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(2)

PHX MINERALS INC. Reports Fiscal Fourth Quarter 2022 and Fiscal Year Results and announces increase in Dividend Payment

FORT WORTH, Texas, Dec. 13, 2022 /PRNewswire/ -- PHX MINERALS INC., "PHX" or the "Company" (NYSE: PHX), today reported financial and operating results for the fiscal fourth quarter and fiscal year ended Sept. 30, 2022 .

SUMMARY OF RESULTS FOR THE PERIOD ENDED SEPT. 30, 2022

  • Net income in the fiscal fourth quarter of 2022 and full fiscal year 2022 was $9.2 million , or $0.26 per share, and $20.4 million , or $0.59 per share, respectively, compared to net income of $8.6 million , or $0.25 per share, in the fiscal third quarter of 2022 and net loss of $(6.2) million , or $(0.24) per share, for fiscal year 2021.
  • Adjusted EBITDA(1) in the fiscal fourth quarter of 2022 and full fiscal year 2022 was $8.4 million and $25.8 million , respectively, compared to $7.2 million in the fiscal third quarter of 2022 and $15.7 million for fiscal year 2021.
  • Royalty production volumes for the fiscal fourth quarter of 2022 increased 15% to a record 1,842 Mmcfe, and total production volumes for the fiscal fourth quarter of 2022 increased 7% to 2,592 Mmcfe, compared to the fiscal third quarter of 2022.
  • Royalty production volumes for fiscal year 2022 increased 49% to 6,209 Mmcfe, and total production volumes for fiscal year 2022 increased 6% to 9,609 Mmcfe, compared to fiscal year 2021.
  • 172 gross (0.85 net) wells in progress as of Sept. 30, 2022 , compared to 155 gross (0.79 net) as of June 30, 2022 .
  • Net total proved royalty interest reserves increased 45% to 52.8 Bcfe at Sept. 30, 2022 , from 36.4 Bcfe at Sept. 30, 2021 .
  • Total debt was $28.3 million and the debt to adjusted EBITDA (TTM) (1) ratio was 1.10x at Sept. 30, 2022 .
  • During the fiscal fourth quarter of 2022, PHX closed on acquisitions totaling 923 net royalty acres located in the SCOOP and the Haynesville plays for approximately $13.5 million , bringing the total acquisitions in fiscal year 2022 to 4,570 net royalty acres for approximately $48.0 million .

SUBSEQUENT EVENTS

  • PHX announced a 12.5% increase in its fixed quarterly dividend to $0.0225 per share, payable on March 3, 2023 , to stockholders of record on Feb. 17, 2023 .
  • On Dec. 7, 2022 , PHX had its borrowing base reaffirmed at $50 million and added an additional bank to the lending group.
  • Since Sept. 30, 2022 , PHX has closed on additional acquisitions of 930 net royalty acres located in the SCOOP and Haynesville plays for approximately $10.3 million .
  • On Dec. 9, 2022 , PHX's Board approved a change in fiscal year from the twelve months beginning Oct. 1st and ending Sept. 30th to the twelve months beginning Jan. 1st and ending Dec. 31st . PHX's fiscal year 2023 will begin Jan. 1, 2023 , and end Dec. 31, 2023 .
  • On Dec. 12, 2022 , PHX voluntarily terminated its At-The-Market Equity Offering Sales Agreement, dated Aug. 25, 2021 .

(1)

This is a non-GAAP measure. Refer to the Non-GAAP Reconciliation section.



Chad L. Stephens , President and CEO, commented, "In fiscal 2022, we made significant progress in the strategic transition that we began in late 2019. This strategy, to exit legacy assets and transition to a low fixed-cost royalty production model, is coming into sharp focus as demonstrated by the significant improvements in our financial results. We are executing according to our stated plan, growing our royalty reserves, high grading our asset base and generating meaningful profitability and cash flow. In response, both royalty production and royalty reserves reached all-time high levels in the fourth fiscal quarter. Looking ahead, 2023 should prove to be the final year of this transformative transition as we plan to divest a material portion of our remaining legacy non-operated working interest assets. Following these planned divestitures, royalty volumes will represent greater than 90% of total corporate volumes, leaving working interest volumes virtually immaterial."

"Our strategy to allocate capital to existing and near-term potential royalty production acquisitions is working, delivering returns ahead of our expectations," continued Mr. Stephens. "Importantly, our pipeline for acquisitions in our targeted regions remains robust. Also, supply and demand for natural gas remains favorable, which supports strong commodity pricing and gives us the environment to continue to improve profitability and cashflow. Our plan remains steadfast: to utilize the majority of our free cash flow to acquire additional mineral and royalty assets in our core focus areas with the expectation that these acquisitions will quickly convert to additional royalty production volumes. Simultaneously, as we work to continue to scale and expand profitability, we should be positioned to continue to increase our cash dividend which has risen 125% over the last 6 quarters."

