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Bullish on PHXE.P over the next 1–3 months as earnings validate asset-scale Williston operations; monitor guidance and derivative impact on GAAP metrics.
What happened and why it matters
Phoenix Energy posted a strong 2Q26 with $405.9m revenue and $238.4m EBITDA, backed by record oil output (3.7m barrels in Q2 and 1.3m in June) and higher realized prices (~$91.37/Bbl). Despite derivative-driven GAAP losses year-to-date, cash flow rose and Montana/Bakken activity expanded, underscoring asset economics and upside if oil stays firm.
Material beat on revenues and EBITDA with record production signals, enhancing the case for a higher multiple if oil prices hold; however, GAAP results for YTD were dragged by derivatives, which could cap near-term gains until hedging results are clarified.
Q2 2026 revenue $405.851m; net income $105.985m; EBITDA $238.392m; Adjusted EBITDA $181.263m.
Record crude oil production: 3.601m BOE in Q2; daily 39,574 BOE/d.
Montana four-mile lateral switchbacks; first full four-mile lateral unit development completed.
Oil realized price $91.37/Bbl in Q2 2026; six-month price $81.35/Bbl.
Six-month cash flow from ops $277.3m; year-to-date results offset by derivative losses.
Category: Earnings. PHXE.P’s release highlights meaningful top- and bottom-line growth, strong cash flow, and asset-scale drilling in Williston Basin, justifying a closer look at 2026 guidance and leverage. Near-term price action will hinge on oil prices stability and capital allocation signals.
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