Q4 2025 Highlights
Phoenix Energy delivered record quarterly production and more than doubled revenue compared with the fourth quarter of 2024.
Generated revenue of $218.6 million (an increase of 115% from Q4 2024), net income of $33.3 million (an increase of 347% from Q4 2024) and EBITDA of $147.1 million (an increase of 207% from Q4 2024);
Amended the Company's term loan facility to establish a new tranche of commitments in an aggregate principal amount of $350.0 million, with $50.0 million of such commitments funded in October 2025, and up to $300.0 million to be available on a discretionary basis;
Achieved the Company's highest monthly production of crude oil with 1.1 million barrels of oil produced in November 2025; and
In December 2025, the Company was the seventh largest producer of crude oil in the Williston Basin.
2026 Outlook
Year Ending December 31, 2026
(dollars in thousands)
Lower Range
Upper Range
Revenue(1)
$
1,190,000
$
1,490,000
Total operating expenses
$
965,000
$
1,030,000
Net income (loss)(2)
$
(40,000
)
$
65,000
EBITDA(3)
$
475,000
$
605,000
Total outstanding debt(4)
$
1,900,000
$
2,150,000
Production:
Crude oil (Bbls)
12,500,000
13,600,000
Natural gas (Mcf)(5)
14,900,000
16,300,000
NGLs (Bbls)
475,000
520,000
Total (Boe) (6:1)
15,458,333
16,836,667
Average daily production (Boe/d) (6:1)
42,352
46,128
(1)
Based on an average benchmark commodity price of $63.90/Bbl for crude oil and $3.50/MMBtu for natural gas. In recent months, oil and natural gas prices have been significantly volatile. Oil prices have recently increased due to geopolitical tensions in the Middle East, rising to $98.71 per Bbl as of March 13, 2026. This increase in price follows a period of comparatively lower prices during much of the second half of 2025, when oil and natural gas prices ranged from highs of $70.00 per Bbl as of July 30, 2025 and $5.289 per MMBtu as of December 5, 2025, respectively, to lows of $55.27 per Bbl as of December 16, 2025 and $2.65 per MMBtu, as of October 17, 2025, respectively.
(2)
Net income projections are subject to significant variability due to the accounting treatment of the Company's derivative instruments. The Company uses derivative instruments to manage exposure to commodity price volatility. These instruments are accounted for at fair value under generally accepted accounting principles in the United States ("GAAP"), with changes in fair value recognized in earnings each reporting period. As a result, reported net income may be significantly impacted by non-cash gains or losses resulting from changes in forward commodity price curves related to future production periods, including 2026, 2027 and 2028. Because these adjustments reflect changes in market expectations for future commodity prices rather than current operational performance, reported net income may fluctuate materially from period to period and may not be indicative of the Company's underlying operating performance. Accordingly, deviations from projected net income due primarily to non-cash mark-to-market adjustments on derivative instruments may occur even if operational performance remains consistent with expectations, and the Company may elect not to update previously issued net income guidance when such deviations occur.
(3)
EBITDA is a non-GAAP financial measure. See "Non-GAAP Financial Measures" below for a reconciliation to net income (loss), the most directly comparable financial measure under GAAP. Assumes interest expense ranging between $220.0 million and $255.0 million and depreciation, depletion, and amortization expense ranging between $260.0 million and $310.0 million during the year ending December 31, 2026. The Company has not provided a full reconciliation of its forward outlook for EBITDA in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable to predict with reasonable certainty the specific amount and timing of certain items required ...
