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    PHX Minerals Reports Results for the Quarter Ended March 31, 2025 and Announces Dividend Payment

    5/8/25 4:10:00 PM ET
    $PHX
    Oil & Gas Production
    Energy
    Get the next $PHX alert in real time by email

    FORT WORTH, Texas, May 8, 2025 /PRNewswire/ -- PHX MINERALS INC., "PHX" or the "Company" (NYSE:PHX), today reported financial and operating results for the quarter ended March 31, 2025.

    Summary of Results for the Quarter Ended March 31, 2025

    • Net income was $4.4 million, or $0.12 per diluted share, compared to net income of $0.1 million, or $0.00 per diluted share, for the quarter ended Dec. 31, 2024, and net loss of ($0.2) million, or ($0.01) per diluted share, for the quarter ended March 31, 2024.
    • Adjusted EBITDA(1) was $6.2 million, compared to $5.4 million for the quarter ended Dec. 31, 2024 and $4.6 million for the quarter ended March 31, 2024.
    • Royalty production volumes decreased 9% to 1,910 Mmcfe compared to the quarter ended Dec. 31, 2024, and increased 3% compared to the quarter ended March 31, 2024.
    • Total production volumes decreased 9% to 2,159 Mmcfe compared to the quarter ended Dec. 31, 2024, and increased 2% compared to the quarter ended March 31, 2024.
    • Converted 65 gross (0.113 net) wells to producing status, compared to a conversion of 71 gross (0.22 net) wells to producing status during the quarter ended Dec. 31, 2024 and 85 gross (0.32 net) during the quarter ended March 31, 2024.
    • Inventory of 247 gross (1.017 net) wells in progress and permits as of March 31, 2025, compared to 225 gross (0.91 net) wells in progress and permits as of Dec. 31, 2024 and 230 gross (1.099 net) wells in progress and permits as of March 31, 2024.
    • Total debt was $19.8 million, down $9.8 million since Dec. 31, 2024, and the debt-to-adjusted EBITDA (TTM) (1) ratio was 0.86x at March 31, 2025.

    Subsequent Events

    • PHX announced a $0.04 per share quarterly dividend, payable on June 4, 2025, to stockholders of record on May 20, 2025.
    • In a separate press release also issued today, WhiteHawk Income Corporation (together with WhiteHawk Energy, LLC and their respective subsidiaries, "WhiteHawk") and PHX announced that they have entered into a definitive agreement under which WhiteHawk will acquire PHX in an all-cash transaction that values PHX at $4.35 per share, or total value of approximately $187 million, including PHX's net debt. The joint press release announcing the transaction is available at https://phxmin.com/news/press-releases.
    • In light of the pending all-cash transaction with WhiteHawk, PHX is canceling its previously scheduled quarterly conference call to discuss the Company's results for the quarter ended March 31, 2025.
         

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

    Chad L. Stephens, President and CEO, commented,"PHX had a strong start to 2025, delivering solid cash flow and adjusted EBITDA on both a sequential and year-over-year basis.  The closing of our recent divestiture of non-producing minerals in January, along with strong cash generation, enabled us to further reduce our debt to $19.8 million as of March 31, 2025, resulting in a debt-to-adjusted EBITDA (TTM) ratio under 1x. A strong and flexible balance sheet continues to be an important part of our strategy."

    "The natural gas environment showed meaningful improvement during the first quarter driven by tightening supply-demand dynamics, colder-than-expected winter weather, and increasing liquefied natural gas (LNG) export demand. This backdrop is translating into heightened operator activity across our mineral acreage as demonstrated by a higher gross and net number of wells in progress as of the quarter end. We expect this trend to continue throughout 2025 and into 2026, supporting the increased production volumes and enhanced cash flow from our assets."

