PHX Minerals (PHX) 10-Q 6 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 01, 2024
Document Information [Line Items]
Entity Registrant Name	PHX MINERALS INC.
Entity Central Index Key	0000315131
Document Type	10-Q
Document Period End Date	Sep. 30, 2024
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	001-31759
Entity Tax Identification Number	73-1055775
Entity Address, Address Line One	1320 South University Drive
Entity Address, Address Line Two	Suite 720
Entity Address, City or Town	Fort Worth
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	76107
City Area Code	405
Local Phone Number	948-1560
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		37,480,790
Title of each class	Common Stock, $0.01666 par value
Trading Symbol(s)	PHX
Name of each exchange on which registered	NYSE

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)		Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents		$ 2,601,681	$ 806,254
Natural gas, oil, and NGL sales receivables (net of $0 allowance for uncollectable accounts)		4,080,560	4,900,126
Refundable income taxes		343,814	455,931
Derivative contracts, net	[1]	761,527	3,120,607
Other		417,929	878,659
Total current assets		8,205,511	10,161,577
Properties and equipment at cost, based on successful efforts accounting:
Producing natural gas and oil properties		219,958,671	209,082,847
Non-producing natural gas and oil properties		52,503,370	58,820,445
Other		1,361,064	1,360,614
Gross properties and equipment, at cost, based on successful efforts accounting		273,823,105	269,263,906
Less accumulated depreciation, depletion and amortization		(120,301,196)	(114,139,423)
Net properties and equipment		153,521,909	155,124,483
Derivative contracts, net	[1]	33,726	162,980
Operating lease right-of-use assets		466,135	572,610
Other, net		596,830	486,630
Total assets		162,824,111	166,508,280
Current liabilities:
Accounts payable		512,936	562,607
Current portion of operating lease liability		243,184	233,390
Accrued liabilities and other		1,815,758	1,215,275
Total current liabilities		2,571,878	2,011,272
Long-term debt		27,750,000	32,750,000
Deferred income taxes, net		7,289,591	6,757,637
Asset retirement obligations		1,087,416	1,062,139
Operating lease liability, net of current portion		512,357	695,818
Total liabilities		39,211,242	43,276,866
Stockholders' equity:
Common Stock, $0.01666 par value; 75,000,000 shares authorized and 36,121,723 issued at September 30, 2024; 54,000,500 shares authorized and 36,121,723 issued at December 31, 2023		601,788	601,788
Capital in excess of par value		43,526,595	41,676,417
Deferred directors' compensation		1,276,295	1,487,590
Retained earnings		78,492,889	80,022,839
Stockholders' Equity		123,897,567	123,788,634
Less treasury stock, at cost; 67,203 shares at September 30, 2024, and 131,477 shares at December 31, 2023		(284,698)	(557,220)
Total stockholders' equity		123,612,869	123,231,414
Total liabilities and stockholders' equity		$ 162,824,111	$ 166,508,280
[1] See Note 10: Fair Value Measurements for further disclosures regarding fair value of financial instruments.

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for uncollectable accounts	$ 0	$ 0
Common stock, par value	$ 0.01666	$ 0.01666
Common stock, shares authorized	75,000,000	54,000,500
Common stock, shares issued	36,121,723	36,121,723
Treasury stock, shares	67,203	131,477

Condensed Statements Of Income

Condensed Statements Of Income - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Natural gas, oil and NGL sales	$ 7,888,516	$ 8,899,091	$ 24,804,730	$ 27,987,502
Lease bonuses and rental income	159,271	620,101	445,215	1,045,242
Gains (losses) on derivative contracts	1,089,242	(337,647)	1,297,737	3,648,179
Revenues	9,137,029	9,181,545	26,547,682	32,680,923
Costs and expenses:
Lease operating expenses	294,720	363,426	921,483	1,279,831
Transportation, gathering and marketing	1,111,980	693,915	3,495,880	2,729,044
Production and ad valorem taxes	428,577	437,841	1,418,899	1,424,679
Depreciation, depletion and amortization	2,376,025	2,022,709	7,000,635	6,123,031
Provision for impairment		36,460		38,533
Interest expense	622,480	556,941	1,989,348	1,638,708
General and administrative	2,683,434	2,760,342	8,765,099	8,919,354
Losses (gains) on asset sales and other	62,248	(174,492)	(110,866)	(4,369,613)
Total costs and expenses	7,579,464	6,697,142	23,480,478	17,783,567
Income (loss) before provision for income taxes	1,557,565	2,484,403	3,067,204	14,897,356
Provision for income taxes	457,255	589,000	854,738	3,490,000
Net income (loss)	$ 1,100,310	$ 1,895,403	$ 2,212,466	$ 11,407,356
Basic earnings (loss) per common share	$ 0.03	$ 0.05	$ 0.06	$ 0.32
Diluted earnings (loss) per common share	$ 0.03	$ 0.05	$ 0.06	$ 0.31
Weighted average shares outstanding:
Basic	36,316,742	35,983,116	36,306,593	35,961,570
Diluted	36,983,669	36,656,272	36,731,643	36,670,494
Dividends per share of common stock paid in period	$ 0.04	$ 0.0225	$ 0.1	$ 0.0675

Statements Of Stockholders' Equ

Statements Of Stockholders' Equity - USD ($)	Total	Common Stock [Member]	Capital in Excess of Par Value [Member]	Deferred Directors' Compensation [Member]	Retained Earnings [Member]	Treasury Stock [Member]
Balances at Dec. 31, 2022	$ 110,103,126	$ 598,731	$ 43,344,916	$ 1,541,070	$ 68,925,774	$ (4,307,365)
Balances, shares at Dec. 31, 2022		35,938,206
Balances, Treasury shares at Dec. 31, 2022						(300,272)
Net income (loss)	9,553,244				9,553,244
Restricted stock award expense	580,998		580,998
Dividends declared	(50,034)				(50,034)
Distribution of restricted stock to officers and directors			(766,846)			$ 766,846
Distribution of restricted stock to officers and directors, shares						53,476
Distribution of deferred directors' compensation			(24,330)	(281,497)		$ 305,827
Distribution of deferred directors' compensation, shares						21,312
Increase in deferred directors' compensation charged to expense	53,589			53,589
Balances at Mar. 31, 2023	120,240,923	$ 598,731	43,134,738	1,313,162	78,428,984	$ (3,234,692)
Balances, shares at Mar. 31, 2023		35,938,206
Balances, Treasury shares at Mar. 31, 2023						(225,484)
Balances at Dec. 31, 2022	110,103,126	$ 598,731	43,344,916	1,541,070	68,925,774	$ (4,307,365)
Balances, shares at Dec. 31, 2022		35,938,206
Balances, Treasury shares at Dec. 31, 2022						(300,272)
Net income (loss)	11,407,356
Balances at Sep. 30, 2023	121,655,992	$ 598,742	44,249,366	1,425,155	78,618,090	$ (3,235,361)
Balances, shares at Sep. 30, 2023		35,938,900
Balances, Treasury shares at Sep. 30, 2023						(225,723)
Balances at Mar. 31, 2023	120,240,923	$ 598,731	43,134,738	1,313,162	78,428,984	$ (3,234,692)
Balances, shares at Mar. 31, 2023		35,938,206
Balances, Treasury shares at Mar. 31, 2023						(225,484)
Net income (loss)	(41,291)				(41,291)
Purchase of treasury stock	(669)					$ (669)
Purchase of treasury stock, shares						(239)
Restricted stock award expense	647,873		647,873
Dividends declared	(832,498)				(832,498)
Distribution of restricted stock to officers and directors		$ 11	(11)
Distribution of restricted stock to officers and directors, shares		694
Increase in deferred directors' compensation charged to expense	55,794			55,794
Balances at Jun. 30, 2023	120,070,132	$ 598,742	43,782,600	1,368,956	77,555,195	$ (3,235,361)
Balances, shares at Jun. 30, 2023		35,938,900
Balances, Treasury shares at Jun. 30, 2023						(225,723)
Net income (loss)	1,895,403				1,895,403
Restricted stock award expense	466,766		466,766
Dividends declared	(832,508)				(832,508)
Increase in deferred directors' compensation charged to expense	56,199			56,199
Balances at Sep. 30, 2023	121,655,992	$ 598,742	44,249,366	1,425,155	78,618,090	$ (3,235,361)
Balances, shares at Sep. 30, 2023		35,938,900
Balances, Treasury shares at Sep. 30, 2023						(225,723)
Balances at Dec. 31, 2023	$ 123,231,414	$ 601,788	41,676,417	1,487,590	80,022,839	$ (557,220)
Balances, shares at Dec. 31, 2023		36,121,723
Balances, Treasury shares at Dec. 31, 2023	131,477					(131,477)
Net income (loss)	$ (183,615)				(183,615)
Restricted stock award expense	656,656		656,656
Dividends declared	(1,121,314)				(1,121,314)
Distribution of deferred directors' compensation			70,344	(107,199)		$ 36,855
Distribution of deferred directors' compensation, shares						8,692
Increase in deferred directors' compensation charged to expense	45,132			45,132
Balances at Mar. 31, 2024	122,628,273	$ 601,788	42,403,417	1,425,523	78,717,910	$ (520,365)
Balances, shares at Mar. 31, 2024		36,121,723
Balances, Treasury shares at Mar. 31, 2024						(122,785)
Balances at Dec. 31, 2023	$ 123,231,414	$ 601,788	41,676,417	1,487,590	80,022,839	$ (557,220)
Balances, shares at Dec. 31, 2023		36,121,723
Balances, Treasury shares at Dec. 31, 2023	131,477					(131,477)
Net income (loss)	$ 2,212,466
Balances at Sep. 30, 2024	$ 123,612,869	$ 601,788	43,526,595	1,276,295	78,492,889	$ (284,698)
Balances, shares at Sep. 30, 2024		36,121,723
Balances, Treasury shares at Sep. 30, 2024	67,203					(67,203)
Balances at Mar. 31, 2024	$ 122,628,273	$ 601,788	42,403,417	1,425,523	78,717,910	$ (520,365)
Balances, shares at Mar. 31, 2024		36,121,723
Balances, Treasury shares at Mar. 31, 2024						(122,785)
Net income (loss)	1,295,771				1,295,771
Restricted stock award expense	651,030		651,030
Dividends declared	(1,122,599)				(1,122,599)
Increase in deferred directors' compensation charged to expense	45,529			45,529
Balances at Jun. 30, 2024	123,498,004	$ 601,788	43,054,447	1,471,052	78,891,082	$ (520,365)
Balances, shares at Jun. 30, 2024		36,121,723
Balances, Treasury shares at Jun. 30, 2024						(122,785)
Net income (loss)	1,100,310				1,100,310
Restricted stock award expense	466,103		466,103
Dividends declared	(1,498,503)				(1,498,503)
Distribution of deferred directors' compensation			6,045	(241,712)		$ 235,667
Distribution of deferred directors' compensation, shares						55,582
Increase in deferred directors' compensation charged to expense	46,955			46,955
Balances at Sep. 30, 2024	$ 123,612,869	$ 601,788	$ 43,526,595	$ 1,276,295	$ 78,492,889	$ (284,698)
Balances, shares at Sep. 30, 2024		36,121,723
Balances, Treasury shares at Sep. 30, 2024	67,203					(67,203)

