Phoenix Capital Group Holdings, LLC has recently released its Q2 2024 financial results, showcasing significant growth and operational milestones. The financials demonstrate record-breaking revenue, EBITDA, and expanded production as the company continues its ascent as an emerging leader in domestic oil and natural gas production.
Financial Performance Reflects Rapid Growth
Phoenix Capital Group’s latest financial report highlights a remarkable increase in both revenue and EBITDA, demonstrating the company’s strong business model and effective strategy execution.
Financial Highlights (January 1 – June 30, 2024):
- Q2 Revenue: $79.8 million (up 96% from Q1)
- H1 2024 Revenue: $120.5 million (surpassing full-year 2023 revenue of $118 million)
- Q2 EBITDA: $38.6 million (up 294% from Q1)
- H1 2024 EBITDA: $48.4 million (more than doubling full-year 2023 EBITDA of $22.7 million)
2024 Financial Outlook:
- Projected Full-Year Revenue: $280 million (137% increase from 2023)
- Projected Full-Year EBITDA: $130 million (471% increase from 2023)
Record-Breaking Operational Achievements
Phoenix Capital Group’s operational success was a key driver of its impressive financial performance. In H1 2024, the company produced 1.57 million barrels of oil, surpassing its total 2023 production of 1.45 million barrels. The company’s experience team and strategic focus on the Williston Basin allowed it to climb 38 positions to become the 17th most prolific operator in the region by June 2024.
Notable Operational Achievements:
- Successfully drilled four of the five fastest 3-mile wells in the Bakken Formation.
- Increased production capacity, with as many as 34 wells expected to come online by the end of 2024.
Aggressive Expansion Plans for 2024
Phoenix Capital Group remains focused on further increasing its production capabilities. The company has already brought 10 new wells online this year and expects to add up to 14 more before the year ends. Notable pads include:
- Jean Ferrari (5 wells) – Q1 2024
- Young (5 wells) – Q1 2024
- Nate (5 wells) – Q3 2024
- Daniele (5 wells) – Q3 2024
- Axel Ferrari (5 wells) – Q4 2024 (anticipated)
- Jacobson (6 wells) – Q4 2024 (anticipated)
- Scadden South (3 wells) – Q4 2024 or Q1 2025 (anticipated)
Read the Full Press Release
For detailed financials and more insights into Phoenix Capital Group’s record-breaking performance, read the full Q2 2024 financial results press releases or review our public filings on the SEC’s Edgar database.
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.