$PHXE-P

Phoenix Energy One, LLC

CIK:0001818643|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUES
Total revenues	$ 405,851	$ 163,834	$ 704,531	$ 279,581
OPERATING EXPENSES
Cost of sales	51,580	35,169	107,672	62,252
Depreciation, depletion, and amortization	74,253	36,617	134,502	67,842
Purchased crude oil expenses	104,996	30,352	180,596	30,352
Selling, general, and administrative	2,761	6,381	7,106	15,895
Payroll and payroll-related	9,029	8,093	18,392	16,022
Advertising and marketing	557	517	926	837
Gain on sale of assets	(1,442)	0	(1,442)	0
Impairment expense	582	6	1,410	522
Total operating expenses	242,316	117,135	449,162	193,722
INCOME FROM OPERATIONS	163,535	46,699	255,369	85,859
OTHER INCOME (EXPENSE)
Interest income	175	363	388	1,052
Interest expense, net	(58,329)	(37,025)	(110,839)	(72,874)
Gain (loss) on derivatives	1,569	8,922	(177,184)	10,842
Loss on debt extinguishment	(965)	(261)	(1,868)	(582)
Total other expenses	(57,550)	(28,001)	(289,503)	(61,562)
NET INCOME (LOSS)	105,985	18,698	(34,134)	24,297
Product sales
REVENUES
Total revenues	241,905	97,260	423,501	181,529
Mineral and royalty revenues
REVENUES
Total revenues	49,140	31,985	84,845	61,871
Purchased crude oil sales
REVENUES
Total revenues	107,969	30,800	185,053	30,800
Water services
REVENUES
Total revenues	6,143	3,697	10,340	5,200
Other revenue
REVENUES
Total revenues	$ 694	$ 92	$ 792	$ 181

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (Loss)	$ (34,134)	$ 24,297
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion, and amortization	134,502	67,842
Equity-based compensation expense	111	0
Amortization of right-of-use assets	635	543
Amortization of debt discount and debt issuance costs	15,249	11,404
Impairment expense	1,410	522
Write offs of earnest payments	3	0
Unrealized (gain) loss on derivatives	100,660	(10,468)
Loss on debt extinguishment	1,868	582
Gain on sale of assets	(1,442)	0
Changes in operating assets and liabilities:
Accounts receivable	(36,039)	(52,969)
Earnest payments	(6,167)	(12,359)
Accounts payable	6,561	8,032
Accrued expenses	(320)	493
Derivative assets and liabilities, net	14,149	1,936
Other current liabilities	55,806	47,555
Escrow account	(4,980)	(6,897)
Accrued interest	35,972	21,200
Other operating activities	(6,553)	(1,140)
Net cash provided by operating activities	277,291	100,573
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to oil and gas properties and leases	(532,731)	(349,045)
Additions to other property and equipment	(146)	(943)
Other investing activities	0	(23)
Net cash used in investing activities	(532,877)	(350,011)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuances of debt, net of discount	312,676	254,219
Payments of debt issuance costs	(39,482)	(39,222)
Repayments of debt	(37,552)	(23,831)
Distributions On Series A Preferred Shares	(3,380)	0
Payments of deferred closings	(5,441)	(2,051)
Net cash provided by financing activities	226,821	189,115
Net change in cash and cash equivalents	(28,765)	(60,323)
Cash and cash equivalents at beginning of year	65,791	120,814
Cash and cash equivalents at end of year	$ 37,026	$ 60,491

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 37,026	$ 65,791
Accounts receivable	111,555	75,515
Earnest payments	2,725	240
Current derivative assets	0	26,824
Other current assets	22,291	5,218
Total current assets	173,597	173,588
Oil and gas properties	2,477,394	1,921,418
Other property and equipment	4,603	2,913
Less: accumulated depreciation, depletion, and amortization	(452,420)	(318,095)
Total property, plant, and equipment, net	2,029,577	1,606,236
Right-of-use assets, net	8,872	9,507
Noncurrent derivative assets	0	16,564
Other noncurrent assets	7,245	874
TOTAL ASSETS	2,219,291	1,806,769
Current liabilities
Accounts payable	151,530	122,033
Accrued expenses	52,123	43,438
Current portion of long-term debt	173,491	147,922
Current portion of deferred closings	8,579	9,974
Escrow account	782	5,762
Current operating lease liabilities	1,321	1,256
Current derivative liabilities	47,699	0
Other current liabilities	149,255	88,027
Total current liabilities	584,780	418,412
Long-term debt, net of current portion	1,476,703	1,235,713
Accrued interest	78,804	59,711
Deferred closings	3,280	3,315
Operating lease liabilities	8,948	9,625
Asset retirement obligations	2,374	1,781
Noncurrent derivative liabilities	23,722	0
Total liabilities	2,178,611	1,728,557
Commitments and contingencies (Note 13)
Equity (deficit)
Common equity	434	434
Retained earnings (accumulated deficit)	(8,200)	29,672
Total equity (deficit)	40,680	78,212
TOTAL LIABILITIES AND EQUITY (DEFICIT)	2,219,291	1,806,769
Series A Preferred Stock [Member]
Equity (deficit)
Series A Preferred Shares (2,704,023 shares issued and outstanding at an aggregate liquidation preference of $67.6 million at June 30, 2026 and December 31, 2025, respectively)	$ 48,446	$ 48,106