Condensed Statements Of Cash Fl

Condensed Statements Of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating Activities
Net income (loss)	$ 2,212,466	$ 11,407,356
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	7,000,635	6,123,031
Impairment of producing properties		38,533
Provision for deferred income taxes	531,954	3,256,000
Gain from leasing fee mineral acreage	(445,215)	(1,045,242)
Proceeds from leasing fee mineral acreage	451,616	1,108,909
Net (gain) loss on sales of assets	(518,816)	(4,671,253)
Directors' deferred compensation expense	137,617	165,582
Total (gain) loss on derivative contracts	(1,297,737)	(3,648,179)
Cash receipts (payments) on settled derivative contracts	3,786,071	2,468,724
Restricted stock award expense	1,773,789	1,695,637
Other	76,375	105,604
Cash provided (used) by changes in assets and liabilities:
Natural gas, oil and NGL sales receivables	819,566	4,369,921
Other current assets	430,119	408,533
Accounts payable	(68,183)	(107,796)
Income taxes receivable	112,117	(712,475)
Other non-current assets	(81,037)	150,515
Income taxes payable		(576,427)
Accrued liabilities	286,515	272,711
Total adjustments	12,995,386	9,402,328
Net cash provided by operating activities	15,207,852	20,809,684
Investing Activities
Capital expenditures	(64,628)	(321,396)
Acquisition of minerals and overriding royalty interests	(5,272,847)	(25,383,759)
Net proceeds from sales of assets	527,167	9,556,666
Net cash provided by (used in) investing activities	(4,810,308)	(16,148,489)
Financing Activities
Borrowings under Credit Facility	1,000,000	16,000,000
Payments of loan principal	(6,000,000)	(18,550,000)
Payments on off-market derivative contracts		(560,162)
Purchases of treasury stock		(669)
Payments of dividends	(3,602,117)	(2,430,823)
Net cash provided by (used in) financing activities	(8,602,117)	(5,541,654)
Increase (decrease) in cash and cash equivalents	1,795,427	(880,459)
Cash and cash equivalents at beginning of period	806,254	2,115,652
Cash and cash equivalents at end of period	2,601,681	1,235,193
Supplemental Disclosures of Cash Flow Information:
Interest paid (net of capitalized interest)	2,041,252	1,652,872
Income taxes paid (net of refunds received)	210,668	1,522,904
Supplemental Schedule of Noncash Investing and Financing Activities:
Dividends declared and unpaid	140,300	94,587
Gross additions to properties and equipment	5,386,597	26,392,844
Net increase (decrease) in accounts receivable for properties and equipment additions	(49,122)	(687,689)
Capital expenditures and acquisitions	$ 5,337,475	$ 25,705,155

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 1,100,310	$ 1,295,771	$ (183,615)	$ 1,895,403	$ (41,291)	$ 9,553,244	$ 2,212,466	$ 11,407,356

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Accou

Basis of Presentation and Accounting Principles	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Accounting Principles	NOTE 1: Basis of Presentation and Accounting Principles Basis of Presentation The accompanying unaudited condensed financial statements of PHX Minerals Inc. have been prepared in accordance with the instructions to Form 10-Q as prescribed by the SEC. Management believes that all adjustments necessary for a fair presentation of the financial position and results of operations and cash flows for the periods have been included. All such adjustments are of a normal recurring nature. The results are not necessarily indicative of those to be expected for a full fiscal year. Certain reclassifications have been made to prior period financials to conform to the current year presentation. These reclassifications have no impact on previous reported total assets, total liabilities, net income (loss), stockholders’ equity, or operating cash flows. Certain amounts and disclosures have been condensed or omitted from these financial statements pursuant to the rules and regulations of the SEC. Therefore, these condensed financial statements should be read in conjunction with the financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Unless indicated otherwise or the context requires, the terms “we,” “our,” “us,” “PHX” or the “Company” refer to PHX Minerals Inc. Accounting standards that have been issued or proposed by the FASB, or other standards-setting bodies, that do not require adoption until a future date are not expected to have a material impact on the Company’s financial statements upon adoption.

Revenues

Revenues	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenues	NOTE 2: Revenues Revenues from contracts with customers Natural gas, oil and NGL sales Sales of natural gas, oil and NGL are recognized when production is sold to a purchaser and control of the product has been transferred. Oil is priced on the delivery date based upon prevailing prices published by purchasers with certain adjustments related to oil quality and physical location. The price the Company receives for natural gas and NGL is tied to a market index, with certain adjustments based on, among other factors, whether a well delivers to a gathering or transmission line, quality and heat content of natural gas, and prevailing supply and demand conditions, so that the price of natural gas fluctuates to remain competitive with other available natural gas supplies. These market indices are determined on a monthly basis. Each unit of commodity is considered a separate performance obligation; however, as consideration is variable, the Company utilizes the variable consideration allocation exception permitted under the standard to allocate the variable consideration to the specific units of commodity to which they relate. Disaggregation of natural gas, oil and NGL revenues The following table presents the disaggregation of the Company's natural gas, oil and NGL revenues for the three and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Royalty Interest Working Interest Total Royalty Interest Working Interest Total Natural gas revenue $ 3,471,635 $ 324,539 $ 3,796,174 $ 11,356,159 $ 1,061,341 $ 12,417,500 Oil revenue 3,092,025 327,419 3,419,444 9,254,221 1,007,775 10,261,996 NGL revenue 418,452 254,446 672,898 1,366,971 758,263 2,125,234 Natural gas, oil and NGL sales $ 6,982,112 $ 906,404 $ 7,888,516 $ 21,977,351 $ 2,827,379 $ 24,804,730 Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Royalty Interest Working Interest Total Royalty Interest Working Interest Total Natural gas revenue $ 4,046,566 $ 431,075 $ 4,477,641 $ 13,404,030 $ 1,543,985 $ 14,948,015 Oil revenue 3,409,201 360,536 3,769,737 9,501,963 1,409,903 10,911,866 NGL revenue 417,530 234,183 651,713 1,308,708 818,913 2,127,621 Natural gas, oil and NGL sales $ 7,873,297 $ 1,025,794 $ 8,899,091 $ 24,214,701 $ 3,772,801 $ 27,987,502 Prior-period performance obligations and contract balances The Company records revenue in the month production is delivered to the purchaser. As a non-operator, the Company has limited visibility into the timing of when new wells start producing, and production statements may not be received for 30 to 90 days or more after the date production is delivered. As a result, the Company is required to estimate the amount of production delivered to the purchaser and the price that will be received for the sale of the product. The expected sales volumes and prices for these properties are estimated and recorded within the natural gas, oil and NGL sales receivables line item on the Company’s balance sheets. The difference between the Company's estimates and the actual amounts received for natural gas, oil and NGL sales is recorded in the quarter that payment is received from the third party. For the quarters ended September 30, 2024 and 2023, revenue recognized during the reporting period related to performance obligations satisfied in prior reporting periods for existing wells was considered a change in estimate. As noted above, as a non-operator, there are instances when the Company is limited by the information operators provide. Through cash received on new wells, in the quarters ended September 30, 2024 and 2023, the Company identified several producing properties on its minerals that had production dates prior to the quarters ended September 30, 2024 and 2023. Estimates of the natural gas and oil sales related to those properties were made and are reflected in the natural gas, oil and NGL sales on the Company’s Statements of Income and on the Company’s Balance Sheets in natural gas, oil and NGL sales receivables. In connection with obtaining more relevant information on new wells on Company acreage during the quarters ended September 30, 2024 and 2023, the Company recorded a change in estimate for new wells to natural gas, oil and NGL sales totaling $ 819,342 for the quarter ended September 30, 2024 , of which $ 38,308 related to the production periods before January 1, 2024 and $ 781,034 related to the six months ended June 30, 2024, and the Company recorded a change in estimate for new wells to natural gas, oil and NGL sales totaling $ 570,630 for the quarter ended September 30, 2023 , of which $ 8,625 related to the production periods before January 1, 2023 and $ 562,365 related to the six months ended June 30, 2023. Lease bonus revenue The Company generates lease bonus revenue by leasing its mineral interests to exploration and production companies. A lease agreement represents the Company’s contract with a third party and generally conveys the rights to any natural gas, oil or NGL discovered, grants the Company a right to a specified royalty interest and requires that drilling and completion operations commence within a specified time period. Control is transferred to the lessee and the Company has satisfied its performance obligation when the lease agreement is executed, such that revenue is recognized when the lease bonus payment is received. The Company accounts for its lease bonuses as conveyances in accordance with the guidance set forth in ASC 932 (Extractive Activities—Oil and Gas), and upon leasing, it recognizes the lease bonus as a cost recovery with any excess above its cost basis in the mineral interests being treated as a gain. The excess of lease bonus above the mineral interests basis is shown in the lease bonuses and rental income line item on the Company’s Statements of Income. Natural gas and oil derivative contracts See Note 9 for discussion of the Company’s accounting for derivative contracts.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 3: Income Taxes The Company’s provision for income taxes differs from the statutory rate primarily due to estimated federal and state benefits generated from excess federal and Oklahoma percentage depletion, which are permanent tax benefits, and the change in valuation allowance from prior year. Excess percentage depletion, both federal and Oklahoma, can only be taken in the amount that exceeds cost depletion, which is calculated on a unit-of-production basis. The Company completes an evaluation of the expected realization of the Company’s gross deferred tax assets each quarter. Excess tax benefits and deficiencies of stock-based compensation are recognized as provision (benefit) for income taxes in the Company’s Statements of Income. Both excess federal percentage depletion, which is limited to certain production volumes and by certain income levels, and excess Oklahoma percentage depletion, which has no limitation on production volume, reduce estimated taxable income or add to estimated taxable loss projected for any year. The federal and Oklahoma excess percentage depletion estimates will be updated throughout the year until finalized with detailed well-by-well calculations at fiscal year-end. Depending upon whether a provision for income taxes or a benefit for income taxes is expected for a year, federal and Oklahoma excess percentage depletion will either decrease or increase the effective tax rate, respectively. The benefits of federal and Oklahoma excess percentage depletion and excess tax benefits and deficiencies of stock-based compensation are not directly related to the amount of pre-tax income (loss) recorded in a period. Accordingly, in periods where a recorded pre-tax income or loss is relatively small, the proportional effect of these items on the effective tax rate may be significant. As of September 30, 2024, the Company completed an evaluation of the expected realization of its gross deferred tax assets. As a result of its evaluation, the Company concluded a valuation allowance was required for certain state deferred tax assets and for the quarter ended September 30, 2024 the change in the Company’s valuation allowance from December 31, 2023 was an increase of $ 996 recorded in the income tax provision. The Company’s effective tax rate for the nine months ended September 30, 2024 was a 28 % provision as compared to a 23 % provision for the nine months ended September 30, 2023 . The change in effective tax rate resulted from a decrease in net income and the discrete income tax expense for deferred directors' compensation benefit, changes in state tax rates, and prior year true-ups recorded in the nine months ended September 30, 2024.

