In April 2025, the Financial Times named Phoenix Energy to its list of the Americas’ Fastest-Growing Companies. The company ranked #33 out of 300 organizations selected from thousands of applicants across North and South America.
For many people, that recognition raises a simple question:
How does an oil and gas company grow that quickly in one of the most capital-intensive industries in America?
The answer comes down to a few things: capital, execution, and strategy.
Over the last several years, Phoenix Energy has grown from a small startup focused on acquiring mineral rights into a diversified energy company operating across multiple segments of the oil and gas industry. Today, the company participates in royalty acquisitions, non-operated working interests, and operated drilling programs with a primary focus on the Williston Basin of North Dakota and Montana.
This article explains how Phoenix Energy makes money, why the company uses debt financing, and how this approach has been an important component of the company’s growth strategy.
Who Is Phoenix Energy?
Phoenix Energy was founded in 2019 with a straightforward objective: build an energy company capable of deploying capital across multiple parts of the oil and gas industry.
Many companies specialize in a single area. Some acquire mineral rights. Others participate in drilling projects. Others focus entirely on operating wells.
Phoenix Energy does all three.
Today, the company’s business consists of:
- Royalty acquisitions
- Non-operated working interests
- Operating drilling and production
This structure allows management to allocate capital where management believes opportunities are appropriate based on market conditions.
The company now employs more than 150 people, operates from six offices across the United States, and has become one of the leading producers in the Williston Basin.
How Does Phoenix Energy Make Money?
Phoenix Energy is a business that acquires, develops, and operates energy assets.
Royalty Acquisitions
In some situations, Phoenix acquires mineral rights and receives royalty income from production operated by third-party companies.
These assets can generate revenue without requiring Phoenix to drill or operate wells directly.
Non-Operated Working Interests
Phoenix also participates alongside other operators by investing capital into drilling projects.
In these situations, another company operates the wells while Phoenix participates economically in the project.
Operated Oil and Gas Development
The newest part of the business is Phoenix Operating, the company’s wholly owned operating subsidiary.
Phoenix Operating drills and develops wells directly in the Williston Basin. According to recent production stats on the company website, as of June 2026, the company had drilled 163 wells, produced more than 17.9 million barrels of oil, and maintained 141 producing wells with additional development projects underway.
Each segment serves a different purpose, but together they create a business that participates across multiple stages of oil and gas development.
Why Does Phoenix Energy Use Debt?
Developing energy assets requires significant amounts of capital. Land must be acquired, wells must be drilled, and infrastructure must be constructed. Resources like equipment, personnel, and services must all be paid for before production begins.
In short, growth requires capital.
Like many companies operating in capital-intensive industries, Phoenix Energy uses a combination of financing sources to support its growth. Over the years, those sources have included founder capital, bank financing, institutional lending facilities, and corporate bond and note offerings.
The company’s bond and note offerings are premised on a retail-based capital strategy. Phoenix Energy then uses that capital to acquire assets, expand operations, and pursue additional development opportunities.
Rather than relying exclusively on private equity firms or institutional investors, Phoenix built a financing model that allows individual investors to lend capital to the company through corporate bonds and notes.
That approach has been one source of capital used to support the company’s growth strategy.
How Has Phoenix Energy Grown So Quickly?
While every growth story is different, Phoenix Energy’s growth has largely been driven by execution in the Williston Basin.
In 2025, the company generated approximately $687.2 million in gross revenue while reaching record levels of production. During the first quarter of 2026, gross revenue increased to approximately $299 million compared to approximately $116 million during the same period a year earlier.
Operationally, the company continues to expand its drilling program. Phoenix has become known for its focus on efficiency in the field, including the use of longer laterals, faster drilling times, and continuous improvements across drilling, completions, and production operations.
The company currently has producing assets across multiple development areas in North Dakota and Montana and continues to add new wells through its operated drilling program. According to the company website, Phoenix Energy has 96 wells planned in the next 12 months.
Growth has not been driven by a single acquisition or a single project. Instead, it has come from a consistent effort to acquire assets, develop production, and reinvest capital back into the business.
Phoenix Energy Today
Today, Phoenix Energy operates as a diversified oil and gas company with a primary focus on the Williston Basin. The company has grown from a startup founded in 2019 into one of the largest producers operating in the region.
That growth has been recognized by organizations such as the Financial Times, but management remains focused on the same objective that has guided the company from the beginning: deploy capital into energy assets, grow production, and build a business designed to endure for decades.
How To Learn More About Phoenix Energy
Find Other Investors
Read reviews from Phoenix Energy investors on Trustpilot or the Better Business Bureau and hear directly from individuals who have invested in the company.
Review The Company’s Growth
From its founding in 2019 to becoming one of the Financial Times’ fastest-growing companies in the Americas, Phoenix Energy’s growth story is documented through public financial reports, operational updates, and company announcements.
Learn More About The Business
Review financial filings, operational results, production updates, and educational resources available through PhoenixEnergy.com.
Disclaimer: Not an offer to sell, nor a solicitation of an offer to buy, any securities. Securities offered through Crescent Securities Group, Inc., member FINRA/SIPC, pursuant to a registration statement and prospectus or private placement memorandum, as applicable, and only where lawful. Investors must meet suitability requirements. For a complete discussion of risks, you should carefully review the registration statement and prospectus or private placement memorandum for the applicable offering prior to making any decision to invest. These documents may be obtained at phxoffering.com. An investment involves risk, including possible loss of principal and may be illiquid or unsecured. Past performance does not guarantee future results.
The third-party review platforms referenced in this article are operated independently of Phoenix Energy. Testimonials reflect the experiences of individual reviewers and may not be representative of the experiences of other investors. Phoenix Energy did not provide cash or non-cash compensation in exchange for the testimonials referenced herein.
This article contains forward-looking statements, including statements regarding Phoenix Energy’s business strategy, operations, and future intentions. These statements are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially. Investors should review the company’s SEC filings and offering documents, including the applicable risk factors, for additional information. Forward-looking statements are not guarantees of future performance.