    Financial Highlights

     







    Three Months Ended





    Three Months Ended







    March 31, 2025





    March 31, 2024



    Royalty Interest Sales



    $

    9,288,424





    $

    6,176,274



    Working Interest Sales



    $

    1,144,863





    $

    913,934



    Natural Gas, Oil and NGL Sales



    $

    10,433,287





    $

    7,090,208

















    Gains (Losses) on Derivative Contracts



    $

    (3,163,178)





    $

    627,492



    Lease Bonuses and Rental Income



    $

    328,203





    $

    151,718



    Total Revenue



    $

    7,598,312





    $

    7,869,418

















    Lease Operating Expense













    per Working Interest Mcfe



    $

    1.10





    $

    1.28



    Transportation, Gathering and













    Marketing per Mcfe



    $

    0.51





    $

    0.40



    Production and Ad Valorem Tax













    per Mcfe



    $

    0.20





    $

    0.19



    G&A Expense per Mcfe



    $

    1.74





    $

    1.58



    Cash G&A Expense per Mcfe (1)



    $

    1.15





    $

    1.25



    Interest Expense per Mcfe



    $

    0.21





    $

    0.34



    DD&A per Mcfe



    $

    1.13





    $

    1.11



    Total Expense per Mcfe



    $

    3.92





    $

    3.78

















    Net Income (Loss)



    $

    4,383,882





    $

    (183,615)



    Adjusted EBITDA (2)



    $

    6,161,219





    $

    4,607,034

















    Cash Flow from Operations (3)



    $

    4,276,440





    $

    5,246,651



    CapEx (4)



    $

    6,336





    $

    7,440



    CapEx - Mineral Acquisitions



    $

    630,296





    $

    1,406,248

















    Borrowing Base



    $

    50,000,000





    $

    50,000,000



    Debt



    $

    19,750,000





    $

    30,750,000



    Debt-to-Adjusted EBITDA (TTM) (2)





    0.86







    1.58









    (1)



    Cash G&A expense is G&A excluding professional fees associated with announced strategic alternatives process and 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

     



    Three Months Ended





    Three Months Ended





    March 31, 2025





    March 31, 2024



    Gas Mcf Sold



    1,729,256







    1,700,108



    Average Sales Price per Mcf before the











    effects of settled derivative contracts

    $

    3.85





    $

    2.10



    Average Sales Price per Mcf after the











    effects of settled derivative contracts

    $

    3.75





    $

    3.08



    % of sales subject to hedges



    75

    %





    62

    %

    Oil Barrels Sold



    42,355







    37,260



    Average Sales Price per Bbl before the











    effects of settled derivative contracts

    $

    70.52





    $

    76.01



    Average Sales Price per Bbl after the











    effects of settled derivative contracts

    $

    69.25





    $

    76.19



    % of sales subject to hedges



    40

    %





    37

    %

    NGL Barrels Sold



    29,316







    32,184



    Average Sales Price per Bbl(1)

    $

    27.18





    $

    21.51















    Mcfe Sold



    2,159,284







    2,116,776



    Natural gas, oil and NGL sales before the











    effects of settled derivative contracts

    $

    10,433,287





    $

    7,090,208



    Natural gas, oil and NGL sales after the











    effects of settled derivative contracts

    $

    10,214,808





    $

    8,759,517















    (1) There were no NGL settled derivative contracts during the 2025 and 2024 periods.







    Total Production for the last five quarters was as follows:

    Quarter ended



    Mcf Sold





    Oil Bbls Sold





    NGL Bbls Sold





    Mcfe Sold



    3/31/2025





    1,729,256







    42,355







    29,316







    2,159,284



    12/31/2024





    1,906,552







    43,571







    35,099







    2,378,569



    9/30/2024





    1,898,442







    45,698







    34,332







    2,378,622



    6/30/2024





    2,464,846







    51,828







    31,994







    2,967,779



    3/31/2024





    1,700,108







    37,260







    32,184







    2,116,776



    The percentage of total production volumes attributable to natural gas was 80% for the quarter ended March 31, 2025.

