PHX Minerals
PHX Minerals is a U.S. natural gas mineral and royalty company that owns non-operating interests in producing wells in the Marcellus and Haynesville basins, generating recurring royalty income from third-party operators. It is now a wholly owned subsidiary of WhiteHawk Minerals following a June 2025 acquisition.
- Company typePrivate
- Founded1926
- HeadquartersOklahoma, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What PHX Minerals does
PHX Minerals Inc. was a natural gas mineral and royalty company that owned non-operating mineral and royalty interests in producing natural gas properties, primarily concentrated in the Marcellus and Haynesville basins. Founded in 1926 and headquartered in Oklahoma, the company generated revenue through passive royalty payments tied to the production volumes of third-party natural gas operators on acreage in which it held interests, rather than through direct drilling or production operations. At the time of its acquisition, PHX controlled approximately 3.5 million gross DSU acres across the two most prolific U.S. natural gas regions.
The company's business model was asset-light in operating terms, with a small headcount of 11–50 employees, and revenue was structured as recurring royalty income calculated as a percentage of wellhead production value. The company did not sell products or services in a traditional sense; cash flow was driven entirely by the production performance of wells operated by counterparties in basins where PHX held mineral rights. The company was previously publicly traded on the NYSE under the ticker PHX and paid a $0.20 quarterly dividend.
Following the announcement of a strategic alternatives process in December 2024, PHX Minerals was acquired by WhiteHawk Minerals in a merger completed on June 23, 2025, valued at approximately $187 million ($4.35 per share). The deal was the eighth acquisition completed by WhiteHawk since its founding in 2022, and the combined entity now holds economic interests in approximately 13% of all U.S. natural gas production. PHX Minerals now operates as a wholly owned subsidiary within WhiteHawk's broader mineral and royalty portfolio.
PHX Minerals firmographics
Firmographics- Name
- PHX Minerals
- Legal name
- PHX Minerals Inc.
- Website
- https://phxmin.com
- Company type
- Private
- Founded year
- 1926
- Operating status
- Acquired
- Headcount range
- 11–50 employees
- Short description
- PHX Minerals is a U.S. natural gas mineral and royalty company that owns non-operating interests in producing wells in the Marcellus and Haynesville basins, generating recurring royalty income from third-party operators. It is now a wholly owned subsidiary of WhiteHawk Minerals following a June 2025 acquisition.
- Ownership category
- akta.pro rank
PHX Minerals industry classification
Industry- Product category
- Natural Gas Mineral Rights & Royalties
- NAICS
- Oil and Gas Extraction (2111)
- SIC
- Mineral Royalty Traders (6795), Oil Royalty Traders (6792)
- akta.pro primary industry
- Real Assets — Natural Resources & Minerals (Mining, Royalties/Streaming) (FSAHAIAK)
Keywords
Where PHX Minerals is headquartered
LocationHeadquarters
- HQ city
- Oklahoma
- HQ country
- United States
- HQ region
- North America
Markets served
PHX Minerals business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Technology or R&D, Others
Revenue model
- Royalty Income from Natural Gas Production: PHX Minerals generated revenue through ownership of mineral and royalty interests in natural gas properties. The company collected royalty payments based on natural gas production from wells in which they held interests, primarily in the Marcellus Shale and other basins.
Marketing channels1 record
PHX Minerals product offering
Product offeringCore offering
PHX Minerals is a natural gas and oil mineral company that owns and manages mineral and royalty interests in producing natural gas properties, primarily concentrated in the Marcellus Shale and Haynesville basins. The company generates recurring royalty income from third-party natural gas production on approximately 3.5 million gross drilling spacing unit (DSU) acres covering more than 10,000 producing wells. Following the June 2025 acquisition by WhiteHawk Minerals, the combined entity holds economic interest in approximately 13% of all U.S. natural gas production.
Product overview
PHX Minerals was a natural gas mineral and royalty company that operated in the energy sector, focusing on acquiring and managing mineral and royalty interests in natural gas properties. Following its acquisition by WhiteHawk in June 2025, PHX Minerals became a wholly owned subsidiary of WhiteHawk Minerals. The company's business model centered on acquiring premier natural gas mineral and royalty positions in top basins to deliver consistent, risk-adjusted returns.
Differentiator
Problem solved
Functional benefit
Products and services
- Natural gas mineral and royalty interests
Companies that use PHX Minerals
Customer profileSegments1 record
Ideal customer profiles1 record
PHX Minerals technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
PHX Minerals partnerships and signals
Strategic signalScale indicators4 records
Recent moves4 records
Expansion highlights4 records
PHX Minerals competitors and assessment
Company assessmentDirect peers
- Black Stone Minerals, L.P. Black Stone Minerals is one of the largest publicly traded mineral and royalty companies in the US, with a diversified portfolio of mineral and royalty interests across major producing basins. It is the most direct comparable to PHX Minerals given overlapping exposure to natural gas and oil mineral assets and a near-identical non-operating business model.
