PHX Minerals Inc. (PHX): Canvas du modèle d'entreprise [Jan-2025 Mise à jour]

Plongez dans le plan stratégique de PHX Minerals Inc., une société dynamique de droits minéraux et d'investissement énergétique qui transforme le potentiel géologique en flux de revenus passifs lucratifs. En tirant parti d'un modèle commercial sophistiqué qui s'étend sur plusieurs bassins énergétiques, PHX offre aux investisseurs une occasion unique de puiser dans le monde robuste des droits minéraux et de la production de pétrole et de gaz sans les complexités opérationnelles traditionnelles. Leur approche innovante combine des fonds terres stratégiques, une expertise technologique et une stratégie axée sur les droits qui minimise les risques tout en maximisant les rendements potentiels dans le paysage du secteur de l'énergie en constante évolution.

PHX Minerals Inc. (PHX) - Modèle d'entreprise: partenariats clés

Sociétés d'exploration du pétrole et du gaz

PHX Minerals Inc. maintient des partenariats stratégiques avec plusieurs sociétés d'exploration pétrolière et gazière pour maximiser le développement des actifs minéraux. Au quatrième trimestre 2023, PHX a signalé des partenariats avec:

Entreprise partenaire	Focus de la collaboration	Superficie impliquée
Devon Energy	Opérations de forage horizontal	15 000 acres minéraux nets
Chesapeake Energy	Exploration et production	12 500 acres minéraux nets

Entrepreneurs de forage

PHX collabore avec des entrepreneurs de forage spécialisés pour exécuter des activités d'exploration et de production:

• Patterson-uti Drilling
• Nabors Industries
• ProTetro Holding Corp

Propriétaires fonciers des droits minéraux

PHX entretient des relations avec les propriétaires fonciers dans plusieurs États, notamment:

État	Nombre d'accords de propriétaires fonciers	Acres de minéraux totaux
Oklahoma	487 accords de propriétaires fonciers	38 000 acres minéraux
Texas	213 accords de propriétaires fonciers	22 500 acres minéraux

Institutions d'investissement et financières

Les partenariats financiers de PHX comprennent:

• Bank of America - Facilité de crédit de 75 millions de dollars
• Wells Fargo - Gestion du fonds de roulement
• BMO Marchés des capitaux - Financement de la dette et des actions

Technologies et fournisseurs de logiciels

PHX utilise des partenariats technologiques avancés pour l'efficacité opérationnelle:

Fournisseur de technologie	Service / logiciel	Investissement annuel
Halliburton	Logiciel de caractérisation du réservoir	1,2 million de dollars
Schlumberger	Outils de modélisation géologique	$850,000

PHX Minerals Inc. (PHX) - Modèle d'entreprise: Activités clés

Acquisition et location des droits minéraux

Depuis le quatrième trimestre 2023, PHX Minerals Inc. détient environ 144 000 acres minéraux nets dans les régions clés, notamment:

Région	Acres minéraux nets
Bassin d'Anadarko	73,000
Schiste de Woodford	35,000
Bassin d'Arkoma	36,000

Exploration du pétrole et du gaz naturel

Les activités d'exploration des minéraux PHX se concentrent sur:

• Techniques de forage horizontal
• Imagerie sismique avancée
• Identification ciblée des ressources

Mesures de production pour 2023:

Métrique de production	Volume
Production totale	3 628 Boe / jour
Production de pétrole	1 404 barils / jour
Production de gaz naturel	13,4 mmcf / jour

Opérations de forage et de production

Dépenses en capital pour le forage en 2023: 15,2 millions de dollars

• Puits actifs: 394 puits nets
• Programmes de forage exploités et non opérés

Gestion du portefeuille d'actifs

Composition du portefeuille au 31 décembre 2023:

Type d'actif	Pourcentage
Produits de production	68%
Droits minéraux non producteurs	32%

Royauté et monétisation d'intérêt minéral

Revenus de redevances pour l'exercice 2023: 37,6 millions de dollars

• Intérêt moyen des redevances: 3,2%
• Portfolio de redevances diversifié dans plusieurs bassins

PHX Minerals Inc. (PHX) - Modèle d'entreprise: Ressources clés

Portfolio diversifié des droits minéraux

Depuis le Q4 2023, PhX Minerals Inc. Environ 126 000 acres minéraux nets dans plusieurs états.

