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PHX Minerals Reports Results for the Quarter and Year Ended Dec. 31, 2024
PHXPHX Minerals (PHX) Prnewswire·2025-03-12 20:15

Core Insights - PHX Minerals Inc. reported solid financial and operational results for 2024, achieving the highest total corporate production volumes since 2019 and two record quarters for royalty production volumes [4][18]. Financial Highlights - For the fourth quarter of 2024, net income was 0.1million,or0.1 million, or 0.00 per diluted share, compared to 2.5million,or2.5 million, or 0.07 per diluted share, for the same quarter in 2023 [14]. - Adjusted EBITDA for the fourth quarter was 5.4million,upfrom5.4 million, up from 4.9 million in the previous quarter but down from 22.7millionfortheyearendedDecember31,2023[7].−Totalrevenueforthefourthquarterwas22.7 million for the year ended December 31, 2023 [7]. - Total revenue for the fourth quarter was 8.0 million, a decrease from 11.8millioninthesamequarterof2023[38].−Naturalgas,oil,andNGLsalesincreasedby11.8 million in the same quarter of 2023 [38]. - Natural gas, oil, and NGL sales increased by 0.3 million, or 4%, for the fourth quarter compared to the same quarter in 2023, driven by a 7% increase in natural gas volumes and a 10% increase in oil volumes [15]. Production and Operational Highlights - Royalty production volumes for the fourth quarter remained flat at 2,096 Mmcfe compared to the previous quarter, but increased by 8% to 8,760 Mmcfe for the year [7]. - Total production volumes for the fourth quarter were 2,379 Mmcfe, unchanged from the previous quarter, and increased by 5% to 9,841 Mmcfe for the year [7]. - The company converted 71 gross (0.22 net) wells to producing status in the fourth quarter, compared to 46 gross (0.10 net) wells in the same quarter of 2023 [22]. Reserves and Acquisitions - Proved royalty reserves decreased by 9% to 52.5 Bcfe as of December 31, 2024, compared to 57.8 Bcfe at the end of 2023 [29]. - The company purchased 363 net royalty acres for approximately 2.5millionduringthefourthquarter[27].DebtandCashFlow−Totaldebtwas2.5 million during the fourth quarter [27]. Debt and Cash Flow - Total debt was 29.5 million at December 31, 2024, down from 32.8millionattheendof2023,withadebt−to−adjustedEBITDAratioof1.38x[7][39].−Cashflowfromoperationsfortheyearwas32.8 million at the end of 2023, with a debt-to-adjusted EBITDA ratio of 1.38x [7][39]. - Cash flow from operations for the year was 18.1 million, down from $24.2 million in 2023 [40]. Strategic Initiatives - The company is evaluating strategic alternatives to maximize stockholder value in collaboration with RBC [4].