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PHX Minerals reports Q2 adjusted EPS 2c, consensus 4c

Reports Q2 revenue $7.23M, consensus $8.99M. Chad L. Stephens, President and CEO, commented, “We continue to experience significant activity on our minerals including wells being put on production, new wells being spud and new permitting, demonstrating the quality of our assets even during a down market with lower natural gas prices. During the quarter, we experienced increased rig activity on our minerals compared to a year ago, expanding our market share of rigs operating within our core regions. The sequential decline in royalty volumes during the quarter is primarily attributable to the timing of wells being placed online. We continually monitor operator activity across our mineral position and are confident that the timing of our wells in progress will support our royalty volume growth allowing us to achieve our royalty volume outlook for calendar 2023, driving revenue growth and increasing cash flow. It appears the Q2 likely represented the bottom for natural gas prices and current macro dynamics suggest sequential price improvements in the remainder of the year.”

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