Phoenix Energy One ( PHXE) Q1 2026 earnings summary

Executive summary

• Revenue reached $298.680M vs $115.747M YoY; net loss was $140.119M, primarily reflecting a $178.8M derivative loss.

• Adjusted EBITDA rose 88% to $130.216M from $69.161M; reported EBITDA was negative $27.573M.

• March crude production set a monthly record at 1.23M Bbl; 22 wells were placed on production during Q1.

Financial highlights

• Product sales rose 115.5% to $181.6M; purchased crude oil sales contributed $77.1M.

• Operating income increased 134.5% to $91.8M; net loss was $140.119M versus $5.599M net income YoY.

• Operating cash flow was $103.8M versus $18.1M; investing outflow was $238.6M and financing inflow was $139.2M.

• EBITDA was negative $27.573M vs positive $71.984M; Adjusted EBITDA was $130.216M vs $69.161M, reflecting the derivative mark-to-market loss.

Outlook and guidance

• Next 12 months: plan to drill 75–105 gross and 54.0–76.0 net operated wells; participate in 310–410 gross and 10.8–14.2 net non-operated wells.

• Estimated next-12-month drilling capex is $750M–$810M; ~$147.3M of capital is anticipated to be raised in 2026 to execute the plan.

• Additional completion resources may be added in Q2 2026; a fourth rig may be evaluated later in 2026, subject to prices, operating conditions and capital availability.

• Lower-for-longer commodity prices could prompt cuts to capex, drilling or production plans; liquidity sources are expected to cover obligations for at least 12 months.