PHX Minerals reports Q3 EPS 3c, consensus 3c

Reports Q3 revenue $9.14B, consensus $9.27M. Total production volumes decreased 20% to 2,379 Mmcfe compared to Q2 and increased 1% compared to the year ago quarter. CEO Chad Stephens commented, “PHX generated our second-highest quarter for royalty volumes in our history, validating the quality of our asset base even amidst continued volatility in commodity pricing. We remain positive on natural gas prices as we move into a seasonal stronger period and are seeing sequential increased rig activities on and around our mineral acreage, further bolstering our longer-term outlook. During the quarter, we saw a growing pipeline of attractive M&A opportunities. We purchased 325 net royalty acres for $3.0M and replaced 100% of the wells in progress that converted to production. We also reduced our debt by $1.0M sequentially with cashflow generated from our production. With a strong balance sheet, and a proven track record of acquiring attractive mineral assets that produce cash flow even during challenging pricing, we are well-positioned for continued success. Our risk-mitigated business is built for resilient and sustainable profitability even during challenging pricing environments, and our strategic advantages are evident through commodity price cycles”.