Phoenix Energy One ( PHXE) Q3 2025 earnings summary

Executive summary

• Q3 revenue was $189.021M versus $59.040M, net income was $8.488M versus a net loss of $11.287M, and EBITDA was $92.551M versus $30.194M.

• Growth reflected sharply higher operated production and crude marketing; 44 gross wells were placed into service, alongside record-setting drilling speed, lateral length and initial oil production rates.

Financial highlights

• Q3 operating income was $46.3M versus $11.5M; 9M revenue was $468.602M versus $179.550M, operating income was $132.1M versus $46.7M, and net income was $32.785M versus a net loss of $11.294M.

• Q3 net income rose $19.8M YoY, primarily on $89.8M higher product sales, partly offset by higher DD&A, cost of sales and interest expense.

• Q3 EBITDA was $92.551M versus $30.194M; 9M EBITDA was $256.512M versus $102.822M. EBITDA is a non-GAAP measure.

• 9M operating cash flow was $190.6M; investing cash outflow was $606.0M and financing cash inflow was $390.1M.

Outlook and guidance

• Next 12 months: expected drilling of 90–110 gross and 62.0–76.0 net operated wells, plus 210–250 gross and 12.1–14.5 net non-operated wells; estimated capex $730M–$830M.

• Liquidity sources are expected to cover cash needs for at least 12 months; prolonged lower commodity prices could prompt lower capex, drilling or production plans, or additional capital raising.

• Willow Gray drilling began on a six-well pad with six four-mile laterals planned; completion would make it the first such six-lateral pad in the Williston Basin.