
7,457,084 |
|
|
|
7,522,763 |
|
Average Sales Price per Mcf before the |
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effects of settled derivative contracts |
$ |
2.53 |
|
|
$ |
5.66 |
|
|
$ |
2.61 |
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|
$ |
6.19 |
|
Average Sales Price per Mcf after the |
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effects of settled derivative contracts |
$ |
2.76 |
|
|
$ |
4.02 |
|
|
$ |
2.96 |
|
|
$ |
4.20 |
|
% of sales subject to hedges |
|
44 |
% |
|
|
65 |
% |
|
|
46 |
% |
|
|
61 |
% |
Oil Barrels Sold |
|
39,768 |
|
|
|
52,406 |
|
|
|
182,916 |
|
|
|
202,867 |
|
Average Sales Price per Bbl before the |
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|
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|
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effects of settled derivative contracts |
$ |
78.66 |
|
|
$ |
82.52 |
|
|
$ |
76.76 |
|
|
$ |
93.06 |
|
Average Sales Price per Bbl after the |
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|
|
|
|
|
|
|
|
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|
||||
effects of settled derivative contracts |
$ |
75.37 |
|
|
$ |
62.03 |
|
|
$ |
74.21 |
|
|
$ |
60.98 |
|
% of sales subject to hedges |
|
36 |
% |
|
|
57 |
% |
|
|
42 |
% |
|
|
66 |
% |
NGL Barrels Sold |
|
38,422 |
|
|
|
38,611 |
|
|
|
137,484 |
|
|
|
159,475 |
|
Average Sales Price per Bbl(1) |
$ |
24.00 |
|
|
$ |
28.77 |
|
|
$ |
22.18 |
|
|
$ |
35.44 |
|
|
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Mcfe Sold |
|
2,244,717 |
|
|
|
2,215,419 |
|
|
|
9,379,484 |
|
|
|
9,696,809 |
|
Natural gas, oil and NGL sales before the |
|
|
|
|
|
|
|
|
|
|
|
||||
effects of settled derivative contracts |
$ |
8,548,783 |
|
|
$ |
14,888,674 |
|
|
$ |
36,536,285 |
|
|
$ |
71,062,141 |
|
Natural gas, oil and NGL sales after the |
|
|
|
|
|
|
|
|
|
|
|
||||
effects of settled derivative contracts |
$ |
8,823,534 |
|
|
$ |
11,067,174 |
|
|
$ |
38,719,598 |
|
|
$ |
49,586,709 |
|
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(1) There were no NGL settled derivative contracts during the 2023 and 2022 periods. |
|
Total Production for the last four quarters was as follows:
Quarter ended |
|
Mcf Sold |
|
|
Oil Bbls Sold |
|
|
NGL Bbls Sold |
|
|
Mcfe Sold |
|
||||
|
|
|
1,775,577 |
|
|
|
39,768 |
|
|
|
38,422 |
|
|
|
2,244,717 |
|
|
|
|
1,868,012 |
|
|
|
48,032 |
|
|
|
32,029 |
|
|
|
2,348,378 |
|
|
|
|
1,854,485 |
|
|
|
41,009 |
|
|
|
33,929 |
|
|
|
2,304,113 |
|
|
|
|
1,959,010 |
|
|
|
54,107 |
|
|
|
33,104 |
|
|
|
2,482,276 |
|
Natural gas volumes were 79% of total production volumes for the quarter ended
Royalty Interest Production for the last four quarters was as follows:
Quarter ended |
|
Mcf Sold |
|
|
Oil Bbls Sold |
|
|
NGL Bbls Sold |
|
|
Mcfe Sold |
|
||||
|
|
|
1,590,301 |
|
|
|
35,547 |
|
|
|
23,769 |
|
|
|
1,946,196 |
|
|
|
|
1,689,396 |
|
|
|
43,575 |
|
|
|
20,416 |
|
|
|
2,073,342 |
|
|
|
|
1,673,346 |
|
|
|
35,599 |
|
|
|
20,516 |
|
|
|
2,010,036 |
|
|
|
|
1,700,974 |
|
|
|
45,395 |
|
|
|
20,063 |
|
|
|
2,093,722 |
|
Natural gas volumes were 82% of total royalty production volumes for the quarter ended
Working Interest Production for the last four quarters was as follows:
Quarter ended |
|
Mcf Sold |
|
|
Oil Bbls Sold |
|
|
NGL Bbls Sold |
|
|
Mcfe Sold |
|
||||
|
|
|
185,276 |
|
|
|
4,221 |
|
|
|
14,653 |
|
|
|
298,521 |
|
|
|
|
178,616 |
|
|
|
4,457 |
|
|
|
11,613 |
|
|
|
275,036 |
|
|
|
|
181,139 |
|
|
|
5,410 |
|
|
|
13,413 |
|
|
|
294,077 |
|
|
|
|
258,036 |
|
|
|
8,712 |
