PHX Energy Announces Its Operating and Financial Results for the Second Quarter of 2020

Calgary, Alberta, Aug. 05, 2020 (GLOBE NEWSWIRE) —

Overall Performance
For the three-month period ended June 30, 2020, PHX Energy realized adjusted EBITDA of $5.3 million (11 percent of revenue) as compared to $11 million (13 percent of revenue) in the corresponding 2019-quarter. Adjusted EBITDA in the 2020-quarter includes $1.1 million in government grants earned as part of the Canada Emergency Wage Subsidy (“CEWS”) program. Positive adjusted EBITDA was achieved despite the negative impact of COVID-19 on consolidated revenue and operating activity in all regions. For the three-month period ended June 30, 2020, the Corporation generated consolidated revenue of $46.8 million, a decline of 44 percent relative to the $83 million recognized in the second quarter of 2019. There were 2,990 consolidated operating days recorded in the 2020-quarter, which is 46 percent lower than the 5,567 days in the 2019-quarter. In contrast, consolidated revenue per day, excluding the motor rental division in the US, increased by 5 percent to $14,932, compared to revenue per day of $14,181 in the 2019-quarter.