Commodity price volatility
Revenue depends on market-based prices for crude oil, natural gas, and NGL.
- Scope
- All operating and royalty revenue streams
- Materiality
- high
Phoenix Energy One, LLC
Phoenix Energy One, LLC is a U.S.-based oil and gas company organized around mineral and royalty interests, non-operated working interests, and operated upstream production through its wholly owned subsidiary PhoenixOp. The company also includes Firebird Marketing and Firebird Services, which handle crude oil marketing and water disposal services tied to its producing properties.
51,4 %
77,4 %
9,6 %
+144,4 %
0.41
0.41
| % | |
|---|---|
| Mineral and royalty interests | 35% Passive interests that earn a share of production proceeds from third-party operators. |
| Operated upstream production | 45% PhoenixOp's drilling, extraction, and sale of crude oil, natural gas, and NGL. |
| Crude oil marketing and resale | 12% Purchase and resale of crude oil through Firebird Marketing as principal. |
| Water disposal services | 5% Saltwater disposal and related services for PhoenixOp and third parties. |
| Securities and other revenue | 3% Redemption fees and intersegment or financing-related revenue items. |
Phoenix Energy One sells into the upstream energy value chain rather than to end consumers...
- Commodity buyersprimary
Refiners, marketers, and other purchasers that buy crude oil, natural gas, and NGL from PhoenixOp or Firebird Marketing.
- Royalty and mineral interest counterpartiesprimary
E&P operators and production counterparties that generate royalty and mineral revenue tied to well output.
- Third-party working interest ownerssecondary
Owners sharing in production and disposal economics on wells operated by PhoenixOp.
- Water disposal customerssecondary
PhoenixOp and third parties that pay fixed-fee saltwater disposal charges.
- Security holdersemerging
Investors interacting with the capital-raising and redemption-fee activities in the securities segment.
Phoenix Energy One is a U.S.-based business, and its operating footprint is tied to domestic oil and gas properties and...
- •Headquartered in the United States
- •Operations are tied to U.S. oil and gas properties and wells
- •PhoenixOp's drilling and production activity is domestic
- •Water disposal and marketing activities support U.S. operations
- •No country-level revenue disclosure was provided in the excerpts
The company is building a larger share of revenue from operated production through PhoenixOp while continuing to...
01
Grow operated production through PhoenixOpmedium-term
Operated wells give the company direct control over production volumes and sales mix.
02
Expand product sales mixshort-term
Product sales can become a larger share of total revenue than passive royalty income.
03
Acquire mineral and royalty assetsmedium-term
Acquisitions add long-duration exposure to producing acreage and future drilling activity.
04
Monetize adjacent servicesmedium-term
Water disposal and related services create incremental revenue around the operating base.
The business is exposed to commodity price swings, production declines, and operational hazards inherent in drilling...
Operational and environmental incidents
Upstream drilling and production can involve spills, blowouts, leaks, and regulatory penalties.
- Scope
- PhoenixOp and third-party-operated wells
- Materiality
- high
Cybersecurity disruption
Digital systems are used for operating data, financial records, and transaction settlement.
- Scope
- Corporate systems, vendors, and cloud applications
- Materiality
- medium
Weather and climate disruption
Freeze-offs and severe weather can temporarily halt production and damage equipment.
- Scope
- U.S. field operations
- Materiality
- medium
Acquisition execution risk
New mineral and royalty assets may take time to generate revenue and may not be accretive.
- Scope
- Growth through acquisitions
- Materiality
- medium
Commodity revenue recognition
Affects quarterly revenue and receivables
Accrued revenue estimates
Can move revenue and working capital between periods
Gross vs net presentation
Changes reported revenue scale and margin comparability
Intercompany eliminations and segment allocations
Affects segment profitability and consolidated results
Long-lived asset impairment
Can create non-cash charges in periods of underperformance
: 29.4.2026