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Phx Minerals Inc. Reports Third Fiscal Quarter 2022 Results And Announces Dividend Payment

08.08.2022 | 22:15 Uhr | PR Newswire

FORT WORTH, Aug. 8, 2022 - PHX Minerals Inc., "PHX" or the "Company" (NYSE: PHX), today reported financial and operating results for the third fiscal quarter ended June 30, 2022.

SUMMARY OF RESULTS FOR THE QUARTER ENDED JUNE 30, 2022, AND SUBSEQUENT EVENTS

  • Net income in the third fiscal quarter of 2022 was $8.6 million, or $0.25 per share, compared to net loss of ($4.0) million, or ($0.12) per share, in the second fiscal quarter of 2022.
  • Adjusted EBITDA(1) of $7.2 million for the third fiscal quarter of 2022 increased from $5.8 million in the second fiscal quarter of 2022.
  • Royalty production volumes for the third fiscal quarter of 2022 increased 3% to 1,595 Mmcfe, and total production volumes for the third fiscal quarter of 2022 decreased 1% to 2,430 Mmcfe, compared to the second fiscal quarter of 2022.
  • 80% of royalty production volumes and 78% of total production volumes in the third fiscal quarter of 2022 were attributable to natural gas.
  • 96 gross (0.25 net) wells converted to PDP, including 39 gross (0.19 net) in the SCOOP and 12 gross (0.03 net) in the Haynesville, during the third fiscal quarter of 2022, compared to 108 gross (0.48 net) in the second fiscal quarter of 2022.
  • 155 gross (0.79 net) wells in progress as of June 30, 2022, compared to 134 gross (0.60 net) as of March 31, 2022.
  • Total debt was $28.3 million and the debt to adjusted EBITDA (TTM) (1) ratio was 1.31x at June 30, 2022.
  • During the third fiscal quarter of 2022, PHX closed on acquisitions totaling 938 net royalty acres located in the SCOOP play of Oklahoma and the Haynesville play of East Texas and Louisiana for approximately $9.1 million.
  • Since June 30, 2022, PHX has closed on additional acquisitions of 544 net royalty acres located in the SCOOP play of Oklahoma and the Haynesville play of Louisiana for approximately $8.2 million.
  • PHX has entered into a PSA to divest the remainder of its non-operated working interest position in the Fayetteville Shale of Arkansas for approximately $6 million subject to customary closing adjustments.
  • PHX announced a $0.02 per share quarterly dividend, payable on Sept. 9, 2022, to stockholders of record on Aug. 25, 2022.

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

Chad L. Stephens, President and CEO, commented, "I am pleased to report another outstanding quarter of financial results including adjusted EBITDA of $7.2 million, a 22% increase over the prior sequential quarter. I would like to thank all of the PHX employees for their hard work that helped the company achieve these excellent third quarter 2022 results.

Consistent with our first and second quarter of 2022 results, we reported an increase in royalty volumes and a further decrease in working interest volumes. This is in line with our corporate strategy. We continue to allocate 100% of our capital to acquiring minerals in the core of the Haynesville in Louisiana and the SCOOP in Southern Oklahoma in high rock quality areas under well capitalized active operators, assuring us of near-term line of sight development. We are keenly focused on executing a successful acquisition strategy and expect our royalty volumes will continue to increase on an annual basis.

In our third fiscal quarter ended June 30, 2022, and including through Aug. 4th, we have closed on a total of $18.0 million in additional minerals located primarily in the Haynesville with line-of-sight development, which should continue to drive our growing royalty volumes. This brings our fiscal 2022 acquisition program to approximately $42 million. There continues to be a strong set of acquisition opportunities in front of us.

Lastly, I'd like to announce that during our third fiscal quarter we opened our new corporate headquarters in Fort Worth, Texas. This move places our senior management team at the epicenter of the mineral space. We will retain our offices in Oklahoma City where our accounting and technical staff are located and do not anticipate any disruption to the business. We are excited about having new offices in Fort Worth and believe it will better position us to execute the Company's growth strategy of building shareholder value through the acquisition and ownership of high-quality mineral interest in our core areas."

