Disclosures
Analyst Certification, Status, and Conflicts of Interest
Each author of Maker Capital Research involved in the preparation of this publication certifies that:
(i) the views expressed reflect the author's personal opinions regarding the company discussed;
(ii) the author is not in possession of any material non-public information about the issuer at the time of publication; and
(iii) the author's compensation is not tied to the specific opinions expressed.
The authors are not registered securities analysts, are not acting in the capacity of securities analysts, and are not holding themselves out as independent or sell-side analysts. The use of the terms "research" or "report" is for descriptive purposes only and should not be interpreted as analyst coverage, independent research, or formal investment research.
Compensation and Holdings
This publication is not sponsored. As of the date of publication, October 27, 2026, neither Maker Capital Research, Apollo Shareholder Relations, nor their principals have been compensated by PHX Energy Services Corp. or any third party for this publication, and none of them hold securities of PHX Energy Services Corp. Maker Capital Research and Apollo Shareholder Relations provide paid investor relations and content services to other public companies, and may in the future be engaged by companies they have written about. Any such compensation may be paid in cash or securities, and any future paid content will disclose the compensation, its form, and any resulting financial interest. Maker Capital Research, Apollo Shareholder Relations and their principals may buy or sell securities of companies discussed in their publications in the future, in accordance with applicable law.
This publication should not be considered independent research, and the authors do not claim adherence to CFA Institute independence, objectivity, or analyst conduct standards.
About Maker Capital Research
Maker Capital Research is a third-party market commentary and content provider. Content produced by Maker Capital Research is editorial in nature and is intended to provide high-level discussion of publicly available information.
Maker Capital Research is not a registered investment dealer, adviser, broker-dealer or analyst firm, is not a member of the Canadian Investment Regulatory Organization (CIRO), and does not provide personalized investment advice or securities recommendations.
General Information
Maker Capital Research Corporation, a subsidiary of Apollo Shareholder Relations, has prepared and distributed this publication. This report is based exclusively on publicly available information believed to be reliable; however, no representation or warranty is made as to its accuracy or completeness, and such information should not be relied upon as such. All information is current as of the publication date and is subject to change without notice. PHX Energy Services Corp. has not reviewed or approved this publication.
This content is not investment research, analyst coverage, or a recommendation to buy, sell or hold any security. It is provided for informational purposes only.
Apollo Shareholder Relations is not a registered dealer, does not provide investment banking services, and does not make a market in securities. Apollo Shareholder Relations and its employees do not act as officers or directors of PHX Energy Services Corp.
This publication does not constitute an offer to sell or a solicitation of an offer to buy any security in any jurisdiction where such offer or solicitation would be unlawful.
Risk Disclosure
Investing in securities involves significant risk, including the potential loss of capital. Securities of smaller companies can be highly volatile and thinly traded. This publication does not consider individual investment objectives, financial circumstances, or needs and should not be interpreted as personalized investment advice. Readers should conduct their own independent due diligence and consult qualified financial, legal, or tax professionals before making investment decisions.
Past performance is not indicative of future results.
Forward-Looking Statements
This publication contains forward-looking statements that involve risks and uncertainties that may cause actual results to differ materially from those expressed or implied. Such risks include, but are not limited to, commodity and market price volatility, regulatory approvals, exploration, development and operational execution risks, financing availability, competition, and general market conditions. Forward-looking statements attributed to the Company are drawn from its public disclosure and are not endorsed or verified by Maker Capital Research. Readers should review the issuer's public disclosure filings, including the risk factors in its MD&A and annual filings available on SEDAR+ and, where applicable, EDGAR.
Liability Limitation
Neither Maker Capital Research, Apollo Shareholder Relations, nor their principals, employees or affiliates accept any liability for any direct, indirect or consequential loss arising from any use of this publication or its contents.
Editorial Control and Distribution
Apollo Shareholder Relations retains full editorial control over its content. This report is distributed electronically. Reproduction or redistribution of this publication without prior written consent is prohibited.
Jurisdictional Notice
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