FINANCIAL HIGHLIGHTS




Fourth Quarter Ended



Fourth Quarter Ended



Year Ended



Year Ended




Sept. 30, 2022



Sept. 30, 2021



Sept. 30, 2022



Sept. 30, 2021


Royalty Interest Sales


$

15,411,544



$

6,007,389



$

44,484,472



$

18,432,035


Working Interest Sales


$

6,416,490



$

6,071,031



$

25,376,159



$

19,317,009


Natural Gas, Oil and NGL Sales


$

21,828,034



$

12,078,420



$

69,860,631



$

37,749,044















Gains (Losses) on Derivative Contracts


$

(4,298,614)



$

(8,112,827)



$

(16,833,078)



$

(16,202,489)


Lease Bonuses and Rental Income


$

17,350



$

105,974



$

467,502



$

425,113


Total Revenue


$

17,546,770



$

4,071,567



$

53,495,055



$

21,971,668















Lease Operating Expense













per Working Interest Mcfe


$

1.28



$

0.93



$

1.19



$

0.86


Transportation, Gathering and Marketing













per Mcfe


$

0.68



$

0.74



$

0.61



$

0.64


Production Tax per Mcfe


$

0.36



$

0.28



$

0.34



$

0.21


Cash G&A Expense per Mcfe (1)


$

1.06



$

0.82



$

0.95



$

0.79


G&A Expense per Mcfe


$

1.46



$

0.97



$

1.20



$

0.90


Interest Expense per Mcfe


$

0.18



$

0.09



$

0.12



$

0.11


DD&A per Mcfe


$

0.60



$

0.71



$

0.76



$

0.85


Total Expense per Mcfe


$

3.65



$

3.30



$

3.45



$

3.18















Net Income (Loss)


$

9,158,468



$

(3,764,200)



$

20,409,272



$

(6,217,237)


Adjusted EBITDA (2)


$

8,395,965



$

4,219,914



$

25,825,548



$

15,726,260















Cash Flow from Operations


$

13,192,676



$

(6,298,246)



$

37,531,650



$

3,942,087


CapEx


$

201,114



$

36,413



$

552,638



$

733,172


CapEx - Mineral Acquisitions


$

13,652,829



$

1,287,082



$

43,525,236



$

20,624,347















Borrowing Base








$

50,000,000



$

27,500,000


Debt








$

28,300,000



$

17,500,000


Debt to Adjusted EBITDA (TTM) (2)









1.10




1.11

(1)

Cash G&A expense is G&A excluding restricted stock and deferred director's expense from the adjusted EBITDA table on page 13.

(2)

This is a non-GAAP measure. Refer to the Non-GAAP Reconciliation section.

OPERATING HIGHLIGHTS



Fourth Quarter Ended



Fourth Quarter Ended



Year Ended



Year Ended



Sept. 30, 2022



Sept. 30, 2021



Sept. 30, 2022



Sept. 30, 2021


Gas Mcf Sold


2,047,614




1,609,101




7,427,708




6,699,720


Average Sales Price per Mcf before the












effects of settled derivative contracts

$

7.61



$

4.27



$

6.16



$

3.13


Average Sales Price per Mcf after the












effects of settled derivative contracts

$

5.08



$

3.54



$

4.09



$

2.95


% of sales subject to hedges


58

%



72

%



62

%



62

%

Oil Barrels Sold


49,902




54,043




198,535




224,479


Average Sales Price per Bbl before the












effects of settled derivative contracts

$

94.07



$

68.02



$

91.32



$

56.58


Average Sales Price per Bbl after the












effects of settled derivative contracts

$

57.80



$

45.09



$

57.67



$

48.17


% of sales subject to hedges


62

%



77

%



72

%



75

%

NGL Barrels Sold


40,761




46,369




165,120




171,488


Average Sales Price per Bbl(1)

$

37.89



$

32.91



$

36.11



$

23.80














Mcfe Sold


2,591,588




2,211,570




9,609,638




9,075,519


Natural gas, oil and NGL sales before the












effects of settled derivative contracts

$

21,828,034



$

12,078,420



$

69,860,631



$

37,749,044


Natural gas, oil and NGL sales after the












effects of settled derivative contracts

$

14,832,521



$

9,652,336



$

47,804,278



$

34,634,153














(1) There were no NGL settled derivative contracts during the 2022 and 2021 periods.




Total Production for the last four quarters was as follows:

Quarter ended


Mcf Sold



Oil Bbls Sold



NGL Bbls Sold



Mcfe Sold


9/30/2022



2,047,614




49,902




40,761




2,591,588


6/30/2022



1,897,799




48,928




39,732




2,429,760


3/31/2022



1,908,030




51,631




40,371




2,460,042


12/31/2021



1,574,265




48,074




44,256




2,128,248



















Total production volumes attributable to natural gas were 79% and 78%, respectively, for the fiscal fourth quarter of 2022 and fiscal year 2022.

