The Russian operations were immaterial to the consolidated results of the Corporation, and in 2021 Russia’s revenue represented less than 3 percent of consolidated revenue.
As a result of the transaction the Corporation expects to realize a loss on disposition of the Phoenix TSR assets of approximately
The Corporation is deeply saddened by the events of the Invasion and continues to hope for a resolution that will end the war and allow for peace to return to the region and its people.
About
PHX Energy is a growth oriented, public oil and natural gas services company. The Corporation, through its directional drilling subsidiary entities provides horizontal and directional drilling services to oil and natural gas exploration and development companies principally in
Forward-Looking Statements
Certain statements contained in this document constitute "forward looking statements" and/or "forward looking information" within the meaning of applicable securities laws (collectively referred to as "forward looking statements"). When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect", and similar expressions, are intended to identify forward looking statements. Such statements reflect the current views of PHX Energy with respect to future events, financial and operating performance and speak only as of the date of this document. In particular, this document contains forward looking statements pertaining to compliance with applicable sanctions laws, and the anticipated impact of the disposition of Phoenix TSR.
Forward looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether such results will be achieved. Readers are cautioned not to place undue reliance on these statements as a number of factors could cause actual results to defer materially from the results discussed in these forward looking statements, including but not limited to those factors referred to under the heading "Risk Factors" in the Corporation's Annual Information Form ("AIF") for the year ended
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