PHX Energy Announces First Quarter Results CALGARY, Alberta, May 04, 2022 (GLOBE NEWSWIRE) --
First Quarter Highlights
- The Corporation’s adjusted EBITDA(1) excluding share-based compensation increased to $18.4 million.
- Consolidated revenue of $112.1 million is the second highest first quarter revenue in the Corporation’s history, an increase of 60 percent over the comparative 2021-quarter.
- PHX Energy’s US division generated the highest quarterly revenue in the Corporation’s history, $81.8 million, 73 percent of consolidated revenue.
- The 2022 capital expenditure program is now anticipated to be $85 million, which is targeted to be allocated towards expanding the fleet of premium equipment for increased forecasted activity in late 2022 and 2023.
- Quarterly dividend of $0.075 per common share was paid on April 18, 2022, which is triple the dividend per share declared in the first quarter of 2021.
- The Corporation maintained a strong financial position, with cash and cash equivalents less loans and borrowings equating to $7.5 million, and working capital(1) of $53.6 million.
- PHX Energy intends to protect and preserve its balance sheet strength, capitalize on unique growth strategies and continue to reward its shareholders.
- The Corporation recognized impairment and other write-offs of $2 million related to its Russian entity.
(Stated in thousands of dollars except per share amounts, percentages and shares outstanding)
PHX Energy Announces First Quarter Results