Brief: PHX Energy Announces Withdrawal From Russia

PHX Energy Services

02/08/2022 12:40

Aug 2 (Reuters) - PHX Energy Services Corp  PHX.TO :
    * PHX ENERGY ANNOUNCES WITHDRAWAL FROM RUSSIA
    * PHX ENERGY SERVICES CORP- RUSSIAN OPERATIONS WERE
IMMATERIAL TO
CONSOLIDATED RESULTS OF CORPORATION
    * PHX ENERGY SERVICES CORP - DECISION WAS MADE AS A RESULT
OF
RUSSIAN GOVERNMENT'S INVASION OF UKRAINE
    * PHX ENERGY SERVICES CORP - EXPECTS TO REALIZE A LOSS ON
DISPOSITION OF PHOENIX TSR ASSETS OF APPROXIMATELY $4 MILLION
    * PHX ENERGY SERVICES CORP- IN 2021 RUSSIA'S REVENUE
REPRESENTED
LESS THAN 3 PERCENT OF CONSOLIDATED REVENUE
    * PHX ENERGY SERVICES CORP - EXPECTS TO REALIZE FOREIGN
EXCHANGE
LOSS OF APPROXIMATELY $11 MILLION DUE TO TRANSACTION
    * PHX ENERGY SERVICES CORP - HAS NO FURTHER ONGOING BUSINESS
IN
RUSSIA
    * PHX ENERGY SERVICES CORP - WITH EXIT TRANSACTION NOW
COMPLETE,
CORPORATION HAS NO FURTHER ONGOING BUSINESS IN RUSSIA

Source text for Eikon:  ID:nGNX6Y714s 
Further company coverage:  PHX.TO 

 ((Reuters.Briefs@thomsonreuters.com;))