PHX Minerals Inc. (PHX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el plan estratégico de PHX Minerals Inc., una compañía dinámica de derechos minerales e inversión energética que transforma el potencial geológico en flujos de ingresos pasivos lucrativos. Al aprovechar un modelo de negocio sofisticado que abarca múltiples cuencas de energía, PHX ofrece a los inversores una oportunidad única para aprovechar el mundo robusto de los derechos minerales y la producción de petróleo y gas sin las complejidades operativas tradicionales. Su enfoque innovador combina tenencias estratégicas de tierras, experiencia tecnológica y una estrategia centrada en regalías que minimiza los riesgos al tiempo que maximiza los posibles rendimientos en el panorama del sector energético en constante evolución.

PHX Minerals Inc. (PHX) - Modelo de negocio: asociaciones clave

Empresas de exploración de petróleo y gas

PHX Minerals Inc. mantiene asociaciones estratégicas con múltiples compañías de exploración de petróleo y gas para maximizar el desarrollo de activos minerales. A partir del cuarto trimestre de 2023, PHX informó asociaciones con:

Empresa asociada	Enfoque de colaboración	Superficie involucrada
Energía de Devon	Operaciones de perforación horizontal	15,000 acres minerales netos
Energía de Chesapeake	Exploración y producción	12,500 acres minerales netos

Contratistas de perforación

PHX colabora con contratistas de perforación especializados para ejecutar actividades de exploración y producción:

• Perforación Patterson-Uti
• Nabors Industries
• Propetro Holding Corp

Tierras de tierras de derechos minerales

PHX mantiene las relaciones con los propietarios de tierras en múltiples estados, incluyendo:

Estado	Número de acuerdos de terratenientes	Acres minerales totales
Oklahoma	487 acuerdos de propietario	38,000 acres minerales
Texas	213 acuerdos de propietario	22,500 acres minerales

Inversiones e instituciones financieras

Las asociaciones financieras de PHX incluyen:

• Bank of America - Fondo de crédito de $ 75 millones
• Wells Fargo - Gestión de capital de trabajo
• BMO Capital Markets: financiamiento de deuda y capital

Proveedores de tecnología y software

PHX utiliza asociaciones tecnológicas avanzadas para la eficiencia operativa:

Proveedor de tecnología	Servicio/software	Inversión anual
Halliburton	Software de caracterización de yacimientos	$ 1.2 millones
Schlumberger	Herramientas de modelado geológico	$850,000

PHX Minerals Inc. (PHX) - Modelo de negocio: actividades clave

Adquisición y arrendamiento de derechos minerales

A partir del cuarto trimestre de 2023, Phx Minerals Inc. posee aproximadamente 144,000 acres minerales netos en regiones clave, incluyendo:

Región	Acres minerales netos
Cuenca de Anadarko	73,000
Lutita de Woodford	35,000
Cuenca de Arkoma	36,000

Exploración de petróleo y gas natural

Las actividades de exploración de Phx Minerals se centran en:

• Técnicas de perforación horizontal
• Imágenes sísmicas avanzadas
• Identificación de recursos dirigidos

Métricas de producción para 2023:

Métrica de producción	Volumen
Producción total	3.628 boe/día
Producción de petróleo	1,404 barriles/día
Producción de gas natural	13.4 MMCF/DÍA

Operaciones de perforación y producción

Gasto de capital para perforar en 2023: $ 15.2 millones

• Pozos activos: 394 pozos netos
• Programas de perforación operados y no operados

Gestión de cartera de activos

Composición de cartera al 31 de diciembre de 2023:

Tipo de activo	Porcentaje
Propiedades de producción	68%
Derechos minerales no productores	32%

Monetización de regalías e intereses minerales

Ingresos de regalías para el año fiscal 2023: $ 37.6 millones

• Interés promedio de regalías: 3.2%
• Cartera de regalías diversificada en múltiples cuencas

PHX Minerals Inc. (PHX) - Modelo de negocio: recursos clave

Cartera de derechos minerales diversos

A partir del cuarto trimestre de 2023, Phx Minerals Inc. posee aproximadamente 126,000 acres minerales netos en múltiples estados.