OPERATING HIGHLIGHTS





Third Quarter Ended



Third Quarter Ended



Nine Months Ended



Nine Months Ended



June 30, 2022



June 30, 2021



June 30, 2022



June 30, 2021


Gas Mcf Sold


1,897,799




1,879,343




5,380,093




5,090,619


Average Sales Price per Mcfe before the
















effects of settled derivative contracts

$

6.82



$

3.33



$

5.61



$

2.77


Average Sales Price per Mcfe after the
















effects of settled derivative contracts

$

4.32



$

3.31



$

3.72



$

2.76


Oil Barrels Sold


48,928




55,492




148,632




170,437


Average Sales Price per Mcfe before the
















effects of settled derivative contracts

$

105.23



$

63.77



$

90.40



$

52.95


Average Sales Price per Mcfe after the
















effects of settled derivative contracts

$

60.18



$

46.25



$

57.63



$

49.15


NGL Barrels Sold


39,732




46,753




124,358




125,118


Average Sales Price per Barrel(1)

$

36.76



$

23.58



$

35.52



$

20.42


















Mcfe Sold


2,429,760




2,492,813




7,018,036




6,863,949


Natural gas, oil and NGL sales before the
















effects of settled derivative contracts

$

19,561,568



$

10,899,820



$

48,032,597



$

25,670,624


Natural gas, oil and NGL sales after the
















effects of settled derivative contracts

$

12,607,397



$

9,895,130



$

32,971,756



$

24,981,817


















(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


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


9/30/2021



1,609,101




54,043




46,369




2,211,570


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

Quarter ended


Mcf Sold



Oil Bbls Sold



NGL Bbls Sold



Mcfe Sold


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


9/30/2021



705,397




29,442




19,364




998,230


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

Quarter ended


Mcf Sold



Oil Bbls Sold



NGL Bbls Sold



Mcfe Sold


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


9/30/2021



903,704




24,601




27,005




1,213,340


FINANCIAL HIGHLIGHTS






Third Quarter Ended



Third Quarter Ended



Nine Months Ended



Nine Months Ended




June 30, 2022



June 30, 2021



June 30, 2022



June 30, 2021


Working Interest Sales


$

7,088,153



$

5,486,978



$

18,959,671



$

13,245,980


Royalty Interest Sales


$

12,473,415



$

5,412,842



$

29,072,926



$

12,424,644


Natural Gas, Oil and NGL Sales


$

19,561,568



$

10,899,820



$

48,032,597



$

25,670,624



















Gains (Losses) on Derivative Contracts


$

(2,387,226)



$

(5,487,483)



$

(12,534,464)



$

(8,089,662)


Lease Bonuses and Rental Income


$

209,329



$

259,152



$

450,152



$

319,139


Total Revenue


$

17,383,671



$

5,671,489



$

35,948,285



$

17,900,101



















Lease Operating Expense

















per Working Interest Mcfe


$

1.08



$

0.83



$

1.16



$

0.84


Transportation, Gathering and Marketing

















per Mcfe


$

0.59



$

0.62



$

0.59



$

0.60


Production Tax per Mcfe


$

0.38



$

0.24



$

0.33



$

0.19


Cash G&A Expense per Mcfe (1)


$

0.95



$

0.78



$

0.90



$

0.78


G&A Expense per Mcfe


$

1.18



$

0.91



$

1.10



$

0.88


Interest Expense per Mcfe


$

0.12



$

0.09



$

0.10



$

0.12


DD&A per Mcfe


$

0.83



$

0.86



$

0.82



$

0.90


Total Expense per Mcfe


$

3.47



$

3.15



$

3.38



$

3.14



















Net Income (Loss)


$

8,589,010



$

(1,356,594)



$

11,250,804



$

(2,453,037)


Adjusted EBITDA (2)


$

7,194,102



$

5,008,654



$

17,429,579



$

11,506,346



















Cash Flow from Operations


$

8,404,654



$

5,563,226



$

24,338,974



$

10,240,333


CapEx


$

72,176



$

271,661



$

351,524



$

696,759


CapEx - Mineral Acquisitions


$

8,954,133



$

11,402,761



$

29,872,407



$

19,337,265



















Borrowing Base










$

50,000,000



$

28,500,000


Debt










$

28,300,000



$

19,900,000


Debt to Adjusted EBITDA (TTM) (2)











1.31




1.45



(1) G&A excluding restricted stock and deferred director's expense.

