Welcome to our dedicated page for Phx Minerals news (Ticker: PHX), a resource for investors and traders seeking the latest updates and insights on Phx Minerals stock.
PHX Minerals Inc. (formerly listed on the New York Stock Exchange under the symbol PHX) generated a steady flow of corporate and operational news while it was a standalone public company and through its subsequent acquisition by WhiteHawk Income Corporation. News coverage for PHX spans quarterly and annual financial results, production and leasing updates, strategic reviews and the detailed steps of its sale process.
Company releases have reported net income, adjusted EBITDA, royalty and working interest production volumes, and natural gas, oil and NGL sales. Operating updates have highlighted wells converted to producing status, wells in progress and permits across PHX’s mineral positions, and leasing activity such as net mineral acres leased to third-party exploration and production companies. These disclosures provide context on how PHX’s natural gas and oil mineral assets in states such as Oklahoma, Texas, Louisiana, North Dakota and Arkansas were being developed and managed over time.
News items also document key corporate actions, including the board’s decision to initiate a strategic alternatives process, responses to acquisition proposals, and the eventual execution of an Agreement and Plan of Merger with WhiteHawk. Subsequent announcements describe the tender offer, the percentage of shares tendered, the closing of the all-cash transaction at $4.35 per share, and the completion of the merger on June 23, 2025, after which PHX became a wholly owned subsidiary of WhiteHawk Acquisition, Inc.
This PHX news page serves as an archive of those developments, from earnings releases and operational commentary to transaction milestones and delisting notices. Readers can review how PHX’s financial performance, production profile and corporate strategy evolved leading up to its acquisition and the suspension of trading in its shares.
Panhandle Oil and Gas Inc. (NYSE: PHX) has finalized the acquisition of two mineral and royalty packages in Grady County, Oklahoma, and Panola and Harrison Counties, Texas, for approximately $5.5 million and 153,375 shares of common stock. This deal allows Panhandle to benefit from cash flow starting June 1, 2020. CEO Chad L. Stephens highlighted the importance of this acquisition in transitioning the company's focus towards minerals and expressed optimism about future market opportunities.
Panhandle Oil and Gas Inc. (NYSE: PHX) has priced its public offering of 5 million shares of common stock at $1.63 each. The offering aims to raise about $7.2 million after expenses, with expected closure on or around Sept. 1, 2020. The funds will be used for acquisitions and general corporate purposes. Additionally, underwriters have a 30-day option to purchase 750,000 extra shares at the same price. The offering is made under an effective shelf registration statement.
Panhandle Oil and Gas Inc. (NYSE: PHX) announced its agreement to acquire mineral and royalty assets in the SCOOP and Haynesville plays for approximately $6.9 million in cash and stock. The transaction includes $6.4 million in cash and $0.5 million in stock, with funding through a public offering. The assets consist of 795 net royalty acres with an estimated 7.4 Bcfe of reserves and a current production of 1.1 Mmcfe/d. The deal, approved by the Board, is set to close in the first fiscal quarter of 2021.
Panhandle Oil and Gas is initiating an underwritten public offering of 5,000,000 shares of its common stock, with a potential option for underwriters to purchase 750,000 additional shares. The company plans to use net proceeds for pending acquisitions and general corporate purposes. Stifel and Northland Capital Markets are the joint book-running managers. This offering is registered under a previous shelf registration statement with the SEC. Forward-looking statements in this release are subject to risks and uncertainties that may affect actual results.
Panhandle Oil and Gas Inc. (NYSE: PHX) reported challenging third-quarter results for the period ending June 30, 2020. Total volumes sold dropped by 20%, with a net loss of $3.6 million ($0.21 per share) compared to a loss of $20.5 million in Q2 2020. Adjusted EBITDA was $1.2 million, down from $2.4 million, primarily due to lower production volumes and prices. The company reduced its debt from $35.4 million to $30 million. A dividend of $0.01 per share is set for payment on September 11, 2020. Despite the current challenges, management remains optimistic about future opportunities.
Panhandle Oil and Gas Inc (NYSE: PHX) will release its fiscal 2020 third quarter results on August 13, 2020, after market close. A conference call will follow at 5:00 p.m. EDT for management to discuss the results, with a Q&A session for investors. The company owns approximately 258,000 net mineral acres, predominantly in Oklahoma and other states, with 71% of this area currently unleased and undeveloped. Further investor information will be accessible on their website.
Panhandle Oil and Gas Inc. (NYSE: PHX) announced an amendment to its revolving credit facility with Bank of Oklahoma, reducing its borrowing base to $32 million as of June 24, 2020. The company has net debt of $27.7 million, comprising $30 million in debt and $2.3 million in cash. CEO Chad Stephens expressed confidence in the company's strategy to navigate the downturn in commodity prices, which includes reducing general and administrative expenses and exploring asset sales to improve liquidity.