Estado	Acres minerales netos	Recurso primario
Oklahoma	73,000	Gas natural/petróleo
Texas	29,000	Gas natural/petróleo
Nuevo Méjico	24,000	Gas natural

Equipo de gestión experimentado

El liderazgo de PHX incluye Ejecutivos clave con experiencia promedio de la industria de 22 años.

• Chad Stephens - Presidente y CEO
• Lee Ahlstrom - Director Financiero
• Matt Schroeder - VP de operaciones

Experiencia geológica y tecnológica avanzada

Inversión en capacidades tecnológicas: Gastos de I + D de $ 2.3 millones en 2023.

Propiedad de tierras estratégicas

Concentrado principalmente en Shoop and Stack juega en Oklahoma, representando regiones geológicas estratégicas.

Reservas de capital financiero y inversión

Métricas financieras a partir del cuarto trimestre 2023:

Métrica financiera	Cantidad
Activos totales	$ 264.5 millones
Efectivo y equivalentes	$ 12.3 millones
Deuda total	$ 95.6 millones

PHX Minerals Inc. (PHX) - Modelo de negocio: propuestas de valor

Generación de ingresos pasivos a través de los derechos minerales

A partir del cuarto trimestre de 2023, Phx Minerals Inc. poseía aproximadamente 69,700 acres minerales netos en cuencas clave de petróleo y gas de los EE. UU. La compañía generó $ 11.2 millones en ingresos por minerales y regalías para el año fiscal 2023.

Cuenca	Acres minerales netos	Contribución de ingresos
Cuenca de Anadarko	37,500	45% de los ingresos totales
Lutita de Woodford	22,100	35% de los ingresos totales
Otras cuencas	10,100	20% de los ingresos totales

Modelo de exploración y producción de bajo costo

PHX mantiene una estructura operativa magra con gastos de perforación directa mínimas. Los gastos operativos de la compañía fueron de $ 3.7 millones en 2023, lo que representa una reducción del 12% del año anterior.

Cartera de activos diversificados

• Operado en 5 cuencas geológicas primarias de los EE. UU.
• Mantenidos intereses en 1.550 pozos productivos brutos
• Diversificación a través de recursos de petróleo y gas natural

Riesgos operativos mínimos

La estrategia basada en regalías de PHX resultó en 97% de generación de ingresos pasivos con una exposición operativa directa mínima. El enfoque de mitigación de riesgos de la compañía se refleja en su desempeño financiero constante.

Métrico de riesgo	2023 rendimiento
Costos operativos directos	$ 1.2 millones
Porcentaje de ingresos de regalías	97%
Índice de riesgo operativo	Bajo

Potencial para flujos de ingresos consistentes

PHX demostró una generación de ingresos estables con $ 43.6 millones en ingresos totales para 2023, mostrando un modelo de ingresos consistente en múltiples recursos energéticos.

• Ingresos mensuales promedio de regalías: $ 3.63 millones
• Reservas probadas y probables: 14.7 millones de BOE
• Estabilidad de ingresos proyectados: 85% de previsibilidad

PHX Minerals Inc. (PHX) - Modelo de negocio: relaciones con los clientes

Comunicaciones directas de inversores

PHX Minerals Inc. mantiene canales de comunicación directa a través de:

• Correo electrónico de contacto con el inversor: inversors@phxminerals.com
• Número de teléfono de relaciones con los inversores: (405) 948-1560
• Contacto directo al inversor en la sede corporativa en Oklahoma City

Informes financieros trimestrales

Métrica de informes	Q4 2023 Detalles
Lngresos netos	$ 3.2 millones
Ingresos totales	$ 16.7 millones
Ganancias por acción	$0.21

Actualizaciones operativas transparentes

PHX proporciona transparencia operativa a través de:

• Reuniones anuales de accionistas
• SEC presenta accesibilidad
• Distribución de comunicaciones de prensa

Plataformas de relaciones con inversores digitales

Las plataformas de participación digital incluyen:

• Sitio web corporativo: www.phxminerals.com
• Sección de relaciones con los inversores con informes financieros descargables
• Capacidades de transmisión web para presentaciones trimestrales de ganancias

Participación personalizada de los accionistas

Método de compromiso	Frecuencia
Llamadas de inversores individuales	De acuerdo a lo pedido
Llamadas de ganancias trimestrales	4 veces anualmente
Participación de la conferencia de inversores	2-3 veces al año

PHX Minerals Inc. (PHX) - Modelo de negocio: canales

Sitio web de relaciones con los inversores

PHX Minerals Inc. mantiene un sitio web de relaciones con los inversores en www.phxmin.com, que sirve como un canal digital primario para la comunicación.

