Monitor the company's Q3 2026 derivative positioning and commodity price realizations; the H1 derivative loss of $188.0M was non-cash but significant. Preferred holders should watch for leverage metrics and any capital allocation updates in the next 10-Q.
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Executive Summary
Phoenix Energy One (PHXE.P) reported exceptional Q2 2026 results with total revenue more than doubling to $405.9M (up 147.7% YoY) and net income surging to $106.0M from $18.7M, driven by record crude oil production and a 42.8% increase in average realized oil prices. For preferred holders, the strong operational cash flow and EBITDA provide robust credit coverage, though year-to-date GAAP net loss of $34.1M due to non-cash derivative losses tempers the outlook.
Key Facts
- Total revenues of $405.9M in Q2 2026 vs $163.8M in Q2 2025, a 147.7% YoY increase
- Net income of $106.0M in Q2 2026 vs $18.7M in Q2 2025, a 466.8% YoY increase
- Adjusted EBITDA of $181.3M in Q2 2026 vs $84.3M in Q2 2025, more than doubling
- Record quarterly crude oil production of 3.7 million barrels; record monthly production of 1.3 million barrels in June 2026
- Average daily production of 39,574 Boe/d, up 66.1% YoY
- Average realized crude oil price of $91.37/Bbl, up 42.8% from $63.98/Bbl in Q2 2025
- Operating cash flow of $277.3M for H1 2026 vs $100.6M for H1 2025
- Six-month net loss of $34.1M due to $188.0M non-cash loss on derivatives vs $24.3M net income in H1 2025
Financial Impact
Revenue doubled to $405.9M, net income surged 467% to $106.0M, and Adjusted EBITDA more than doubled to $181.3M in Q2 2026 — all credit-positive for preferred dividend coverage.
Risk Factors
- H1 2026 net loss of $34.1M driven by $188.0M non-cash derivative losses from rising forward commodity curves
- Depreciation, depletion, and amortization up 102.7% YoY to $74.3M in Q2 2026, reflecting aggressive drilling and capital intensity
- Interest expense nearly doubled to $58.3M in Q2 2026, suggesting increased leverage from term loan facility and interest-bearing securities
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3342284 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 18, 2026 5w ago | Press Release | — | awaiting T+20 | — | — |
Aug 10, 2026 11w ago | Press Release | — | awaiting T+20 | — | — |
Aug 10, 2026 11w ago | Press Release | — | awaiting T+20 | — | — |
May 13, 2026 23w ago | Press Release | — | awaiting T+20 | — | — |
May 13, 2026 23w ago | Press Release | — | awaiting T+20 | — | — |
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