PHX MINERALS INC.
phxmin.comWhat Do They Do?
Owns mineral acreage that generates royalties from natural gas, oil and natural gas liquids produced by oil and gas operators.
10-K for FY2024, filed Mar 12, 2025PHX Minerals Inc., a Delaware corporation, is a Fort Worth-based company focused on perpetual natural gas and oil mineral ownership in…View ↗
A “mineral fee” is an interest in real property in which the owner owns all of the rights to the minerals under the surface in perpetuity…View ↗
We derive our revenue through bonus and royalty payments and from legacy working interests on our mineral and leasehold acreage. Our…View ↗
How Do They Make Money?
Natural gas is its largest revenue source. PHX earns lease bonuses and royalties from its mineral acreage, plus proceeds from legacy working-interest production; operators or contracted purchasers pay for delivered and sold gas, oil and NGL.
10-K for FY2024, filed Mar 12, 2025A “mineral fee” is an interest in real property in which the owner owns all of the rights to the minerals under the surface in perpetuity…View ↗
We derive our revenue through bonus and royalty payments and from legacy working interests on our mineral and leasehold acreage. Our…View ↗
The Company satisfies the performance obligations under its natural gas, oil and NGL sales contracts upon delivery of its production and…View ↗
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10-K for FY2024, filed Mar 12, 2025
FY2024 revenue by product or service ↗
$34.6M
-
10-K for FY2024, filed Mar 12, 2025
$34.6M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Natural Gas Revenue
Sold outright
10-K for FY2024, filed Mar 12, 2025 |
52% |
Natural Gas Revenue, FY2024
$17.5M Sources
|
Sold outright |
|
Oil Revenue
Sold outright
10-K for FY2024, filed Mar 12, 2025 |
39% |
Oil Revenue, FY2024
$13.3M Sources
|
Sold outright |
|
NGL
Sold outright
|
8.7%
FY2021: 11%
|
NGL, FY2024
$2.9M Sources
|
Sold outright |
Who Are Their Customers?
PHX’s wells are operated by lessees and oil and gas companies; they generally sell production through operators to purchasers such as pipeline and marketing companies. Payments reach PHX from the well operator or contracted purchaser.
10-K for FY2024, filed Mar 12, 2025
10-K for FY2024, filed Mar 12, 2025
Year Ended December 31, 2024 2023 Company A 17 % 14 % Company B 9 % 13 % Company C 8 % 3 %View ↗
Do Revenues Turn Into Profits?
Yes. It kept 7 cents of every revenue dollar as net income in FY2024.
10-K for FY2024, filed Mar 12, 2025
10-K for FY2024, filed Mar 12, 2025
$2.3MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q1 FY2025, filed May 8, 2025
$4.4MView ↗
- ▲ Now profitable
- vs −$183.6K in Q1 FY2024
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Jun 23, 2025
PHX became a wholly owned subsidiary after a merger
Tendered shares were accepted for payment, and other shares were converted into cash.
Sources
8-K, filed Jun 23, 2025
The Offer and withdrawal rights expired as scheduled at 12:00 midnight, New York City Time, at the end of June 20, 2025 (such date and…View ↗
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May 12, 2025
WhiteHawk agreed to acquire PHX in an all-cash deal
The agreement valued PHX at $4.35 per share.
Sources
8-K, filed May 12, 2025
In a separate press release also issued today, WhiteHawk Income Corporation (together with WhiteHawk Energy, LLC and their respective…View ↗
Growing. Revenue grew 38% in 4 years, from $25M in FY2020 to $34.6M in FY2024, about 8% a year.
Revenue mix
The older report described working-interest production as a significant revenue source while royalties and lease bonuses were growing; the latest says most revenue comes from royalties, with the rest primarily from working-interest production.
10-K for FY2021, filed Dec 13, 2021 10-K for FY2024, filed Mar 12, 2025Although a significant amount of our revenues is currently derived from the production and sale of natural gas, oil and NGL from our…View ↗
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