|
|
|
13,041 |
|
|
|
388,554 |
|
Outlook |
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PHX is providing an operational outlook for 2024 as follows: |
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Calendar Year 2022 |
|
Calendar Year 2023 |
|
Calendar Year 2024 |
Mineral & Royalty Production (Mmcfe) |
|
6,613 |
|
8,123 |
|
8,100 - 8,800 |
Working Interest Production (Mmcfe) |
|
3,084 |
|
1,256 |
|
1,000 - 1,200 |
Total Production (Mmcfe) |
|
9,697 |
|
9,379 |
|
9,100 - 10,000 |
|
|
78 % |
|
80 % |
|
79% - 82% |
|
|
|
|
|
|
|
Transportation, Gathering & Marketing (per Mcfe) |
|
|
|
|
|
|
Production Tax (as % of pre-hedge sales volumes) |
|
4.50 % |
|
5.20 % |
|
5.00% - 5.50% |
LOE Expenses (on an absolute basis in 000's) |
|
|
|
|
|
|
Cash G&A (on an absolute basis in 000's) |
|
|
|
|
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Quarter Ended
The Company recorded net income of
Natural gas, oil and NGL revenue decreased
The increase in royalty production volumes during the quarter ended
The Company had a net gain on derivative contracts of
The Company recorded no impairment and made immaterial divestitures during the quarter ended
Twelve Months Ended
The Company recorded net income of
Natural gas, oil and NGL revenue decreased
The increase in royalty production volumes during the twelve months ended
The Company had a net gain on derivative contracts of
Lease operating expenses and transportation, gathering and marketing expenses were lower due to the divestiture of working interest properties in the
Operations Update
During the quarter ended
At
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Bakken/ |
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Three |
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Arkoma |
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SCOOP |
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STACK |
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Forks |
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Stack |
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Haynesville |
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Other |
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Total |
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As of |
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Gross Wells in Progress on PHX Acreage (1) |
|
57 |
|
|
|
5 |
|
|
|
8 |
|
|
|
2 |
|
|
|
87 |
|
|
|
9 |
|
|
|
168 |
|
|
|
0.227 |
|
|
|
0.023 |
|
|
|
0.043 |
|
|
|
0.001 |
|
|
|
0.537 |
|
|
|
0.020 |
|
|
|
0.851 |
|
Gross Active Permits on PHX Acreage |
|
35 |
|
|
|
5 |
|
|
- |
|
|
|
5 |
|
|
|
44 |
|
|
|
6 |
|
|
|
95 |
|
|
Net Active Permits on PHX Acreage |
|
0.151 |
|
|
|
0.011 |
|
|
- |
|
|
|
0.002 |
|
|
|
0.246 |
|
|
|
0.034 |
|
|
|
0.444 |
|
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|
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As of |
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Rigs Present on PHX Acreage |
|
6 |
|
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
4 |
|
|
|
3 |
|
|
|
14 |
|
Rigs Within 2.5 Miles of PHX Acreage |
|
14 |
|
|
|
9 |
|
|
|
2 |
|
|
|
1 |
|
|
|
23 |
|
|
|
8 |
|
|
|
57 |
|
|
|
(1) |
Wells in progress includes drilling wells and drilled but uncompleted wells, or DUCs. |
Leasing Activity
During the quarter ended
Acquisition and Divestiture Update
During the quarter ended
|
|
Acquisitions |
|
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|
|
SCOOP |
|
|
Haynesville |
|
|
Other |
|
Total |
|
|||
During Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|||
Net Mineral Acres Purchased |
|
|
96 |
|
|
|
142 |
|
|
- |
|
|
238 |
|
Net Royalty Acres Purchased |
|
|
112 |
|
|
|
213 |
|
|
- |
|
|
325 |
|
Royalty Reserves Update
At
|
Proved Royalty Interest |
|
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|
Reserves SEC Pricing |
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Proved Developed Reserves: |
|
|
|||||
Mcf of Gas |
|
36,156,363 |
|
|
|
31,467,785 |
|
Barrels of Oil |
|
731,527 |
|
|
|
628,289 |
|
Barrels of NGL |
|
715,683 |
|
|
|
712,342 |
|
Mcfe (1) |
|
44,839,623 |
|
|
|
39,511,571 |
|
Proved Undeveloped Reserves: |
|
|
|
|
|
||
Mcf of Gas |
|
11,508,969 |
|
|
|
12,608,549 |
|
Barrels of Oil |
|
134,497 |
|
|
|
118,168 |
|
Barrels of NGL |
|
99,712 |
|
|
|
48,136 |
|
Mcfe (1) |
|
12,914,223 |
|
|
|
13,606,373 |
|
Total Proved Reserves: |
|
|
|
|
|
||
Mcf of Gas |
|
47,665,332 |
|
|
|
44,076,334 |
|
Barrels of Oil |
|
866,024 |
|
|
|
746,457 |
|
Barrels of NGL |
|
815,395 |
|
|
|
760,478 |
|
Mcfe (1) |
|
57,753,846 |
|
|
|
53,117,944 |
|
|
|
|
|
|
|
||
10% Discounted Estimated Future |
|
|
|
|
|
||
Net Cash Flows (before income taxes): |
|
|
|
|
|
||
Proved Developed |
$ |
73,448,070 |
|
|
$ |
122,723,015 |
|
Proved Undeveloped |
|
23,525,572 |
|
|
|
56,306,773 |
|
Total |
$ |
96,973,642 |
|
|
$ |
179,029,788 |
|
|
|
|
|
|
|
||
(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. |
|
Total Reserves Update
At
|
Proved Reserves SEC Pricing |
|
|||||
|
|
|
|
|
|
||
Proved Developed Reserves: |
|
|
|||||
Mcf of Gas |
|
44,479,988 |
|
|
|
48,596,944 |
|
Barrels of Oil |
|
937,465 |
|
|
|
1,253,838 |
|
Barrels of NGL |
|
1,362,944 |
|
|
|
1,660,439 |
|
Mcfe (1) |
|
58,282,442 |
|
|
|
66,082,606 |
|
Proved Undeveloped Reserves: |
|
|
|
|
|
||
Mcf of Gas |
|
11,508,969 |
|
|
|
12,608,549 |
|
Barrels of Oil |
|
134,497 |
|
|
|
118,168 |
|
Barrels of NGL |
|
99,712 |
|
|
|
48,136 |
|
Mcfe (1) |
|
12,914,223 |
|
|
|
13,606,373 |
|
Total Proved Reserves: |
|
|
|
|
|
||
Mcf of Gas |
|
55,988,957 |
|
|
|
61,205,493 |
|
Barrels of Oil |
|
1,071,962 |
|
|
|
1,372,006 |
|
Barrels of NGL |
|
1,462,656 |
|
|
|
1,708,575 |
|
Mcfe (1) |
|
71,196,665 |
|
|
|
79,688,979 |
|
|
|
|
|
|
|
||
10% Discounted Estimated Future |
|
|
|
|
|
||
Net Cash Flows (before income taxes): |
|
|
|
|
|
||
Proved Developed |
$ |
86,694,012 |
|
|
$ |
185,018,066 |
|
Proved Undeveloped |
|
23,325,572 |
|
|
|
56,306,773 |
|
Total |
$ |
110,019,584 |
|
|
$ |
241,324,839 |
|
SEC Pricing |
|
|
|
|
|
||
Gas/Mcf |
$ |
2.67 |
|
|
$ |
6.52 |
|
Oil/Barrel |
$ |
76.85 |
|
|
$ |
92.74 |
|
NGL/Barrel |
$ |
21.98 |
|
|
$ |
39.18 |
|
|
|
|
|
|
|
||
Proved Reserves - Projected Future Pricing (2) |
|
||||||
|
|
|
|
|
|
||
10% Discounted Estimated Future |
Proved Reserves |
|
|||||
Net Cash Flows (before income taxes): |
|
|
|
|
|
||
Proved Developed |
$ |
107,635,503 |
|
|
$ |
126,605,850 |
|
Proved Undeveloped |
|
29,439,523 |
|
|
|
38,748,236 |
|
Total |
$ |
137,075,026 |
|
|
$ |
165,354,086 |
|
|
|
|
|
|
|
||
(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 |
|
Quarterly Conference Call
PHX will host a conference call to discuss the Company's results for the quarter ended
To participate on the conference call, please dial 877-407-3088 (toll-free domestic) or 201-389-0927. 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 13744298.
A live audio webcast of the conference call will be accessible from the "Investors" section of PHX's website at https://phxmin.com/events. The webcast will be archived for at least 90 days.
