Phoenix Energy One, LLC operates in the oil and gas industry executing a three pronged strategy that includes direct drilling operations of operated working interests, acquisition of royalty assets, and acquisition of non operated working interest assets for the exploration, development, production, and sale of crude oil, natural gas, natural gas liquids, and other byproducts. The company carries out these activities through its subsidiaries PhoenixOp, Firebird Services, and Firebird Marketing, and leverages a proprietary software system to identify, analyze, underwrite, and transact oil and gas assets. As of December 31, 2025, Phoenix Energy One, LLC held interests in 7,768 productive wells and 562,318 net royalty acres across basins such as the Williston, Permian, Powder River, Uinta, and Denver Julesburg. The company’s specialized software system aggregates land title data, well level production metrics, and pricing information to support its acquisition strategy. Since its inception in 2019, Phoenix Energy One, LLC has completed over five thousand acquisitions of mineral and leasehold interests from a diverse set of sellers including individuals, trusts, and private companies.

The company generates revenue primarily from the sale of oil, natural gas, and natural gas liquids produced from its operated and non operated working interests, receiving a share of proceeds from third party operators or from its own PhoenixOp drilling operations. Additional revenue is earned through Firebird Marketing, which takes title to hydrocarbons at the well head and markets them to third party purchasers for a marketing margin, and through Firebird Services, which provides saltwater disposal services for wells operated by PhoenixOp. In the years ended December 31, 2025, 2024, and 2023, Phoenix Energy One, LLC reported revenue of $687.2 million, $281.2 million, and $118.1 million respectively. Beyond product sales, the company also reports earnings before interest, taxes, depreciation, and amortization, which reached $403.6 million in 2025, $150.7 million in 2024, and $65.9 million in 2023. Net income was $66.1 million in 2025, a loss of $24.8 million in 2024, and a loss of $16.2 million in 2023.

The company operates through the following segments: PhoenixOp, Firebird Services, and Firebird Marketing.

• PhoenixOp: This segment drills, completes, and operates wells in the United States.

• Firebird Services: This segment provides saltwater disposal services for wells operated by PhoenixOp.

• Firebird Marketing: This segment takes title to oil at or near the well head and markets production to third party purchasers, earning marketing margins based on sales execution.

Phoenix Energy One, LLC competes in a highly fragmented oil and gas exploration and production sector where larger integrated companies possess greater financial resources and scale. The company differentiates itself through its proprietary software system that enables data driven identification of high potential mineral and leasehold assets, and through a blended portfolio of royalty and non operated working interests that creates tax efficient cash flows. Its focus on acquiring assets with near term payback and long term residual upside, combined with in house drilling capabilities via PhoenixOp, provides greater control over production timing and cost structure compared with pure royalty investors. The company’s ability to quickly analyze and underwrite assets allows it to act on opportunities that may be overlooked by slower moving competitors. Its mix of royalty and non operated working interests is structured to generate tax advantaged cash flows, reducing overall tax liability.

The company sells its oil, natural gas, and natural gas liquids to third party purchasers including refiners, marketers, utilities, and other energy companies that require hydrocarbon feedstock for processing or resale. Firebird Marketing’s customers are primarily traders and end users who purchase hydrocarbons at the well head or downstream points. Saltwater disposal services are provided to operators of wells operated by PhoenixOp. Firebird Services earns fees from operators who require safe handling and disposal of produced water from drilling activities. Overall, the company’s revenue streams are diversified across production sales, marketing margins, and service fees.