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

THIRD FISCAL QUARTER ENDED JUNE 30, 2022, RESULTS

The Company recorded third fiscal quarter 2022 net income of $8,589,010, or $0.25 per share, as compared to a net loss of ($1,356,594), or ($0.05) per share, in the third fiscal 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 $8,661,748, or 79%, for the third quarter 2022, compared to the corresponding 2021 quarter due to increases in natural gas, oil and NGL prices of 105%, 65% and 56%, respectively, and an increase in natural gas volumes of 1%, partially offset by a decrease in oil and NGL volumes of 12% and 15%, respectively.

The production increase in royalty volumes during the three months ended June 30, 2022, as compared to the three months ended June 30, 2021, resulted from new wells associated with 2021 and 2022 acquisitions in the Haynesville Shale and SCOOP plays coming online. 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 legacy wells shut in in the Eagle Ford play while the operator completes new offset wells.

The Company had a net loss on derivative contracts of ($2,387,226) in the third fiscal 2022 quarter, as compared to a net loss of ($5,487,483) in the third fiscal 2021 quarter, of which ($5,670,147) is a realized loss and $3,282,921 is an unrealized gain with respect to the third fiscal 2022 quarter. Realized net loss on derivative contracts for the third fiscal 2022 quarter excludes $1,284,024 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 June 30, 2022, pricing relative to the strike price on open derivative contracts.

The 10% increase in total cost per Mcfe in the third fiscal 2022 quarter, relative to the third fiscal 2021 quarter, was primarily driven by an increase in G&A and production taxes. G&A increased $602,510, or 26%, in the third fiscal 2022 quarter, compared to the corresponding 2021 quarter due to legal expenses associated with reincorporating in the state of Delaware, increased transaction activity and restricted stock expense. Production taxes increased $328,339, or 55%, due to increase in natural gas, oil and NGL revenue, but decreased as a percent of natural gas, oil and NGL revenue in the third fiscal 2022 quarter, compared to the corresponding 2021 quarter from 5.5% to 4.7%.

NINE MONTHS ENDED JUNE 30, 2022, RESULTS

The Company recorded net income of $11,250,804, or $0.33 per share, in the fiscal nine-month period ended June 30, 2022 (the "fiscal nine-month 2022 period"), as compared to a net loss of ($2,453,037), or ($0.10) per share, in the corresponding 2021 period. The change in net income was principally the result of increased natural gas, oil and NGL sales, gains on asset sales and lease bonuses and rental income, and decreased DD&A, partially offset by an increase in losses on derivative contracts, production taxes, G&A and income tax expense.

Natural gas, oil and NGL sales increased $22,361,973, or 87%, for the fiscal nine-month 2022 period, compared to the corresponding 2021 period, due to increases in natural gas, oil and NGL prices of 103%, 71% and 74%, respectively, and an increase in natural gas volumes of 6%, partially offset by a decrease in oil and NGL volumes of 13% and 1%, respectively.

Natural gas volumes increased during the nine months ended June 30, 2022, as compared to the nine months ended June 30, 2021, primarily as a result of new wells associated with recent acquisitions in the Haynesville Shale and SCOOP plays coming online. These gas volumes were partially offset by naturally declining production in high-interest wells in the Arkoma Stack and divestitures in the Fayetteville. NGL production decreased slightly as a result of naturally declining production from liquids-rich gas wells in the STACK. The decrease in oil production was a result of naturally declining production in working interest wells and the Company's strategy of no longer participating with working interests in new drilling in the Eagle Ford play and reduced drilling activity of royalty wells in the Bakken play, as well as naturally declining production in high-interest wells brought online in the STACK during fiscal year 2021. Oil production decreases were partially offset by new wells in the SCOOP.