Basic And Diluted Earnings (Los

Basic And Diluted Earnings (Loss) Per Common Share ("EPS")	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Basic And Diluted Earnings (Loss) Per Common Share ("EPS")	NOTE 4: Basic and Diluted Earnings (Loss) Per Common Share (“EPS”) Basic earnings (loss) per share of Common Stock is calculated using net income (loss) divided by the weighted average number of voting shares of Common Stock outstanding, including unissued, vested directors’ deferred compensation shares, during the period. Diluted earnings (loss) per share of Common Stock is calculated using net income (loss) divided by the weighted average number of voting shares of Common Stock outstanding, including unissued, vested directors’ deferred compensation shares and any other potentially dilutive shares of Common Stock, during the period. Participating securities had no effect on basic and diluted EPS at September 30, 2024. For the three and nine months ended September 30, 2024 and 2023 , the Company excluded restricted stock in the diluted EPS calculation that would have been antidilutive. The average shares outstanding of restricted stock excluded from the diluted EPS was 577,318 and 815,399 , respectively, for the three and nine months ended September 30, 2024 and 564,578 and 464,151 , respectively, for the three and nine months ended September 30, 2023. The following table presents a reconciliation of the components of basic and diluted EPS. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Basic EPS Numerator: Basic net income (loss) $ 1,100,310 $ 1,895,403 $ 2,212,466 $ 11,407,356 Denominator: Common Shares 36,049,083 35,713,177 36,015,680 35,708,346 Unissued, directors' deferred compensation shares 267,659 269,939 290,913 253,224 Basic weighted average shares outstanding 36,316,742 35,983,116 36,306,593 35,961,570 Basic EPS $ 0.03 $ 0.05 $ 0.06 $ 0.32 Diluted EPS Numerator: Basic net income (loss) $ 1,100,310 $ 1,895,403 $ 2,212,466 $ 11,407,356 Diluted net income (loss) 1,100,310 1,895,403 2,212,466 11,407,356 Denominator: Basic weighted average shares outstanding 36,316,742 35,983,116 36,306,593 35,961,570 Effects of dilutive securities: Unvested restricted stock 666,927 673,156 425,050 708,924 Diluted weighted average shares outstanding 36,983,669 36,656,272 36,731,643 36,670,494 Diluted EPS $ 0.03 $ 0.05 $ 0.06 $ 0.31

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt	NOTE 5: Long-Term Debt The Company has a $ 100,000,000 credit facility (the “Credit Facility”) with a syndicate of banks led by Independent Bank pursuant to a credit agreement entered into in September 2021 (as amended, the “Credit Agreement”). The Credit Facility had a borrowing base of $ 50,000,000 and a maturity date of September 1, 2028 as of September 30, 2024 . The Credit Facility is secured by the Company’s personal property and at least 75 % of the total value of the proved, developed and producing oil and gas properties. The interest rate is based on either (a) SOFR plus an applicable margin ranging from 2.750 % to 3.750 % per annum based on the Company’s Borrowing Base Utilization or (b) the greater of (1) the Prime Rate in effect for such day, or (2) the overnight cost of federal funds as announced by the U.S. Federal Reserve System in effect on such day plus one-half of one percent ( 0.50 %), plus, in each case, an applicable margin ranging from 1.750 % to 2.750 % per annum based on the Company’s Borrowing Base Utilization. The election of Independent Bank prime or SOFR is at the Company’s discretion. The interest rate spread from Independent Bank prime or SOFR will be charged based on the ratio of the loan balance to the borrowing base. The interest rate spread from SOFR or the prime rate increases as a larger percent of the borrowing base is advanced. At September 30, 2024, the effective interest rate was 8.36 % . The Company’s debt is recorded at the carrying amount on its balance sheets. The carrying amount of the debt under the Credit Facility approximates fair value because the interest rates are reflective of market rates. Debt issuance costs associated with the Credit Facility are presented in “Other, net” on the Company’s balance sheets. Total debt issuance cost, net of amortization, as of September 30, 2024 was $ 347,547 . The debt issuance cost is amortized over the life of the Credit Facility. Determinations of the borrowing base under the Credit Facility are made semi-annually (usually in June and December) or whenever the lending banks, in their sole discretion, believe that there has been a material change in the value of the Company’s natural gas and oil properties. The Credit Facility contains customary covenants which, among other things, require periodic financial and reserve reporting and place certain restrictions on the Company’s ability to incur debt, grant liens, make fundamental changes and engage in certain transactions with affiliates. The Credit Facility also restricts the Company’s ability to make certain restricted payments if before or after the Restricted Payment (i) the Available Commitment is less than ten percent ( 10 %) of the Borrowing Base or (ii) the Leverage Ratio on a pro forma basis is greater than 2.50 to 1.00. In addition, the Company is required to maintain certain financial ratios, a current ratio (as described in the Credit Facility) of no less than 1.0 to 1.0 and a funded debt to EBITDAX of no more than 3.5 to 1.0 based on the trailing twelve months. At September 30, 2024, the Company was in compliance with the covenants of the Credit Facility, had $ 27,750,000 in outstanding borrowings and had $ 22,250,000 available for borrowing under the Credit Facility. All capitalized terms in this description of the Credit Facility that are not otherwise defined in this Form 10-Q have the meaning assigned to them in the Credit Agreement.

Deferred Compensation Plan For

Deferred Compensation Plan For Non-Employee Directors	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Deferred Compensation Plan For Non-Employee Directors	NOTE 6: Deferred Compensation Plan for Non-Employee Directors Annually, non-employee directors may elect to be included in the Deferred Compensation Plan for Non-Employee Directors. This plan provides that each outside director may individually elect to be credited with future unissued shares of Company Common Stock rather than cash for all or a portion of their annual retainers and Board and committee meeting fees. These unissued shares are recorded to each director’s deferred compensation account at the closing market price of the shares on the payment dates of the annual retainers. Only upon a director’s retirement, termination or death or a change-in-control of the Company will the shares recorded for such director be issued under this plan. Directors may elect to receive shares, when issued, over annual time periods of up to ten years . The promise to issue such shares in the future is an unsecured obligation of the Company.

Long Term Incentive Plan

Long Term Incentive Plan	9 Months Ended
	Sep. 30, 2024
Long Term Incentive Plan [Abstract]
Long Term Incentive Plan	NOTE 7: Long Term Incentive Plan Compensation expense for restricted stock awards is recognized in G&A. Forfeitures of awards are recognized at the time of forfeiture. The following table summarizes the Company’s pre-tax compensation expense for the three and nine months ended September 30, 2024 and 2023 related to the Company’s market-based and time-based restricted stock: Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Market-based, restricted stock $ 310,152 $ 324,039 $ 1,273,740 $ 1,370,857 Time-based, restricted stock 155,951 142,727 500,049 324,780 Total compensation expense $ 466,103 $ 466,766 $ 1,773,789 $ 1,695,637 A summary of the Company’s unrecognized compensation cost for its unvested market-based and time-based restricted stock and the weighted-average periods over which the compensation cost is expected to be recognized is shown in the following table: As of September 30, 2024 Unrecognized Compensation Cost Weighted Average Period (in years) Market-based, restricted stock $ 1,168,912 1.30 Time-based, restricted stock 505,700 1.46 Total $ 1,674,612

Properties And Equipment

Properties And Equipment	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Properties And Equipment	NOTE 8: Properties and Equipment Acquisitions The Company made the following property acquisitions during the nine-month periods ended September 30, 2024 and 2023. Quarter Ended Net royalty acres (1)(2) Total Purchase Price (1) % Proved / % Unproved Area of Interest September 30, 2024 325 $ 3.0 million 78 % / 22 % Haynesville / SCOOP June 30, 2024 96 $ 0.9 million 59 % / 41 % Haynesville / SCOOP March 31, 2024 146 $ 1.4 million 5 % / 95 % SCOOP September 30, 2023 974 $ 13.4 million 81 % / 19 % Haynesville / SCOOP June 30, 2023 151 $ 1.8 million 29 % / 71 % Haynesville / SCOOP March 31, 2023 912 $ 10.8 million 44 % / 56 % Haynesville / SCOOP (1) Excludes subsequent closing adjustments and insignificant acquisitions. (2) An estimated net royalty equivalent was used for the unleased minerals included in the net royalty acres. All purchases made in the 2024 and 2023 quarters were for mineral and royalty acreage and were accounted for as asset acquisitions. Divestitures The Company made the following property divestitures during the nine-month periods ended September 30, 2024 and 2023. Revenue and expenses recognized between the effective date and close date of divestitures is recorded in the Operating Activities section in the Statements of Cash Flows. Quarter Ended Net mineral acres (1) / Wellbores (2) Sale Price (3) Gain/(Loss) (3) Location September 30, 2024 No significant divestitures June 30, 2024 1,005 acres $ 0.5 million $ 0.4 million TX March 31, 2024 No significant divestitures September 30, 2023 729 acres $ 0.3 million $ 0.2 million OK June 30, 2023 No significant divestitures March 31, 2023 755 acres $ 0.3 million $ 0.3 million OK / TX 267 wellbores $ 10.7 million $ 4.1 million OK / TX (1) Number of net mineral acres sold. (2) Number of gross wellbores associated with working interests sold. (3) Excludes subsequent closing adjustments and insignificant divestitures. Natural Gas, Oil and NGL Reserves Management considers the estimation of the Company’s natural gas, oil and NGL reserves to be the most significant of its judgments and estimates. Changes in natural gas, oil and NGL reserve estimates affect the Company’s calculation of DD&A, provision for retirement of assets and assessment of the need for asset impairments. On an annual basis, with a semi-annual update, the Company’s Independent Consulting Petroleum Engineer, with assistance from Company staff, prepares estimates of natural gas, oil and NGL reserves based on available geologic and seismic data, reservoir pressure data, core analysis reports, well logs, analogous reservoir performance history, production data and other available sources of engineering, geologic and geophysical information. Between periods in which reserves would normally be calculated, the Company updates the reserve calculations utilizing appropriate prices for the current period. The estimated natural gas, oil and NGL reserves were computed using the 12-month average price calculated as the unweighted arithmetic average of the first-day-of-the-month natural gas, oil and NGL price for each month within the 12 -month period prior to the balance sheet date, held flat over the life of the properties. However, projected future natural gas, oil and NGL pricing assumptions are used by management to prepare estimates of natural gas, oil and NGL reserves and future net cash flows used in asset impairment assessments and in formulating management’s overall operating decisions. Natural gas, oil and NGL prices are volatile, affected by worldwide production and consumption, and are outside the control of management. Impairment Company management monitors all long-lived assets, principally natural gas and oil properties, for potential impairment when circumstances indicate that the carrying value of the asset may be greater than its estimated future net cash flows. The evaluations involve significant judgment since the results are based on estimated future events, such as inflation rates; future drilling and completion costs; future sales prices for natural gas, oil and NGL; future production costs; estimates of future natural gas, oil and NGL reserves to be recovered and the timing thereof; the economic and regulatory climates; and other factors. The need to test a property for impairment may result from significant declines in sales prices or unfavorable adjustments to natural gas, oil and NGL reserves. Between periods in which reserves would normally be calculated, the Company updates the reserve calculations to reflect any material changes since the prior report was issued and then utilizes updated projected future price decks current with the period. For the three and nine months ended September 30, 2024 and 2023 , management’s assessment resulted in no impairment provisions on producing properties. The Company wrote off $ 38,533 on wells assigned to the operator with zero consideration received during the nine months ended September 30, 2023 .

