PHX Energy Announces Increase to Its 2022 Capital Expenditure Program

CALGARY, Alberta, Dec. 01, 2021 (GLOBE NEWSWIRE) — PHX Energy Services Corp. (“PHX Energy” or the “Corporation“) (TSX: PHX) announces that its Board of Directors (the “Board”) has approved a $10 million increase to the Corporation’s 2022 capital expenditure program (the “Program”). With this increase the Corporation now anticipates spending $40 million in capital expenditures during the 2022-year. PHX Energy will require greater fleet capacity to meet the activity levels expected in 2022 and to mitigate supply chain challenges that persist in the market. The increase will primarily be dedicated to further expanding the Atlas High Performance Drilling Motor (“Atlas Motors”), Velocity Real-Time System (“Velocity”) and PowerDrive Orbit Rotary Steerable System (“RSS”) fleets. Of the $40 million program, $12 million is anticipated to be spent on maintenance capital, while the remaining $18 million is expected to be allocated towards growth. Read More