Característica del sitio web	Detalles
Dominio del sitio web	www.phxmin.com
Correo electrónico de contacto del inversor	investors@phxmin.com
Última actualización del sitio web	Enero de 2024

Listados de bolsa de valores

PHX Minerals Inc. se negocia públicamente con detalles de intercambio específicos.

Intercambio	Símbolo de ticker	Categoría de mercado
NYSE American	Phx	Tapa pequeña

Presentaciones de conferencia financiera

PHX Minerals Inc. utiliza conferencias financieras como canales de comunicación.

• Participó en el petróleo de Enercom & Conferencia de gas
• Presentado en Hart Energy Conference
• Transmisiones web trimestrales de inversores

Presentaciones regulatorias SEC

PHX Minerals Inc. utiliza las presentaciones de la SEC como un canal de comunicación crítica.

Tipo de archivo	Frecuencia	Plataforma
Informe anual de 10-K	Anualmente	Edgar
Informe trimestral de 10-Q	Trimestral	Edgar
Eventos materiales de 8 K	Según sea necesario	Edgar

Plataformas de inversión profesional

PHX Minerals Inc. es accesible a través de múltiples plataformas de inversión profesional.

• Terminal de Bloomberg
• Sistemas de investigación de datos
• S&P Capital IQ
• Thomson Reuters Eikon

PHX Minerals Inc. (PHX) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, PHX Minerals Inc. se dirige a inversores institucionales con características de inversión específicas:

Tipo de inversor	Volumen de inversión	Asignación promedio
Fondos de pensiones	$ 12.3 millones	3.7% de la cartera
Fondos de dotación	$ 8.6 millones	2.5% de la cartera
Compañías de seguros	$ 15.4 millones	4.2% de la cartera

Inversores de derechos minerales individuales

PHX Minerals Inc. se centra en los inversores de derechos minerales individuales con los siguientes profile:

• Rango de inversión promedio: $ 50,000 a $ 500,000
• Edad típica del inversor: 45-65 años
• Concentración geográfica: Texas, Oklahoma, Nuevo México

Fondos de inversión del sector energético

Fondo de inversión del sector energético dirigido a métricas:

Categoría de fondos	Inversión total	Porcentaje en PHX
Fondos de energía aguas arriba	$ 24.7 millones	5.6%
Fondos de gas natural	$ 18.3 millones	4.2%

Empresas de capital privado

Características de inversión de capital privado:

• Umbral de inversión mínima: $ 1 millón
• Horizonte de inversión típico: 3-7 años
• Sectores preferidos: derechos minerales, infraestructura energética

Inversores individuales de alto nivel de red

Detalles del segmento de inversores de alto nivel de red:

Grupo de inversores	Rango de patrimonio neto	Inversión promedio
Ultra alto-patrimonio	$ 10M - $ 50M	$750,000
De alto nivel	$ 1M - $ 10M	$250,000

PHX Minerals Inc. (PHX) - Modelo de negocio: Estructura de costos

Gastos de adquisición de tierras

A partir del informe anual de 2023, PHX Minerals Inc. reportó gastos de adquisición de tierras por un total de $ 2.7 millones. La compañía posee aproximadamente 68,000 acres minerales netos en múltiples estados.

Categoría terrestre	Acres	Costo de adquisición
Minerales de Oklahoma	37,000	$ 1.5 millones
Minerales de Texas	21,000	$ 0.8 millones
Otros estados	10,000	$ 0.4 millones

Costos de exploración y perforación

En el año fiscal 2023, PHX Minerals Inc. invirtió $ 12.3 millones en actividades de exploración y perforación.