Derivatives

Derivatives	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	NOTE 9: Derivatives The Company has entered into commodity price derivative agreements, including fixed swap contracts and costless collar contracts. These instruments are intended to reduce the Company’s exposure to short-term fluctuations in the price of natural gas and oil. Fixed swap contracts set a fixed price and provide payments to the Company if the index price is below the fixed price, or require payments by the Company if the index price is above the fixed price. Collar contracts set a fixed floor price and a fixed ceiling price and provide payments to the Company if the index price falls below the floor or require payments by the Company if the index price rises above the ceiling. These contracts cover only a portion of the Company’s natural gas and oil production and provide only partial price protection against declines in natural gas and oil prices. The Company’s derivative contracts are currently with BP Energy Company (“BP”). The derivative contracts with BP are secured under the Credit Facility with Independent Bank (see Note 5: Long-Term Debt). The derivative instruments have settled or will settle based on the prices below: Derivative Contracts in Place as of September 30, 2024 Calendar Period Contract total volume Index Contract average price Natural gas costless collars 2024 415,000 Mmbtu NYMEX Henry Hub $ 3.19 floor / $ 4.84 ceiling 2025 1,440,000 Mmbtu NYMEX Henry Hub $ 3.25 floor / $ 4.59 ceiling 2026 570,000 Mmbtu NYMEX Henry Hub $ 3.50 floor / $ 4.82 ceiling Natural gas fixed price swaps 2024 470,000 Mmbtu NYMEX Henry Hub $ 3.55 2025 2,150,000 Mmbtu NYMEX Henry Hub $ 3.26 2026 150,000 Mmbtu NYMEX Henry Hub $ 3.10 Oil costless collars 2024 5,300 Bbls NYMEX WTI $ 66.04 floor / $ 76.79 ceiling Oil fixed price swaps 2024 17,200 Bbls NYMEX WTI $ 68.84 2025 57,800 Bbls NYMEX WTI $ 69.44 2026 12,000 Bbls NYMEX WTI $ 69.53 Derivative Settlements during the Three Months Ended September 30, 2024 Monthly Settlement Contract period (1) Production volume Index Contract price (paid) received Natural gas costless collars July - September 2024 30,000 Mmbtu NYMEX Henry Hub $ 3.00 floor / $ 3.60 ceiling $ 76,050 Natural gas fixed price swaps July - September 2024 75,000 Mmbtu NYMEX Henry Hub $ 3.47 $ 295,875 July - September 2024 25,000 Mmbtu NYMEX Henry Hub $ 3.47 $ 98,625 July - September 2024 50,000 Mmbtu NYMEX Henry Hub $ 3.17 $ 152,250 July 2024 127,500 Mmbtu NYMEX Henry Hub $ 3.24 $ 78,030 August - September 2024 120,000 Mmbtu NYMEX Henry Hub $ 3.24 $ 317,160 Oil costless collars June - August 2024 500 Bbls NYMEX WTI $ 70.00 floor / $ 78.10 ceiling $ ( 1,490 ) June 2024 1,650 Bbls NYMEX WTI $ 63.00 floor / $ 76.00 ceiling $ ( 4,450 ) June 2024 500 Bbls NYMEX WTI $ 65.00 floor / $ 76.50 ceiling $ ( 1,099 ) July - August 2024 1,650 Bbls NYMEX WTI $ 65.00 floor / $ 76.50 ceiling $ ( 6,569 ) Oil fixed price swaps June 2024 1,300 Bbls NYMEX WTI $ 70.59 $ ( 10,540 ) June - August 2024 1,000 Bbls NYMEX WTI $ 66.10 $ ( 36,313 ) July - August 2024 1,500 Bbls NYMEX WTI $ 69.50 $ ( 25,373 ) Total (paid) received $ 932,156 (1) Natural gas derivatives settle at first of the month pricing and oil derivatives settle at a monthly daily average. The Company has elected not to complete all of the documentation requirements necessary to permit these derivative contracts to be accounted for as cash flow hedges. The Company’s fair value of derivative contracts was a net asset of $ 795,253 as of September 30, 2024, and a net asset of $ 3,283,587 as of December 31, 2023 . Cash receipts or payments in the following table reflect the gain or loss on derivative contracts which settled during the respective periods, and the non-cash gain or loss reflect the change in fair value of derivative contracts as of the end of the respective periods. Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Cash received (paid) on derivative contracts: Natural gas costless collars $ 76,050 $ 240,655 $ 1,726,215 $ 1,431,565 Natural gas fixed price swaps (1) 941,940 364,310 2,242,912 1,023,900 Oil costless collars ( 13,608 ) 11,815 ( 52,843 ) 24,330 Oil fixed price swaps (1) ( 72,226 ) ( 13,835 ) ( 130,213 ) ( 197,488 ) Cash received (paid) on derivative contracts, net $ 932,156 $ 602,945 $ 3,786,071 $ 2,282,307 Non-cash gain (loss) on derivative contracts: Natural gas costless collars $ 125,098 $ ( 146,476 ) $ ( 1,267,275 ) $ ( 51,630 ) Natural gas fixed price swaps ( 655,239 ) 76,754 ( 1,507,551 ) 1,729,053 Oil costless collars 53,427 ( 225,028 ) 18,763 ( 173,634 ) Oil fixed price swaps 633,800 ( 645,842 ) 267,729 ( 137,917 ) Non-cash gain (loss) on derivative contracts, net $ 157,086 $ ( 940,592 ) $ ( 2,488,334 ) $ 1,365,872 Gains (losses) on derivative contracts, net $ 1,089,242 $ ( 337,647 ) $ 1,297,737 $ 3,648,179 (1) For the nine months ended September 30, 2023, excludes $ 373,745 of cash paid to settle off-market derivative contracts that are not reflected on the Condensed Statements of Income. Total cash paid related to off-market derivatives was $ 560,162 for the nine months ended September 30, 2023 and is reflected in the Financing Activities section of the Condensed Statements of Cash Flows. The fair value amounts recognized for the Company’s derivative contracts executed with the same counterparty under a master netting arrangement may be offset. The Company has the choice of whether or not to offset, but that choice must be applied consistently. A master netting arrangement exists if the reporting entity has multiple contracts with a single counterparty that are subject to a contractual agreement that provides for the net settlement of all contracts through a single payment in a single currency in the event of default on or termination of any one contract. Offsetting the fair values recognized for the derivative contracts outstanding with a single counterparty results in the net fair value of the transactions being reported as an asset or a liability in the Company’s balance sheets. The following table summarizes and reconciles the Company’s derivative contracts’ fair values at a gross level back to net fair value presentation on the Company’s balance sheets at September 30, 2024 and December 31, 2023. The Company has offset all amounts subject to master netting agreements in the Company's balance sheets at September 30, 2024 and December 31, 2023. September 30, 2024 December 31, 2023 Fair Value (a) Fair Value (a) Commodity Contracts Commodity Contracts Current Assets Current Liabilities Non-Current Assets Non-Current Liabilities Current Assets Current Liabilities Non-Current Assets Non-Current Liabilities Gross amounts recognized $ 1,207,702 $ 446,175 $ 512,160 $ 478,434 $ 3,318,046 $ 197,439 $ 344,614 $ 181,634 Offsetting adjustments ( 446,175 ) ( 446,175 ) ( 478,434 ) ( 478,434 ) ( 197,439 ) ( 197,439 ) ( 181,634 ) ( 181,634 ) Net presentation on condensed balance sheets $ 761,527 $ - $ 33,726 $ - $ 3,120,607 $ - $ 162,980 $ - (a) See Note 10: Fair Value Measurements for further disclosures regarding fair value of financial instruments. The fair value of derivative assets and derivative liabilities is adjusted for credit risk. The impact of credit risk was immaterial for all periods presented.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 10: Fair Value Measurements Fair value is defined as the amount that would be received from the sale of an asset or paid for the transfer of a liability in an orderly transaction between market participants, i.e., an exit price. To estimate an exit price, a three-level hierarchy is used. The fair value hierarchy prioritizes the inputs, which refer broadly to assumptions market participants would use in pricing an asset or a liability, into three levels. Level 1 inputs are unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. Level 2 inputs include the following: (i) quoted prices for similar assets or liabilities in active markets; (ii) quoted prices for identical or similar assets or liabilities in markets that are not active; (iii) inputs other than quoted prices that are observable for the asset or liability; or (iv) inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 inputs are unobservable inputs for the financial asset or liability. The following table provides fair value measurement information for financial assets and liabilities measured at fair value on a recurring basis at September 30, 2024: Fair Value Measurement at September 30, 2024 Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Total Fair (Level 1) (Level 2) (Level 3) Value Financial Assets (Liabilities): Derivative Contracts - Swaps $ - $ 466,220 $ - $ 466,220 Derivative Contracts - Collars $ - $ 329,033 $ - $ 329,033 Level 2 – Market Approach - The fair values of the Company’s swaps and collars are based on a third-party pricing model, which utilizes inputs that are either readily available in the public market, such as natural gas curves and volatility curves, or can be corroborated from active markets. These values are based upon future prices, time to maturity and other factors. These values are then compared to the values given by our counterparties for reasonableness. At September 30, 2024 and December 31, 2023 , the carrying values of cash and cash equivalents, receivables, and payables are considered to be representative of their respective fair values due to the short-term maturities of those instruments. Financial instruments include long-term debt, the valuation of which is classified as Level 2 as the carrying amount of the Company’s debt under the Credit Facility approximates fair value because the interest rates are reflective of market rates. The estimated current market interest rates are based primarily on interest rates currently being offered on borrowings of similar amounts and terms. In addition, no valuation input adjustments were considered necessary relating to nonperformance risk for the debt agreements.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 11: Commitments and Contingencies Litigation The Company may be the subject of threatened or pending legal actions and contingencies in the normal course of conducting our business. The Company provides for costs related to these matters when a loss is probable and the amount can be reasonably estimated. The effect of the outcome of these matters on the Company ’ s future results of operations and liquidity cannot be predicted because any such effect depends on future results of operations and the amount or timing of the resolution of such matters. For certain types of claims, the Company maintains insurance coverage for personal injury and property damage, product liability and other liability coverages in amounts and with deductibles that it believes are prudent, but there can be no assurance that these coverages will be applicable or adequate to cover adverse outcomes of claims or legal proceedings against the Company.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	NOTE 12: Subsequent Events Debt Redetermination Subsequent to September 30, 2024, the Company's borrowing base under the Credit Facility was reaffirmed at $ 50 million, which constitutes the periodic redetermination of the borrowing base for December 1, 2024 and is not deemed an unscheduled redetermination. Derivative Contracts Subsequent to September 30, 2024, the Company entered into new derivative contracts as summarized in the table below: Production volume Contract period covered per month Index Contract price Natural gas costless collars November 2025 - March 2026 50,000 Mmbtu NYMEX Henry Hub $ 3.50 floor / $ 3.87 ceiling April 2026 - June 2026 75,000 Mmbtu NYMEX Henry Hub $ 3.00 floor / $ 3.60 ceiling July 2026 - September 2026 100,000 Mmbtu NYMEX Henry Hub $ 3.00 floor / $ 3.60 ceiling Oil fixed price swaps April 2026 - June 2026 1,000 Bbls NYMEX WTI $ 65.80

