Phoenix Energy One, LLC entered into Amendment No. 11 to its senior secured credit agreement, which permits the company to issue certain secured junior lien notes, subject to the agreement’s conditions and limitations, and amends or waives specified covenants. The lenders waived a specified current-ratio default upon the amendment’s effectiveness: Phoenix Energy One failed, for the month ended September 30, 2026, to comply with the requirement that its Current Ratio not fall below 0.90 to 1.00. The amendment waives that minimum-ratio requirement for calendar months ending from April 30, 2026 through December 31, 2026. It also requires mortgage supplements within 15 Business Days after effectiveness, unless the administrative agent agrees to a later date, for Oil and Gas Properties not then subject to a mortgage. Once recorded, the supplements are to provide a first-priority lien on at least the Collateral Coverage Minimum.
Separately, the company disclosed its Wellbore Participation and Assignment Plan, which gives employees, including executive officers, the opportunity to acquire non-operating working interests in 38 company-operated wells in North Dakota and Montana. Participants commit to development and ongoing operating costs based on their elected working interests, and initially pay 3.0% of their commitment based on forecast development costs.
Phoenix Energy One, LLC amended its senior secured credit agreement effective October 21, 2026, permitting the company to issue certain secured junior lien notes, subject to the agreement’s conditions and limitations. The amendment also waived, upon its effective date, the specified default for the calendar month ended September 30, 2026, after the company failed to meet the requirement that its Current Ratio not be less than .90 to 1.00. The waiver applies only to that specified default.
Separately, the company’s Wellbore Participation and Assignment Plan has provided employees, including executive officers, an opportunity to acquire non-operating working interests in 38 company-operated wells in North Dakota and Montana. Participants initially pay 3.0% of their Commitment, based on forecast Development Costs, and bear their share of development and ongoing operating costs. Each participant’s net revenue interest equals 80% of the Elected Working Interest; distributions are not expected until all Development Costs have been incurred.
Phoenix Energy One, LLC is offering up to $500,000,000 aggregate principal amount of Phoenix Access senior subordinated junior lien notes continuously, with sales from time to time after the registration statement becomes effective. The notes mature in 2, 3, 5, 7 or 11 years, pay annual interest of 7.50% to 11.00%, and provide monthly cash interest or interest added to principal. Certain subsidiaries guarantee the notes; collateral consists of second mortgages on real estate and a blanket second lien on assets, junior to senior-priority secured debt and subject to limitations.
After giving effect to the offering but before applying proceeds, indebtedness would have been approximately $2,320.8 million as of June 30, 2026. The company may use proceeds to pay interest and principal on existing debt and cash distributions on preferred equity. For the six months ended June 30, 2026, revenue was $704.5 million versus $279.6 million a year earlier, while net results were a $34.1 million loss versus $24.3 million net income. The company estimates it will need approximately $669.8 million in additional capital through the end of 2028 for reserve development. Holders may request redemption at 95% of principal plus accrued interest, subject to exceptions; transfers require prior written consent, and no public trading market is established.
Phoenix Energy One, LLC (PHXE) entered Amendment No. 11 to its senior secured credit agreement. The amendment permits issuance of certain secured junior lien notes, subject to the agreement’s conditions and limitations, and waives the requirement not to permit the Current Ratio to be less than .90 to 1.00 for each calendar month ending from April 30, 2026 through and including December 31, 2026.
The company’s Wellbore Participation and Assignment Plan provides certain employees, including executive officers, the opportunity to acquire non-operating working interests in 38 Company-operated wells in North Dakota and Montana. Participants commit to a percentage of development costs, initially paying 3.0% of their Commitment based on forecast development costs, and bear their share of development and ongoing operating costs. Each participant’s net revenue interest is 80% of their Elected Working Interest.
Phoenix Energy One, LLC entered into Amendment No. 10 to its Amended and Restated Senior Secured Credit Agreement on August 12, 2026. The amendment establishes $75 million of Amendment No. 7 Discretionary Delayed Draw Term Loan Commitments, all of which were drawn immediately, and reduces the remaining discretionary capacity under Amendment No. 7 from $225 million to $150 million during the delayed draw availability period. These loans carry an original issue discount of 3.00% and otherwise share the same interest rate and maturity as prior Amendment No. 7 delayed draw term loans. The repayment premium on any full payoff of the loans is reset to ensure a minimum MOIC of 1.15x on specified Amendment No. 7 tranches and 1.18x on other loan groups. Proceeds are to be used to finance development of the company’s oil and gas properties under an approved development plan. The amendment also adds detailed conditions precedent, financial ratio compliance requirements, and post-closing obligations, including entering into commodity price Swap Agreements covering specified volumes of projected crude oil production.