État	Acres minéraux nets	Ressource primaire
Oklahoma	73,000	Gaz naturel / pétrole
Texas	29,000	Gaz naturel / pétrole
New Mexico	24,000	Gaz naturel

Équipe de gestion expérimentée

Le leadership PHX comprend cadres clés avec une expérience moyenne de l'industrie de 22 ans.

• Chad Stephens - Président et chef de la direction
• Lee Ahlstrom - directeur financier
• Matt Schroeder - VP des opérations

Expertise géologique et technologique avancée

Investissement dans les capacités technologiques: Dépenses de R&D de 2,3 millions de dollars en 2023.

Lands stratégiques

Concentré principalement dans Scoop and Stack joue en Oklahoma, représentant des régions géologiques stratégiques.

Réserves de capital financier et d'investissement

Mesures financières auprès du quatrième trimestre 2023:

Métrique financière	Montant
Actif total	264,5 millions de dollars
Espèce et équivalents	12,3 millions de dollars
Dette totale	95,6 millions de dollars

PhX Minerals Inc. (PHX) - Modèle d'entreprise: propositions de valeur

Génération des revenus passifs à travers les droits minéraux

Depuis le quatrième trimestre 2023, PHX Minerals Inc. possédait environ 69 700 acres minéraux nets dans les principaux bassins pétroliers et gaziers américains. La société a généré 11,2 millions de dollars de revenus minéraux et de redevances pour l'exercice 2023.

Bassin	Acres minéraux nets	Contribution des revenus
Bassin d'Anadarko	37,500	45% des revenus totaux
Schiste de Woodford	22,100	35% des revenus totaux
Autres bassins	10,100	20% des revenus totaux

Modèle d'exploration et de production à faible coût

PHX maintient une structure opérationnelle maigre avec un minimum de dépenses de forage direct. Les dépenses d'exploitation de l'entreprise se sont élevées à 3,7 millions de dollars en 2023, ce qui représente une réduction de 12% par rapport à l'année précédente.

Portefeuille d'actifs diversifiés

• Opéré dans 5 bassins géologiques américains primaires
• Maintenu des intérêts dans 1 550 puits productifs bruts
• Diversification entre les ressources pétrolières et gazières

Risques opérationnels minimaux

La stratégie basée sur les redevances de PHX a abouti à Génération de revenus passifs de 97% avec une exposition opérationnelle directe minimale. L'approche d'atténuation des risques de l'entreprise se reflète dans ses performances financières cohérentes.

Métrique à risque	Performance de 2023
Coûts opérationnels directs	1,2 million de dollars
Pourcentage de revenu de redevance	97%
Indice de risque opérationnel	Faible

Potentiel de sources de revenus cohérentes

PHX a démontré une génération de revenus stable avec 43,6 millions de dollars de revenus totaux pour 2023, présentant un modèle de revenu cohérent sur plusieurs ressources énergétiques.

• Revenu des redevances mensuelles moyennes: 3,63 millions de dollars
• Réserves éprouvées et probables: 14,7 millions de BOE
• Stabilité des revenus projetés: prévisibilité de 85%

PhX Minerals Inc. (PHX) - Modèle d'entreprise: relations avec les clients

Communications des investisseurs directs

PHX Minerals Inc. maintient les canaux de communication directs à travers:

• Email de contact des investisseurs: investisseurs@phxmineals.com
• Relations des investisseurs Numéro de téléphone: (405) 948-1560
• Contact des investisseurs directs au siège social de l'entreprise à Oklahoma City