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

    Quarter ended



    Mcf Sold





    Oil Bbls Sold





    NGL Bbls Sold





    Mcfe Sold



    3/31/2025





    1,567,816







    38,200







    18,747







    1,909,502



    12/31/2024





    1,728,225







    39,592







    21,778







    2,096,435



    9/30/2024





    1,724,635







    41,170







    21,011







    2,097,722



    6/30/2024(1)





    2,304,176







    47,024







    20,461







    2,709,090



    3/31/2024





    1,533,580







    33,083







    20,844







    1,857,147





    (1) Increase in royalty production for the quarter ended June 30, 2024 was due to high interest high impact wells coming online in the Haynesville.



    The percentage of royalty production volumes attributable to natural gas was 82% for the quarter ended March 31, 2025.

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

    Quarter ended



    Mcf Sold





    Oil Bbls Sold





    NGL Bbls Sold





    Mcfe Sold



    3/31/2025





    161,440







    4,155







    10,569







    249,782



    12/31/2024





    178,327







    3,979







    13,321







    282,134



    9/30/2024





    173,807







    4,528







    13,321







    280,900



    6/30/2024





    160,670







    4,804







    11,533







    258,689



    3/31/2024





    166,528







    4,177







    11,340







    259,629



    Quarter Ended March 31, 2025 Results

    The Company recorded net income of $4.4 million, or $0.12 per diluted share, for the quarter ended March 31, 2025, as compared to net loss of $(0.2) million, or $(0.01) per diluted share, for the quarter ended March 31, 2024. The change in net income was principally the result of an increase in natural gas, oil and NGL sales and an increase in gain on asset sales, partially offset by an increase in losses associated with derivative contracts, an increase in general and administrative expenses, and an increase in transportation, gathering and marketing expenses.

    Natural gas, oil and NGL revenue increased $3.3 million, or 47%, for the quarter ended March 31, 2025, compared to the quarter ended March 31, 2024, due to increases in natural gas and NGL prices of 83% and 26%, respectively, and increases in natural gas and oil volumes of 2% and 14%, respectively, partially offset by a decrease in oil price of 7% and a decrease in NGL volumes of 9%.

    The increase in royalty production volumes during the quarter ended March 31, 2025, as compared to the quarter ended March 31, 2024, resulted primarily from new wells being brought online in the Haynesville Shale and SCOOP plays.

    The Company had a net loss on derivative contracts of ($3.2) million for the quarter ended March 31, 2025, comprised of a ($0.2) million loss on settled derivatives and a ($2.9) million non-cash loss on derivatives, as compared to a net gain of $0.6 million for the quarter ended March 31, 2024. The change in net gain (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 March 31, 2025 pricing relative to the strike price on open derivative contracts.

    Operations Update

    During the quarter ended March 31, 2025, the Company converted 65 gross (0.113 net) wells to producing status, including 5 gross (0.009 net) wells in the Haynesville and 26 gross (0.036 net) wells in the SCOOP, compared to 85 gross (0.32 net) wells converted in the quarter ended March 31, 2024.

    At March 31, 2025, the Company had a total of 247 gross (1.017 net) wells in progress and permits across its mineral positions, compared to 225 gross (0.91 net) wells in progress and permits at Dec 31, 2024. As of March 31, 2025, 18 rigs were operating on the Company's acreage and 70 rigs were operating within 2.5 miles of its acreage.















    Bakken/









































    Three





    Arkoma























    SCOOP





    STACK





    Forks





    Stack





    Haynesville





    Other





    Total



    As of March 31, 2025:









































    Gross Wells in Progress on PHX Acreage (1)



    61







    14







    11







    3







    70







    13







    172



    Net Wells in Progress on PHX Acreage (1)



    0.222







    0.025







    0.044







    0.015







    0.362







    0.067







    0.735



    Gross Active Permits on PHX Acreage



    28







    9







    3







    4







    28







    3







    75



    Net Active Permits on PHX Acreage



    0.090







    0.083







    0.003







    0.028







    0.066







    0.012







    0.282













































    As of March 31, 2025:









































    Rigs Present on PHX Acreage



    6







    1







    1







    -







    3







    7







    18



    Rigs Within 2.5 Miles of PHX Acreage



    18







    10







    9







    2







    17







    14







    70





    (1) Wells in progress includes drilling wells and drilled but uncompleted wells, or DUCs.

