1. Wellhead Production Velocity: From Initial Rig Mobilization to Record FY2025 & Q2 2026 Operating Cash Flows
Since launching its operated horizontal drilling division (Phoenix Operating LLC) in the Williston Basin in September 2023, Phoenix Energy (formerly Phoenix Capital Group) has executed one of the fastest multi-rig field expansions in modern U.S. onshore shale history.
By deploying rig capital directly into high-return three-mile and four-mile horizontal drilling spacing units (DSUs) across North Dakota and eastern Montana—paired with single-run rotary steerable drilling optimization and 97.8% internal saltwater disposal (SWD) infrastructure—Phoenix scaled operated production from approximately 100 barrels of oil per day (BOPD) at the start of 2024 to more than 50,000 BOPD in July 2026 (~50,700 BOPD on July 19, 2026), delivering record quarterly crude production of 3.7 million barrels in Q2 2026 and a record monthly volume of 1.3 million barrels in June 2026.
Audited SEC filings on Forms 10-K and 10-Q document how turning these three-mile and four-mile Bakken pads in-line translated directly into record upstream revenue, EBITDA, and operating cash flow across FY2025 and H1 2026:
| Upstream Operator Metric |
Initial Rig Mobilization (2023–Early 2024) |
FY 2025 / Q2 2025 (3-Rig Basin Expansion) |
Q2 2026 / July 2026 (Current NDIC & SEC Reality) |
| Operated Oil Production |
1st Operated Pads Spudded Sept 2023 (~100 BOPD Jan '24) |
23,822 BOEPD avg (29,565 BOPD peak Jul 1, 2025) |
50,700 BOPD Peak (Jul 19, 2026)
3.7M BBL Q2 '26 / 1.3M BBL Jun '26 |
| Wellhead & Royalty Revenue |
$118.1M (Full Year 2023 Royalty & Early Ops Base) |
Record FY2025 Revenue ($163.8M in Q2 '25; $189.0M in Q3 '25) |
$405.9 Million in Q2 2026 Alone (+148% vs Q2 2025) |
| GAAP Net Income |
Multi-Rig Pad & Mineral Acreage Expansion |
+$18.7M (Q2 2025)
+$8.5M (Q3 2025) |
+$106.0 Million Net Income in Q2 2026 (+467% vs Q2 2025) |
| Operator EBITDA |
Initial Operating Ramp |
Record FY2025 EBITDA ($92.0M Q2 '25; $92.6M Q3 '25) |
$238.4 Million EBITDA in Q2 2026 ($181.3M Adjusted EBITDA) |
| Operating Cash Flow |
Continuous Reinvestment in Williston Basin Units |
$100.6M (6 Months Ended June 30, 2025) |
$277.3 Million (6 Months Ended June 30, 2026) (+176% YoY) |
In a single quarter (Q2 2026), Phoenix Energy's Williston Basin wells and mineral royalty portfolio generated $405.9 million in total revenue (up 148% year-over-year from $163.8 million in Q2 2025), alongside $106.0 million in GAAP net income, $238.4 million in EBITDA, and $277.3 million in six-month cash flow from operating activities.
2. Upstream Governance Milestone: First Company to Receive an Effective SEC S-1 Registration Without Prior Public Common Equity
In 2025–2026, Phoenix Energy established a new transparency benchmark for independent U.S. oil and gas operators: Phoenix Energy became the first company to receive an effective SEC Form S-1 registration statement without previously having publicly traded common equity.
Operational & Reporting Significance of Phoenix Energy's SEC S-1 & NYSE American Listing (PHXE.P)
- Full SEC Reporting & Reserve Audit Oversight: As an SEC reporting operator (CIK
0001818643), Phoenix Energy files audited annual reports on Form 10-K (including proved reserve disclosures), quarterly financial and production statements on Form 10-Q, current reports on Form 8-K, and Form S-1/424B4 prospectuses on the SEC's EDGAR system.
- NYSE American Public Exchange Listing (PHXE.P): In October 2025, following its underwritten public offering of Series A Cumulative Redeemable Preferred Shares ($54.1M gross proceeds across 2,704,023 shares), Phoenix Energy began trading on the NYSE American under ticker PHXE / PHXE.P and rang the NYSE closing bell.
- SEC S-1 Registered Energy Notes: In addition to its exchange-listed preferred equity, Phoenix registered its public fixed-income offering (Phoenix Flex Junior Secured Notes) on Form S-1, giving individual bondholders direct participation in domestic shale development backed by audited SEC disclosures.
3. Rig & Acreage Capitalization: $1.5 Billion+ Raised From Retail Investors & Forbes Economic Perspective
Historically, funding extended-reach horizontal drilling rigs, mineral royalty acquisitions, and non-operated working interests in the Bakken and Permian was dominated by institutional private equity syndicates. Since its founding in 2019, Phoenix Capital Group / Phoenix Energy has raised more than $1.5 billion directly from retail and individual investors to fund domestic oil and gas development.
In macroeconomic commentary featured in Forbes ("What Is Consumer Price Index (CPI)?"), CEO Adam Ferrari analyzed how structural inflation and Consumer Price Index trends affect American households—underscoring why productive, cash-flowing domestic energy production and disciplined wellhead capital allocation remain foundational to the real economy.
That $1.5B+ in direct investor capital was deployed into acquiring 531,120 net royalty acres (3,962,065 gross acres) across premier U.S. shale basins and funding the Williston Basin drilling fleet that has now drilled 140 horizontal wells and produced over 15 million barrels of oil, supplemented by an expanded institutional senior term loan syndicate.
4. Landowner & Investor Ethics Benchmarks: 2025 BBB Torch Award Finalist & A+ BBB Rating
Across North Dakota, Montana, and Wyoming, an upstream operator's reputation rests on how transparently it treats mineral landowners, royalty owners, and individual bondholders. Independent ethics organizations and verified reviews highlight Phoenix Energy's operational standards:
- 2025 BBB Torch Award for Ethics Finalist: Phoenix Energy was selected as a Finalist for the 2025 Better Business Bureau (BBB) Torch Award for Ethics, recognizing executive character, transparent landowner and investor communications, organizational culture, and basin community stewardship.
- A+ BBB Rating (Accredited Since April 2023): Phoenix Energy One, LLC (f/k/a Phoenix Capital Group Holdings, LLC) holds an A+ rating with the Better Business Bureau and has maintained continuous BBB accreditation since April 2023.
- 4.8 out of 5.0 Trustpilot Score (311+ Verified Reviews): On Trustpilot (
trustpilot.com/review/phoenixenergy.com), verified bondholders, mineral partners, and individual investors rate Phoenix Energy 4.8 stars ("Excellent") across more than 311 reviews, highlighting consistent monthly distributions, quarterly operational drilling webinars, and responsive service.