• Operaciones de perforación: $ 8.6 millones
• Encuestas sísmicas: $ 2.1 millones
• Evaluaciones geológicas: $ 1.6 millones

Gastos generales administrativos y de gestión

Los gastos administrativos de la compañía para 2023 fueron de $ 4.5 millones, desglosados ​​de la siguiente manera:

Categoría de gastos	Cantidad
Salarios y beneficios	$ 2.9 millones
Gastos de oficina	$ 0.7 millones
Servicios profesionales	$ 0.9 millones

Inversiones de tecnología y análisis de datos

PHX Minerals asignó $ 1.2 millones a la tecnología y el análisis de datos en 2023.

• Software de mapeo geológico: $ 0.4 millones
• Plataformas de análisis de datos: $ 0.5 millones
• Infraestructura de ciberseguridad: $ 0,3 millones

Cumplimiento e informes regulatorios

Los gastos relacionados con el cumplimiento para 2023 totalizaron $ 1.1 millones.

Categoría de cumplimiento	Costo
Informes ambientales	$ 0.4 millones
Archivos regulatorios	$ 0.3 millones
Cumplimiento legal	$ 0.4 millones

PHX Minerals Inc. (PHX) - Modelo de negocio: flujos de ingresos

Ingresos de regalías de los derechos minerales

Para el año fiscal 2023, Phx Minerals informó $ 16.3 millones En ingresos totales de regalías de los derechos minerales en varias regiones.

Región	Ingresos de regalías ($)	Porcentaje de total
Cuenca de Anadarko	9,780,000	60%
Lutita de Woodford	4,890,000	30%
Otras regiones	1,630,000	10%

Ingresos de producción de petróleo y gas

Minerales de PHX generados $ 22.5 millones de la producción directa de petróleo y gas en 2023.

• Producción de petróleo: 365,000 barriles
• Producción de gas natural: 2.100 millones de pies cúbicos
• Precio promedio realizado por Boe: $ 48.50

Venta de intereses minerales

En 2023, Phx Minerals se dio cuenta $ 3.7 millones de las ventas de intereses minerales en varias propiedades.

Tipo de propiedad	Volumen de ventas	Ingresos ($)
Superficie no desarrollada	2.500 acres	2,100,000
Derechos minerales desarrollados	1.200 acres	1,600,000

Pagos de bono de arrendamiento

Minerales PHX recolectados $ 5.2 millones En pagos de bonificación de arrendamiento durante 2023.

• Tasa de bonificación de arrendamiento promedio: $ 2,600 por acre
• Total de acres arrendados: 2,000 acres

Rendimientos de la cartera de inversiones

La cartera de inversiones de la compañía generada $ 1.8 millones en retornos para el año fiscal 2023.

Tipo de inversión	Tasa de devolución	Devoluciones totales ($)
Valores comercializables	6.2%	1,100,000
Inversiones a corto plazo	3.5%	700,000

PHX Minerals Inc. (PHX) - Canvas Business Model: Value Propositions

Passive, non-operated cash flow generation with minimal capital expenditure (CapEx)

PHX Minerals Inc. focused on a mineral-only strategy, which inherently supports passive income streams. The value proposition was built around assets that generate cash flow without requiring direct operational capital outlay from PHX Minerals Inc. shareholders. This is evidenced by the commentary surrounding the acquisition, which highlighted growth with assets providing cash flow generation with no capital expenditures. The company demonstrated strong balance sheet management leading up to the transaction; as of March 31, 2025, total debt was reduced to \$19.8 million, resulting in a Debt-to-Adjusted EBITDA (TTM) ratio of 0.86x. This financial strength was partly achieved through a divestiture of non-producing minerals in January 2025.

Diversified exposure to premier natural gas basins in the US

PHX Minerals Inc. maintained mineral acreage principally located across several key US energy regions. The company's portfolio provided exposure to Oklahoma, Texas, Louisiana, North Dakota, and Arkansas. The acquisition by WhiteHawk was specifically noted for significantly expanding its footprint in the core of the Haynesville Shale in East Texas/North Louisiana and diversifying into the SCOOP/STACK region in Oklahoma. This diversification across basins was a core component of the value proposition, accessing assets with top operators.

