PHX Panhandle Oil & Gas Inc
Panhandle Oil & Gas, Inc. engages in the acquisition, management, and development of non-operated oil and natural gas properties, including wells located on the firm's mineral and leasehold acreage. Its products include natural gas, crude oil and NGL. The company was founded in 1926 and is headquartered in Oklahoma City, OK.
Company profile
Ticker
PHX
Exchange
Website
CEO
Paul F. Blanchard
Employees
Incorporated in
Location
Fiscal year end
Sector
Industry (SEC)
Former names
Panhandle Royalty Co
SEC CIK
Corporate docs
IRS number
731055775
PHX stock data
()
Calendar
7 May 20
15 Jul 20
30 Sep 20
News
Company financial data Financial data
| Quarter (USD) | Mar 20 | Dec 19 | Sep 19 | Jun 19 | |
|---|---|---|---|---|---|
| Revenue | 12.08M | 10.58M | 15.73M | 16.34M | |
| Net income | -19.97M | 1.89M | -56.15M | 4.6M | |
| Diluted EPS | -1.21 | 0.11 | -3.35 | 0.28 | |
| Net profit margin | -165% | 17.89% | -357% | 28.17% | |
| Net change in cash | 230.07K | -5.89M | 4.63M | 1.03M | |
| Cash on hand | 498.78K | 268.71K | 6.16M | 1.53M |
| Annual (USD) | Sep 19 | Sep 18 | Sep 17 | Sep 16 | |
|---|---|---|---|---|---|
| Revenue | 66.04M | 45.03M | 46.36M | 39.06M | |
| Net income | -40.74M | 14.64M | 3.53M | -10.29M | |
| Diluted EPS | -2.43 | 0.86 | 0.21 | -0.61 | |
| Net profit margin | -61.70% | 32.50% | 7.62% | -26.34% | |
| Net change in cash | 5.63M | -25.29K | 86.58K | -132.7K | |
| Cash on hand | 6.16M | 532.5K | 557.79K | 471.21K |
Financial data from company earnings reports
Recent insider trades
| Date | Owner | Security | Transaction | Code | 10b5-1 | $Price | #Shares | $Value | #Remaining |
|---|---|---|---|---|---|---|---|---|---|
| 11 May 20 | D'Amico Raphael | Panhandle Class A Common | Buy | Aquire P | No | 4.1455 | 5,000 | 20.73K | 65,419 |
| 21 Apr 20 | D'Amico Raphael | Panhandle Class A Common | Grant | Aquire A | No | 0.0167 | 21,408 | 357.51 | 60,419 |
| 25 Feb 20 | D'Amico Raphael | Panhandle Class A Common | Buy | Aquire P | No | 5.8963 | 3,500 | 20.64K | 39,011 |
| 13 Feb 20 | Chad L Stephens | Panhandle Class A Common | Buy | Aquire P | No | 6.83 | 3,000 | 20.49K | 109,578 |
| 10 Feb 20 | Fraser Christopher T. | Panhandle Class A Common | Buy | Aquire P | No | 7.05 | 8,000 | 56.4K | 30,718 |
Institutional ownership Q1 2020
64.1% owned by funds/institutions
13F holders |
Current |
|---|---|
| Total holders | 71 |
| Opened positions | 19 |
| Closed positions | 14 |
| Increased positions | 21 |
| Reduced positions | 23 |
13F shares |
Current |
|---|---|
| Total value | 56.24M |
| Total shares | 10.51M |
| Total puts | 398.3K |
| Total calls | 0 |
| Total put/call ratio | Infinity |
Largest owners |
Shares | Value |
|---|---|---|
| Trigran Investments | 2.4M | $8.85M |
| Edenbrook Capital | 1.26M | $4.65M |
| BLK BlackRock | 1.19M | $4.38M |
| Dimensional Fund Advisors | 742.49K | $2.74M |
| Robert Robotti | 730.63K | $2.7M |
| Vanguard | 649.8K | $2.4M |
| N Price T Rowe Associates | 587.63K | $2.17M |
| Parametric Portfolio Associates | 465.09K | $1.72M |
| STT State Street | 336.14K | $1.24M |
| Disciplined Growth Investors | 313.68K | $1.16M |
Financial report summary
?Risks
- The volatility of oil and natural gas prices, and particularly the ongoing decline in those prices, due to factors beyond our control greatly affects our financial condition, results of operations and cash available for distribution.
