PHX reported EBITDAS of $4 mm, adjusted for one-time costs, which was an increase from $2 mm in 1Q15 and in line with our estimate. This is impressive in the context of the Canadian rig counts being down 45% y/y and U.S. rig count falling 61% over the same period. We continue to view PHX as an excellent example of cost reduction and capital discipline, which allows it to remain profitable despite inordinately challenging market conditions. We are forecasting PHX to generate FCF of $13 mm in 2016 ....
05 May 2016
Reports 1Q16 Financials
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Reports 1Q16 Financials
PHX Energy Services Corp. (PHX:TSE) | 0 0 2.3% | Mkt Cap: 130.8m
- Published:
05 May 2016 -
Author:
Ian B. Gillies -
Pages:
5
PHX reported EBITDAS of $4 mm, adjusted for one-time costs, which was an increase from $2 mm in 1Q15 and in line with our estimate. This is impressive in the context of the Canadian rig counts being down 45% y/y and U.S. rig count falling 61% over the same period. We continue to view PHX as an excellent example of cost reduction and capital discipline, which allows it to remain profitable despite inordinately challenging market conditions. We are forecasting PHX to generate FCF of $13 mm in 2016 ....