- Kimbell Royalty Partners, L.P. Kimbell Royalty Partners owns and acquires mineral and royalty interests concentrated heavily in the Permian Basin and Mid-Continent, with some natural gas exposure. It is a direct peer in business model (non-operating minerals/royalties), though with more Permian/oil weighting than PHX's gas-weighted Marcellus/Haynesville focus.
- Sitio Royalties Corp. Sitio Royalties is a publicly traded mineral and royalty company formed through the merger of Brigham Minerals and Sitio Minerals, with a diversified asset base across the Permian, Eagle Ford, and other basins. It is a direct peer operating the same non-operating mineral and royalty model with overlapping gas-weighted exposure.
- Viper Energy, Inc. Viper Energy is a publicly traded mineral and royalty company with significant Permian Basin exposure, majority-owned by Diamondback Energy. It operates the same non-operating mineral/royalty business model and is closely comparable in capital-light cash flow profile, though its basin mix is Permian-heavy versus PHX's gas-weighted footprint.
- Dorchester Minerals, L.P. Dorchester Minerals is a publicly traded master limited partnership that owns working interests, royalty interests, and overriding royalty interests across multiple US basins including the Permian, Mid-Continent, and Rockies. It is a direct peer in business model and diversification approach, with natural gas exposure overlapping with PHX's portfolio.
Broad incumbents
- Texas Pacific Land Corporation: Texas Pacific Land Corporation is a large, diversified landowner and mineral/royalty owner in West Texas with significant Permian Basin exposure. While broader in scope (including surface and water assets) and much larger in scale, it is closely comparable as a public mineral/royalty holding company benefiting from non-operating economics.
- WhiteHawk Minerals, LLC: WhiteHawk Minerals is the parent platform that acquired PHX Minerals and is positioning itself as the most active acquirer of natural gas mineral and royalty properties in the US. Post-acquisition, PHX's assets are managed within this larger platform, making WhiteHawk both parent and the broader comparable entity for evaluating the consolidated asset base.
Emerging players
- Mexco Energy Corporation: Mexco Energy is a small, publicly traded oil and gas company with significant mineral and royalty interests concentrated in the Permian Basin. It is an emerging/smaller-scale player operating a similar non-operating mineral model, with overlapping value proposition though meaningfully smaller scale than PHX.
- Haymaker Minerals & Royalties: Haymaker Minerals & Royalties is a privately held mineral and royalty acquisition company backed by Kayne Anderson and operated by former management of Haymaker Resources. It pursues a similar non-operating minerals strategy with natural gas exposure, making it a comparable emerging consolidator in the same fragmented mineral market PHX operated in.
- Maple Energy Holdings: Maple Energy Holdings is a privately held mineral and royalty aggregator with basin exposure across the US, including natural gas-weighted positions. It is an emerging consolidator in the minerals/royalties space pursuing a similar scaled acquisition strategy, comparable to PHX and other private mineral aggregators.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat3 records
Key risks6 records
Key highlights6 records
Customer concentration
PHX Minerals social profiles
Digital presencePHX Minerals financial estimates
Financial estimateRevenue estimate
Valuation estimate
PHX Minerals leadership team
Management profileNumber of profiles
Profiles1 record
PHX Minerals funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
PHX Minerals M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about PHX Minerals
What does PHX Minerals do?
PHX Minerals is a natural gas and oil mineral company that owns and manages mineral and royalty interests in producing natural gas properties, primarily concentrated in the Marcellus Shale and Haynesville basins. The company generates recurring royalty income from third-party natural gas production on approximately 3.5 million gross drilling spacing unit (DSU) acres covering more than 10,000 producing wells. Following the June 2025 acquisition by WhiteHawk Minerals, the combined entity holds economic interest in approximately 13% of all U.S. natural gas production.
Is PHX Minerals a public or private company?
PHX Minerals is a private company. It is classified as corporate owned and is currently acquired.
When was PHX Minerals founded?
PHX Minerals was founded in 1926. It employs 11 to 50 people.
Where is PHX Minerals based?
PHX Minerals is headquartered in Oklahoma, United States, in the North America region.
How does PHX Minerals make money?
One revenue line is on record: royalty Income from Natural Gas Production.
Who are PHX Minerals's main competitors?
Direct peers on record are Black Stone Minerals, L.P., Kimbell Royalty Partners, L.P., Sitio Royalties Corp., Viper Energy, Inc. and Dorchester Minerals, L.P.. Broad incumbents are Texas Pacific Land Corporation and WhiteHawk Minerals, LLC. Emerging players are Mexco Energy Corporation, Haymaker Minerals & Royalties and Maple Energy Holdings.
Does PHX Minerals have an API?
No public API is recorded for PHX Minerals.
What industry is PHX Minerals in?
PHX Minerals's product category is Natural Gas Mineral Rights & Royalties. Its primary akta.pro industry code is FSAHAIAK, Real Assets — Natural Resources & Minerals (Mining, Royalties/Streaming). Its NAICS code is 2111 and its SIC code is 6795.