- Low oil, NGL and natural gas prices for a prolonged period of time would have a material adverse effect on the Company.
- Our future success depends on finding, developing or acquiring additional reserves and failure to find or acquire additional reserves will cause reserves and production to decline materially from their current levels.
- Any acquisitions of additional mineral and royalty interests that we complete will be subject to substantial risks.
- Significant capital expenditures are required to replace our reserves and conduct our business.
- Competition in the oil and natural gas industry is intense, and most of our competitors have greater financial and other resources than we do.
- We may be subject to information technology system failures, network disruptions, cyber-attacks or other breaches in data security.
- The Company’s derivative activities may reduce the cash flow received for oil and natural gas sales.
- Future legislative or regulatory changes may result in increased costs and decreased revenues, cash flows and liquidity.
- The adoption of derivatives legislation by the U.S. Congress could have an adverse effect on us and our ability to hedge risks associated with our business.
- The Company cannot control activities on its properties.
- The oil and natural gas drilling and producing operations of our third-party operators involve various risks.
- We may experience delays in the payment of royalties and be unable to replace operators that do not make required royalty payments, and we may not be able to terminate our leases with defaulting lessees if any of the operators on those leases declare bankruptcy.
- The marketability of oil and natural gas production is dependent upon transportation, pipelines and refining facilities, which neither we nor many of our operators’ control. Any limitation in the availability of those facilities could interfere with our or our operators’ ability to market our or our operators’ production and could harm our business.
- Concerns over general economic, business or industry conditions may have a material adverse effect on our results of operations, financial condition and cash available for distribution.
- Conservation measures and technological advances could reduce demand for oil and natural gas.
Management Discussion
- Our results of operations are dependent primarily upon our: existing reserve quantities; costs associated with acquiring new reserves; production quantities and related production costs; and oil, NGL and natural gas sales prices. Although a significant amount of our revenue is currently derived from the production and sale of oil, NGL and natural gas on our working interests, a growing portion of our revenue is derived from royalties received from the production and sale of oil, NGL and natural gas.
- The Company recorded a second quarter 2020 net loss of $19,973,170, or $1.21 per share, as compared to a net loss of $1,931,334, or $0.11 per share, in the 2019 quarter. The change in net income (loss) was principally the result of an increase in provision for impairment (non-cash) and a decrease in oil, NGL and natural gas sales, partially offset by an increased gain on derivative contracts and changes in tax provision (benefit). These items are further discussed below.
- The oil production increase is attributable to producing property royalty acquisitions in the Bakken in North Dakota and Anadarko STACK in Oklahoma, as well as new well drilling on legacy Panhandle mineral acreage in the SCOOP and STACK in Oklahoma. NGL production is relatively flat as naturally declining production in liquid-rich gas areas of the Anadarko Basin and Arkoma Stack are offset by additional production related to royalty acquisition volumes in the STACK and Bakken, new royalty wells in the SCOOP and Bakken, and operators removing more NGL from the natural gas stream. Natural gas volumes are slightly down as a result of naturally declining production in the STACK, Arkoma Stack and Fayetteville Shale, partially offset by royalty acquisition volumes in the STACK and Bakken and volumes identified in new royalty wells in the SCOOP and Bakken.
