PHX owns approximately 253,000 net mineral acres principally located in Oklahoma, Texas, North Dakota, New Mexico and Arkansas. Revenues are derived from royalties granted from the production and sale of natural gas, oil and NGL, and the remaining portion from production and sale on its working interests. The minerals-focused business model emphasizes NAV-accretive growth with reduced drilling participation risk.
Cyborg Score Rationale
PHX operates a stable mineral royalty platform with significant acreage in productive basins, but financial metrics show revenue decline in 2024 and the company was acquired in June 2025, removing it from public markets. The private status post-acquisition limits current data transparency.
Top Insights
(October 2020) Transitioned from Panhandle Oil and Gas to minerals-focused business model, exiting working interest drilling
(2024) Revenue declined 8.83% to $32.57 million; earnings fell 83.32% to $2.32 million
(June 2025) Acquired by WhiteHawk Energy for $187 million, shifting company to private status
Substantial unleased mineral acreage (71% of holdings) provides development upside under third-party operators
Named Competitors
Amplify Energy — Oil and gas operations
Battalion Oil — Oil and gas exploration and production
EXCO Resources — Oil and gas mineral interests
Dorchester Minerals — Oil and gas mineral royalty company
Recent Developments
(June 2025) Acquired by WhiteHawk Energy for $187 million
(2024) Revenue of $32.57 million; net earnings of $2.32 million
(October 2020) Successfully transitioned to minerals-only strategy following Panhandle name change
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