Basis of Presentation and Acc_2

Basis of Presentation and Accounting Principles (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed financial statements of PHX Minerals Inc. have been prepared in accordance with the instructions to Form 10-Q as prescribed by the SEC. Management believes that all adjustments necessary for a fair presentation of the financial position and results of operations and cash flows for the periods have been included. All such adjustments are of a normal recurring nature. The results are not necessarily indicative of those to be expected for a full fiscal year. Certain reclassifications have been made to prior period financials to conform to the current year presentation. These reclassifications have no impact on previous reported total assets, total liabilities, net income (loss), stockholders’ equity, or operating cash flows. Certain amounts and disclosures have been condensed or omitted from these financial statements pursuant to the rules and regulations of the SEC. Therefore, these condensed financial statements should be read in conjunction with the financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Unless indicated otherwise or the context requires, the terms “we,” “our,” “us,” “PHX” or the “Company” refer to PHX Minerals Inc. Accounting standards that have been issued or proposed by the FASB, or other standards-setting bodies, that do not require adoption until a future date are not expected to have a material impact on the Company’s financial statements upon adoption.

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Summary of Disaggregation of Natural Gas, Oil and NGL Revenues	The following table presents the disaggregation of the Company's natural gas, oil and NGL revenues for the three and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Royalty Interest Working Interest Total Royalty Interest Working Interest Total Natural gas revenue $ 3,471,635 $ 324,539 $ 3,796,174 $ 11,356,159 $ 1,061,341 $ 12,417,500 Oil revenue 3,092,025 327,419 3,419,444 9,254,221 1,007,775 10,261,996 NGL revenue 418,452 254,446 672,898 1,366,971 758,263 2,125,234 Natural gas, oil and NGL sales $ 6,982,112 $ 906,404 $ 7,888,516 $ 21,977,351 $ 2,827,379 $ 24,804,730 Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Royalty Interest Working Interest Total Royalty Interest Working Interest Total Natural gas revenue $ 4,046,566 $ 431,075 $ 4,477,641 $ 13,404,030 $ 1,543,985 $ 14,948,015 Oil revenue 3,409,201 360,536 3,769,737 9,501,963 1,409,903 10,911,866 NGL revenue 417,530 234,183 651,713 1,308,708 818,913 2,127,621 Natural gas, oil and NGL sales $ 7,873,297 $ 1,025,794 $ 8,899,091 $ 24,214,701 $ 3,772,801 $ 27,987,502

Basic And Diluted Earnings (L_2

Basic And Diluted Earnings (Loss) Per Common Share ("EPS") (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Summary of Reconciliation of Components of Basic and Diluted EPS	The following table presents a reconciliation of the components of basic and diluted EPS. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Basic EPS Numerator: Basic net income (loss) $ 1,100,310 $ 1,895,403 $ 2,212,466 $ 11,407,356 Denominator: Common Shares 36,049,083 35,713,177 36,015,680 35,708,346 Unissued, directors' deferred compensation shares 267,659 269,939 290,913 253,224 Basic weighted average shares outstanding 36,316,742 35,983,116 36,306,593 35,961,570 Basic EPS $ 0.03 $ 0.05 $ 0.06 $ 0.32 Diluted EPS Numerator: Basic net income (loss) $ 1,100,310 $ 1,895,403 $ 2,212,466 $ 11,407,356 Diluted net income (loss) 1,100,310 1,895,403 2,212,466 11,407,356 Denominator: Basic weighted average shares outstanding 36,316,742 35,983,116 36,306,593 35,961,570 Effects of dilutive securities: Unvested restricted stock 666,927 673,156 425,050 708,924 Diluted weighted average shares outstanding 36,983,669 36,656,272 36,731,643 36,670,494 Diluted EPS $ 0.03 $ 0.05 $ 0.06 $ 0.31

Long Term Incentive Plan (Table

Long Term Incentive Plan (Tables)	9 Months Ended
	Sep. 30, 2024
Long Term Incentive Plan [Abstract]
Summary of Pre-Tax Compensation Expense	The following table summarizes the Company’s pre-tax compensation expense for the three and nine months ended September 30, 2024 and 2023 related to the Company’s market-based and time-based restricted stock: Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Market-based, restricted stock $ 310,152 $ 324,039 $ 1,273,740 $ 1,370,857 Time-based, restricted stock 155,951 142,727 500,049 324,780 Total compensation expense $ 466,103 $ 466,766 $ 1,773,789 $ 1,695,637
Summary Of Unrecognized Compensation Cost	A summary of the Company’s unrecognized compensation cost for its unvested market-based and time-based restricted stock and the weighted-average periods over which the compensation cost is expected to be recognized is shown in the following table: As of September 30, 2024 Unrecognized Compensation Cost Weighted Average Period (in years) Market-based, restricted stock $ 1,168,912 1.30 Time-based, restricted stock 505,700 1.46 Total $ 1,674,612

Properties And Equipment (Table

Properties And Equipment (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property Acquisitions	The Company made the following property acquisitions during the nine-month periods ended September 30, 2024 and 2023. Quarter Ended Net royalty acres (1)(2) Total Purchase Price (1) % Proved / % Unproved Area of Interest September 30, 2024 325 $ 3.0 million 78 % / 22 % Haynesville / SCOOP June 30, 2024 96 $ 0.9 million 59 % / 41 % Haynesville / SCOOP March 31, 2024 146 $ 1.4 million 5 % / 95 % SCOOP September 30, 2023 974 $ 13.4 million 81 % / 19 % Haynesville / SCOOP June 30, 2023 151 $ 1.8 million 29 % / 71 % Haynesville / SCOOP March 31, 2023 912 $ 10.8 million 44 % / 56 % Haynesville / SCOOP (1) Excludes subsequent closing adjustments and insignificant acquisitions. (2) An estimated net royalty equivalent was used for the unleased minerals included in the net royalty acres.
Summary of Property Divestitures	The Company made the following property divestitures during the nine-month periods ended September 30, 2024 and 2023. Revenue and expenses recognized between the effective date and close date of divestitures is recorded in the Operating Activities section in the Statements of Cash Flows. Quarter Ended Net mineral acres (1) / Wellbores (2) Sale Price (3) Gain/(Loss) (3) Location September 30, 2024 No significant divestitures June 30, 2024 1,005 acres $ 0.5 million $ 0.4 million TX March 31, 2024 No significant divestitures September 30, 2023 729 acres $ 0.3 million $ 0.2 million OK June 30, 2023 No significant divestitures March 31, 2023 755 acres $ 0.3 million $ 0.3 million OK / TX 267 wellbores $ 10.7 million $ 4.1 million OK / TX (1) Number of net mineral acres sold. (2) Number of gross wellbores associated with working interests sold. (3) Excludes subsequent closing adjustments and insignificant divestitures.