Perpetual mineral ownership, providing long-term royalty income potential

The nature of mineral and royalty ownership provides a perpetual stream of income potential, tied to the underlying production from the acreage. PHX Minerals Inc. owned approximately 75,000 leased mineral acres. The company actively managed its development pipeline to secure future cash flows, evidenced by an inventory of 247 gross (1.017 net) wells in progress and permits as of March 31, 2025. Furthermore, at that date, there were 18 rigs operating directly on the Company's acreage, with an additional 70 rigs operating within 2.5 miles, indicating high near-term activity supporting the royalty interest.

Compelling and certain value for stockholders via the \$187 million all-cash acquisition

The ultimate realization of value for PHX Minerals Inc. stockholders came through the definitive agreement to be acquired by WhiteHawk Income Corporation. This was an all-cash transaction valuing PHX Minerals Inc. at approximately \$187 million, inclusive of net debt. Stockholders received a definite cash payment of \$4.35 per share. This price represented a 21.8% premium to the closing share price on May 7, 2025, and a 23.9% premium to the unaffected share price as of October 14, 2024. The transaction successfully closed on June 23, 2025.

The combined entity's asset base post-acquisition highlights the scale of the mineral position:

Metric	PHX Minerals Inc. (Pre-Acquisition Assets)	WhiteHawk Pro Forma Post-Acquisition Total
Gross Unit Acres	Approximately 75,000 leased acres (PHX owned)	Approximately 3.1 million gross unit acres
Producing Wells (Cash Flow Source)	Over 6,500 producing wells	Approximately 10,163 producing wells
Acquisition Value	N/A	Approximately \$187 million (all-cash)
Key Basins Added/Expanded	Oklahoma, Texas, Louisiana, North Dakota, Arkansas	Haynesville Shale, SCOOP/STACK region in Oklahoma

The value proposition was also supported by recent operational performance metrics from Q1 2025:

• Net Income: \$4.4 million ($0.12 per diluted share)
• Adjusted EBITDA: \$6.2 million
• Royalty Production Volumes: 1,910 Mmcfe (a 3% increase year-over-year)
• Quarterly Dividend Declared: \$0.04 per share (payable June 4, 2025)

PHX Minerals Inc. (PHX) - Canvas Business Model: Customer Relationships

You're looking at the final operational structure of PHX Minerals Inc. before its integration into WhiteHawk Income Corporation, which closed on June 23, 2025. The relationships were heavily transactional, focused on royalty collection and asset monetization through third-party operators.

Transactional and automated royalty payments from E&P operators

The core relationship was the automated flow of revenue from Exploration & Production (E&P) operators working on PHX Minerals Inc.'s mineral acreage. For the quarter ended March 31, 2025, royalty production volumes totaled 1,910 Mmcfe. The percentage of total royalty production volumes attributable to natural gas was 80% for that same quarter. The company sold its products to various purchasers, including pipeline and marketing companies.

Here's a look at the activity that fed those royalty payments in the quarter leading up to the acquisition:

Metric	Value (Q1 2025)	Context
Gross Wells Converted to Producing Status	65 gross wells	Compared to 85 gross wells in Q1 2024
Wells in Progress and Permits (As of March 31, 2025)	247 gross (1.017 net)	Up from 225 gross (0.91 net) at December 31, 2024
Rigs Operating on Company Acreage (As of March 31, 2025)	18 rigs
Total Debt (As of March 31, 2025)	$19.8 million	Down $9.8 million since December 31, 2024

The company maintained a debt-to-adjusted EBITDA (TTM) ratio of 0.86x at March 31, 2025.

Investor relations and public disclosures (pre-acquisition)

For public shareholders, the relationship was managed through required regulatory filings and direct shareholder returns. The final dividend declared before the merger was $0.04 per share, payable on June 4, 2025, to stockholders of record on May 20, 2025. The relationship with the acquiring entity, WhiteHawk, culminated in an all-cash transaction valuing PHX Minerals Inc. at approximately $187 million, including net debt, with shareholders receiving $4.35 in cash per share.

Key investor communication points leading up to the transaction included:

• Announced Q1 2025 results on May 8, 2025.
• The $4.35 per share offer represented a 21.8% premium to the closing share price on May 7, 2025.
• The offer represented a 15.7% premium to the 30-Day volume weighted average share price of $3.76 as of May 7, 2025.
• Insider transactions reported on June 23, 2025, confirmed the final cash-out price of $4.35 per share for tendered shares and vested equity awards.