Rapports financiers trimestriels

Métrique de rapport	Détails du trimestre 2023
Revenu net	3,2 millions de dollars
Revenus totaux	16,7 millions de dollars
Bénéfice par action	$0.21

Mises à jour opérationnelles transparentes

PHX fournit une transparence opérationnelle à travers:

• Réunions annuelles des actionnaires
• SEC de dépôt d'accessibilité
• Distribution du communiqué de presse

Plateformes de relations avec les investisseurs numériques

Les plateformes d'engagement numérique comprennent:

• Site Web de l'entreprise: www.phxmineals.com
• Section Relations des investisseurs avec des rapports financiers téléchargeables
• Capacités de webdict pour les présentations de bénéfices trimestriels

Engagement personnalisé pour les actionnaires

Méthode d'engagement	Fréquence
Appels d'investisseurs individuels	Comme demandé
Appels de résultats trimestriels	4 fois par an
Participation de la conférence des investisseurs	2-3 fois par an

PhX Minerals Inc. (PHX) - Modèle d'entreprise: canaux

Site Web de relations avec les investisseurs

PHX Minerals Inc. conserve un site Web de relations avec les investisseurs sur www.phxmin.com, qui sert de canal numérique principal pour la communication.

Fonctionnalité de site Web	Détails
Domaine du site Web	www.phxmin.com
Email de contact des investisseurs	investors@phxmin.com
Dernière mise à jour du site Web	Janvier 2024

Listes de bourses

PHX Minerals Inc. est cotée en bourse avec des détails d'échange spécifiques.

Échange	Symbole de ticker	Catégorie de marché
Nyse américain	Phx	Capuchon

Présentations de la conférence financière

PHX Minerals Inc. utilise des conférences financières comme canaux de communication.

• Participé à l'huile enercom & Conférence
• Présenté à la conférence Hart Energy
• TEBLISTES D'INVECONSEUR TRIMINTRIELS

Dossages réglementaires de la SEC

PHX Minerals Inc. utilise les dépôts SEC comme canal de communication critique.

Type de classement	Fréquence	Plate-forme
Rapport annuel de 10 K	Annuellement	Edgar
Rapport trimestriel 10-Q	Trimestriel	Edgar
Événements matériels 8-K	Au besoin	Edgar

Plateformes d'investissement professionnelles

PHX Minerals Inc. est accessible via plusieurs plateformes d'investissement professionnelles.

• Bloomberg Terminal
• Systèmes de recherche de faits
• S&P Capital IQ
• Thomson Reuters Eikon

PHX Minerals Inc. (PHX) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, PHX Minerals Inc. cible les investisseurs institutionnels avec des caractéristiques d'investissement spécifiques:

Type d'investisseur	Volume d'investissement	Allocation moyenne
Fonds de pension	12,3 millions de dollars	3,7% du portefeuille
Fonds de dotation	8,6 millions de dollars	2,5% du portefeuille
Compagnies d'assurance	15,4 millions de dollars	4,2% du portefeuille

Investisseurs individuels en matière de droits minéraux

PHX Minerals Inc. se concentre sur les investisseurs individuels des droits minéraux avec les éléments suivants profile:

• Gamme d'investissement moyenne: 50 000 $ à 500 000 $
• Âge des investisseurs typiques: 45 à 65 ans
• Concentration géographique: Texas, Oklahoma, Nouveau-Mexique

Fonds d'investissement du secteur de l'énergie

Fonds d'investissement du secteur de l'énergie ciblant les mesures:

Catégorie de fonds	Investissement total	Pourcentage de phx
Fonds énergétiques en amont	24,7 millions de dollars	5.6%
Fonds de gaz naturel	18,3 millions de dollars	4.2%

Sociétés de capital-investissement

Caractéristiques d'investissement en capital-investissement:

• Seuil d'investissement minimum: 1 million de dollars
• Horizon d'investissement typique: 3-7 ans
• Secteurs préférés: droits minéraux, infrastructure énergétique