FINANCIAL RESULTS |
|||||||||||||||
|
|||||||||||||||
Statements of Income |
|||||||||||||||
|
|||||||||||||||
|
Three Months Ended |
|
|
Twelve Months |
|
|
Twelve Months |
|
|||||||
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
||||
Revenues: |
|
|
|
|
|
|
|
|
|||||||
Natural gas, oil and NGL sales |
$ |
8,548,783 |
|
|
$ |
14,888,674 |
|
|
$ |
36,536,285 |
|
|
$ |
69,860,631 |
|
Lease bonuses and rental income |
|
22,780 |
|
|
|
34,482 |
|
|
|
1,068,022 |
|
|
|
467,502 |
|
Gains (losses) on derivative contracts |
|
3,211,410 |
|
|
|
3,347,002 |
|
|
|
6,859,589 |
|
|
|
(16,833,078) |
|
|
|
11,782,973 |
|
|
|
18,270,158 |
|
|
|
44,463,896 |
|
|
|
53,495,055 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
||||
Lease operating expenses |
|
319,113 |
|
|
|
977,165 |
|
|
|
1,598,944 |
|
|
|
3,945,706 |
|
Transportation, gathering and marketing |
|
945,788 |
|
|
|
1,455,260 |
|
|
|
3,674,832 |
|
|
|
5,890,390 |
|
Production and ad valorem taxes |
|
457,058 |
|
|
|
656,764 |
|
|
|
1,881,737 |
|
|
|
3,332,581 |
|
Depreciation, depletion and amortization |
|
2,443,154 |
|
|
|
1,802,114 |
|
|
|
8,566,185 |
|
|
|
7,278,118 |
|
Provision for impairment |
|
- |
|
|
|
6,100,696 |
|
|
|
38,533 |
|
|
|
14,565 |
|
Interest expense |
|
723,685 |
|
|
|
637,698 |
|
|
|
2,362,393 |
|
|
|
1,164,992 |
|
General and administrative |
|
3,050,828 |
|
|
|
3,137,401 |
|
|
|
11,970,182 |
|
|
|
11,500,594 |
|
Losses (gains) on asset sales and other |
|
84,443 |
|
|
|
(824,073) |
|
|
|
(4,285,170) |
|
|
|
(4,243,163) |
|
Total costs and expenses |
|
8,024,069 |
|
|
|
13,943,025 |
|
|
|
25,807,636 |
|
|
|
28,883,783 |
|
Income (loss) before provision (benefit) for income taxes |
|
3,758,904 |
|
|
|
4,327,133 |
|
|
|
18,656,260 |
|
|
|
24,611,272 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Provision for income taxes |
|
1,245,460 |
|
|
|
981,000 |
|
|
|
4,735,460 |
|
|
|
4,202,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income |
$ |
2,513,444 |
|
|
$ |
3,346,133 |
|
|
$ |
13,920,800 |
|
|
$ |
20,409,272 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic earnings per common share |
$ |
0.07 |
|
|
$ |
0.09 |
|
|
$ |
0.39 |
|
|
$ |
0.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Diluted earnings per common share |
$ |
0.07 |
|
|
$ |
0.09 |
|
|
$ |
0.39 |
|
|
$ |
0.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
36,036,270 |
|
|
|
35,679,740 |
|
|
|
35,980,309 |
|
|
|
34,403,498 |
|
Diluted |
|
36,083,449 |
|
|
|
36,489,353 |
|
|
|
35,980,309 |
|
|
|
34,560,310 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Dividends per share of |
|
|
|
|
|
|
|
|
|
|
|
||||
common stock paid in period |
$ |
0.0300 |
|
|
$ |
0.0200 |
|
|
$ |
0.0975 |
|
|
$ |
0.0650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheets |
|||||||
|
|||||||
|
|
|
|
|
|
||
Assets |
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
||
Cash and cash equivalents |
$ |
806,254 |
|
|
$ |
3,396,809 |
|
Natural gas, oil, and NGL sales receivables (net of |
|
4,900,126 |
|
|
|
13,152,274 |
|
allowance for uncollectable accounts) |
|
|
|
|
|
||
Refundable income taxes |
|
455,931 |
|
|
|
- |
|
Derivative contracts, net |
|
3,120,607 |
|
|
|
- |
|
Other |
|
878,659 |
|
|
|
1,372,847 |
|
Total current assets |
|
10,161,577 |
|
|
|
17,921,930 |
|
|
|
|
|
|
|
||
Properties and equipment at cost, based on |
|
|
|
|
|
||
successful efforts accounting: |
|
|
|
|
|
||
Producing natural gas and oil properties |
|
209,082,847 |
|
|
|
248,978,928 |
|
Non-producing natural gas and oil properties |
|
58,820,445 |
|
|
|
51,779,336 |
|
Other |
|
1,360,614 |
|
|
|
1,085,056 |
