Phoenix Operating just filed for a $500M IPO. The oil & gas company runs a three-pronged play across the Williston, Powder River and DJ Basins — drilling operated wells, buying royalties, and picking

Production has exploded from under 0.2M Boe in 2020 to over 9.9M Boe in 2025. Revenue hit $1.11B, up 144%, with $66.1M in net income. That's a steep growth curve for a company formed as a subsidiary in 2023. Risks worth flagging: heavy indebtedness and ongoing capital needs to fund development. The notes are subordinated and junior-secured, capping recovery in a downside. And fraudulent transfer laws could let a court void the notes entirely. Use of proceeds wasn't detailed in the filing data — worth watching for specifics as the deal progresses. Bottom line: triple-digit revenue growth and a 2025 production ramp are real, but this is a capital-hungry E&P with layered debt risk. Size the position for commodity and balance-sheet volatility, not the headline growth.

Production has exploded from under 0.2M Boe in 2020 to over 9.9M Boe in 2025. Revenue hit $1.11B, up 144%, with $66.1M in net income. That's a steep growth curve for a company formed as a subsidiary i