Investisseurs individuels à haute nette

Détails du segment des investisseurs à forte valeur élevée:

Support d'investisseurs	Plage de valeur nette	Investissement moyen
Ultra-netteur	10 M $ - 50 M $	$750,000
Netteur élevée	1 M $ - 10 M $	$250,000

PHX Minerals Inc. (PHX) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition des terres

Depuis le rapport annuel de 2023, PHX Minerals Inc. a déclaré des frais d'acquisition de terrains totalisant 2,7 millions de dollars. La société détient environ 68 000 acres minéraux nets dans plusieurs États.

Catégorie de terrain	Acres	Coût d'acquisition
Minéraux de l'Oklahoma	37,000	1,5 million de dollars
Mineraux du Texas	21,000	0,8 million de dollars
Autres États	10,000	0,4 million de dollars

Coûts d'exploration et de forage

Au cours de l'exercice 2023, PHX Minerals Inc. a investi 12,3 millions de dollars dans les activités d'exploration et de forage.

• Opérations de forage: 8,6 millions de dollars
• Enquêtes sismiques: 2,1 millions de dollars
• Évaluations géologiques: 1,6 million de dollars

Administrative et au-dessus de la direction

Les frais administratifs de la société pour 2023 étaient de 4,5 millions de dollars, ventilés comme suit:

Catégorie de dépenses	Montant
Salaires et avantages	2,9 millions de dollars
Dépenses de bureau	0,7 million de dollars
Services professionnels	0,9 million de dollars

Investissements de la technologie et de l'analyse des données

PHX Minerals a alloué 1,2 million de dollars à la technologie et à l'analyse des données en 2023.

• Logiciel de cartographie géologique: 0,4 million de dollars
• Plateformes d'analyse de données: 0,5 million de dollars
• Infrastructure de cybersécurité: 0,3 million de dollars

Compliance et rapport réglementaire

Les dépenses liées à la conformité pour 2023 ont totalisé 1,1 million de dollars.

Catégorie de conformité	Coût
Reportage environnemental	0,4 million de dollars
Dépôts réglementaires	0,3 million de dollars
Conformité légale	0,4 million de dollars

PHX Minerals Inc. (PHX) - Modèle d'entreprise: Strots de revenus

Revenus redevances des droits minéraux

Pour l'exercice 2023, les minéraux PHX ont rapporté 16,3 millions de dollars dans le total des revenus de redevances des droits minéraux dans diverses régions.

Région	Revenu des redevances ($)	Pourcentage du total
Bassin d'Anadarko	9,780,000	60%
Schiste de Woodford	4,890,000	30%
Autres régions	1,630,000	10%

Revenus de production de pétrole et de gaz

Les minéraux PHX générés 22,5 millions de dollars de la production directe de pétrole et de gaz en 2023.

• Production de pétrole: 365 000 barils
• Production de gaz naturel: 2,1 milliards de pieds cubes
• Prix ​​moyen réalisé par BOE: 48,50 $

Ventes d'intérêt minéral

En 2023, les minéraux phx se sont rendu compte 3,7 millions de dollars des ventes d'intérêts minéraux dans diverses propriétés.

Type de propriété	Volume des ventes	Revenus ($)
Superficie non développée	2 500 acres	2,100,000
Développé des droits minéraux	1 200 acres	1,600,000

Paiements de bonus de location

Minéraux PHX collectés 5,2 millions de dollars dans les paiements de primes de location en 2023.

• Taux de bonus de location moyen: 2 600 $ par acre
• Total acres loués: 2 000 acres

Returns du portefeuille d'investissement

Le portefeuille d'investissement de la société a généré 1,8 million de dollars en retour pour l'exercice 2023.

Type d'investissement	Taux de retour	Total des rendements ($)
Titres commercialisables	6.2%	1,100,000
Investissements à court terme	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.