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How Phoenix Energy One, LLC (PHXE-P) makes money

Phoenix Energy One, LLC (PHXE-P) made $406M of revenue in the second quarter 2026 (Q2 2026), +148% from a year earlier. Product brought in $242M (60%); Crude Oil brought in $108M (27%); Mineral and Royalty brought in $49.1M (12%). Of every dollar of revenue, 40¢ was left as operating profit, 26¢ was left as net earnings.

Drawing the Sankey…

Phoenix Energy One, LLC revenue by segment, Q2 2026Phoenix Energy One, LLC revenue by segment, Q2 2026Product$242MCrude Oil$108MMineral and Royalty$49.1MWater Services$6.1MOther Revenue$694K
Phoenix Energy One, LLC: revenue by line, Q2 2025 to Q2 2026Phoenix Energy One, LLC: revenue by line, Q2 2025 to Q2 2026ProductCrude OilMineral and RoyaltyWater ServicesOther RevenueOther RevenuesProduct: $242M latest$242MCrude Oil: $108M latest$108MMineral and Royalty: $49.1M latest$49.1MWater Services: $6.1M latestOther Revenue: $694K latestOther Revenues: $0 latestQ2 2025Q3 2025Q1 2026Q2 2026
Crude Oil went from 19% of revenue in Q2 2025 to 27% in Q2 2026, the largest shift in the mix.
Phoenix Energy One, LLC revenue by quarterPhoenix Energy One, LLC revenue by quarter$116MQ1 2025$164MQ2 2025$189MQ3 2025$219MQ4 2025$299MQ1 2026$406MQ2 2026
Phoenix Energy One, LLC: where each dollar of revenue goesPhoenix Energy One, LLC: where each dollar of revenue goesOperating profit40¢Net earnings26¢Operating cash flow43¢

Revenue by segment, Q2 2026

SegmentRevenueShareQ/QY/Y
Product$242M59.6%+33%+149%
Crude Oil$108M26.6%+40%+251%
Mineral and Royalty$49.1M12.1%+38%+54%
Water Services$6.1M1.5%+46%+66%
Other Revenue$694K0.2%+608%+654%

Where each dollar of revenue goes

LineQ2 2026% of revenue
Revenue$406M100.0%
Operating profit$164M40.3%
Net earnings$106M26.1%
Operating cash flow$173M42.7%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q2 2026$406M+148%
Q1 2026$299M+158%
Q4 2025$219M+115%
Q3 2025$189M+220%
Q2 2025$164M+105%
Q1 2025$116M+184%

From Phoenix Energy One, LLC's 10-Q filed Aug 10, 2026 (on EDGAR).

Questions

How does Phoenix Energy One, LLC make money?

Phoenix Energy One, LLC (PHXE-P) made $406M of revenue in the second quarter 2026 (Q2 2026), +148% from a year earlier. Product brought in $242M (60%); Crude Oil brought in $108M (27%); Mineral and Royalty brought in $49.1M (12%). Of every dollar of revenue, 40¢ was left as operating profit, 26¢ was left as net earnings.

What is Phoenix Energy One, LLC's biggest business?

Product: $242M in the second quarter 2026, 60% of revenue, +149% from a year earlier.

What is Phoenix Energy One, LLC's profit margin?

Net earnings were $106M, 26.1% of revenue, in the second quarter 2026; the operating margin was 40.3%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.