Content analysis
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New words:
ability, accelerated, acceleration, adverse, adversely, Aid, AMT, April, assigning, behalf, budget, carryback, caution, cautionary, Codification, commensurate, conducted, context, correct, curve, deductibility, deemed, depend, dependent, disease, disrupt, domestic, duration, effort, entirety, evolving, exacerbated, expressed, expressly, extracted, fail, failure, frequent, global, glossary, goal, governmental, Granite, health, hereto, highly, holder, implied, improve, inability, inclusive, incorrect, instability, intensify, July, key, larger, led, legislation, light, low, maximizing, minimum, mission, mitigate, NOL, nominal, nonproducing, obtaining, occurrence, OPEC, oral, outbreak, output, owner, pandemic, political, predominately, primary, professional, profitability, proxy, rapidly, reach, realized, receipt, refund, refundable, relevant, relief, resource, response, responsible, SCOOP, space, stabilize, step, storage, technological, terrorism, travel, ultimate, unable, uncertain, undiscounted, uneconomic, unknown, upfront, vendor, war, Wash, written
Removed:
allocated, allocating, authorization, began, collectability, consistent, Controller, coupled, depth, direction, disclose, divergence, document, dry, exist, exploratory, Firm, found, fractional, HBP, hole, horizontal, horizontally, IDC, intangible, interval, IRS, leased, long, Martin, Mmbtu, NRI, objective, percent, pooled, remove, removed, repurchased, revolving, satisfy, secondary, specifically, sum, technique, therewith, traditional, Uncertainty, unrealized, unsatisfied, vary, vertically, Vice, wholly, wide
Financial reports
10-Q
2020 Q2
Quarterly report
7 May 20
10-Q
2020 Q1
Quarterly report
5 Feb 20
10-K
2019 FY
Annual report
13 Dec 19
10-Q
2019 Q3
Quarterly report
8 Aug 19
10-Q
2019 Q2
Quarterly report
9 May 19
10-Q
2019 Q1
Quarterly report
7 Feb 19
10-K
2018 FY
Annual report
11 Dec 18
10-Q
2018 Q3
Quarterly report
6 Aug 18
10-Q
2018 Q2
Quarterly report
7 May 18
10-Q
2018 Q1
Quarterly report
8 Feb 18
Current reports
8-K
Panhandle Oil and Gas Inc. Announces Amendment to Credit Facility
25 Jun 20
8-K
Regulation FD Disclosure
18 May 20
8-K
Panhandle Oil and Gas Inc. Reports Second Quarter and Six Months 2020 Results, Announces Dividend Payment and Mid-year Reserves Update
8 May 20
8-K
Departure of Directors or Certain Officers
8 May 20
8-K
Announces Retirement of Director
3 Apr 20
8-K
Announces Resignation of Officer
10 Mar 20
8-K
Departure of Directors or Certain Officers
9 Mar 20
8-K
Departure of Directors or Certain Officers
25 Feb 20
8-K
Reports First Quarter 2020 Results
11 Feb 20
8-K
Announces Appointment of Chad L. Stephens as Chief Executive Officer
17 Jan 20
Proxies
DEFA14A
Additional proxy soliciting materials
25 Feb 20
DEFA14A
Additional proxy soliciting materials
23 Jan 20
DEF 14A
Definitive proxy
23 Jan 20
PRE 14A
Preliminary proxy
7 Jan 20
DEF 14A
Definitive proxy
25 Jan 19
DEF 14A
Definitive proxy
26 Jan 18
DEF 14A
Definitive proxy
27 Jan 17
DEFR14A
Revised proxy
18 Feb 16
DEF 14A
Definitive proxy
25 Jan 16
DEF 14A
Definitive proxy
22 Jan 15
Other
EFFECT
Notice of effectiveness
15 Nov 17
CORRESP
Correspondence with SEC
13 Nov 17
UPLOAD
Letter from SEC
9 Nov 17
UPLOAD
Letter from SEC
12 Jul 13
CORRESP
Correspondence with SEC
10 Jul 13
UPLOAD
Letter from SEC
2 Jul 13
UPLOAD
Letter from SEC
18 Apr 11
CORRESP
Correspondence with SEC
29 Mar 11
UPLOAD
Letter from SEC
10 Mar 11
UPLOAD
Letter from SEC
19 May 09
Ownership
SC 13G/A
PANHANDLE OIL & GAS / BlackRock ownership change
10 Jul 20
4
PANHANDLE OIL & GAS / Raphael D'Amico ownership change
11 May 20
4
PANHANDLE OIL & GAS / Raphael D'Amico ownership change
23 Apr 20
SC 13G
Panhandle Oil & Gas Inc
27 Feb 20
4
PANHANDLE OIL & GAS / Raphael D'Amico ownership change
26 Feb 20
4
PANHANDLE OIL & GAS / CHAD L STEPHENS ownership change
18 Feb 20
SC 13G/A
Panhandle Oil & Gas Inc
14 Feb 20
SC 13G/A
Panhandle Oil & Gas Inc
13 Feb 20
SC 13G
Panhandle Oil & Gas Inc
12 Feb 20
SC 13G/A
Beneficial ownership report (amended)
12 Feb 20