PHX Minerals is a small Fort Worth-based company that owns perpetual mineral rights in natural gas and oil plays across the U.S. As a mineral rights owner, PHX does not operate wells — instead, PHX leases its mineral acreage to E&P companies, which drill and operate wells on PHX's land. PHX then collects royalty payments, a percentage of production revenues, without bearing any drilling or operating costs. PHX owns approximately 240,000 net perpetual mineral acres across Oklahoma, Texas, Louisiana, North Dakota, and Arkansas, with core positions in the Haynesville dry gas play and the SCOOP/Springboard III liquids-rich play in Oklahoma. Production is heavily weighted toward natural gas (~80%). About 70% of PHX's acreage is currently unleased or undeveloped, representing an embedded option on future development without additional capital investment. PHX also retains legacy non-operated working interest positions, though these are in decline and now represent roughly 10% of total production. PHX grows its royalty base by acquiring additional mineral acreage, typically in small deals in the $200K–$6M range, and by converting its existing unleased acreage inventory into producing wells as operators drill. PHX hedges roughly 40–50% of natural gas and ~30–37% of oil production to manage commodity price exposure. The company runs lean, with only 18 full-time employees, and outsources all field operations to well operators.