Phoenix Energy One, LLC ($PHXE-P)
Phoenix Energy One, LLC filed its Q3 FY2026 10-Q. Total revenues rose 143.6% YoY to $460.4M, driven by product sales (+127.1%), purchased crude oil sales (+213.8%), and mineral/royalty revenues (+113.8%). Income from operations grew 220.8% to $148.4M, but a $87.8M loss on derivatives (vs. a $2.1M gain a year ago) and higher interest expense ($61.6M vs. $38.8M) swung the quarter to a $(1.4M) net loss from $8.5M net income. Nine-month net loss was $(35.5M) versus $32.8M profit.
- Q3 revenue $460.4M, up 143.6% YoY from $189.0M.
- Income from operations $148.4M, up 220.8% YoY.
- Derivative loss of $87.8M vs. $2.1M gain a year prior.
- Net loss $(1.4M) vs. $8.5M net income in Q3 2025.
- Nine-month net loss $(35.5M) vs. $32.8M profit a year ago.
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Triple-digit revenue growth is being offset by derivative losses, turning a prior-year profit into a loss despite strong operations.
The Williston Basin operator's revenue growth reflects higher volumes and commodity prices, but derivative hedging losses are eroding operating gains.
Derivative losses ($265.0M nine-month) and rising interest expense ($172.4M nine-month) are pressuring profitability. The filing also flags the prior restatement of financial statements as a forward-looking risk.