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PHX Energy raises 2026 capital expenditure to $80M to expand drilling tech fleet amid strong demand.

Company Fundamentals
03 Jun 2026
GlobeNewsWire
View Source
Bullish
pluang ai news

PHX Energy has increased its 2026 capital expenditure program by $15 million to $80 million, focusing on expanding its Rotary Steerable Systems, Atlas Motors, and Velocity Real-Time System fleets in Canada and the US. This move responds to robust demand for its premium drilling technologies, with fleet utilization near capacity. The company expects to fund this program through operating cash flow, equipment sales, and credit facilities if needed. PHX Energy anticipates industry activity to rise in the second half of 2026, supporting its strategic goals of growth, technology leadership, and margin protection.

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