Royalty Interest Production for the last four quarters was as follows:

Quarter ended


Mcf Sold



Oil Bbls Sold



NGL Bbls Sold



Mcfe Sold


9/30/2022



1,525,363




32,202




20,488




1,841,502


6/30/2022



1,283,737




32,562




19,369




1,595,323


3/31/2022



1,261,949




28,758




18,852




1,547,609


12/31/2021



949,523




25,996




19,953




1,225,220



















Royalty production volumes attributable to natural gas were 83% and 81%, respectively, for the fiscal fourth quarter and fiscal year of 2022.

Working Interest Production for the last four quarters was as follows:

Quarter ended


Mcf Sold



Oil Bbls Sold



NGL Bbls Sold



Mcfe Sold


9/30/2022



522,251




17,700




20,273




750,086


6/30/2022



614,062




16,366




20,363




834,437


3/31/2022



646,081




22,873




21,519




912,433


12/31/2021



624,742




22,078




24,303




903,028



















FISCAL FOURTH QUARTER ENDED SEPT. 30, 2022 , RESULTS

The Company recorded fiscal fourth quarter 2022 net income of $9,158,468 , or $0.26 per share, as compared to a net loss of ($3,764,200) , or ($0.12) per share, in the fiscal fourth quarter 2021. The change in net income was principally the result of increased natural gas, oil and NGL sales, decreased losses associated with our hedge contracts and increased gains on asset sales, partially offset by an increase in general and administrative costs, or G&A, and income tax expense.

Natural gas, oil and NGL revenue increased $9,749,614 , or 81%, for the fiscal fourth quarter 2022, compared to the corresponding fiscal 2021 quarter, due to increases in natural gas, oil and NGL prices of 78%, 38% and 15%, respectively, and an increase in natural gas volumes of 27%, partially offset by a decrease in oil and NGL volumes of 8% and 12%, respectively.

The production increase in royalty volumes during the fiscal quarter ended Sept. 30, 2022 , as compared to the fiscal quarter ended Sept. 30, 2021 , was primarily due to acquisitions and new drilling in the Haynesville and SCOOP plays. The decrease in working interest volumes resulted from the divestiture of low-value legacy working interests in Oklahoma and the Fayetteville Shale in Arkansas , naturally declining production in high-interest wells in the Arkoma Stack and STACK plays, and shut-in legacy wells in the Eagle Ford play while the operator completes new offset wells.

The Company had a net loss on derivative contracts of ($4,298,614) in the fiscal fourth quarter 2022, as compared to a net loss of ($8,112,827) in the fiscal fourth quarter 2021, of which ($5,938,317) is a loss on settled derivatives and $1,639,703 is a non-cash gain on derivatives with respect to the fiscal fourth quarter 2022. Loss on settled derivative contracts for the fiscal fourth quarter 2022 excludes $1,057,197 of cash paid to settle off-market derivative contracts. The change in net loss on derivative contracts was due to the Company's settlements of natural gas and oil collars and fixed price swaps and the change in valuation caused by the difference in Sept. 30, 2022 , pricing relative to the strike price on open derivative contracts.

The 11% increase in total cost per Mcfe in the fiscal fourth quarter 2022, relative to the fiscal fourth quarter 2021, was primarily driven by an increase in G&A and production taxes. G&A increased $1,640,954 , or 77%, in the fiscal fourth quarter 2022, compared to the corresponding fiscal 2021 quarter due to increased legal and accounting expenses associated with higher transaction activity and restricted stock expense. Production taxes increased $307,064 , or 49%, due to an increase in natural gas, oil and NGL revenue, but decreased as a percent of natural gas, oil and NGL revenue in the fiscal fourth quarter 2022, compared to the corresponding fiscal 2021 quarter, from 5.2% to 4.3%.

Income tax expense increased in the fiscal fourth quarter 2022 due to net income of $9,158,468 , compared to the ($3,764,200) net loss recorded in the fiscal fourth quarter 2021.

FISCAL YEAR 2022 RESULTS

The Company recorded net income of $20,409,272 , or $0.59 per share, in the fiscal year ended Sept. 30, 2022 ("fiscal year 2022"), as compared to a net loss of $(6,217,237) , or $(0.24) per share, in the fiscal year ended Sept. 30, 2021 ("fiscal year 2021"). The change in net income was principally the result of increased natural gas, oil and NGL sales and gains on asset sales, and decreased depreciation, depletion and amortization, or DD&A, partially offset by an increase in income tax expense, losses on derivative contracts, production taxes, and G&A.