The Company had a net loss on derivative contracts of ($12,534,464) in the fiscal nine-month 2022 period, as compared to a net loss of ($8,089,662) in the corresponding 2021 period, of which ($8,595,246) is a realized loss and ($3,939,218) is an unrealized loss with respect to the fiscal nine-month 2022 period. Realized net loss on derivative contracts for the fiscal nine-month 2022 period excludes $6,465,597 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 June 30, 2022, pricing relative to the strike price on open derivative contracts.

The 8% increase in total cost per Mcfe in the fiscal nine-month 2022 period, relative to the corresponding 2021 period, was primarily driven by an increase in G&A and production taxes, partially offset by a decrease in DD&A. G&A increased $1,651,758, or 27%, in the fiscal nine-month 2022 period, compared to the corresponding 2021 period due to legal expenses associated with reincorporating in the state of Delaware, increased transaction activity and restricted stock expense. Production taxes increased $958,499, or 75%, due to increase in natural gas, oil and NGL revenue, but decreased as a percent of natural gas, oil and NGL revenue in the nine-month 2022 period, compared to the corresponding 2021 period from 5.1% to 4.8%. DD&A decreased $448,465, or 7%, in the fiscal nine-month 2022 period to $0.82 per Mcfe, as compared to $0.90 per Mcfe in the corresponding 2021 period. Of the DD&A decrease, $587,155 was a result of an $0.08 decrease in the DD&A rate per Mcfe, partially offset by an increase of $138,690 resulting from production increasing 2% in the fiscal nine-month 2022 period, compared to the corresponding 2021 period. The DD&A rate per Mcfe decrease was mainly due to an increase in reserves during the fiscal nine-month 2022 period, as compared to the corresponding 2021 period.

OPERATIONS UPDATE

During the third fiscal quarter of 2022, the Company converted 96 gross (0.25 net) wells to producing status, including 39 gross (0.19 net) in the SCOOP and 12 gross (0.03 net) in the Haynesville, compared to 108 gross (0.48 net) wells, including 35 gross (0.04 net) in the SCOOP and 31 gross (0.33 net) in the Haynesville, during the second fiscal quarter of 2022.

At June 30, 2022, the Company had a total of 155 gross (0.79 net) wells in progress across its mineral positions and 65 gross (0.21 net) active permitted wells, compared to 134 gross (0.60 net) wells in progress and 52 gross (0.23 net) active permitted wells at March 31, 2022. As of June 30, 2022, 25 rigs were operating on the Company's acreage with 96 rigs operating within 2.5 miles of its acreage, compared to 18 rigs operating on the Company's acreage with 86 rigs operating within 2.5 miles of its acreage as of March 31, 2022.













Bakken/


































Three



Arkoma




















SCOOP



STACK





Forks



Stack



Fayetteville



Haynesville



Other



Total


As of June 30, 2022:



































Gross Wells in Progress on PHX Acreage



46




20






11




9




-




62




7




155


Net Wells in Progress on PHX Acreage



0.17




0.09






0.05




0.01




-




0.43




0.04




0.79


Gross Active Permits on PHX Acreage



20




17






2




-




-




16




10




65





































As of June 30, 2022:



































Rigs Present on PHX Acreage



6




2






3




-




-




12




2




25


Rigs Within 2.5 Miles of PHX Acreage



21




20






6




4




-




36




9




96


Leasing Activity

During the third quarter of fiscal 2022, the Company leased 395 net mineral acres for an average bonus payment of $512 per net mineral acre and an average royalty of 22%.











Bakken/
































Three



Arkoma




















SCOOP



STACK



Forks



Stack



Fayetteville



Haynesville



Other



Total


During Three Months Ended June 30, 2022:

































Net Mineral Acres Leased



15




112




-




-




-




68




200




395


Average Bonus per Net Mineral Acre


$

325



$

1,000




-




-




-



$

500



$

355



$

512


Average Royalty per Net Mineral Acre


23 %



23 %




-



-




-



23 %



21 %



22 %


ACQUISITION AND DIVESTITURE UPDATE

During the third quarter of fiscal year 2022, the Company purchased 938 net royalty acres for approximately $9.1 million and sold 2,387 net mineral acres, which were outside our core focus areas and predominantly undeveloped and unleased, for approximately $0.5 million.











