PHX Energy reports Q1 revenue of $183.9M with record RSS activity despite softer drilling market.

PHX Energy Services Corp. posted Q1 2026 revenue of $183.9 million, slightly down 5% from Q1 2025 but maintaining strong performance with record Rotary Steerable Systems (RSS) activity at 18% of consolidated operations. The US and Canadian drilling markets softened, causing a 7% decline in operating days, yet PHX's premium technology fleet and increased RSS deployment supported stable revenue and margins. The company declared both a special and regular dividend in Q1 and plans to increase its 2026 capital expenditure budget to $65 million, focusing on technology growth. Despite industry volatility and inflationary pressures, PHX Energy remains optimistic about sustained growth and shareholder returns through its ROCS framework.