Natural gas, oil and NGL sales increased $32,111,587 , or 85%, for fiscal year 2022, compared to fiscal year 2021, due to increases in natural gas, oil and NGL prices of 97%, 61% and 52%, respectively, and an increase in natural gas volumes of 11%, partially offset by a decrease in oil and NGL volumes of 12% and 4%, respectively.

The increase in natural gas production was primarily due to acquisitions and new drilling in the Haynesville play, and slightly offset by divestiture of working interest assets in the Fayetteville Shale and naturally declining production in the Arkoma STACK. The decrease in oil production was a result of naturally declining production in high interest wells in the Eagle Ford and Bakken plays, wells shut in for workovers in the Eagle Ford, our strategy of no longer participating with working interest in new drilling in the Eagle Ford and the natural decline of wells brought online in fiscal year 2021 in the STACK play. These decreases were partially offset by new drilling and acquisitions in the SCOOP. The decrease in NGL production is primarily attributable to the natural decline in high interest, liquids rich wells in the STACK. This was partially offset by new wells in the SCOOP.

The Company had a net loss on derivative contracts of ($16,833,078) in fiscal year 2022, as compared to a net loss of ($16,202,489) in fiscal year 2021, of which ($14,533,560) is a loss on settled derivatives and ($2,299,518) is a non-cash loss on derivatives with respect to fiscal year 2022. Loss on settled derivative contracts for fiscal year 2022 excludes $7,522,794 of cash paid to settle off-market derivative contracts. The change in net loss on derivative contracts was due to the Company's settlements of natural gas and oil collars and fixed price swaps and the change in valuation caused by the difference in Sept. 30, 2022 , pricing relative to the strike price on open derivative contracts.

The 8% increase in total cost per Mcfe in fiscal year 2022, relative to fiscal year 2021, was primarily driven by an increase in G&A and production taxes, partially offset by a decrease in DD&A. G&A increased $3,292,712 , or 40%, in fiscal year 2022 compared to the fiscal year 2021 due to legal and accounting expenses associated with reincorporating in the state of Delaware and increased transaction activity, increased wage inflation and increased restricted stock expense. Production taxes increased $1,292,563 , or 67%, due to increase in natural gas, oil and NGL revenue, but decreased as a percentage of natural gas, oil and NGL revenue in fiscal year 2022, compared to the fiscal year 2021 from 5.1% to 4.6%. DD&A decreased $467,686 , or 6%, in fiscal year 2022 to $0.76 per Mcfe, as compared to $0.85 per Mcfe in fiscal year 2021. Of the DD&A decrease, $921,685 was a result of a $0.09 decrease in the DD&A rate per Mcfe, partially offset by an increase of $453,999 resulting from production increasing 6% in fiscal year 2022, compared to fiscal year 2021. The DD&A rate per Mcfe decrease was due to working interest divestitures, partially offset by royalty interest acquisitions during fiscal year 2022.

Income tax expense increased in fiscal year 2022 due to net income of $20,409,272 , compared to the $(6,217,237) net loss in fiscal year 2021.

OPERATIONS UPDATE

During the fiscal fourth quarter of 2022, the Company converted 49 gross (0.22 net) wells to producing status, including 18 gross (0.057 net) in the SCOOP and 8 gross (0.057 net) in the Haynesville, compared to 96 gross (0.25 net) wells, including 39 gross (0.19 net) in the SCOOP and 12 gross (0.03 net) in the Haynesville, during the fiscal third quarter of 2022.

During fiscal year 2022, the Company converted 318 gross (1.07 net) wells to producing status, including 108 gross (0.22 net) in the SCOOP and 84 gross (0.57 net) in the Haynesville, compared to 147 gross (0.56 net) wells in fiscal year 2021.

At Sept. 30, 2022 , the Company had a total of 172 gross (0.85 net) wells in progress across its mineral positions and 64 gross (0.21 net) active permitted wells, compared to 155 gross (0.79 net) wells in progress and 65 gross (0.21 net) active permitted wells at June 30, 2022 . As of Nov. 28, 2022 , 26 rigs were operating on the Company's acreage with 99 rigs operating within 2.5 miles of its acreage, compared to 25 rigs operating on the Company's acreage with 96 rigs operating within 2.5 miles of its acreage as of June 30, 2022 .








Bakken/
























Three



Arkoma















SCOOP



STACK



Forks



Stack



Fayetteville



Haynesville



Other



Total


As of Sept. 30, 2022:
























Gross Wells in Progress on PHX Acreage


42




27




10




5




-




80




8




172


Net Wells in Progress on PHX Acreage


0.15




0.05




0.07




0.003




-




0.56




0.02




0.85


Gross Active Permits on PHX Acreage


22




6




7




-




-




23




6




64


























As of Nov. 28, 2022:
























Rigs Present on PHX Acreage


11




3




1




2




-




9




-




26


Rigs Within 2.5 Miles of PHX Acreage


25




18




4




2




-




39




11




99


































Leasing Activity

During the fiscal fourth quarter of 2022, the Company leased 266 net mineral acres for an average bonus payment of $450 per net mineral acre and an average royalty of 22%.

