Denver, CO - October 2, 2024 - Phoenix Capital Group Holdings, LLC, a fast-growing, private oil and gas company, recently reported impressive second-quarter financial results for 2024, highlighting significant growth in revenue and EBITDA supported by expansion of oil production and asset acquisition. These accomplishments strengthen the company’s position as an emerging leader in the domestic production of oil and natural gas.
Financial Performance Reflects Rapid Growth
Phoenix Capital Group's second-quarter financial results illustrate the company's robust business model and effective strategy execution. CEO Adam Ferrari praised the company's performance, emphasizing the momentum behind their growth.
"We continue to experience unprecedented expansion," Ferrari noted. "Our Q2 financials showcase the strength of our business and the success of our operational strategy. We're rapidly increasing our production capabilities by bringing a significant number of new wells online and look forward to a strong finish to the year."
Financial Highlights
The recent report demonstrates Phoenix Capital Group’s performance for the period from January 1 to June 30, 2024, highlighting significant year-over-year improvements in both revenue and EBITDA.
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Q2 Revenue: $79.8 million (a 96% increase from Q1)
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H1 2024 Revenue: $120.5 million (surpassing full-year 2023 revenue of $118 million)
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Q2 EBITDA: $38.6 million (a 294% increase from Q1)
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H1 2024 EBITDA: $48.4 million (more than doubling full-year 2023 EBITDA of $22.7 million)
Outlook for the Remainder of 2024
The company anticipates maintaining its strong momentum through the remainder of the year. As a result, Phoenix Capital Group's financial forecast for 2024 is equally optimistic. These forecasts reflect the company's confidence in its ability to scale operations efficiently and drive sustained growth.
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Projected 2024 Revenue: $280 million (a 137% increase from 2023)
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Projected 2024 EBITDA: $130 million (a staggering 471% increase from 2023)
Operational Achievements
The revenue and EBITDA growth are partly attributed to Phoenix Capital Group's operational achievements for the first half of 2024. The company produced 1.57 million barrels of oil in H1, surpassing its entire 2023 production of 1.45 million barrels in just six months. These production numbers helped Phoenix Capital Group rise from the 55th most prolific operator in Williston Basin as of January 2024 to 17th by June 2024, a 38-position improvement in just six months.
Additionally, the company set new records by successfully drilling to completion four of the five fastest 3-mile wells ever drilled in the Bakken Formation. Brandon Allen, President of Phoenix Operating, praised the team’s accomplishments.
“We are proud of the operational excellence our team continues to demonstrate in the Williston Basin. These milestones are a testament to our commitment to innovation and efficiency in drilling operations in the Williston Basin. We are looking forward to a great finish for 2024.”
Expanded Production Capacity
Throughout 2024, Phoenix Capital Group has ramped up its production capacity. The company recently brought 10 new wells online and projects up to 14 more before the end of the year. Overall, production capacity in 2024 will have increased by seven new pads, and as many as 34 wells are scheduled to come online. These include:
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Jean Ferrari (5 wells) - Q1, 2024
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Young (5 wells) - Q1, 2024
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Nate (5 wells) - Q3, 2024
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Daniele (5 wells) - Q3, 2024
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Axel Ferrari (5 wells) - Q4, 2024 (Anticipated)
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Jacobson (6 wells) - Q4, 2024 (Anticipated)
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Scadden South (3 wells) - Q4, 2024 or Q1, 2025 (Anticipated)
CEO Adam Ferrari spoke enthusiastically about the company’s ambitious plans for drilling in 2024: "Our aggressive expansion in the Williston Basin reflects our belief in the region's potential. These new pads represent not just increased production but also our commitment to responsible growth and operational excellence. As we bring these wells online, we're not just expanding our footprint; we're striving to strengthen our financial position so we can build even more confidence with our investor base and continue our track record of payment as promised. We believe this expansion reinforces our dedication to building a sustainable and robust business model."
Asset Portfolio Increases by 111%
In the first half of 2024, Phoenix Capital Group made significant strides in expanding its asset base. This robust growth in acquisitions supports the company's long-term strategy of expanding its footprint in the Williston Basin. Key acquisition statistics include:
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Closed 726 unique transactions (111% increase from 344 in H1 2023)
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Added 47,587 Net Mineral Acres (NMAs) of leasehold interests (18% increase from 40,208 NMAs in H1 2023)
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Acquired 23,350 Net Royalty Acres (NRAs) of mineral interests (131% increase from 10,098 NRAs in H1 2023)
About Phoenix Capital Group Holdings, LLC
Phoenix Capital Group Holdings, LLC is a fast-growing, private oil and gas company known for its ethical practices in royalty acquisitions, operational excellence, and exceptional investor relations. The company serves over 4,500 investors through its 9-13% annual yield corporate bonds, offering participation in energy-related investments without direct exposure to oil and gas market volatility.
For more information about Phoenix Capital Group, contact:
Phoenix Capital Group Public Relations
Email: PublicRelations@phxcapitalgroup.com
Disclosure: Investing involves risk, including the possible loss of the money you invest. The sale of any securities is subject to investor qualification and minimum investment. Private placements are speculative and illiquid. Past performance is not indicative of future results. Forward-looking statements are made based upon our current expectations and beliefs concerning future developments and their potential effects on us. Such forward-looking statements are not guarantees of future performance, and actual results may differ materially from the results anticipated in the forward-looking statements. Investors should read the investment information, disclosures, risks, and other important information contained in our offering documents available at PHXOffering.com and consider the risks therein before investing.
Media Contact
Company Name: Phoenix Capital Group Holdings, LLC
Contact Person: Brynn Ferrari
Email:Send Email
Country: United States
Website: https://phxcapitalgroup.com/
