Phoenix Energy One LLC has reported $18.7 million in net profit for the second quarter, up 122.65 percent from the same three-month period last year.
“The increase was largely driven by higher income from operations of $20.1 million, primarily due to higher operated production volumes sold by the company, and higher gain on derivatives of $8.9 million, partially offset by higher interest expense, net of $19 million due to increased sales of our debt securities and increased interest under our term loan that was not payable in the prior-year period”, Irvine, California-based Phoenix Energy said in a statement online.
Revenue rose 105.23 percent year-on-year to $163.83 million for the April-June quarter, while EBITDA increased 81.31 percent to $91.98 million.
Product sales accounted for $97.26 million of revenue for 2Q 2025, compared to $27.31 million for 2Q 2024. Mineral and royalty revenue totaled $31.99 million, down from $51.6 million for 2Q 2024. Water services contributed $3.7 million in revenue, up from $904,000 for 2Q 2024. Phoenix Energy also recorded $30.8 million in revenue from the sale of purchased crude for 2Q 2025, according to a regulatory filing.
Production averaged over 23,800 barrels of oil equivalent a day. Phoenix Energy said it had drilled 23.2 net production wells during the three months. It had 26.6 net development wells in progress at the end of the period. It contracted its third drilling rig, which will support Williston Basin operations.
“The company hydraulically fractured its longest laterals to date in the Williston Basin of 3.75 miles and anticipates production from these wells in the third quarter”, Phoenix Energy said.
Operating activities in 2Q 2025 generated $99.63 million in net cash, compared to $29.44 million for 2Q 2024. Cash and cash equivalents were $60.49 million at the end of 2Q 2025.
Current assets amounted to $156.37 million at the end of 2Q 2025, while current liabilities totaled $361.96 million including a $142.81 million current portion of long-term debt.
Chief executive Adam Ferrari said, “The company’s continued focus on operational excellence was reflected through strong performance in a less than favorable macro-economic environment”.
Besides the Williston Basin in North Dakota and Montana, Phoenix Energy also operates in the Powder River and Denver-Julesburg Basins in Wyoming and Colorado.
To contact the author, email jov.onsat@rigzone.com
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