    Leasing Activity

    During the quarter ended March 31, 2025, the Company leased 397 net mineral acres to third-party exploration and production companies for an average bonus payment of $911 per net mineral acre and an average royalty of 25%.

    Acquisition and Divestiture Update

    During the quarter ended March 31, 2025, the Company purchased 50 net royalty acres for approximately $0.6 million and sold 165,326 acres, which were outside the Company's core focus areas and predominately undeveloped and unleased, for approximately $7.9 million.





    Acquisitions







    SCOOP





    Haynesville





    Other





    Total



    During Three Months Ended March 31, 2025:

























    Net Mineral Acres Purchased





    35







    -







    -







    35



    Net Royalty Acres Purchased





    50







    -







    -







    50



    Quarterly Conference Call

    In light of the pending all-cash transaction with WhiteHawk, PHX is canceling its previously scheduled quarterly conference call to discuss the Company's results for the quarter ended March 31, 2025.

    FINANCIAL RESULTS

    Statements of Income



    Three Months Ended March 31,





    2025





    2024



    Revenues:

    (unaudited)



    Natural gas, oil and NGL sales

    $

    10,433,287





    $

    7,090,208



    Lease bonuses and rental income



    328,203







    151,718



    Gains (losses) on derivative contracts



    (3,163,178)







    627,492







    7,598,312







    7,869,418



    Costs and expenses:











    Lease operating expenses



    273,713







    332,409



    Transportation, gathering and marketing



    1,103,966







    843,504



    Production and ad valorem taxes



    422,787







    392,327



    Depreciation, depletion and amortization



    2,430,207







    2,356,326



    Interest expense



    452,051







    714,886



    General and administrative



    3,754,248







    3,347,037



    Losses (gains) on asset sales and other



    (6,519,747)







    24,212



    Total costs and expenses



    1,917,225







    8,010,701



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



    5,681,087







    (141,283)















    Provision (benefit) for income taxes



    1,297,205







    42,332















    Net income (loss)

    $

    4,383,882





    $

    (183,615)







































    Basic earnings per common share

    $

    0.12





    $

    (0.01)















    Diluted earnings per common share

    $

    0.12





    $

    (0.01)















    Weighted average shares outstanding:











    Basic



    36,808,766







    36,303,392



    Diluted



    38,009,410







    36,303,392















    Dividends per share of











    common stock paid in period

    $

    0.0400





    $

    0.0300















     

    Balance Sheets





    March 31, 2025











    (unaudited)





    Dec. 31, 2024



    Assets











    Current assets:











    Cash and cash equivalents

    $

    2,536,133





    $

    2,242,102



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



    6,577,696







    6,128,954



    allowance for uncollectable accounts)











    Refundable income taxes



    80,621







    328,560



    Other



    721,062







    857,317



    Total current assets



    9,915,512







    9,556,933















    Properties and equipment at cost, based on











       successful efforts accounting:











    Producing natural gas and oil properties



    223,655,459







    223,043,942



    Non-producing natural gas and oil properties



    45,544,346







    51,806,911



    Other



    1,361,064







    1,361,064







    270,560,869







    276,211,917



    Less accumulated depreciation, depletion and amortization



    (120,293,049)







    (122,835,668)



    Net properties and equipment



    150,267,820







    153,376,249















    Operating lease right-of-use assets



    392,263







    429,494



    Other, net



    509,837







    553,090



    Total assets

    $

    161,085,432





    $

    163,915,766















    Liabilities and Stockholders' Equity











    Current liabilities:











    Accounts payable

    $

    656,711





    $

    804,693



    Derivative contracts, net



    3,178,706







    316,336



    Current portion of operating lease liability



    252,436







    247,786



    Accrued liabilities and other



    1,420,856







    1,866,930



    Total current liabilities



    5,508,709







    3,235,745















    Long-term debt



    19,750,000







    29,500,000



    Deferred income taxes, net



    8,318,416







    7,286,315



    Asset retirement obligations



    1,098,536







    1,097,750



    Derivative contracts, net



    480,401







    398,072



    Operating lease liability, net of current portion



    383,070







    448,031



    Total liabilities



    35,539,132







    41,965,913















    Stockholders' equity:











    Common Stock, $0.01666 par value; 75,000,000 shares authorized and











    36,796,496 issued at March 31, 2025; 75,000,000 shares authorized and 36,796,496 issued at Dec. 31, 2024



    613,030







    613,030



    Capital in excess of par value



    44,749,269







    44,029,492



    Deferred directors' compensation



    1,313,492







    1,323,760



    Retained earnings



    79,940,318







    77,073,332







    126,616,109







    123,039,614



    Less treasury stock, at cost; 274,478 shares at March 31,











    2025, and 279,594 shares at Dec. 31, 2024



    (1,069,809)







    (1,089,761)



    Total stockholders' equity



    125,546,300







    121,949,853



    Total liabilities and stockholders' equity

    $

    161,085,432





    $

    163,915,766



     

    Condensed Statements of Cash Flows





    Three Months Ended





    March 31, 2025





    March 31, 2024



    Operating Activities

    (unaudited)



    Net income (loss)

    $

    4,383,882





    $

    (183,615)



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











      by operating activities:











    Depreciation, depletion and amortization



    2,430,207







    2,356,326



    Provision for deferred income taxes



    1,032,101







    25,332



    Gain from leasing fee mineral acreage



    (328,203)







    (151,718)



    Proceeds from leasing fee mineral acreage



    332,331







    151,718



    Net (gain) loss on sales of assets



    (6,625,686)







    (66,500)



    Directors' deferred compensation expense



    47,738







    45,132



    Total (gain) loss on derivative contracts



    3,163,178







    (627,492)



    Cash receipts (payments) on settled derivative contracts



    (218,479)







    1,669,309



    Restricted stock award expense



    681,723







    656,656



    Other



    25,333







    35,731



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











    Natural gas, oil and NGL sales receivables



    (448,742)







    1,216,455



    Income taxes receivable



    247,939







    378



    Other current assets



    202,745







    207,497



    Accounts payable



    (145,867)







    67,986



    Other non-current assets



    58,642







    56,338



    Accrued liabilities



    (562,402)







    (212,882)



    Total adjustments



    (107,442)







    5,430,266



    Net cash provided by operating activities



    4,276,440







    5,246,651















    Investing Activities











    Capital expenditures



    (6,336)







    (7,440)



    Acquisition of minerals and overriding royalty interests



    (630,296)







    (1,406,248)



    Net proceeds from sales of assets



    7,865,103







    66,500



    Net cash provided by (used in) investing activities



    7,228,471







    (1,347,188)















    Financing Activities











    Borrowings under credit facility



    -







    1,000,000



    Payments of loan principal



    (9,750,000)







    (3,000,000)



    Payments of dividends



    (1,460,880)







    (1,079,968)



    Net cash provided by (used in) financing activities



    (11,210,880)







    (3,079,968)















    Increase (decrease) in cash and cash equivalents



    294,031







    819,495



    Cash and cash equivalents at beginning of period



    2,242,102







    806,254



    Cash and cash equivalents at end of period

    $

    2,536,133





    $

    1,625,749















    Supplemental Disclosures of Cash Flow Information:























    Interest paid (net of capitalized interest)

    $

    503,184





    $

    733,799



    Income taxes paid (net of refunds received)

    $

    17,165





    $

    16,623















    Supplemental Schedule of Noncash Investing and Financing Activities:























    Dividends declared and unpaid

    $

    56,016





    $

    41,346















    Gross additions to properties and equipment

    $

    568,026





    $

    1,406,743



    Net increase (decrease) in accounts receivable for properties











    and equipment additions



    68,606







    6,945



    Capital expenditures and acquisitions

    $

    636,632





    $

    1,413,688







    Derivative Contracts as of March 31, 2025

     





    Production volume









    Contract period



    covered per month



    Index



    Contract price















    Natural gas costless collars













    May - June 2025



    30,000 Mmbtu



    NYMEX Henry Hub



    $3.00 floor / $5.00 ceiling

    May - September 2025



    55,000 Mmbtu



    NYMEX Henry Hub



    $3.00 floor / $3.75 ceiling

    November 2025 - March 2026



    100,000 Mmbtu



    NYMEX Henry Hub



    $3.50 floor / $4.85 ceiling

    November 2025 - March 2026



    75,000 Mmbtu



    NYMEX Henry Hub



    $3.50 floor / $4.72 ceiling

    November 2025 - March 2026



    50,000 Mmbtu



    NYMEX Henry Hub



    $3.50 floor / $3.87 ceiling

    November 2025 - March 2026



    15,000 Mmbtu



    NYMEX Henry Hub



    $3.50 floor / $5.15 ceiling

    April - June 2026



    75,000 Mmbtu



    NYMEX Henry Hub



    $3.00 floor / $3.60 ceiling

    July - September 2026



    100,000 Mmbtu



    NYMEX Henry Hub



    $3.00 floor / $3.60 ceiling

    Natural gas fixed price swaps













    May 2025



    25,000 Mmbtu



    NYMEX Henry Hub



    $3.23

    May - August 2025



    125,000 Mmbtu



    NYMEX Henry Hub



    $3.01

    May - October 2025



    100,000 Mmbtu



    NYMEX Henry Hub



    $3.28

    June 2025



    10,000 Mmbtu



    NYMEX Henry Hub



    $3.23

    July 2025



    45,000 Mmbtu



    NYMEX Henry Hub



    $3.23

    August 2025



    40,000 Mmbtu



    NYMEX Henry Hub



    $3.23

    September 2025



    50,000 Mmbtu



    NYMEX Henry Hub



    $3.23

    September - October 2025



    100,000 Mmbtu



    NYMEX Henry Hub



    $3.01

    October 2025



    100,000 Mmbtu



    NYMEX Henry Hub



    $3.23

    November 2025 - January 2026



    25,000 Mmbtu



    NYMEX Henry Hub



    $4.21

    February 2026



    15,000 Mmbtu



    NYMEX Henry Hub



    $4.21

    March 2026



    25,000 Mmbtu



    NYMEX Henry Hub



    $4.21

    April - June 2026



    50,000 Mmbtu



    NYMEX Henry Hub



    $3.10

    Oil fixed price swaps













    March - August 2025



    1,000 Bbls



    NYMEX WTI



    $68.80

    March 2025



    1,600 Bbls



    NYMEX WTI



    $64.80

    March 2025



    500 Bbls



    NYMEX WTI



    $69.50

    March - June 2025



    2,000 Bbls



    NYMEX WTI



    $70.90

    March 2025



    500 Bbls



    NYMEX WTI



    $73.71

    April 2025



    500 Bbls



    NYMEX WTI



    $73.30

    April - June 2025



    750 Bbls



    NYMEX WTI



    $69.50

    April - June 2025



    1,000 Bbls



    NYMEX WTI



    $68.00

    May 2025



    500 Bbls



    NYMEX WTI



    $72.92

    June 2025



    500 Bbls



    NYMEX WTI



    $72.58

    July 2025



    500 Bbls



    NYMEX WTI



    $72.24

    July - August 2025



    1,250 Bbls



    NYMEX WTI



    $70.81

    July - September 2025



    500 Bbls



    NYMEX WTI



    $69.50

    July - December 2025



    1,500 Bbls



    NYMEX WTI



    $68.90

    August 2025



    500 Bbls



    NYMEX WTI



    $71.88

    September 2025



    500 Bbls



    NYMEX WTI



    $71.60

    September 2025



    1,500 Bbls



    NYMEX WTI



    $68.80

    October 2025



    750 Bbls



    NYMEX WTI



    $71.12

    October 2025



    2,000 Bbls



    NYMEX WTI



    $68.80

    November 2025



    750 Bbls



    NYMEX WTI



    $70.99

    November 2025 - March 2026



    1,500 Bbls



    NYMEX WTI



    $68.80

    December 2025



    750 Bbls



    NYMEX WTI



    $70.66

    January 2026



    1,500 Bbls



    NYMEX WTI



    $70.53

    February 2026



    1,500 Bbls