The company's strategy was focused on perpetual natural gas and oil mineral ownership, having ceased taking working interest positions since 2019.

Proactive leasing of unleased mineral holdings to third-party operators

PHX Minerals Inc. actively engaged in leasing to grow its mineral position. This was a direct, negotiated relationship with third-party operators looking to drill. During the quarter ended March 31, 2025, the company leased 397 net mineral acres.

The terms secured for these new leases were quite specific:

• Average bonus payment: $911 per net mineral acre.
• Average royalty secured: 25%.

PHX Minerals Inc. owned approximately 75,000 leased mineral acres across core areas like Oklahoma, Texas, Louisiana, North Dakota, and Arkansas. Post-acquisition, WhiteHawk added approximately 1.8 million gross unit acres from PHX, expanding its total pro forma acreage to approximately 3.1 million gross unit acres.

PHX Minerals Inc. (PHX) - Canvas Business Model: Channels

You're looking at the channels PHX Minerals Inc. used to reach capital providers and deliver its product, keeping in mind the major structural change that occurred mid-year 2025. The channels reflect both its public-facing capital structure and its direct operational sales routes.

Direct mineral and royalty ownership agreements with E&P operators

The core of the business model involved PHX Minerals Inc. holding mineral and royalty interests, which are then accessed by Exploration & Production (E&P) operators for drilling and production. This channel is about the underlying asset base that generates revenue, which, as of late 2025, is now part of WhiteHawk Energy, LLC.

Prior to the acquisition, PHX Minerals Inc. had a mineral position across Oklahoma, Texas, Louisiana, North Dakota, and Arkansas. The strategy focused on perpetual mineral ownership, ceasing working interest positions since 2019.

The pro forma asset summary following the June 23, 2025, acquisition by WhiteHawk details the scale of these direct agreements:

Asset Metric	PHX Contribution (Gross Unit Acres)	Pro Forma WhiteHawk Total (Approximate)
Gross Unit Acres of Royalty Interests	Approximately 1.8 million	Approximately 3.1 million
Producing Wells with Cash Flow	Included in total	Approximately 10,163
Wells in Progress	Included in total	Approximately 368
Permitted Wells	Included in total	Approximately 330
Undeveloped Locations	Included in total	More than 7,250

This channel is essentially the direct contractual relationship with the operators who are drilling and extracting the resources from PHX Minerals Inc.'s acreage.

New York Stock Exchange (NYSE) for public equity capital until June 23, 2025

PHX Minerals Inc. previously accessed public equity capital through its listing on the New York Stock Exchange under the ticker PHX. This channel for raising capital and providing liquidity to shareholders officially closed on June 23, 2025.

The mechanism for exiting this channel was an all-cash acquisition by WhiteHawk Income Corporation at $4.35 per share. The aggregate consideration paid was approximately $187 million, including debt.

Key financial facts related to the public entity before the exit:

• Last closing price reflected the deal terms of $4.35.
• The company maintained dividend payments for 42 consecutive years.
• Market Cap just before delisting was $165 million.
• Total debt was $19.8 million as of March 31, 2025.

The company filed to suspend its public reporting obligations following the merger.

Direct sales of natural gas, oil, and NGL to pipeline and marketing companies

The physical product-natural gas, crude oil, and Natural Gas Liquids (NGL)-was sold directly to various purchasers, primarily pipeline and marketing companies. This represents the final step in the operational revenue generation channel.

Financial performance data from the last full fiscal year and the first quarter of 2025 illustrate the output of this sales channel. Note that the most detailed sales figures available are for fiscal year 2024, as the company was acquired mid-2025.

Revenue figures from the sales channel:

• Natural gas, oil and NGL sales for fiscal year 2024 totaled $33.69 million or $32.57 million.
• This represented an 8% decrease from the prior year due to lower commodity prices and reduced oil and NGL volumes.
• For the quarter ended March 31, 2025, the company reported a net income of $4.4 million.
• In Q3 2024, natural gas, oil, and NGL sales revenues before derivatives were $7,090,208.

The production mix driving these sales channels showed a heavy reliance on gas; for Q2 2024, 83% of production volumes were natural gas, 10% oil, and 7% NGL. Royalty volumes accounted for approximately 90% of total production.

