- PHX Energy (PHX) has withdrawn from Russia due to the country’s invasion of Ukraine
- It expects to realize a loss of approximately $4 million and a foreign exchange loss of approximately $11 million on disposition of Russian subsidiary Phoenix TSR’s assets
- In 2021, Russian revenue represented less than 3 per cent of consolidated revenue
- PHX Energy is an oil and natural gas services company
- PHX Energy Services (PHX) closed down by 1.87 per cent trading at $5.77 per share
PHX Energy (PHX) has withdrawn from Russia due to the country’s invasion of Ukraine.
The move was also motivated by ongoing international sanctions against the bellicose nation, including those imposed by Canada.
The withdrawal follows PHX’s increasingly limited operational activity in Russia while maintaining duties to employees and existing customers.
The company expects to realize a loss of approximately $4 million and a foreign exchange loss of approximately $11 million on disposition of Russian subsidiary Phoenix TSR’s assets.
In 2021, Russian revenue represented less than 3 per cent of consolidated revenue.
PHX Energy is an oil and natural gas services company focused on horizontal and directional drilling in Canada and the U.S.
PHX Energy Services (PHX) closed down by 1.87 per cent trading at $5.77 per share.