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary Of Derivative Instruments Contracts and Settlements	Derivative Contracts in Place as of September 30, 2024 Calendar Period Contract total volume Index Contract average price Natural gas costless collars 2024 415,000 Mmbtu NYMEX Henry Hub $ 3.19 floor / $ 4.84 ceiling 2025 1,440,000 Mmbtu NYMEX Henry Hub $ 3.25 floor / $ 4.59 ceiling 2026 570,000 Mmbtu NYMEX Henry Hub $ 3.50 floor / $ 4.82 ceiling Natural gas fixed price swaps 2024 470,000 Mmbtu NYMEX Henry Hub $ 3.55 2025 2,150,000 Mmbtu NYMEX Henry Hub $ 3.26 2026 150,000 Mmbtu NYMEX Henry Hub $ 3.10 Oil costless collars 2024 5,300 Bbls NYMEX WTI $ 66.04 floor / $ 76.79 ceiling Oil fixed price swaps 2024 17,200 Bbls NYMEX WTI $ 68.84 2025 57,800 Bbls NYMEX WTI $ 69.44 2026 12,000 Bbls NYMEX WTI $ 69.53 Derivative Settlements during the Three Months Ended September 30, 2024 Monthly Settlement Contract period (1) Production volume Index Contract price (paid) received Natural gas costless collars July - September 2024 30,000 Mmbtu NYMEX Henry Hub $ 3.00 floor / $ 3.60 ceiling $ 76,050 Natural gas fixed price swaps July - September 2024 75,000 Mmbtu NYMEX Henry Hub $ 3.47 $ 295,875 July - September 2024 25,000 Mmbtu NYMEX Henry Hub $ 3.47 $ 98,625 July - September 2024 50,000 Mmbtu NYMEX Henry Hub $ 3.17 $ 152,250 July 2024 127,500 Mmbtu NYMEX Henry Hub $ 3.24 $ 78,030 August - September 2024 120,000 Mmbtu NYMEX Henry Hub $ 3.24 $ 317,160 Oil costless collars June - August 2024 500 Bbls NYMEX WTI $ 70.00 floor / $ 78.10 ceiling $ ( 1,490 ) June 2024 1,650 Bbls NYMEX WTI $ 63.00 floor / $ 76.00 ceiling $ ( 4,450 ) June 2024 500 Bbls NYMEX WTI $ 65.00 floor / $ 76.50 ceiling $ ( 1,099 ) July - August 2024 1,650 Bbls NYMEX WTI $ 65.00 floor / $ 76.50 ceiling $ ( 6,569 ) Oil fixed price swaps June 2024 1,300 Bbls NYMEX WTI $ 70.59 $ ( 10,540 ) June - August 2024 1,000 Bbls NYMEX WTI $ 66.10 $ ( 36,313 ) July - August 2024 1,500 Bbls NYMEX WTI $ 69.50 $ ( 25,373 ) Total (paid) received $ 932,156 (1) Natural gas derivatives settle at first of the month pricing and oil derivatives settle at a monthly daily average. Subsequent to September 30, 2024, the Company entered into new derivative contracts as summarized in the table below: Production volume Contract period covered per month Index Contract price Natural gas costless collars November 2025 - March 2026 50,000 Mmbtu NYMEX Henry Hub $ 3.50 floor / $ 3.87 ceiling April 2026 - June 2026 75,000 Mmbtu NYMEX Henry Hub $ 3.00 floor / $ 3.60 ceiling July 2026 - September 2026 100,000 Mmbtu NYMEX Henry Hub $ 3.00 floor / $ 3.60 ceiling Oil fixed price swaps April 2026 - June 2026 1,000 Bbls NYMEX WTI $ 65.80
Summary of Gain or Loss on Derivative Contracts, Net	Cash receipts or payments in the following table reflect the gain or loss on derivative contracts which settled during the respective periods, and the non-cash gain or loss reflect the change in fair value of derivative contracts as of the end of the respective periods. Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Cash received (paid) on derivative contracts: Natural gas costless collars $ 76,050 $ 240,655 $ 1,726,215 $ 1,431,565 Natural gas fixed price swaps (1) 941,940 364,310 2,242,912 1,023,900 Oil costless collars ( 13,608 ) 11,815 ( 52,843 ) 24,330 Oil fixed price swaps (1) ( 72,226 ) ( 13,835 ) ( 130,213 ) ( 197,488 ) Cash received (paid) on derivative contracts, net $ 932,156 $ 602,945 $ 3,786,071 $ 2,282,307 Non-cash gain (loss) on derivative contracts: Natural gas costless collars $ 125,098 $ ( 146,476 ) $ ( 1,267,275 ) $ ( 51,630 ) Natural gas fixed price swaps ( 655,239 ) 76,754 ( 1,507,551 ) 1,729,053 Oil costless collars 53,427 ( 225,028 ) 18,763 ( 173,634 ) Oil fixed price swaps 633,800 ( 645,842 ) 267,729 ( 137,917 ) Non-cash gain (loss) on derivative contracts, net $ 157,086 $ ( 940,592 ) $ ( 2,488,334 ) $ 1,365,872 Gains (losses) on derivative contracts, net $ 1,089,242 $ ( 337,647 ) $ 1,297,737 $ 3,648,179 (1) For the nine months ended September 30, 2023, excludes $ 373,745 of cash paid to settle off-market derivative contracts that are not reflected on the Condensed Statements of Income. Total cash paid related to off-market derivatives was $ 560,162 for the nine months ended September 30, 2023 and is reflected in the Financing Activities section of the Condensed Statements of Cash Flows.
Summary Of Derivative Contracts	September 30, 2024 December 31, 2023 Fair Value (a) Fair Value (a) Commodity Contracts Commodity Contracts Current Assets Current Liabilities Non-Current Assets Non-Current Liabilities Current Assets Current Liabilities Non-Current Assets Non-Current Liabilities Gross amounts recognized $ 1,207,702 $ 446,175 $ 512,160 $ 478,434 $ 3,318,046 $ 197,439 $ 344,614 $ 181,634 Offsetting adjustments ( 446,175 ) ( 446,175 ) ( 478,434 ) ( 478,434 ) ( 197,439 ) ( 197,439 ) ( 181,634 ) ( 181,634 ) Net presentation on condensed balance sheets $ 761,527 $ - $ 33,726 $ - $ 3,120,607 $ - $ 162,980 $ - (a) See Note 10: Fair Value Measurements for further disclosures regarding fair value of financial instruments.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Summary Of Fair Value Measurement Information For Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis	The following table provides fair value measurement information for financial assets and liabilities measured at fair value on a recurring basis at September 30, 2024: Fair Value Measurement at September 30, 2024 Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Total Fair (Level 1) (Level 2) (Level 3) Value Financial Assets (Liabilities): Derivative Contracts - Swaps $ - $ 466,220 $ - $ 466,220 Derivative Contracts - Collars $ - $ 329,033 $ - $ 329,033 Level 2 – Market Approach - The fair values of the Company’s swaps and collars are based on a third-party pricing model, which utilizes inputs that are either readily available in the public market, such as natural gas curves and volatility curves, or can be corroborated from active markets. These values are based upon future prices, time to maturity and other factors. These values are then compared to the values given by our counterparties for reasonableness.

Subsequent Events (Tables)

Subsequent Events (Tables)	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Summary Of Derivative Instruments Contracts and Settlements	Derivative Contracts in Place as of September 30, 2024 Calendar Period Contract total volume Index Contract average price Natural gas costless collars 2024 415,000 Mmbtu NYMEX Henry Hub $ 3.19 floor / $ 4.84 ceiling 2025 1,440,000 Mmbtu NYMEX Henry Hub $ 3.25 floor / $ 4.59 ceiling 2026 570,000 Mmbtu NYMEX Henry Hub $ 3.50 floor / $ 4.82 ceiling Natural gas fixed price swaps 2024 470,000 Mmbtu NYMEX Henry Hub $ 3.55 2025 2,150,000 Mmbtu NYMEX Henry Hub $ 3.26 2026 150,000 Mmbtu NYMEX Henry Hub $ 3.10 Oil costless collars 2024 5,300 Bbls NYMEX WTI $ 66.04 floor / $ 76.79 ceiling Oil fixed price swaps 2024 17,200 Bbls NYMEX WTI $ 68.84 2025 57,800 Bbls NYMEX WTI $ 69.44 2026 12,000 Bbls NYMEX WTI $ 69.53 Derivative Settlements during the Three Months Ended September 30, 2024 Monthly Settlement Contract period (1) Production volume Index Contract price (paid) received Natural gas costless collars July - September 2024 30,000 Mmbtu NYMEX Henry Hub $ 3.00 floor / $ 3.60 ceiling $ 76,050 Natural gas fixed price swaps July - September 2024 75,000 Mmbtu NYMEX Henry Hub $ 3.47 $ 295,875 July - September 2024 25,000 Mmbtu NYMEX Henry Hub $ 3.47 $ 98,625 July - September 2024 50,000 Mmbtu NYMEX Henry Hub $ 3.17 $ 152,250 July 2024 127,500 Mmbtu NYMEX Henry Hub $ 3.24 $ 78,030 August - September 2024 120,000 Mmbtu NYMEX Henry Hub $ 3.24 $ 317,160 Oil costless collars June - August 2024 500 Bbls NYMEX WTI $ 70.00 floor / $ 78.10 ceiling $ ( 1,490 ) June 2024 1,650 Bbls NYMEX WTI $ 63.00 floor / $ 76.00 ceiling $ ( 4,450 ) June 2024 500 Bbls NYMEX WTI $ 65.00 floor / $ 76.50 ceiling $ ( 1,099 ) July - August 2024 1,650 Bbls NYMEX WTI $ 65.00 floor / $ 76.50 ceiling $ ( 6,569 ) Oil fixed price swaps June 2024 1,300 Bbls NYMEX WTI $ 70.59 $ ( 10,540 ) June - August 2024 1,000 Bbls NYMEX WTI $ 66.10 $ ( 36,313 ) July - August 2024 1,500 Bbls NYMEX WTI $ 69.50 $ ( 25,373 ) Total (paid) received $ 932,156 (1) Natural gas derivatives settle at first of the month pricing and oil derivatives settle at a monthly daily average. Subsequent to September 30, 2024, the Company entered into new derivative contracts as summarized in the table below: Production volume Contract period covered per month Index Contract price Natural gas costless collars November 2025 - March 2026 50,000 Mmbtu NYMEX Henry Hub $ 3.50 floor / $ 3.87 ceiling April 2026 - June 2026 75,000 Mmbtu NYMEX Henry Hub $ 3.00 floor / $ 3.60 ceiling July 2026 - September 2026 100,000 Mmbtu NYMEX Henry Hub $ 3.00 floor / $ 3.60 ceiling Oil fixed price swaps April 2026 - June 2026 1,000 Bbls NYMEX WTI $ 65.80

Revenues (Summary of Disaggrega

Revenues (Summary of Disaggregation of Company's Natural Gas, Oil and NGL Revenues) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation Of Revenue [Line Items]
Natural gas, oil and NGL sales	$ 7,888,516	$ 8,899,091	$ 24,804,730	$ 27,987,502
Royalty Interest [Member]
Disaggregation Of Revenue [Line Items]
Natural gas, oil and NGL sales	6,982,112	7,873,297	21,977,351	24,214,701
Working Interest [Member]
Disaggregation Of Revenue [Line Items]
Natural gas, oil and NGL sales	906,404	1,025,794	2,827,379	3,772,801
Oil [Member]
Disaggregation Of Revenue [Line Items]
Natural gas, oil and NGL sales	3,419,444	3,769,737	10,261,996	10,911,866
Oil [Member] | Royalty Interest [Member]
Disaggregation Of Revenue [Line Items]
Natural gas, oil and NGL sales	3,092,025	3,409,201	9,254,221	9,501,963
Oil [Member] | Working Interest [Member]
Disaggregation Of Revenue [Line Items]
Natural gas, oil and NGL sales	327,419	360,536	1,007,775	1,409,903
NGL [Member]
Disaggregation Of Revenue [Line Items]
Natural gas, oil and NGL sales	672,898	651,713	2,125,234	2,127,621
NGL [Member] | Royalty Interest [Member]
Disaggregation Of Revenue [Line Items]
Natural gas, oil and NGL sales	418,452	417,530	1,366,971	1,308,708
NGL [Member] | Working Interest [Member]
Disaggregation Of Revenue [Line Items]
Natural gas, oil and NGL sales	254,446	234,183	758,263	818,913
Natural Gas [Member]
Disaggregation Of Revenue [Line Items]
Natural gas, oil and NGL sales	3,796,174	4,477,641	12,417,500	14,948,015
Natural Gas [Member] | Royalty Interest [Member]
Disaggregation Of Revenue [Line Items]
Natural gas, oil and NGL sales	3,471,635	4,046,566	11,356,159	13,404,030
Natural Gas [Member] | Working Interest [Member]
Disaggregation Of Revenue [Line Items]
Natural gas, oil and NGL sales	$ 324,539	$ 431,075	$ 1,061,341	$ 1,543,985