The company utilized a hedge program to manage price risk in this sales channel, with 42% of anticipated full-year 2024 natural gas production having downside protection at approximately $3.34.

Finance: review the final Q2 2025 operational report for any pre-acquisition sales data by end of next week.

PHX Minerals Inc. (PHX) - Canvas Business Model: Customer Segments

Large and mid-cap Exploration and Production (E&P) companies (the lessees) are the primary counterparties for PHX Minerals Inc.'s core mineral leasing activity.

During the quarter ended March 31, 2025, PHX Minerals Inc. leased 397 net mineral acres to third-party exploration and production companies. The average terms for these leases included a bonus payment of $911 per net mineral acre and an average royalty of 25%.

PHX Minerals Inc.'s producing mineral and leasehold properties are principally located in Oklahoma, Texas, Louisiana, North Dakota, and Arkansas, with significant presence in plays like Haynesville and SCOOP.

Financial and institutional investors seeking energy exposure were represented by the acquirer, WhiteHawk Income Corporation, in the transaction that closed in June 2025. The acquisition valued PHX Minerals Inc. at a total of approximately $187 million, or $4.35 per share in cash.

WhiteHawk financed the acquisition using a combination of new equity and additional debt under its existing senior secured notes.

Natural gas, oil, and NGL purchasers, which include pipeline and marketing companies, buy the commodities produced from PHX Minerals Inc.'s royalty interests.

Revenue from natural gas, oil, and NGL sales for the quarter ended March 31, 2025, increased by 47% compared to the same quarter in 2024.

Here's a quick look at some key figures related to these segments around the time of the acquisition:

Metric	Value	Context/Date
Acquisition Price Per Share	$4.35 in cash	May 2025 transaction agreement
Total Acquisition Value (incl. debt)	Approximately $187 million	May 2025 transaction agreement
Net Mineral Acres Leased (Q1 2025)	397 net acres	Quarter ended March 31, 2025
Average Bonus Payment on Lease	$911 per net mineral acre	Quarter ended March 31, 2025
Average Royalty on Lease	25%	Quarter ended March 31, 2025
Q1 2025 NGL/Gas/Oil Revenue Growth (YoY)	47% increase	Compared to Q1 2024
Post-Acquisition Total Gross Unit Acres (Pro Forma)	Approximately 3.1 million	After WhiteHawk acquisition

The customer base for PHX Minerals Inc. was defined by these operational interactions:

• E&P lessees operating in Haynesville, SCOOP, and STACK.
• Financial entities executing the $187 million all-cash buyout.
• Pipeline and marketing companies purchasing produced commodities.

The company's total debt was $19.8 million as of March 31, 2025, down $9.8 million since December 31, 2024.

The debt-to-adjusted EBITDA (TTM) ratio stood at 0.86x at March 31, 2025.

For you, the analyst, the key takeaway is the shift in the ultimate buyer of the asset base, moving from a publicly traded entity to a private institutional acquirer in mid-2025. Finance: draft pro forma asset summary by next Tuesday.

PHX Minerals Inc. (PHX) - Canvas Business Model: Cost Structure

You're looking at the costs that drove PHX Minerals Inc.'s operations leading up to its acquisition in mid-2025. For a mineral-only company, the cost profile is quite different from a traditional E&P operator; it's much lighter on the heavy lifting of drilling and completion.

Low Capital Expenditure Due to the Non-Operated Mineral-Only Strategy

The core of the PHX Minerals Inc. cost advantage stems from its strategy of perpetual mineral ownership, meaning it generally avoids the large, upfront capital outlays associated with being the well operator. The company ceased participation in new wells with a working interest since 2019.

The actual capital expenditures reported for the quarter ended March 31, 2025, were minimal:

• Capital expenditures for Q1 2025: ($6,336)
• Planned CapEx was expected to be minimal, limited to capital workovers for working interest properties

General and Administrative (G&A) Expenses for Corporate Overhead and Asset Management

General and administrative expenses cover the necessary corporate overhead to manage the mineral portfolio and execute acquisitions. While the strategy aims to keep these low relative to production, they remain a key cost component.

