Phoenix Energy One ( PHXE) Q2 2026 earnings summary

Executive summary

• Q2 revenue was $405.9M, up 147.7% YoY; net income was $106.0M, EBITDA $238.4M and Adjusted EBITDA $181.3M.

• Q2 average daily production rose 66.1% YoY to 39,574 Boe/d, supported by increased wells in service and record crude oil production.

• H1 revenue grew 152.0% to $704.5M, while net loss was $34.1M, primarily reflecting a $177.2M derivative loss.

Financial highlights

• Q2 revenue rose from $163.8M; net income increased from $18.7M, and Adjusted EBITDA from $84.3M.

• Q2 product sales were $241.9M, purchased crude oil sales $108.0M and mineral and royalty revenue $49.1M.

• Q2 operating expenses rose 106.9% YoY to $242.3M; purchased crude oil expense was $105.0M and DD&A was $74.3M.

• H1 EBITDA was $210.8M and Adjusted EBITDA $311.5M; operating cash flow was $277.3M vs. $100.6M.

Outlook and guidance

• Planned next-12-month drilling: 70–110 gross and 53.0–83.0 net operated wells, plus 220–320 gross and 6.3–9.2 net non-operated wells.

• Estimated capital expenditures are $710M–$810M over the next 12 months; $173.5M of debt, $156.8M of interest and $6.8M of preferred distributions are due.

• Operating cash flow and financing sources are expected to cover commitments for at least 12 months; sustained lower commodity prices could reduce capex, drilling or production plans.

• Forward-looking expectations address 2026 financial position and operating performance, guidance assumptions, commodity-price effects on derivatives and operating efficiencies.