Bullboard - Stock Discussion Forum PHX Energy Services Corp PHXHF

Primary Symbol: T.PHX

Energy Oil & Gas Drilling

PHX Energy Services Corp. is a Canada-based oil and natural gas services company. The Company provides horizontal and directional drilling services and technologies to oil and natural gas exploration and development companies. The Company reports three operating segments on a geographical basis throughout the Gulf Coast, Northeast and Rocky Mountain regions of the United States, throughout the... see more

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PHX Energy Services Corp > All-Time Record Annual Financial Results T.PHX

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Post by Betteryear2 on Feb 27, 2024 5:20pm

All-Time Record Annual Financial Results T.PHX

CALGARY, Alberta, Feb. 27, 2024 (GLOBE NEWSWIRE) --

Fourth Quarter Highlights

For the three-month period ended December 31, 2023, PHX Energy generated consolidated revenue of $165.3 million, the highest level of fourth quarter revenue on record and the third highest level of quarterly revenue in the Corporation’s history. Revenue in the third and first quarter of 2023 are the first and second highest quarterly revenue on record, respectively. Consolidated revenue in the 2023-quarter included $10.3 million of motor rental revenue and $0.9 million of motor equipment and parts sold.
Earnings from continuing operations increased by 63 percent to $33.1 million, $0.68 per share, in the 2023-quarter from $20.3 million, $0.39 per share, in the 2022 three-month period. The 2023-quarter’s earnings are the highest level of quarterly earnings in the Corporation’s history. Earnings from continuing operations in the 2023-quarter included $9.5 million of recovery of income taxes that primarily resulted from the recognition and utilization of previously unrecognized deferred tax assets in the Canadian jurisdiction.
In the 2023 three-month period, adjusted EBITDA(1) from continuing operations was $35.4 million, 21 percent of consolidated revenue(1) and is 4 percent higher compared to $33.9 million, 21 percent of consolidated revenue, in the same 2022-period. Included in the 2023-quarter’s adjusted EBITDA is $4.6 million in cash-settled share-based compensation expense (2022 - $6.9 million). Adjusted EBITDA excluding cash-settled share-based compensation expense(1) in the fourth quarter of 2023 was $40 million, 24 percent of consolidated revenue(1) (2022 - $40.8 million, 26 percent of consolidated revenue).
PHX Energy’s US division revenue in the fourth quarter of 2023 was $122.1 million, only 3 percent lower compared to the record $125.7 million generated in the fourth quarter of 2022. US division revenue in the 2023-quarter represented 74 percent of consolidated revenue.
PHX Energy’s Canadian division reported $42.4 million of quarterly revenue, 38 percent higher compared to $30.7 million in the 2022-quarter and is the highest level of fourth quarter revenue for the Canadian division since 2014.
In the 2023-quarter, the Corporation generated excess cash flow(2) of $22.3 million, after deducting capital expenditures(3) of $15.5 million offset by proceeds on disposition of drilling and other equipment of $11 million. This level of excess cash flow is a 57 percent increase over the fourth quarter of 2022.
In the fourth quarter of 2023, PHX Energy continued to deliver additional returns to its shareholders and purchased and canceled 1,322,100 common shares for $11.3 million through its current Normal Course Issuer Bid (“NCIB”).
For the three-month period ended December 31, 2023, PHX Energy paid $7.3 million ($0.15 per share) in dividends, which is 50 percent, or $0.05 per share, more than the quarterly dividends paid in the same 2022-quarter. On December 15, 2023, the Corporation declared a dividend of $0.20 per share or $9.5 million, paid on January 15, 2024 to shareholders of record on December 29, 2023.