Revenues (Narrative) (Details)

Revenues (Narrative) (Details) - USD ($)			3 Months Ended		6 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation Of Revenue [Line Items]
Revenues			$ 7,888,516	$ 8,899,091			$ 24,804,730	$ 27,987,502
Natural Gas, Oil and NGL [Member] | New Wells on PHX Acreage [Member]
Disaggregation Of Revenue [Line Items]
Revenues	$ 38,308	$ 8,625	$ 819,342	$ 570,630	$ 781,034	$ 562,365
Minimum [Member]
Disaggregation Of Revenue [Line Items]
New wells production statements period							30 days
Maximum [Member]
Disaggregation Of Revenue [Line Items]
New wells production statements period							90 days

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023
Income Tax Contingency [Line Items]
Increase of income tax provision	$ 996
Effective tax rate		28%	23%

Basic And Diluted Earnings (L_3

Basic And Diluted Earnings (Loss) Per Common Share ("EPS") - (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Restricted Stock excluded from the diluted EPS calculation	577,318	564,578	815,399	464,151
Effect on basic and diluted			$ 0

Basic And Diluted Earnings (L_4

Basic And Diluted Earnings (Loss) Per Common Share ("EPS") - Summary of Reconciliation of Components of Basic and Diluted EPS (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Basic EPS
Net income (loss)	$ 1,100,310	$ 1,295,771	$ (183,615)	$ 1,895,403	$ (41,291)	$ 9,553,244	$ 2,212,466	$ 11,407,356
Common Shares	36,049,083			35,713,177			36,015,680	35,708,346
Unissued, directors' deferred compensation shares	267,659			269,939			290,913	253,224
Basic weighted average shares outstanding	36,316,742			35,983,116			36,306,593	35,961,570
Basic EPS	$ 0.03			$ 0.05			$ 0.06	$ 0.32
Diluted EPS
Basic net income (loss)	$ 1,100,310			$ 1,895,403			$ 2,212,466	$ 11,407,356
Diluted net income (loss)	$ 1,100,310			$ 1,895,403			$ 2,212,466	$ 11,407,356
Basic weighted average shares outstanding	36,316,742			35,983,116			36,306,593	35,961,570
Effects of dilutive securities:
Unvested restricted stock	666,927			673,156			425,050	708,924
Diluted weighted average shares outstanding	36,983,669			36,656,272			36,731,643	36,670,494
Diluted EPS	$ 0.03			$ 0.05			$ 0.06	$ 0.31

Long-Term Debt (Details)

Long-Term Debt (Details) - Revolving Credit Facility [Member]	9 Months Ended
	Sep. 30, 2024 USD ($) Ratio	Oct. 01, 2024 USD ($)	Sep. 30, 2021 USD ($)
Line Of Credit Facility [Line Items]
Revolving loan credit facility			$ 100,000,000
Borrowing base of credit facility	$ 50,000,000
Credit facility maturity	Sep. 01, 2028
Effective Interest rate	8.36%
Debt issuance cost net of amortization	$ 347,547
Funded debt to EBITDA ratio	350%
Credit facility outstanding amount	$ 27,750,000
Availability under outstanding credit facility	$ 22,250,000
Subsequent Event [Member]
Line Of Credit Facility [Line Items]
Borrowing base of credit facility		$ 50,000,000
Prime Rate [Member] | U.S Federal Reserve System [Member]
Line Of Credit Facility [Line Items]
Interest rate basis	0.50%
Minimum [Member]
Line Of Credit Facility [Line Items]
Interest rate basis	75%
Current ratio	100%
Leverage ratio | Ratio	2.50
Minimum [Member] | Secured Overnight Financing Rate (SOFR) [Member]
Line Of Credit Facility [Line Items]
Interest rate basis	2.75%
Minimum [Member] | Prime Rate [Member] | U.S Federal Reserve System [Member]
Line Of Credit Facility [Line Items]
Interest rate basis	1.75%
Maximum [Member]
Line Of Credit Facility [Line Items]
Percentage of available commitment to borrowing basis	10%
Maximum [Member] | Secured Overnight Financing Rate (SOFR) [Member]
Line Of Credit Facility [Line Items]
Interest rate basis	3.75%
Maximum [Member] | Prime Rate [Member] | U.S Federal Reserve System [Member]
Line Of Credit Facility [Line Items]
Interest rate basis	2.75%

Deferred Compensation Plan Fo_2

Deferred Compensation Plan For Non-Employee Directors (Details)	9 Months Ended
	Sep. 30, 2024
Maximum [Member]
Deferred Compensation Plan For Directors [Line Items]
Period outside directors may elect to receive shares	10 years

Long Term Incentive Plan (Summa

Long Term Incentive Plan (Summary of Pre-Tax Compensation Expense) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 466,103	$ 466,766	$ 1,773,789	$ 1,695,637
Market-Based Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	310,152	324,039	1,273,740	1,370,857
Time-Based Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 155,951	$ 142,727	$ 500,049	$ 324,780

Long Term Incentive Plan (Sum_2

Long Term Incentive Plan (Summary Of Unrecognized Compensation Cost) (Details)	9 Months Ended
	Sep. 30, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 1,674,612
Market-Based Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 1,168,912
Weighted Average Period (in years)	1 year 3 months 18 days
Time-Based Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 505,700
Weighted Average Period (in years)	1 year 5 months 15 days

Properties And Equipment - Summ

Properties And Equipment - Summary of Property Acquisitions (Details) $ in Millions		3 Months Ended
		Sep. 30, 2024 USD ($) a	Jun. 30, 2024 USD ($) a	Mar. 31, 2024 USD ($) a	Sep. 30, 2023 USD ($) a	Jun. 30, 2023 USD ($) a	Mar. 31, 2023 USD ($) a
SCOOP [Member]
Property Plant And Equipment [Line Items]
Net royalty acres | a	[1],[2]			146
Total Purchase Price | $	[2]			$ 1.4
% of Proved				5%
% Unproved				95%
Haynesville / SCOOP [Member]
Property Plant And Equipment [Line Items]
Net royalty acres | a	[1],[2]	325	96		974	151	912
Total Purchase Price | $	[2]	$ 3	$ 0.9		$ 13.4	$ 1.8	$ 10.8
% of Proved		78%	59%		81%	29%	44%
% Unproved		22%	41%		19%	71%	56%
[1] An estimated net royalty equivalent was used for the unleased minerals included in the net royalty acres. Excludes subsequent closing adjustments and insignificant acquisitions.

Properties And Equipment - Su_2

Properties And Equipment - Summary of Property Divestitures (Details)		3 Months Ended			9 Months Ended
		Jun. 30, 2024 USD ($) a	Sep. 30, 2023 USD ($) a	Mar. 31, 2023 USD ($) a Wellbore	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($) a
Property Plant And Equipment [Line Items]
Sale Price					$ 527,167	$ 9,556,666
TX
Property Plant And Equipment [Line Items]
Net mineral acres | a	[1],[2]	1,005
Sale Price	[3]	$ 500,000
Gain/(Loss)	[3]	$ 400,000
OK
Property Plant And Equipment [Line Items]
Net mineral acres | a	[1],[2]		729			729
Sale Price	[3]		$ 300,000
Gain/(Loss)	[3]		$ 200,000
OK / TX
Property Plant And Equipment [Line Items]
Net mineral acres | a	[1],[2]			755
Sale Price	[3]			$ 300,000
Gain/(Loss)	[3]			$ 300,000
OK / TX 1
Property Plant And Equipment [Line Items]
Wellbores | Wellbore	[1],[2]			267
Sale Price	[3]			$ 10,700,000
Gain/(Loss)	[3]			$ 4,100,000
[1] Number of gross wellbores associated with working interests sold. Number of net mineral acres sold. Excludes subsequent closing adjustments and insignificant divestitures.

Properties And Equipment - Su_3

Properties And Equipment - Summary of Property Divestitures (Parenthetical) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Impairment	$ 0	$ 0	$ 0	$ 0

Properties And Equipment (Narra

Properties And Equipment (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Computation of Natural Gas, Oil and NGL Reserves			12 months
Impairment	$ 0	$ 0	$ 0	$ 0
Impairment for written-off wells				38,533
Consideration received				$ 0

Derivatives (Summary Of Derivat

Derivatives (Summary Of Derivative Instruments Contracts) (Details)	Sep. 30, 2024 MMBTU $ / bbl $ / MMBTU bbl
Natural Gas Costless Collars [Member] | 2024 [Member]
Derivative [Line Items]
Contract total volume | MMBTU	415,000
Natural Gas Costless Collars [Member] | 2024 [Member] | Minimum [Member]
Derivative [Line Items]
Contract average price	3.19
Natural Gas Costless Collars [Member] | 2024 [Member] | Maximum [Member]
Derivative [Line Items]
Contract average price	4.84
Natural Gas Costless Collars [Member] | 2025 [Member]
Derivative [Line Items]
Contract total volume | MMBTU	1,440,000
Natural Gas Costless Collars [Member] | 2025 [Member] | Minimum [Member]
Derivative [Line Items]
Contract average price	3.25
Natural Gas Costless Collars [Member] | 2025 [Member] | Maximum [Member]
Derivative [Line Items]
Contract average price	4.59
Natural Gas Costless Collars [Member] | 2026 [Member]
Derivative [Line Items]
Contract total volume | MMBTU	570,000
Natural Gas Costless Collars [Member] | 2026 [Member] | Minimum [Member]
Derivative [Line Items]
Contract average price	3.5
Natural Gas Costless Collars [Member] | 2026 [Member] | Maximum [Member]
Derivative [Line Items]
Contract average price	4.82
Natural Gas Fixed Price Swaps [Member] | 2024 [Member]
Derivative [Line Items]
Contract total volume | MMBTU	470,000
Contract average price	3.55
Natural Gas Fixed Price Swaps [Member] | 2025 [Member]
Derivative [Line Items]
Contract total volume | MMBTU	2,150,000
Contract average price	3.26
Natural Gas Fixed Price Swaps [Member] | 2026 [Member]
Derivative [Line Items]
Contract total volume | MMBTU	150,000
Contract average price	3.1
Oil Costless Collars [Member] | 2024 [Member]
Derivative [Line Items]
Contract total volume | bbl	5,300
Oil Costless Collars [Member] | 2024 [Member] | Minimum [Member]
Derivative [Line Items]
Contract average price | $ / bbl	66.04
Oil Costless Collars [Member] | 2024 [Member] | Maximum [Member]
Derivative [Line Items]
Contract average price | $ / bbl	76.79
Oil Fixed Price Swaps [Member] | 2024 [Member]
Derivative [Line Items]
Contract average price | $ / bbl	68.84
Contract total volume | bbl	17,200
Oil Fixed Price Swaps [Member] | 2025 [Member]
Derivative [Line Items]
Contract average price | $ / bbl	69.44
Contract total volume | bbl	57,800
Oil Fixed Price Swaps [Member] | 2026 [Member]
Derivative [Line Items]
Contract average price | $ / bbl	69.53
Contract total volume | bbl	12,000