|
|
|
269,263,906 |
|
|
|
301,843,320 |
|
Less accumulated depreciation, depletion and amortization |
|
(114,139,423) |
|
|
|
(168,759,385) |
|
Net properties and equipment |
|
155,124,483 |
|
|
|
133,083,935 |
|
|
|
|
|
|
|
||
Derivative contracts, net |
|
162,980 |
|
|
|
- |
|
Operating lease right-of-use assets |
|
572,610 |
|
|
|
739,131 |
|
Other, net |
|
486,630 |
|
|
|
757,116 |
|
Total assets |
$ |
166,508,280 |
|
|
$ |
152,502,112 |
|
|
|
|
|
|
|
||
Liabilities and Stockholders' Equity |
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
||
Accounts payable |
$ |
562,607 |
|
|
$ |
647,217 |
|
Derivative contracts, net |
|
- |
|
|
|
7,873,979 |
|
Income taxes payable |
|
- |
|
|
|
495,858 |
|
Current portion of operating lease liability |
|
233,390 |
|
|
|
213,355 |
|
Accrued liabilities and other |
|
1,215,275 |
|
|
|
2,032,275 |
|
Total current liabilities |
|
2,011,272 |
|
|
|
11,262,684 |
|
|
|
|
|
|
|
||
Long-term debt |
|
32,750,000 |
|
|
|
28,300,000 |
|
Deferred income taxes, net |
|
6,757,637 |
|
|
|
1,585,906 |
|
Asset retirement obligations |
|
1,062,139 |
|
|
|
1,901,904 |
|
Derivative contracts, net |
|
- |
|
|
|
687,212 |
|
Operating lease liability, net of current portion |
|
695,818 |
|
|
|
985,887 |
|
Total liabilities |
|
43,276,866 |
|
|
|
44,723,593 |
|
|
|
|
|
|
|
||
Stockholders' equity: |
|
|
|
|
|
||
Common Stock, |
|
|
|
|
|
||
36,121,723 issued at |
|
|
|
|
|
||
and 35,776,752 issued at |
|
601,788 |
|
|
|
596,041 |
|
Capital in excess of par value |
|
41,676,417 |
|
|
|
44,177,051 |
|
Deferred directors' compensation |
|
1,487,590 |
|
|
|
1,496,243 |
|
Retained earnings |
|
80,022,839 |
|
|
|
67,117,791 |
|
|
|
123,788,634 |
|
|
|
113,387,126 |
|
Less treasury stock, at cost; 131,477 shares at |
|
|
|
|
|
||
2023, and 377,232 shares at |
|
(557,220) |
|
|
|
(5,608,607) |
|
Total stockholders' equity |
|
123,231,414 |
|
|
|
107,778,519 |
|
Total liabilities and stockholders' equity |
$ |
166,508,280 |
|
|
$ |
152,502,112 |
|
Condensed Statements of Cash Flows |
|||||||||||
|
|||||||||||
|
Twelve Months Ended |
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
|||
|
|
|
|
|
|
|
|
|
|||
Operating Activities |
|
|
|
|
|
|
|
|
|||
Net income |
$ |
13,920,800 |
|
|
$ |
3,346,133 |
|
|
$ |
20,409,272 |
|
Adjustments to reconcile net income (loss) to net cash provided |
|
|
|
|
|
|
|
|
|||
by operating activities: |
|
|
|
|
|
|
|
|
|||
Depreciation, depletion and amortization |
|
8,566,185 |
|
|
|
1,802,114 |
|
|
|
7,278,118 |
|
Impairment of producing properties |
|
38,533 |
|
|
|
6,100,696 |
|
|
|
14,565 |
|
Provision for deferred income taxes |
|
4,303,731 |
|
|
|
868,000 |
|
|
|
1,242,000 |
|
Gain from leasing fee mineral acreage |
|
(1,067,992) |
|
|
|
(34,371) |
|
|
|
(466,341) |
|
Proceeds from leasing fee mineral acreage |
|
1,213,913 |
|
|
|
67,651 |
|
|
|
688,207 |
|
Net (gain) loss on sales of assets |
|
(4,728,758) |
|
|
|
(934,207) |
|
|
|
(4,423,646) |
|
Directors' deferred compensation expense |
|
228,017 |
|
|
|
44,827 |
|
|
|
191,852 |
|
Total (gain) loss on derivative contracts |
|
(6,859,589) |
|
|
|
(3,347,002) |
|
|
|
16,833,078 |
|
Cash receipts (payments) on settled derivative contracts |
|
2,743,475 |
|
|
|
(810,839) |
|
|
|
(2,796,250) |
|
Restricted stock award expense |
|
2,205,910 |
|
|
|
524,257 |
|
|
|
2,211,673 |
|
Other |
|
136,412 |
|
|
|
30,157 |
|
|
|
87,353 |
|
Cash provided (used) by changes in assets and liabilities: |
|
|
|
|
|
|
|
|
|||
Natural gas, oil and NGL sales receivables |
|
4,883,870 |
|
|
|
3,368,278 |
|
|
|
(6,723,292) |
|
Income taxes receivable |
|
(455,931) |
