PHX Energy Announces Its Operating and Financial Results for the Third Quarter of 2020

CALGARY, Alberta, Nov. 04, 2020 (GLOBE NEWSWIRE) —Financial Results
In the third quarter of 2020, despite the ongoing challenges presented by the COVID-19 pandemic, the Corporation continued to achieve positive adjusted EBITDA.  For the three-month period ended September 30, 2020, PHX Energy realized adjusted EBITDA of $7.5 million (19 percent of revenue) as compared to $15.5 million (17 percent of revenue) in the third quarter of 2019. Adjusted EBITDA in the 2020-quarter includes a $1.6 million recovery of bad debts and $1.3 million in government grants earned as part of the Canada Emergency Wage Subsidy (“CEWS”) program. 

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