Derivatives (Summary of Deriv_2

Derivatives (Summary of Derivative Settlements) (Details)	9 Months Ended
	Sep. 30, 2024 USD ($) MMBTU $ / MMBTU bbl
Derivative [Line Items]
Settlement (paid) received | $	$ 932,156
Natural Gas Costless Collars [Member] | July - September 2024 [Member]
Derivative [Line Items]
Production Volume | MMBTU	30,000
Settlement (paid) received | $	$ 76,050
Natural Gas Costless Collars [Member] | July - September 2024 [Member] | Minimum [Member]
Derivative [Line Items]
Derivative, ceiling price	3
Natural Gas Costless Collars [Member] | July - September 2024 [Member] | Maximum [Member]
Derivative [Line Items]
Derivative, ceiling price	3.6
Natural Gas Fixed Price Swaps [Member] | July - September 2024 [Member]
Derivative [Line Items]
Production Volume | MMBTU	75,000
Derivative, ceiling price	3.47
Settlement (paid) received | $	$ 295,875
Natural Gas Fixed Price Swaps [Member] | July - September 2024 [Member]
Derivative [Line Items]
Production Volume | MMBTU	25,000
Derivative, ceiling price	3.47
Settlement (paid) received | $	$ 98,625
Natural Gas Fixed Price Swaps [Member] | July - September 2024 [Member]
Derivative [Line Items]
Production Volume | MMBTU	50,000
Derivative, ceiling price	3.17
Settlement (paid) received | $	$ 152,250
Natural Gas Fixed Price Swaps [Member] | July 2024 [Member]
Derivative [Line Items]
Production Volume | MMBTU	127,500
Derivative, ceiling price	3.24
Settlement (paid) received | $	$ 78,030
Natural Gas Fixed Price Swaps [Member] | August - September 2024 [Member]
Derivative [Line Items]
Production Volume | MMBTU	120,000
Derivative, ceiling price	3.24
Settlement (paid) received | $	$ 317,160
Oil Costless Collars [Member] | June - August 2024 [Member]
Derivative [Line Items]
Production Volume | MMBTU	500
Settlement (paid) received | $	$ (1,490)
Oil Costless Collars [Member] | June - August 2024 [Member] | Minimum [Member]
Derivative [Line Items]
Derivative, ceiling price	70
Oil Costless Collars [Member] | June - August 2024 [Member] | Maximum [Member]
Derivative [Line Items]
Derivative, ceiling price	78.1
Oil Costless Collars [Member] | June 2024 [Member]
Derivative [Line Items]
Production Volume | MMBTU	1,650
Settlement (paid) received | $	$ (4,450)
Oil Costless Collars [Member] | June 2024 [Member] | Minimum [Member]
Derivative [Line Items]
Derivative, ceiling price	63
Oil Costless Collars [Member] | June 2024 [Member] | Maximum [Member]
Derivative [Line Items]
Derivative, ceiling price	76
Oil Costless Collars [Member] | June 2024 [Member]
Derivative [Line Items]
Production Volume | MMBTU	500
Settlement (paid) received | $	$ (1,099)
Oil Costless Collars [Member] | June 2024 [Member] | Minimum [Member]
Derivative [Line Items]
Derivative, ceiling price	65
Oil Costless Collars [Member] | June 2024 [Member] | Maximum [Member]
Derivative [Line Items]
Derivative, ceiling price	76.5
Oil Costless Collars [Member] | July - August 2024 [Member]
Derivative [Line Items]
Production Volume | MMBTU	1,650
Settlement (paid) received | $	$ (6,569)
Oil Costless Collars [Member] | July - August 2024 [Member] | Minimum [Member]
Derivative [Line Items]
Derivative, ceiling price	65
Oil Costless Collars [Member] | July - August 2024 [Member] | Maximum [Member]
Derivative [Line Items]
Derivative, ceiling price	76.5
Oil Fixed Price Swaps [Member] | June 2024 [Member]
Derivative [Line Items]
Production Volume | MMBTU	1,300
Derivative, ceiling price	70.59
Settlement (paid) received | $	$ (10,540)
Oil Fixed Price Swaps [Member] | June - August 2024 [Member]
Derivative [Line Items]
Production volume covered per month | bbl	1,000
Derivative, ceiling price	66.1
Settlement (paid) received | $	$ (36,313)
Oil Fixed Price Swaps [Member] | July - August 2024 [Member]
Derivative [Line Items]
Production volume covered per month | bbl	1,500
Derivative, ceiling price	69.5
Settlement (paid) received | $	$ (25,373)

Derivatives (Narrative) (Detail

Derivatives (Narrative) (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair value of derivative contracts, asset	$ 795,253	$ 3,283,587

Derivatives (Schedule of Gain o

Derivatives (Schedule of Gain or Loss on Derivative Contracts, Net) (Details) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative [Line Items]
Cash received (paid) on derivative contracts, net		$ 932,156	$ 602,945	$ 3,786,071	$ 2,282,307
Non-cash gain (loss) on derivative contracts, net		157,086	(940,592)	(2,488,334)	1,365,872
Gains (losses) on derivative contracts, net		1,089,242	(337,647)	1,297,737	3,648,179
Natural Gas Costless Collars [Member]
Derivative [Line Items]
Cash received (paid) on derivative contracts, net		76,050	240,655	1,726,215	1,431,565
Non-cash gain (loss) on derivative contracts, net		125,098	(146,476)	(1,267,275)	(51,630)
Natural Gas Fixed Price Swaps [Member]
Derivative [Line Items]
Cash received (paid) on derivative contracts, net	[1]	941,940	364,310	2,242,912	1,023,900
Non-cash gain (loss) on derivative contracts, net		(655,239)	76,754	(1,507,551)	1,729,053
Oil Costless Collars
Derivative [Line Items]
Cash received (paid) on derivative contracts, net		(13,608)	11,815	(52,843)	24,330
Non-cash gain (loss) on derivative contracts, net		53,427	(225,028)	18,763	(173,634)
Oil Fixed Price Swaps [Member]
Derivative [Line Items]
Cash received (paid) on derivative contracts, net	[1]	(72,226)	(13,835)	(130,213)	(197,488)
Non-cash gain (loss) on derivative contracts, net		$ 633,800	$ (645,842)	$ 267,729	$ (137,917)
[1] For the nine months ended September 30, 2023, excludes $ 373,745 of cash paid to settle off-market derivative contracts that are not reflected on the Condensed Statements of Income. Total cash paid related to off-market derivatives was $ 560,162 for the nine months ended September 30, 2023 and is reflected in the Financing Activities section of the Condensed Statements of Cash Flows.

Derivatives (Schedule of Gain_2

Derivatives (Schedule of Gain or Loss on Derivative Contracts, Net) (Parenthetical) (Details)	9 Months Ended
	Sep. 30, 2023 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash paid to settle off-market derivative contracts	$ 373,745
Cash paid on off-market derivatives	$ 560,162

Derivatives (Summary Of Deriv_3

Derivatives (Summary Of Derivative Contracts) (Details) - USD ($)		Sep. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross amounts recognized - Current Assets	[1]	$ 1,207,702	$ 3,318,046
Offsetting adjustments - Current Assets	[1]	(446,175)	(197,439)
Net presentation on condensed balance sheets - Current Assets	[1]	761,527	3,120,607
Gross amounts recognized - Non-Current Assets	[1]	512,160	344,614
Offsetting adjustments - Non-Current Assets	[1]	(478,434)	(181,634)
Net presentation on condensed balance sheets - Non-Current Assets	[1]	33,726	162,980
Gross amounts recognized - Current Liabilities	[1]	446,175	197,439
Offsetting adjustments - Current Liabilities	[1]	(446,175)	(197,439)
Gross amounts recognized - Non-Current Liabilities	[1]	478,434	181,634
Offsetting adjustments - Non-Current Liabilities	[1]	$ (478,434)	$ (181,634)
[1] See Note 10: Fair Value Measurements for further disclosures regarding fair value of financial instruments.

Fair Value Measurements (Summar

Fair Value Measurements (Summary Of Fair Value Measurement Information For Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details)	Sep. 30, 2024 USD ($)
Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets (Liabilities)	$ 466,220
Swap [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets (Liabilities)	466,220
Collars [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets (Liabilities)	329,033
Collars [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Financial Assets (Liabilities)	$ 329,033

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) - Revolving Credit Facility [Member] - USD ($)	Oct. 01, 2024	Sep. 30, 2024
Subsequent Event [Line Items]
Borrowing base of credit facility		$ 50,000,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Borrowing base of credit facility	$ 50,000,000

Subsequent Events - Summary Of

Subsequent Events - Summary Of Derivative Instruments Contracts (Details) - Subsequent Event [Member]	Oct. 01, 2024 MMBTU $ / MMBTU bbl
Natural Gas Costless Collars [Member] | November 2025 - March 2026
Subsequent Event [Line Items]
Derivative Production Volume Covered per Month | MMBTU	50,000
Natural Gas Costless Collars [Member] | April 2026 - June 2026
Subsequent Event [Line Items]
Derivative Production Volume Covered per Month | MMBTU	75,000
Natural Gas Costless Collars [Member] | July 2026 - September 2026
Subsequent Event [Line Items]
Derivative Production Volume Covered per Month | MMBTU	100,000
Oil Fixed Price Swaps [Member] | April 2026 - June 2026
Subsequent Event [Line Items]
Contract total volume | bbl	1,000
Contract average price	65.8
Maximum [Member] | Natural Gas Costless Collars [Member] | November 2025 - March 2026
Subsequent Event [Line Items]
Contract average price	3.87
Maximum [Member] | Natural Gas Costless Collars [Member] | April 2026 - June 2026
Subsequent Event [Line Items]
Contract average price	3.6
Maximum [Member] | Natural Gas Costless Collars [Member] | July 2026 - September 2026
Subsequent Event [Line Items]
Contract average price	3.6
Minimum [Member] | Natural Gas Costless Collars [Member] | November 2025 - March 2026
Subsequent Event [Line Items]
Contract average price	3.5
Minimum [Member] | Natural Gas Costless Collars [Member] | April 2026 - June 2026
Subsequent Event [Line Items]
Contract average price	3
Minimum [Member] | Natural Gas Costless Collars [Member] | July 2026 - September 2026
Subsequent Event [Line Items]
Contract average price	3