Phoenix Energy Q1 Revenue Triples to $299M But $140M Derivative Loss Overshadows Record Output

Phoenix Energy (WLDOIL) filed its Q1 2026 10-Q on May 13 ahead of a May 18 earnings call, revealing revenue surging 158% YoY to $298.7M and Adjusted EBITDA nearly doubling to $130.2M on record March crude production of 1.23M barrels. However, a $157.8M unrealized derivative loss drove a $140.1M net loss, reversing Q1 2025's $5.6M profit, while a $75M term loan funded in February supports ongoing operations. In adjacent sector news, Evolution Petroleum flagged Q3 headwinds including $7.6M hedge losses and a $1.2M Delhi adjustment with shares down 10%, and oilfield equipment maker STAK saw its stock crater 39% despite 13% revenue growth as margin compression alarmed investors.