Phoenix Energy ramps Williston basin operations in first quarter

Phoenix Energy One LLC accelerated Williston basin development in first-quarter 2026, ramping to three active hydraulic fracturing crews, bringing 22 wells online.

During the quarter, Phoenix Operating released rigs on 22 wells, completed hydraulic fracturing on 11 wells, and placed 22 wells and 3 saltwater disposal wells into production. The company also reported its highest monthly crude oil production to date in March at 1.23 million bbl and said it handled about 98.6% of produced water volumes internally through its operated saltwater disposal system.

Phoenix said the increase in completion activity was intended to capitalize on favorable commodity pricing and support accelerated development. It also cited operational gains including six drillouts in six days on the Charlene Ferrari 9 pad.

Financials

The company added a new $75-million term loan to support continued activity, but also posted a net loss of $140.1 million for first-quarter 2026 compared with net income of $5.6 million a year earlier.

Phoenix Energy attributed the net loss largely to higher derivative losses tied to increases in forward commodity price curves, along with higher depreciation, cost of sales, and interest expense. 

The company was formed in 2019.