PHX Minerals reports Q3 adjusted EPS 9c, consensus 4c

Reports Q3 revenue $9.18M, consensus $9.31M. Total production volumes increased 2% to 2,348 Mmcfe compared to the quarter ended June 30, 2023, and decreased 9% compared to the quarter ended Sept. 30, 2022. CEO Chad . Stephens commented, “We are pleased with this quarter’s financial results as they highlight the company’s progress. There continues to be robust drilling activity on our minerals reflecting the high-quality nature of our assets. Royalty volume growth remains on trend to increase approximately 20% year over year. Royalty volumes now represent over 90% of cash flow as the nonop working interest portion of our business has steadily become less material to our financial performance. We continue to see active deal flow, having completed roughly $13M of mineral acquisitions during the quarter and in excess of $40 million over the trailing 12-month period. The Board of Directors approved an increase in our quarterly dividend from $0.0225 to $0.03, a 33% increase, which reflects their belief in the continued sustainability of our business model. Additionally, our bank group increased our borrowing base from $45.0M to $50.0M, which also reflects on the high quality of our asset base and our ability to execute on our strategy.”