PHX Minerals reports Q4 EPS 26c, consensus 18c

Reports Q4 revenue $17.55M, consensus $18.43M. Chad L. Stephens, President and CEO, commented, "In FY22, we made significant progress in the strategic transition that we began in late 2019. This strategy, to exit legacy assets and transition to a low fixed-cost royalty production model, is coming into sharp focus as demonstrated by the significant improvements in our financial results. We are executing according to our stated plan, growing our royalty reserves, high grading our asset base and generating meaningful profitability and cash flow. In response, both royalty production and royalty reserves reached all-time high levels in the fourth fiscal quarter. Looking ahead, 2023 should prove to be the final year of this transformative transition as we plan to divest a material portion of our remaining legacy non-operated working interest assets. Following these planned divestitures, royalty volumes will represent greater than 90% of total corporate volumes, leaving working interest volumes virtually immaterial."