ACQUISITION AND DIVESTITURE UPDATE

During the fiscal fourth quarter of 2022, the Company purchased 923 net royalty acres for approximately $13.5 million and sold 112 net mineral acres, which were outside our core focus areas and predominantly undeveloped and unleased, for approximately $0.1 million . The Company also sold 243 gross non-operated working interest wellbores for approximately $5.3 million .



Fiscal Fourth Quarter 2022 Acquisitions




SCOOP



Haynesville



Other



Total


Net Mineral Acres Purchased



114




450




-




564


Net Royalty Acres Purchased



157




766




-




923



















During fiscal year 2022, the Company purchased 4,570 net royalty acres for approximately $48 .0 million and sold 9,707 net mineral acres, which were outside our core focus areas and predominantly undeveloped and unleased, for approximately $2.7 million . The Company also sold 1,001 gross non-operated working interest wellbores for approximately $10.5 million .



Fiscal Year 2022 Acquisitions




SCOOP



Haynesville



Other



Total


Net Mineral Acres Purchased



823




2,204




-




3,027


Net Royalty Acres Purchased



989




3,581




-




4,570



















ROYALTY RESERVES UPDATE

At Sept. 30, 2022 , proved royalty reserves increased 45% to 52.8 Bcfe compared to 36.4 Bcfe at Sept. 30, 2021 . Proved developed reserves increased by 8.7 Bcfe and proved undeveloped reserves increased by 7.7 Bcfe, primarily due to execution of our acquisition strategy and increased activity in the Haynesville and SCOOP plays.


Proved Royalty Interest



Reserves SEC Pricing



Sept. 30, 2022



Sept. 30, 2021


Proved Developed Reserves:



Mcf of Gas


32,055,133




23,978,345


Barrels of Oil


607,727




667,457


Barrels of NGL


685,166




527,142


Mcfe (1)


39,812,491




31,145,939


Proved Undeveloped Reserves:






Mcf of Gas


11,933,021




4,664,782


Barrels of Oil


106,924




64,979


Barrels of NGL


64,637




34,762


Mcfe (1)


12,962,387




5,263,228


Total Proved Reserves:






Mcf of Gas


43,988,154




28,643,127


Barrels of Oil


714,651




732,436


Barrels of NGL


749,803




561,904


Mcfe (1)


52,774,878




36,409,167








10% Discounted Estimated Future






Net Cash Flows (before income taxes):






Proved Developed

$

119,710,945



$

45,948,690


Proved Undeveloped


52,978,389




9,731,035


Total

$

172,689,334



$

55,679,725








(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 Sept. 30, 2022 , proved reserves were 81.1 Bcfe, as calculated by Cawley, Gillespie and Associates, Inc., the Company's independent consulting petroleum engineering firm. This was a 2% decrease, compared to the 83.0 Bcfe of proved reserves at Sept. 30, 2021 . Total proved developed reserves decreased 12% to 68.1 Bcfe, as compared to Sept. 30, 2021 , reserve volumes, mainly due to sales of working interest properties in the Fayetteville Shale, Arkoma Stack and Western Anadarko Basin. SEC prices used for the Sept. 30, 2022 , report averaged $6.41 per Mcf for natural gas, $90.33 per barrel for oil and $38.09 per barrel for NGL, compared to $2.79 per Mcf for natural gas, $56.51 per barrel for oil and $20.58 per barrel for NGL for the Sept. 30, 2021 , report. These prices reflect net prices received at the wellhead.


Proved Reserves SEC Pricing



Sept. 30, 2022



Sept. 30, 2021


Proved Developed Reserves:



Mcf of Gas


50,304,185




60,287,881


Barrels of Oil


1,275,853




1,439,860


Barrels of NGL


1,698,046




1,467,092


Mcfe (1)


68,147,579




77,729,593


Proved Undeveloped Reserves:






Mcf of Gas


11,933,021




4,664,787


Barrels of Oil


106,924




64,980


Barrels of NGL


64,637




34,761


Mcfe (1)


12,962,387




5,263,233


Total Proved Reserves:






Mcf of Gas


62,237,206




64,952,668


Barrels of Oil


1,382,777




1,504,840


Barrels of NGL


1,762,683




1,501,853


Mcfe (1)


81,109,966




82,992,826








10% Discounted Estimated Future






Net Cash Flows (before income taxes):






Proved Developed

$

184,948,239



$

86,793,303


Proved Undeveloped


52,978,389




9,731,036


Total

$

237,926,628



$

96,524,339


SEC Pricing






Gas/Mcf

$

6.41



$

2.79


Oil/Barrel

$

90.33



$

56.51


NGL/Barrel

$

38.09



$

20.58








Proved Reserves - Projected Future Pricing (2)








10% Discounted Estimated Future

Proved Reserves


Net Cash Flows (before income taxes):

Sept. 30, 2022



Sept. 30, 2021


Proved Developed

$

128,718,584



$

111,007,369


Proved Undeveloped


39,770,031




11,989,928


Total

$

168,488,615



$

122,997,297








(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, 2022, and Sept. 30, 2021, basis adjusted to Company wellhead price.