|
|
|
- |
|
|
|
2,413,942 |
|
Other current assets |
|
(45,869) |
|
|
|
(309,051) |
|
|
|
250,568 |
|
Accounts payable |
|
69,228 |
|
|
|
(129,304) |
|
|
|
(10,305) |
|
Other non-current assets |
|
206,292 |
|
|
|
63,723 |
|
|
|
(380,964) |
|
Income taxes payable |
|
(576,427) |
|
|
|
80,569 |
|
|
|
161,808 |
|
Accrued liabilities |
|
(610,661) |
|
|
|
(589,817) |
|
|
|
550,012 |
|
Total adjustments |
|
10,250,339 |
|
|
|
6,795,681 |
|
|
|
17,122,378 |
|
Net cash provided by operating activities |
|
24,171,139 |
|
|
|
10,141,814 |
|
|
|
37,531,650 |
|
|
|
|
|
|
|
|
|
|
|||
Investing Activities |
|
|
|
|
|
|
|
|
|||
Capital expenditures |
|
(325,983) |
|
|
|
(87,104) |
|
|
|
(552,638) |
|
Acquisition of minerals and overriding royalty interests |
|
(29,735,516) |
|
|
|
(14,499,014) |
|
|
|
(43,525,236) |
|
Net proceeds from sales of assets |
|
9,614,194 |
|
|
|
1,137,730 |
|
|
|
13,217,844 |
|
Deposits received on held for sale assets |
|
- |
|
|
|
815,000 |
|
|
|
- |
|
Net cash provided (used) by investing activities |
|
(20,447,305) |
|
|
|
(12,633,388) |
|
|
|
(30,860,030) |
|
|
|
|
|
|
|
|
|
|
|||
Financing Activities |
|
|
|
|
|
|
|
|
|||
Borrowings under credit facility |
|
19,500,000 |
|
|
|
10,000,000 |
|
|
|
21,300,000 |
|
Payments of loan principal |
|
(20,050,000) |
|
|
|
(5,000,000) |
|
|
|
(10,500,000) |
|
Net proceeds from equity issuance |
|
- |
|
|
|
- |
|
|
|
5,006,538 |
|
Cash receipts from (payments on) off-market derivative contracts |
|
(560,162) |
|
|
|
(3,010,661) |
|
|
|
(19,260,104) |
|
Purchases of treasury stock |
|
(402,704) |
|
|
|
(52,460) |
|
|
|
(1,855) |
|
Payments of dividends |
|
(3,520,366) |
|
|
|
(726,462) |
|
|
|
(2,257,901) |
|
Net cash provided (used) by financing activities |
|
(5,033,232) |
|
|
|
1,210,417 |
|
|
|
(5,713,322) |
|
|
|
|
|
|
|
|
|
|
|||
Increase (decrease) in cash and cash equivalents |
|
(1,309,398) |
|
|
|
(1,281,157) |
|
|
|
958,298 |
|
Cash and cash equivalents at beginning of period |
|
2,115,652 |
|
|
|
3,396,809 |
|
|
|
2,438,511 |
|
Cash and cash equivalents at end of period |
$ |
806,254 |
|
|
$ |
2,115,652 |
|
|
$ |
3,396,809 |
|
|
|
|
|
|
|
|
|
|
|||
Supplemental Disclosures of Cash Flow Information: |
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
Interest paid (net of capitalized interest) |
$ |
2,405,361 |
|
|
$ |
581,142 |
|
|
$ |
997,085 |
|
Income taxes paid (net of refunds received) |
$ |
1,464,087 |
|
|
$ |
32,431 |
|
|
$ |
384,249 |
|
|
|
|
|
|
|
|
|
|
|||
Supplemental Schedule of Noncash Investing and Financing Activities: |
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
Dividends declared and unpaid |
$ |
113,443 |
|
|
$ |
811,688 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|||
Gross additions to properties and equipment |
$ |
30,761,578 |
|
|
$ |
14,710,613 |
|
|
$ |
46,791,346 |
|
Value of shares used for acquisitions |
|
- |
|
|
|
- |
|
|
|
(3,510,001) |
|
Net increase (decrease) in accounts receivable for properties |
|
|
|
|
|
|
|
|
|||
and equipment additions |
|
(700,079) |
|
|
|
(124,495) |
|
|
|
796,529 |
|
Capital expenditures and acquisitions |
$ |
30,061,499 |
|
|
$ |
14,586,118 |
|
|
$ |
44,077,874 |
|
Derivative Contracts as of |
||||||
|
||||||
|
|
Production volume |
|
|
|
|
Contract period |
|
covered per month |
|
Index |
|
Contract price |
Natural gas costless collars |
|
|
|
|
|
|
January - |
|
30,000 Mmbtu |
|
NYMEX Henry Hub |
|
|
January - |
|
30,000 Mmbtu |
|
NYMEX Henry Hub |
|
|
|
|
135,000 Mmbtu |
|
NYMEX Henry Hub |
|
|
|
|
125,000 Mmbtu |
|
NYMEX Henry Hub |
|
|
|
|
130,000 Mmbtu |
|
NYMEX Henry Hub |
|
|
|
|
