Panhandle Oil And Gas (NYSE: PHX) reported Q1 EPS of ($0.03), $0.02 worse than the analyst estimate of ($0.01). Revenue for the quarter came in at $6.19 million versus the consensus estimate of $6 million.

SUMMARY OF RESULTS FOR THE PERIOD ENDED DEC. 31, 2020, AND SUBSEQUENT EVENTS

• Production volumes for the first fiscal quarter of 2021 were 2,074 Mmcfe, up from 2,038 Mmcfe in the fourth fiscal quarter of 2020 and down from 2,278 Mmcfe in the first fiscal quarter of 2020.
• Net loss in the first fiscal quarter of 2021 was $0.6 million, or $0.03 per share, as compared to net income of $1.9 million, or $0.11 per share, in the first fiscal quarter of 2020.
• Adjusted EBITDA excluding gain on asset sales(1) for the first quarter of 2021 was $2.7 million, up from $2.0 million in the fourth fiscal quarter of 2020 and down from $3.9 million in the first fiscal quarter of 2020.
• Reduced total debt 6% from $28.8 million, as of Sept. 30, 2020, to $27.0 million, as of Dec. 31, 2020. Total debt was further reduced to $26.0 million as of Feb. 1, 2021.
• On Oct. 8, 2020, the Company closed on the previously announced purchase of 297 net royalty acres in Grady County, Okla., and 237 net mineral acres (398 net royalty acres) in Harrison, Panola and Nacogdoches Counties, Texas, for consideration of $5.5 million and 153,375 shares of PHX common stock.
• On Nov. 12, 2020, and Dec. 17, 2020, the Company completed two additional acquisitions totaling 223 net mineral acres (326 net royalty acres) in San Augustine, Texas targeting the Haynesville play for a total of $1.75 million.
• Debt to adjusted EBITDA (TTM) (1) ratio was 2.99x at Dec. 31, 2020.
• Approved payment of a one cent per share dividend payable on March 5, 2021, to stockholders of record on Feb. 19, 2021.

Chad L. Stephens, President and CEO, commented, "Our first quarter of 2021 was much improved over the fourth quarter of 2020 with adjusted EBITDA excluding gain on asset sales(1) increasing by 37% and debt decreasing by 6%, or $1.8 million. Since the end of our first quarter, we have further reduced our debt by an additional $1.0 million, from $27.0 million to $26.0 million. Our results reflect a very strong quarter for PHX and an improving energy sector. I am very pleased with the high level at which our team is performing. During the quarter, we closed on $7.3 million of previously announced producing mineral acquisitions using proceeds from our equity offering completed in September 2020. This exhibits our stated strategy of acquiring producing minerals in the core of our focus areas with line-of-sight development opportunities. We are excited about additional opportunities we are seeing that we believe could further drive an increase in shareholder value, and we look forward to keeping you updated on our continued progress."

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