Here are the 10-Q quarterly reports from Phoenix Energy One, LLC (PHXE-P) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow PHXE-P and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full PHXE-P filings page.
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.
Phoenix Energy One reported sharply higher first‑quarter activity but swung to a net loss. Revenue rose to $298.7 million from $115.7 million, driven by more operated wells, higher production and new purchased crude oil sales. Total production nearly doubled to 3.42 million Boe, with average daily volumes of 37,976 Boe.
Income from operations increased to $91.8 million, but a $178.8 million loss on crude oil derivatives and higher interest expense of $52.5 million led to a net loss of $140.1 million. Operating cash flow strengthened to $103.8 million, while capital spending reached $238.6 million as the company accelerated drilling and completions.
Total debt expanded to $1.70 billion and total liabilities exceeded assets, resulting in a $63.6 million equity deficit at March 31, 2026. Management acknowledges sizable working capital pressure but believes available liquidity sources and ongoing capital raises support operations for at least twelve months.