FOURTH QUARTER EARNINGS CALL

PHX will host a conference call to discuss the Company's fiscal fourth quarter 2022 results at 11:00 a.m. EST tomorrow , Dec. 14, 2022 . 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 13734289. A webcast will be available at https://event.choruscall.com/mediaframe/webcast.html?webcastid=pL7VYYvq.

FINANCIAL RESULTS


Statements of Operations


Three Months Ended Sept. 30,



Year Ended Sept. 30,



2022



2021



2022



2021


Revenues:






Natural gas, oil and NGL sales

$

21,828,034



$

12,078,420



$

69,860,631



$

37,749,044


Lease bonuses and rental income


17,350




105,974




467,502




425,113


Gains (losses) on derivative contracts


(4,298,614)




(8,112,827)




(16,833,078)




(16,202,489)




17,546,770




4,071,567




53,495,055




21,971,668


Costs and expenses:












Lease operating expenses


961,148




1,130,916




4,047,420




4,230,968


Transportation, gathering and marketing


1,758,132




1,628,634




5,890,390




5,767,287


Production taxes


929,330




622,266




3,230,867




1,938,304


Depreciation, depletion and amortization


1,550,410




1,569,631




7,278,118




7,745,804


Provision for impairment


2,703




4,620




14,565




50,475


Interest expense


471,716




204,925




1,164,992




995,127


General and administrative


3,783,159




2,142,205




11,500,594




8,207,882


Loss on debt extinguishment


-




260,236




-




260,236


Losses (gains) on asset sales and other


(3,499,296)




(178,615)




(4,243,163)




(356,127)


Total costs and expenses


5,957,302




7,384,818




28,883,783




28,839,956


Income (loss) before provision (benefit) for income taxes


11,589,468




(3,313,251)




24,611,272




(6,868,288)














Provision (benefit) for income taxes


2,431,000




450,949




4,202,000




(651,051)














Net income (loss)

$

9,158,468



$

(3,764,200)



$

20,409,272



$

(6,217,237)






































Basic and diluted earnings (loss) per common share

$

0.26



$

(0.12)



$

0.59



$

(0.24)














Weighted average shares outstanding:












Basic


35,573,813




30,207,492




34,403,498




25,925,536


Diluted


35,916,878




30,207,492




34,560,310




25,925,536














Dividends per share of












common stock paid in period

$

0.02



$

0.01



$

0.065



$

0.04














Balance Sheets



Sept. 30, 2022



Sept. 30, 2021


Assets






Current assets:






Cash and cash equivalents

$

3,396,809



$

2,438,511


Natural gas, oil, and NGL sales receivables (net of $0


13,152,274




6,428,982


allowance for uncollectable accounts)






Refundable income taxes


-




2,413,942


Other


1,372,847




942,082


Total current assets


17,921,930




12,223,517








Properties and equipment at cost, based on






successful efforts accounting:






Producing natural gas and oil properties


248,978,928




319,984,874


Non-producing natural gas and oil properties


51,779,336




40,466,098


Other


1,085,056




794,179




301,843,320




361,245,151


Less accumulated depreciation, depletion and amortization


(168,759,385)




(257,643,661)


Net properties and equipment


133,083,935




103,601,490








Operating lease right-of-use assets


739,131




607,414


Other, net


757,116




578,593


Total assets

$

152,502,112



$

117,011,014








Liabilities and Stockholders' Equity






Current liabilities:






Accounts payable

$

647,217



$

772,717


Derivative contracts, net


7,873,979




12,087,988


Income taxes payable


495,858




334,050


Current portion of operating lease liability


213,355




132,287


Accrued liabilities and other


2,032,275




1,809,337


Total current liabilities


11,262,684




15,136,379








Long-term debt


28,300,000




17,500,000


Deferred income taxes, net


1,585,906




343,906


Asset retirement obligations


1,901,904




2,836,172


Derivative contracts, net


687,212




1,696,479


Operating lease liability, net of current portion


985,887




789,339








Total liabilities


44,723,593




38,302,275








Stockholders' equity:






Voting common stock, par value $0.01666 per share: 54,000,500 shares






authorized and 35,776,752 shares issued and outstanding at Sept. 30, 2022,






36,000,500 shares authorized and 32,770,433 shares issued and


596,041




545,956


outstanding at Sept. 30, 2021






Capital in excess of par value


44,177,051




33,213,645


Deferred directors' compensation


1,496,243




1,768,151


Retained earnings


67,117,791




48,966,420




113,387,126




84,494,172


Less treasury stock, at cost; 377,232 shares at Sept. 30,






2022, and 388,545 shares at Sept. 30, 2021


(5,608,607)




(5,785,433)


Total stockholders' equity


107,778,519




78,708,739


Total liabilities and stockholders' equity

$

152,502,112



$

117,011,014


Condensed Statements of Cash Flows



Year Ended Sept. 30,



2022



2021


Operating Activities



Net income (loss)

$

20,409,272



$

(6,217,237)


Adjustments to reconcile net income (loss) to net cash provided






by operating activities:






Depreciation, depletion and amortization


7,278,118




7,745,804


Impairment of producing properties


14,565




50,475


Provision for deferred income taxes


1,242,000




(985,101)


Gain from leasing fee mineral acreage


(466,341)




(421,915)


Proceeds from leasing fee mineral acreage


688,207




441,653


Net (gain) loss on sales of assets


(4,423,646)




(309,348)


Directors' deferred compensation expense


191,852




234,466


Total (gain) loss on derivative contracts


16,833,078




16,202,489


Cash receipts (payments) on settled derivative contracts


(2,796,250)




(11,925,669)


Restricted stock awards


2,211,673




801,200


Loss on debt extinguishment


-




260,236


Other


87,353




(11,099)


Cash provided (used) by changes in assets and liabilities:






Natural gas, oil and NGL sales receivables


(6,723,292)




(3,485,762)


Refundable (payable) income taxes


2,413,942




1,391,285


Other current assets


250,568




(436,401)


Accounts payable


(10,305)




(151,875)


Other non-current assets


(380,964)




(86,282)


Income taxes payable


161,808




-


Accrued liabilities


550,012




845,168


Total adjustments


17,122,378




10,159,324


Net cash provided by operating activities


37,531,650




3,942,087








Investing Activities






Capital expenditures


(552,638)




(733,172)


Acquisition of minerals and overriding royalty interests


(43,525,236)




(20,624,347)


Net proceeds from sales of assets


13,217,844




988,600


Net cash provided (used) by investing activities


(30,860,030)




(20,368,919)








Financing Activities






Borrowings under credit facility


21,300,000




26,300,000


Payments of loan principal


(10,500,000)




(37,550,000)


Net proceeds from equity issuance


5,006,538




11,688,137


Cash receipts from (payments on) off-market derivative contracts


(19,260,104)




8,800,000


Purchases of treasury stock


(1,855)




(2,741)


Payments of dividends


(2,257,901)




(1,060,448)


Net cash provided (used) by financing activities


(5,713,322)




8,174,948








Increase (decrease) in cash and cash equivalents


958,298




(8,251,884)


Cash and cash equivalents at beginning of year


2,438,511




10,690,395


Cash and cash equivalents at end of year

$

3,396,809



$

2,438,511








Supplemental Disclosures of Cash Flow Information












Interest paid (net of capitalized interest)

$

997,085



$

1,021,142


Income taxes paid (net of refunds received)

$

384,249



$

(1,391,225)








Gross additions to properties and equipment

$

46,791,346



$

31,485,015


Value of shares used for acquisitions


(3,510,001)




(10,272,288)


Net (increase) decrease in accounts payable for properties






and equipment additions


796,529




144,792


Capital expenditures and acquisitions

$

44,077,874



$

21,357,519


Derivative Contracts as of Sept. 30, 2022














Collar Average



Collar Average


Fiscal Period


Product


Volume Mcf/Bbl



Swap Price



Floor Price



Ceiling Price


2023


Natural Gas



1,415,000






$

4.13



$

7.69


2023


Natural Gas



2,100,000



$

3.24








2024


Natural Gas



135,000






$

3.28



$

5.98


2024


Natural Gas



380,000



$

3.41























2023


Crude Oil



15,000






$

75.00



$

96.00


2023


Crude Oil



72,750



$

63.65








2024


Crude Oil



14,250



$

74.91

























Non-GAAP Reconciliation

This press release includes certain "non-GAAP financial measures" as defined under the rules and regulations of the U.S. Securities and Exchange Commission, or the SEC, including Regulation G. These non-GAAP financial measures are calculated using GAAP amounts in the Company's 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 the Company's financial statements prepared in accordance with GAAP (including the notes thereto), included in the Company's SEC filings and posted on its website.

