Panhandle Oil and Gas Inc. (NYSE:PHX) Q4 2019 Earnings Conference Call - Final Transcript

Dec 12, 2019 • 05:00 pm ET

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Panhandle Oil and Gas Inc. (NYSE:PHX) Q4 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day everyone and welcome to Panhandle Oil and Gas Incorporated 2019 Fiscal Year End Earnings Conference Call. [Operator Instructions]

I would like to now turn the call over to Ralph D'Amico, Panhandle's Vice President, Investor Relations. Please go ahead.

Executive
Ralph D'Amico

Thank you for joining us today to discuss Panhandle's Fiscal Fourth Quarter and year-end 2019 Results.

With me on the call today for prepared remarks are Chad Stephens, Chief Executive Officer; Robb Winfield, Chief Financial Officer and myself. After prepared remarks we will open up the call to a Q&A session. During the Q&A session, we will also be joined by Freda Webb, Vice President of Operations. Please note that we are also webcasting this call on our Investor Relations website at panhandleoilandgas.com. The earnings press release that was issued earlier today is also posted on the Investor Relations website.

Before I turn the call over to Chad, I'd like to remind everyone that during today's call including the Q&A session, we may have, we may make forward-looking statements regarding expected revenue earnings, future plans, opportunities and other expectations of the Company. These estimates and plans and other forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results to differ from materially -- materially from those expected or implied on the call.

These risks are detailed in our most recent annual report on Form 10-K as such may be amended or supplemented by subsequent quarterly reports on Form 10-Q or other reports filed with the Securities and Exchange Commission. The statements made during this conference call are based upon information known to Panhandle as of the date of this call. Panhandle assumes no obligation to update the information presented in the call -- in today's call.

With that, I'd like to turn the call over to Chad Stephens, Panhandle's Chief Executive Officer.

Executive
Chad L. Stephens

Thanks, Ralph and thanks to everyone on the line for participating in Panhandle's 2019 fiscal year-end conference call. We sincerely appreciate your time and your continued interest in the Company. First, I would like to address Panhandle's change in strategic direction in the Board of Directors decision in September to change the leadership of Panhandle to implement this new strategy.

Panhandle's longstanding history was to harvest value for its shareholders from its deep and broad existing inventory of minerals across the U.S.

As I will talk in more detail later, Panhandle is shifting to a pure play minerals and royalty strategy. This strategy includes proactively participating in the consolidation of the mineral sector to grow the Company on an NAV accretive basis. Prior to assuming my current role here at Panhandle, I was a member of the Panhandle Board of Directors for the immediately preceding two years. Surrendering my title as lead Independent Director to assume the Interim CEO position. At year-end 2018, I retired from Range Resources as Senior VP of Corporate Development, having been there for 30 years, serving in various corporate and leadership positions.

From day one here, the whole Panhandle