PHX Minerals Inc. (NYSE:PHX) Q3 2022 Earnings Conference Call August 9, 2022 11:00 AM ET
Company Participants
Ralph D’Amico - Vice President and Chief Financial Officer
Chad Stephens - President and Chief Executive Officer
Danielle Mezo - Vice President, Engineering
Conference Call Participants
Jeffrey Campbell - Alliance Global Partners
Derrick Whitfield - Stifel
Donovan Schafer - Northland Capital Markets
Operator
Hello and welcome to the PHX Minerals, Inc. Third Quarter Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. It’s now my pleasure to turn the call over to your host, Ralph D’Amico, Vice President and CFO. Please go ahead, sir.
Ralph D’Amico
Thank you for joining us today to discuss our 2022 third fiscal quarter results. With me on the call today for prepared remarks are Chad Stephens, President and Chief Executive Officer and Danielle Mezo, Vice President of Engineering. After prepared remarks, we will open up the call to a Q&A session. The earnings press release that was issued yesterday is also posted on the Investor Relations website.
Before I turn the call over to Chad, I’d like to remind everyone that during today’s call, including the Q&A session, we may make forward-looking statements regarding expected revenue, earnings, future plans, opportunities and other expectations of the company. These estimates and plans and other forward-looking estimates involve known and unknown risks and uncertainties that may cause actual results to be materially different from those expressed or implied on the call. These risks are detailed in our most recent annual report on Form 10-K. As such, maybe amended or supplemented by subsequent quarterly reports on Form 10-Q or other reports filed with the Securities and Exchange Commission. The statements made during the conference call are based upon information known to PHX as of the date and time of this call. PHX assumes no obligation to update the information presented in today’s call.
With that, I’d like to turn the call over to Chad Stephens, PHX’s Chief Executive Officer.
Chad Stephens
Thanks, Ralph, and thanks to everyone on the line for participating in PHX’s 2022 third quarter conference call. We sincerely appreciate your time and the continued interest in the company.
PHX has a rather simple business model. It is to allocate 100% of our free operating cash flow after dividends to acquire minerals in our core areas of concentration, being the Haynesville SCOOP in Southern Oklahoma. This while divesting of our more working interest assets. Out with the old and in with the new, if you’ll have it. This is basically a constant high grading of our asset base. You will note that since implementing our mineral acquisition strategy, our non-op working interest producing volumes year-over-year had decreased by 35%, and our royalty interest volumes have increased by 32%.