90,000 Mmbtu |
|
NYMEX Henry Hub |
|
|
|
|
95,000 Mmbtu |
|
NYMEX Henry Hub |
|
|
|
|
90,000 Mmbtu |
|
NYMEX Henry Hub |
|
|
January - |
|
30,000 Mmbtu |
|
NYMEX Henry Hub |
|
|
|
|
30,000 Mmbtu |
|
NYMEX Henry Hub |
|
|
|
|
90,000 Mmbtu |
|
NYMEX Henry Hub |
|
|
November - |
|
35,000 Mmbtu |
|
NYMEX Henry Hub |
|
|
January - |
|
30,000 Mmbtu |
|
NYMEX Henry Hub |
|
|
|
|
55,000 Mmbtu |
|
NYMEX Henry Hub |
|
|
|
|
100,000 Mmbtu |
|
NYMEX Henry Hub |
|
|
Natural gas fixed price swaps |
|
|
|
|
|
|
Janurary - |
|
135,000 Mmbtu |
|
NYMEX Henry Hub |
|
|
|
|
127,500 Mmbtu |
|
NYMEX Henry Hub |
|
|
April - |
|
10,000 Mmbtu |
|
NYMEX Henry Hub |
|
|
April - |
|
50,000 Mmbtu |
|
NYMEX Henry Hub |
|
|
April - |
|
127,500 Mmbtu |
|
NYMEX Henry Hub |
|
|
July - |
|
75,000 Mmbtu |
|
NYMEX Henry Hub |
|
|
July - |
|
25,000 Mmbtu |
|
NYMEX Henry Hub |
|
|
August - |
|
120,000 Mmbtu |
|
NYMEX Henry Hub |
|
|
|
|
105,000 Mmbtu |
|
NYMEX Henry Hub |
|
|
November - |
|
70,000 Mmbtu |
|
NYMEX Henry Hub |
|
|
January - |
|
60,000 Mmbtu |
|
NYMEX Henry Hub |
|
|
January - |
|
50,000 Mmbtu |
|
NYMEX Henry Hub |
|
|
April - |
|
100,000 Mmbtu |
|
NYMEX Henry Hub |
|
|
Oil costless collars |
|
|
|
|
|
|
|
|
1,850 Bbls |
|
NYMEX WTI |
|
|
|
|
1,700 Bbls |
|
NYMEX WTI |
|
|
|
|
1,750 Bbls |
|
NYMEX WTI |
|
|
|
|
1,700 Bbls |
|
NYMEX WTI |
|
|
|
|
1,750 Bbls |
|
NYMEX WTI |
|
|
|
|
1,650 Bbls |
|
NYMEX WTI |
|
|
January - |
|
1,650 Bbls |
|
NYMEX WTI |
|
|
April - |
|
500 Bbls |
|
NYMEX WTI |
|
|
June - |
|
500 Bbls |
|
NYMEX WTI |
|
|
July - |
|
1,650 Bbls |
|
NYMEX WTI |
|
|
October - |
|
500 Bbls |
|
NYMEX WTI |
|
|
Oil fixed price swaps |
|
|
|
|
|
|
January - |
|
750 Bbls |
|
NYMEX WTI |
|
|
April - |
|
1,000 Bbls |
|
NYMEX WTI |
|
|
April - |
|
1,300 Bbls |
|
NYMEX WTI |
|
|
July - |
|
1,500 Bbls |
|
NYMEX WTI |
|
|
November - |
|
2,000 Bbls |
|
NYMEX WTI |
|
|
|
|
1,600 Bbls |
|
NYMEX WTI |
|
|
January - |
|
500 Bbls |
|
NYMEX WTI |
|
|
January - |
|
2,000 Bbls |
|
NYMEX WTI |
|
|
April - |
|
750 Bbls |
|
NYMEX WTI |
|
|
April - |
|
1,000 Bbls |
|
NYMEX WTI |
|
|
July - |
|
500 Bbls |
|
NYMEX WTI |
|
|
July - |
|
1,500 Bbls |
|
NYMEX WTI |
|
|
Non-GAAP Reconciliation
This press release includes certain "non-GAAP financial measures" as defined under the rules and regulations of the
Adjusted EBITDA Reconciliation
The Company defines "adjusted EBITDA" as earnings before interest, taxes, depreciation and amortization, or EBITDA, excluding non-cash gains (losses) on derivatives and gains (losses) on asset sales and including cash receipts from (payments on) off-market derivatives and restricted stock and deferred directors' expense. The Company has included a presentation of adjusted EBITDA because it recognizes that certain investors consider this amount to be a useful means of measuring the Company's ability to meet its debt service obligations and evaluating its financial performance. Adjusted EBITDA 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 may not be comparable to a similarly titled measure of other companies. The following table provides a reconciliation of net income (loss) to adjusted EBITDA for the quarters indicated:
|
Three Months |
|
|
Three Months |
|
|
Twelve Months |
|
|
Twelve Months |
|
|
Three Months |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net Income |
$ |
2,513,444 |
|
|
$ |
3,346,133 |
|
|
$ |
13,920,800 |
|
|
$ |
17,073,156 |
|
|
$ |
1,895,403 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income tax expense |
|
1,245,460 |
|
|
|
981,000 |
|
|
|
4,735,460 |
|
|
|
4,421,000 |
|
|
|
589,000 |
|
Interest expense |
|
723,685 |