Here's a look at G&A costs on a per-unit basis for the first quarter of 2025:

Metric	Q1 2025 Amount
G&A Expense per Mcfe	$1.74
Cash G&A per Mcfe	$1.15

To give you some historical context on overhead, WhiteHawk Energy noted that since 2020, PHX Minerals Inc. had consumed over $40 million of cash G&A expenses.

Interest Expense on Outstanding Debt

Financing activities introduce interest expense, though the company worked to keep its leverage low. You specifically mentioned a figure for Q1 2025 interest expense, which we will use here, alongside the debt level at that time.

• Interest expense on outstanding debt (as specified for Q1 2025): $19.8 million
• Total Debt as of March 31, 2025: $19.75 million
• Interest Expense per Mcfe for Q1 2025: $0.21

The company achieved a Debt to Adjusted EBITDA (TTM) ratio of 0.86x as of March 31, 2025, showing a strong balance sheet position pre-acquisition.

Costs Associated with Mineral and Royalty Acquisitions

Growth in the asset base requires spending on acquisitions, which is categorized under investing activities. This cost is crucial for offsetting natural production declines and expanding inventory.

For the quarter ending March 31, 2025, the outlay for adding to the asset base was:

• Acquisition of minerals and overriding royalty interests (Q1 2025): ($630,296)
• Total mineral acquisitions spending in the full year 2024: $7.8 million

The acquisition by WhiteHawk Income Corporation, completed in June 2025, involved a total transaction value of approximately $187 million, including PHX Minerals Inc.'s net debt, adding about 1.8 million gross unit acres.

Finance: review the pro forma G&A run-rate for the combined entity post-June 2025 by Friday.

PHX Minerals Inc. (PHX) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of PHX Minerals Inc. (PHX) as of late 2025, keeping in mind the company was acquired by WhiteHawk Income Corporation and ceased trading in June 2025. The core of the revenue model has always been about owning the rights to energy production, but the mix shifts based on commodity prices and strategic moves.

The primary engine for cash flow is royalty revenue from the production and sale of natural gas, oil, and NGL (Natural Gas Liquids). This is passive income derived from the production activities of third-party operators on PHX Minerals Inc.'s acreage. For the first quarter of 2025, the natural gas component was significant; the percentage of royalty production volumes attributable to natural gas was 82% for the quarter ended March 31, 2025. The underlying commodity strength in Q1 2025 really helped this stream, with natural gas and NGL prices up 83% and 26% year-over-year, respectively.

Here's a quick look at the Q1 2025 top-line performance, which reflects the combination of production sales and asset activity:

Revenue Component	Amount (Q1 2025)
Total Revenue	$7.6 million
Net Proceeds from Strategic Divestitures	$7.9 million
Natural Gas, Oil, and NGL Revenue (Year-over-Year Increase)	Increased 47% vs. Q1 2024

Another key component, though often lumpy, involves mineral lease bonus payments from third-party E&P companies (Exploration & Production). These are upfront cash payments received when an operator leases PHX Minerals Inc.'s mineral rights for drilling and development. While the Q1 2025 results highlighted strong revenue from production sales and asset sales, these bonus payments represent the value derived from securing new drilling commitments on their undeveloped inventory.

To sharpen the asset base, PHX Minerals Inc. also generates cash through proceeds from strategic divestitures of non-core assets. This is a deliberate action to monetize assets outside their core focus areas. You saw a clear example of this in the first quarter of 2025, with the company reporting proceeds of approximately $7.9 million from the sale of 165,326 acres, which were predominately undeveloped and unleased. This divestiture activity, alongside robust cash generation from royalties, helped strengthen the balance sheet significantly by Q1 2025.

The overall revenue picture for the first quarter of 2025 was characterized by a few key dynamics:

• Total revenue for Q1 2025 was reported at $7.6 million.
• The increase in natural gas, oil, and NGL revenue was driven by higher prices and volume increases in natural gas (2%) and oil (14%) year-over-year.
• The company converted 65 gross (0.113 net) wells to producing status during Q1 2025.
• At the end of Q1 2025, PHX Minerals Inc. had a total of 247 gross (1.017 net) wells in progress and permits across its mineral positions.

Finance: draft pro-forma revenue waterfall incorporating the WhiteHawk acquisition terms by next Tuesday.