Adjusted EBITDA Reconciliation

We define "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. We have included a presentation of adjusted EBITDA because we recognize that certain investors consider this amount to be a useful means of measuring our ability to meet our debt service obligations and evaluating our 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 periods indicated:


Fourth Quarter
Ended



Fourth Quarter
Ended



Year Ended



Year Ended



Third Quarter
Ended



Sept. 30, 2022



Sept. 30, 2021



Sept. 30, 2022



Sept. 30, 2021



June 30, 2022


Net Income (Loss)

$

9,158,468



$

(3,764,200)



$

20,409,272



$

(6,217,237)



$

8,589,010


Plus:















Income tax expense















(benefit)


2,431,000




450,949




4,202,000




(651,051)




976,000


Interest expense


471,716




204,925




1,164,992




995,127




286,345


DD&A


1,550,410




1,569,631




7,278,118




7,745,804




2,022,832


Impairment


2,703




4,620




14,565




50,475




6,277


Less:















Non-cash gains (losses)















on derivatives


1,639,703




3,124,035




(2,299,518)




(4,276,820)




3,282,921


Gains (losses) on asset sales


3,558,611




247,543




4,423,648




309,344




693,750


Plus:















Cash receipts from (payments on)















off-market derivative contracts(1)


(1,057,197)




8,800,000




(7,522,794)




8,800,000




(1,284,024)


Restricted stock and deferred















director's expense


1,037,179




325,567




2,403,525




1,035,666




574,333


Adjusted EBITDA

$

8,395,965



$

4,219,914



$

25,825,548



$

15,726,260



$

7,194,102

















(1) The initial receipt of $8.8 million of cash from BP Energy Company, or BP, for entering into the off-market derivative contracts had no effect on the Company's statement of operations and was considered cash flow from financing activities. A portion of subsequent settlements with BP had no effect on the Company's statement of operations.




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. We have included a presentation of debt to adjusted EBITDA (TTM) because we recognize that certain investors consider such ratios to be a useful means of measuring our ability to meet our debt service obligations and for evaluating our 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



Sept. 30, 2022



Sept. 30, 2021


Net Income (Loss)

$

20,409,272



$

(6,217,237)


Plus:






Income tax expense (benefit)


4,202,000




(651,051)


Interest expense


1,164,992




995,127


DD&A


7,278,118




7,745,804


Impairment


14,565




50,475


Less:






Non-cash gains (losses)






on derivatives


(2,299,518)




(4,276,820)


Gains (losses) on asset sales


4,423,648




309,344


Plus:






Cash receipts from (payments on)






off-market derivative contracts(1)


(7,522,794)




8,800,000


Restricted stock and deferred






director's expense


2,403,525




1,035,666


Adjusted EBITDA

$

25,825,548



$

15,726,260








Debt

$

28,300,000



$

17,500,000


Debt to Adjusted EBITDA (TTM)


1.10




1.11








(1) The initial receipt of $8.8 million of cash from BP for entering into the off-market derivative contracts had no effect on the Company's statement of operations and was considered cash flow from financing activities. A portion of subsequent settlements with BP has no effect on the Company's statement of operations.




Pretax Net Income (Loss) Excluding Non-cash Derivative Gains (Losses) Reconciliation

"Pretax net income (loss) excluding non-cash derivative gains (losses)" is defined as earnings before taxes, excluding non-cash gains (losses) on derivatives. We have included a presentation of pretax net income (loss) excluding non-cash derivative gains (losses) because we recognize that certain investors consider this amount to be a useful means of measuring our ability to meet our debt service obligations and evaluating our financial performance. Pretax net income (loss) excluding non-cash derivative gains (losses) 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 pretax net income (loss) excluding non-cash derivative gains (losses) may not be comparable to a similarly titled measure of other companies. The following table provides a reconciliation of net income (loss) to pretax net income (loss) excluding non-cash derivative gains (losses) for the periods indicated:


Fourth Quarter Ended



Fourth Quarter Ended



Sept. 30, 2022



Sept. 30, 2021


Net Income (Loss)

$

9,158,468



$

(3,764,200)


Plus:






Income tax expense (benefit)


2,431,000




450,949


Less:






Non-cash gains (losses)






on derivatives


1,639,703




3,124,035


Pretax Net Income (Loss) excluding






Non-cash Derivative Gains (Losses)

$

9,949,765



$

(6,437,286)








Weighted average shares outstanding






Basic


35,573,813




30,207,492


Diluted


35,916,878




30,207,492








Pretax Net Income (Loss) excluding Non-cash






Derivative Gains (Losses) per basic and diluted share

$

0.28



$

(0.21)








PHX Minerals Inc. (NYSE: PHX) Fort Worth-based, PHX Minerals Inc. is a natural gas and oil focused mineral company with a strategy to proactively grow its mineral position in its core focus areas. PHX owns mineral acreage principally located in Oklahoma , Texas , Louisiana , North Dakota and Arkansas. Additional information on the Company 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, 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 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 SEC, 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.

SOURCE PHX MINERALS INC.

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