Bakken/
































Three



Arkoma




















SCOOP



STACK



Forks



Stack



Fayetteville



Haynesville



Other



Total


During Three Months Ended June 30, 2022:

































Net Mineral Acres Purchased



208




-




-




-




-




448




-




656


Net Royalty Acres Purchased



216




-




-




-




-




722




-




938


Price per Net Royalty Acre


$

9,394




-




-




-




-



$

9,830




-



$

9,730


Net Mineral Acres Sold



-




-




-




-




-




-




2,387




2,387


Net Royalty Acres Sold



-




-




-




-




-




-




2,387




2,387


Price per Net Royalty Acre



-




-




-




-




-




-



$

214



$

214


THIRD QUARTER EARNINGS CALL

PHX will host a conference call to discuss the Company's third fiscal quarter results at 11:00 a.m. EDT tomorrow Aug. 9, 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 13731836.

FINANCIAL RESULTS

Statements of Operations



Three Months Ended June 30,



Nine Months Ended June 30,



2022



2021



2022



2021


Revenues:






Natural gas, oil and NGL sales

$

19,561,568



$

10,899,820



$

48,032,597



$

25,670,624


Lease bonuses and rental income


209,329




259,152




450,152




319,139


Gains (losses) on derivative contracts


(2,387,226)




(5,487,483)




(12,534,464)




(8,089,662)




17,383,671




5,671,489




35,948,285




17,900,101


Costs and expenses:
















Lease operating expenses


900,807




1,064,989




3,086,272




3,100,052


Transportation, gathering and marketing


1,430,136




1,538,174




4,132,258




4,138,653


Production taxes


925,197




596,858




2,301,537




1,316,038


Depreciation, depletion and amortization


2,022,832




2,137,707




5,727,708




6,176,173


Provision for impairment


6,277




45,855




11,862




45,855


Interest expense


286,345




220,439




693,276




790,202


General and administrative


2,877,614




2,275,104




7,717,435




6,065,677


Losses (gains) on asset sales and other


(630,547)




(35,043)




(743,867)




(177,512)


Total costs and expenses


7,818,661




7,844,083




22,926,481




21,455,138


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


9,565,010




(2,172,594)




13,021,804




(3,555,037)


















Provision (benefit) for income taxes


976,000




(816,000)




1,771,000




(1,102,000)


















Net income (loss)

$

8,589,010



$

(1,356,594)



$

11,250,804



$

(2,453,037)


















































Basic and diluted earnings (loss) per common share

$

0.25



$

(0.05)



$

0.33



$

(0.10)


















Weighted average shares outstanding:
















Basic


34,652,155




28,309,258




34,009,105




24,482,639


Diluted


34,851,214




28,309,258




34,009,105




24,482,639


















Dividends per share of
















common stock paid in period

$

0.02



$

0.01



$

0.045



$

0.03


















Balance Sheets





June 30, 2022



Sept. 30, 2021


Assets








Current assets:








Cash and cash equivalents

$

4,489,282



$

2,438,511


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


11,780,557




6,428,982


allowance for uncollectable accounts)








Refundable income taxes


860,416




2,413,942


Other


1,276,942




942,082


Total current assets


18,407,197




12,223,517










Properties and equipment at cost, based on








successful efforts accounting:








Producing natural gas and oil properties


265,800,998




319,984,874


Non-producing natural gas and oil properties


50,204,756




40,466,098


Other


972,770




794,179




316,978,524




361,245,151


Less accumulated depreciation, depletion and amortization


(193,551,159)




(257,643,661)


Net properties and equipment


123,427,365




103,601,490










Operating lease right-of-use assets


770,952




607,414


Other, net


764,068




578,593


Total assets

$

143,369,582



$

117,011,014










Liabilities and Stockholders' Equity








Current liabilities:








Accounts payable

$

486,034



$

772,717


Derivative contracts, net


10,189,546




12,087,988


Income taxes payable


-




334,050


Current portion of operating lease liability


190,604




132,287


Accrued liabilities and other


1,489,127




1,809,337


Total current liabilities


12,355,311




15,136,379










Long-term debt


28,300,000




17,500,000


Deferred income taxes, net


550,906




343,906


Asset retirement obligations


2,116,246




2,836,172


Derivative contracts, net


1,068,544




1,696,479


Operating lease liability, net of current portion


1,015,405




789,339










Total liabilities


45,406,412




38,302,275










Stockholders' equity:








Common Stock, $0.01666 par value; 54,000,500








shares authorized and 35,680,970 issued at June 30, 2022;








36,000,500 shares authorized and 32,770,433 issued at Sept. 30, 2021


594,445




545,956


Capital in excess of par value


42,849,595




33,213,645


Deferred directors' compensation


1,451,690




1,768,151


Retained earnings


58,676,047




48,966,420




103,571,777




84,494,172


Less treasury stock, at cost; 377,232 shares at June 30,








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


(5,608,607)




(5,785,433)


Total stockholders' equity


97,963,170




78,708,739


Total liabilities and stockholders' equity

$

143,369,582



$

117,011,014


Condensed Statements of Cash Flows





Nine Months Ended June 30,



2022



2021


Operating Activities



Net income (loss)

$

11,250,804



$

(2,453,037)


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








by operating activities:








Depreciation, depletion and amortization


5,727,708




6,176,173


Impairment of producing properties


11,862




45,855


Provision for deferred income taxes


207,000




(1,117,000)


Gain from leasing fee mineral acreage


(449,053)




(316,541)


Proceeds from leasing fee mineral acreage


545,920




334,938


Net (gain) loss on sales of assets


(865,035)




(136,596)


Directors' deferred compensation expense


147,298




167,425


Total (gain) loss on derivative contracts


12,534,464




8,089,662


Cash receipts (payments) on settled derivative contracts


(1,215,245)




(688,807)


Restricted stock awards


1,219,047




542,674


Other


55,653




72,126


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








Natural gas, oil and NGL sales receivables


(5,351,575)




(2,134,395)


Other current assets


(78,262)




(89,957)


Accounts payable


(251,059)




209,014


Income taxes receivable


1,553,526




1,425,471


Other non-current assets


(393,492)




87,065


Income taxes payable


(334,050)




-


Accrued liabilities


23,463




26,263


Total adjustments


13,088,170




12,693,370


Net cash provided by operating activities


24,338,974




10,240,333










Investing Activities








Capital expenditures


(351,524)




(696,759)


Acquisition of minerals and overriding royalty interests


(29,872,407)




(19,337,265)


Net proceeds from sales of assets


7,852,389




533,371


Net cash provided (used) by investing activities


(22,371,542)




(19,500,653)










Financing Activities








Borrowings under credit facility


14,300,000




-


Payments of loan principal


(3,500,000)




(8,850,000)


Net proceeds from equity issuance


4,670,112




11,088,858


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


(13,845,596)




-


Purchases of treasury stock


-




(2,741)


Payments of dividends


(1,541,177)




(757,692)


Net cash provided (used) by financing activities


83,339




1,478,425










Increase (decrease) in cash and cash equivalents


2,050,771




(7,781,895)


Cash and cash equivalents at beginning of period


2,438,511




10,690,395


Cash and cash equivalents at end of period

$

4,489,282



$

2,908,500










Supplemental Schedule of Noncash Investing and Financing Activities
















Gross additions to properties and equipment

$

33,431,875



$

23,794,178


Value of shares used for acquisitions


(3,510,001)




(3,718,000)


Net (increase) decrease in accounts payable for properties








and equipment additions


302,057




(42,154)