|
|
|
637,698 |
|
|
|
2,362,393 |
|
|
|
1,625,971 |
|
|
|
556,941 |
|
DD&A |
|
2,443,154 |
|
|
|
1,802,114 |
|
|
|
8,566,185 |
|
|
|
7,496,472 |
|
|
|
2,022,709 |
|
Impairment expense |
|
- |
|
|
|
6,100,696 |
|
|
|
38,533 |
|
|
|
6,109,676 |
|
|
|
36,460 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-cash gains (losses) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
on derivatives |
|
2,936,659 |
|
|
|
6,265,041 |
|
|
|
4,302,531 |
|
|
|
(584,976) |
|
|
|
(940,592) |
|
Gains (losses) on asset sales |
|
57,505 |
|
|
|
934,207 |
|
|
|
4,728,759 |
|
|
|
7,478,781 |
|
|
|
243,041 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash receipts from (payments on) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
off-market derivative contracts(1) |
|
- |
|
|
|
(903,461) |
|
|
|
(373,745) |
|
|
|
(5,738,164) |
|
|
|
- |
|
Restricted stock and deferred |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
director's expense |
|
572,709 |
|
|
|
569,084 |
|
|
|
2,433,927 |
|
|
|
2,649,194 |
|
|
|
522,965 |
|
Adjusted EBITDA |
$ |
4,504,288 |
|
|
$ |
5,334,016 |
|
|
$ |
22,652,263 |
|
|
$ |
26,743,500 |
|
|
$ |
6,321,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(1) The initial receipt of |
|
Debt to Adjusted EBITDA (TTM) Reconciliation
"Debt to adjusted EBITDA (TTM)" is defined as the ratio of long-term debt to adjusted EBITDA on a trailing 12-month (TTM) basis. The Company has included a presentation of debt to adjusted EBITDA (TTM) because it recognizes that certain investors consider such ratios to be a useful means of measuring the Company's ability to meet its debt service obligations and for evaluating its financial performance. The debt to adjusted EBITDA (TTM) ratio 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 debt to adjusted EBITDA (TTM) may not be comparable to a similarly titled measure of other companies. The following table provides a reconciliation of net income (loss) to adjusted EBITDA on a TTM basis and of the resulting debt to adjusted EBITDA (TTM) ratio:
|
TTM Ended |
|
|
TTM Ended |
|
||
|
|
|
|
|
|
||
Net Income |
$ |
13,920,800 |
|
|
$ |
17,073,156 |
|
Plus: |
|
|
|
|
|
||
Income tax expense |
|
4,735,460 |
|
|
|
4,421,000 |
|
Interest expense |
|
2,362,393 |
|
|
|
1,625,971 |
|
DD&A |
|
8,566,185 |
|
|
|
7,496,472 |
|
Impairment expense |
|
38,533 |
|
|
|
6,109,676 |
|
Less: |
|
|
|
|
|
||
Non-cash gains (losses) |
|
|
|
|
|
||
on derivatives |
|
4,302,531 |
|
|
|
(584,976) |
|
Gains (losses) on asset sales |
|
4,728,759 |
|
|
|
7,478,781 |
|
Plus: |
|
|
|
|
|
||
Cash receipts from (payments on) |
|
|
|
|
|
||
off-market derivative contracts(1) |
|
(373,745) |
|
|
|
(5,738,164) |
|
Restricted stock and deferred |
|
|
|
|
|
||
director's expense |
|
2,433,927 |
|
|
|
2,649,194 |
|
Adjusted EBITDA |
$ |
22,652,263 |
|
|
$ |
26,743,500 |
|
|
|
|
|
|
|
||
Debt |
$ |
32,750,000 |
|
|
$ |
33,300,000 |
|
Debt to Adjusted EBITDA (TTM) |
|
1.45 |
|
|
|
1.25 |
|
|
|
|
|
|
|
||
(1) The initial receipt of |
|
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, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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 operational outlook; 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, the Company can give no assurance such expectations 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 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
Investors are cautioned that any such forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected. 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.
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