Panhandle Oil And Gas (PHX) Reports Q3 Loss of $0.21, Revenues Miss

Panhandle Oil And Gas (NYSE: PHX) reported Q3 EPS of ($0.21), versus $0.28 reported last year. Revenue for the quarter came in at $2.71 million versus the consensus estimate of $10.7 million.

Chad L. Stephens, President and CEO, commented, "Clearly the third quarter was challenging given the effects of the global pandemic on the economy and the energy markets. Our sales volumes were down as operators curtailed production and brought fewer wells online due to low commodity prices. While we have made significant strides in reducing costs in the quarter, it was not enough to offset lower revenue. In spite of these challenges, we managed to generate free cash flow which we used to further reduce debt. The energy sector is stabilizing as the rig count seems to have found a floor and operators are talking about bringing curtailed wells back on line and setting reasonable drilling plans going forward. The deal flow for mineral assets is also picking up, and we expect more opportunities to come to market in the second half of 2020. We will continue to focus on areas that we can control such as cost discipline, debt reduction and sourcing mineral acquisition opportunities, which we believe will create value for our shareholders in the long run."

For earnings history and earnings-related data on Panhandle Oil And Gas (PHX) click here.

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