Capital expenditures and acquisitions

$

30,223,931



$

20,034,024


Derivative Contracts as of Aug. 5, 2022
















Collar Average



Collar Average


Fiscal Period


Product


Volume Mcf/Bbl



Swap Price



Floor Price



Ceiling Price


Remaining 2022


Natural Gas



135,000







$

4.15



$

6.53


Remaining 2022


Natural Gas



250,000



$

3.01










2023


Natural Gas



890,000







$

4.49



$

8.10


2023


Natural Gas



2,100,000



$

3.24










2024


Natural Gas



60,000







$

3.00



$

4.70


2024


Natural Gas



380,000



$

3.41





























Remaining 2022


Crude Oil



19,000



$

46.89










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 unrealized 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 presentation of net income (loss) to adjusted EBITDA for the periods indicated:


Third Quarter
Ended



Third Quarter
Ended



Nine Months
Ended



Nine Months
Ended



Second Quarter
Ended



June 30, 2022



June 30, 2021



June 30, 2022



June 30, 2021



March 31, 2022


Net Income (Loss)

$

8,589,010



$

(1,356,594)



$

11,250,804



$

(2,453,037)



$

(4,020,455)


Plus:




















Income tax expense




















(benefit)


976,000




(816,000)




1,771,000




(1,102,000)




33,000


Interest expense


286,345




220,439




693,276




790,202




230,212


DD&A


2,022,832




2,137,707




5,727,708




6,176,173




2,121,116


Impairment


6,277




45,855




11,862




45,855




-


Less:




















Unrealized gains (losses)




















on derivatives


3,282,921




(4,482,793)




(3,939,218)




(7,400,855)




(11,772,640)


Gains (losses) on asset sales


693,750




31,243




865,038




61,801




2,292,215


Plus:




















Cash receipts from (payments on)




















off-market derivative contracts(1)


(1,284,024)




-




(6,465,597)




-




(2,493,481)


Restricted stock and deferred




















director's expense


574,333




325,697




1,366,346




710,099




468,598


Adjusted EBITDA

$

7,194,102



$

5,008,654



$

17,429,579



$

11,506,346



$

5,819,415






















(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 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 presentation 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



June 30, 2022



June 30, 2021


Net Income (Loss)

$

7,486,604



$

(4,287,159)


Plus:








Income tax expense (benefit)


2,221,949




(1,780,060)


Interest expense


898,201




1,118,561


DD&A


7,297,339




8,696,169


Impairment


16,482




45,855


Less:








Unrealized gains (losses)








on derivatives


(815,184)




(9,788,013)


Gains (losses) on asset sales


1,112,581




770,911


Plus:








Cash receipts from (payments on)








off-market derivative contracts(1)


2,334,403




-


Restricted stock and deferred








director's expense


1,691,912




878,405


Adjusted EBITDA

$

21,649,493



$

13,688,873










Debt

$

28,300,000



$

19,900,000


Debt to Adjusted EBITDA (TTM)


1.31




1.45










(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 unrealized 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 presentation of net income (loss) to pretax net income (loss) excluding non-cash derivative gains (losses) for the periods indicated:


Third Quarter Ended



Second Quarter Ended



June 30, 2022



March 31, 2022


Net Income (Loss)

$

8,589,010



$

(4,020,455)


Plus:








Income tax expense (benefit)


976,000




33,000


Less:








Unrealized gains (losses)








on derivatives


3,282,921




(11,772,640)


Pretax Net Income (Loss) excluding








Non-cash Derivative Gains (Losses)

$

6,282,089



$

7,785,185










Weighted average shares outstanding








Basic


34,652,155




34,292,455


Diluted


34,851,214




34,292,455










Pretax Net Income (Loss) excluding Non-cash








Derivative Gains (Losses) per basic and diluted share

$

0.18



$

0.23










PHX Minerals Inc. (NYSE: PHX) Fort Worth, Texas, 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 75,000 leased 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, 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 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 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.

View original content:https://www.prnewswire.com/news-releases/phx-minerals-inc-reports-third-fiscal-quarter-2022-results-and-announces-dividend-payment-301601842.html

SOURCE PHX Minerals Inc.



Contact
Chad L. Stephens, 405.948.1560
 
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