Phoenix Energy One, LLC filed a prospectus supplement to update its unsecured and secured notes prospectuses with a new Current Report describing Amendment No. 10 to its Amended and Restated Senior Secured Credit Agreement. The amendment, effective August 12, 2026, adds $75 million in Amendment No. 7 Discretionary Delayed Draw Term Loan Commitments, all of which were funded on that date, and reduces remaining discretionary capacity under those commitments from $225 million to $150 million.
These delayed draw term loans carry a 3.00% original issue discount and otherwise share the same interest rate and maturity as prior Amendment No. 7 loans. The repayment premium on the facility is revised so that any full repayment must give lenders a money-on-invested-capital of 1.15x on specified Amendment No. 7 loans and 1.18x on other loan groups. Proceeds from the new commitments will finance development of the company’s oil and gas properties under its approved plan of development, subject to extensive conditions precedent, ongoing financial covenants, and required commodity hedging through swap agreements.
Phoenix Energy One, LLC entered into Amendment No. 10 to its Amended and Restated Senior Secured Credit Agreement with Fortress Credit Corp. and participating lenders. The amendment establishes $75 million in Amendment No. 7 Discretionary Delayed Draw Term Loan Commitments, all of which were funded on August 12, 2026.
As a result, the aggregate principal amount available on a discretionary basis under these delayed draw term loans decreased from $225 million to $150 million during the defined availability period. The new commitments carry an original issue discount of 3.00% and have the same interest and maturity terms as prior Amendment No. 7 loans. The amendment also revises the repayment premium so that any full repayment of the loans achieves a MOIC of 1.15 for specified Amendment No. 7 loans and the February and August 2026 delayed draw loans, and 1.18 for each other group of loans. Proceeds will be used to finance development of the company’s oil and gas properties under the approved development plan.
Phoenix Energy One, LLC filed a prospectus supplement updating its unsecured Registered Notes and Phoenix Flex Junior Secured Notes offerings with results from the quarter ended June 30, 2026. The company reported revenue of $405.9 million and net income of $106.0 million for the quarter, driven by higher crude oil volumes and prices. Average daily production reached 39,574 Boe, with 147 producing wells in service.
Total assets were $2.22 billion and total liabilities $2.18 billion, including $1.82 billion of debt. Working capital was negative by about $411.2 million. Operating cash flow for the first half of 2026 was $277.3 million, while capital expenditures totaled $532.9 million, largely for oil and gas property development. Management acknowledges liquidity risk but, considering operating cash flows, debt and equity capacity, and recent note issuances, believes the business can operate beyond 12 months as a going concern.
Phoenix Energy One, LLC updated its unsecured Registered Notes and Phoenix Flex Junior Secured Notes offerings by incorporating results for the quarter ended June 30, 2026. The oil and gas company reported Q2 2026 revenues of $405,851 (in thousands), up sharply from 2025, and income from operations of $163,535 (in thousands). Net income was $105,985 (in thousands), with average production of 39,574 Boe per day from 147 producing wells.
Total assets were $2,219,291 (in thousands), funded largely by $1,820,786 (in thousands) of debt and resulting in negative working capital of about $411.2 million. Operating cash flow for the first six months was $277,291 (in thousands) against capital expenditures of $532,877 (in thousands). Management cites ongoing access to debt markets, including a new $100.0 million Phoenix Flex Junior Secured Note program and additional post-period debt issuances, in supporting its view that the business can operate beyond 12 months.
Phoenix Energy One, LLC reported sharply higher Q2 2026 results, with total revenues of $405.9 million, up from $163.8 million a year earlier, and Q2 net income of $106.0 million versus $18.7 million in Q2 2025. The increase reflects higher product sales, mineral and royalty revenues, and purchased crude oil sales across its operating and mineral/non-operating segments.
For the first six months of 2026, revenues rose to $704.5 million from $279.6 million, but the company recorded a net loss of $34.1 million driven primarily by a $177.2 million loss on derivatives and high interest expense of $110.8 million. Operating cash flow was strong at $277.3 million, funding heavy capital spending of $532.9 million on oil and gas properties, which increased net property, plant, and equipment to $2.03 billion.
Total assets reached $2.22 billion at June 30, 2026, against total liabilities of $2.18 billion and equity of $40.7 million. Long-term debt (including current portion) grew to $1.82 billion, and the company reported negative working capital of approximately $411.2 million. Management highlights continued access to debt markets, including an additional $92.5 million of notes raised after quarter-end, and concludes it has sufficient liquidity to operate beyond 12 months.