    NYMEX WTI



    $71.28

    March 2026



    1,500 Bbls



    NYMEX WTI



    $70.42

    April - June 2026



    1,000 Bbls



    NYMEX WTI



    $68.80

    April - June 2026



    1,000 Bbls



    NYMEX WTI



    $65.80

     

    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 

    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, but including cash receipts from (payments on) off-market derivatives, and further excluding professional fees associated with announced strategic alternatives process and restricted stock and deferred directors' expense. In prior releases, the Company generally has not excluded professional fees in defining adjusted EBITDA, but has excluded professional fees associated with the announced strategic alternatives process in defining adjusted EBITDA in this press release as the Company believes excluding these particular fees in the presentation of adjusted EBITDA may be useful to investors in their evaluation of the Company's financial performance. 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 Ended





    Three Months Ended





    Three Months Ended





    March 31, 2025





    March 31, 2024





    Dec. 31, 2024



    Net Income

    $

    4,383,882





    $

    (183,615)





    $

    109,400



    Plus:

















    Income tax expense



    1,297,205







    42,332







    (27,551)



    Interest expense



    452,051







    714,886







    573,920



    DD&A



    2,430,207







    2,356,326







    2,605,809



    Impairment expense



    -







    -







    52,673



    Professional  fees associated with announced strategic

    alternatives process



    549,400







    -







    -



    Less:

















    Non-cash gains (losses)

















    on derivatives



    (2,944,699)







    (1,041,817)







    (1,509,661)



    Gains (losses) on asset sales



    6,625,686







    66,500







    -



    Plus:

















    Restricted stock and deferred

















    director's expense



    729,461







    701,788







    561,603



    Adjusted EBITDA

    $

    6,161,219





    $

    4,607,034





    $

    5,385,515





















    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





    March 31, 2025





    March 31, 2024



    Net Income

    $

    6,889,363





    $

    4,183,941



    Plus:











    Income tax expense



    2,082,060







    1,710,792



    Interest expense



    2,300,433







    2,519,806



    DD&A



    9,680,325







    9,032,521



    Professional fees associated with announced











    strategic alternatives process



    549,400







    -



    Impairment expense



    52,673







    36,460



    Less:











    Non-cash gains (losses)











    on derivatives



    (5,900,877)







    88,315



    Gains (losses) on asset sales



    7,077,578







    377,276



    Plus:











    Restricted stock and deferred











    director's expense



    2,500,682







    2,501,129



    Adjusted EBITDA

    $

    22,878,235





    $

    19,519,058















    Debt

    $

    19,750,000





    $

    30,750,000



    Debt-to-Adjusted EBITDA (TTM)



    0.86







    1.58















    PHX Minerals Inc. Fort Worth-based, PHX Minerals Inc. is a natural gas and oil 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 about 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 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; the transaction with WhiteHawk; 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 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.

    Investor Contact:

    Rob Fink / Stephen Lee

    FNK IR

    646.809.4048

    [email protected]

    Corporate Contact:

    405.948.1560

    [email protected]

    Cision View original content:https://www.prnewswire.com/news-releases/phx-minerals-reports-results-for-the-quarter-ended-march-31-2025-and-announces-dividend-payment-302450572.html

    SOURCE PHX Minerals Inc.

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