PHXE-P · Phoenix Energy One, LLC · Investor Relations

One customer — 44.3% of revenue (the six months ended June 30, 2026)

“For the six months ended June 30, 2026, one purchaser of our commodities and twelve third-party E&P operators made up 44.3% and 10.5% of our consolidated revenue, respectively, as compared to one purchaser of our commodities and eleven third-party E&P operators made up 47.0% and 18.0% of our consolidated revenue, respectively, for the six months ended June 30, 2025.”

One customer — 43.3% of revenue (the three months ended June 30, 2026)

“For the three months ended June 30, 2026, one purchaser of our commodities and eleven third-party E&P operators made up 43.3% and 9.8% of our consolidated revenue, respectively, as compared to one purchaser of our commodities and twelve third-party E&P operators that made up 33.0% and 16.0% of our consolidated revenue, respectively, for the three months ended June 30, 2025.”

12 customers — 10.5% of revenue (the six months ended June 30, 2026)

“For the six months ended June 30, 2026, one purchaser of our commodities and twelve third-party E&P operators made up 44.3% and 10.5% of our consolidated revenue, respectively, as compared to one purchaser of our commodities and eleven third-party E&P operators made up 47.0% and 18.0% of our consolidated revenue, respectively, for the six months ended June 30, 2025.”

11 customers — 9.8% of revenue (the three months ended June 30, 2026)

“For the three months ended June 30, 2026, one purchaser of our commodities and eleven third-party E&P operators made up 43.3% and 9.8% of our consolidated revenue, respectively, as compared to one purchaser of our commodities and twelve third-party E&P operators that made up 33.0% and 16.0% of our consolidated revenue, respectively, for the three months ended June 30, 2025.”

2 customers — 14.9% of receivables (as of June 30, 2026)

“Similarly, as of June 30, 2026, we had concentrations in accounts receivable of 14.9% and 11.0% with two purchasers of our commodities, as compared to 16.0% and 10.0% with two purchasers of our commodities and 13.0% with one third-party E&P operator as of June 30, 2025.”

2 customers — 11% of receivables (as of June 30, 2026)

“Similarly, as of June 30, 2026, we had concentrations in accounts receivable of 14.9% and 11.0% with two purchasers of our commodities, as compared to 16.0% and 10.0% with two purchasers of our commodities and 13.0% with one third-party E&P operator as of June 30, 2025.”