Big Oil still dominates market caps. But some of the fastest growth in U.S. energy is coming from mineral aggregators — quietly consolidating fragmented acreage while traditional producers chase barrels.
• PHXE shares are consolidating. Where are PHXE shares going?
Phoenix Energy LLC (AMEX:PHXE) CEO Adam Ferrari, in an exclusive email interview with Benzinga, said that trajectory reflects a broader shift in how capital is flowing across the sector.
“All investments carry risks,” Ferrari said. “But we’ve built a business focused on three separate strategies, including mineral rights, non-operated working interests and operated working interests.”
Phoenix Energy is ranked No. 33 on the Financial Times “Americas’ Fastest-Growing Companies 2025” list, based on revenue growth from 2020 to 2023. Phoenix ranked below Saturn Oil & Gas, but above CleanSpark and Arrow Exploration. No Big Oil companies made it to the list.
Diversification As Strategy
Ferrari said Phoenix’s mix is designed to reduce dependence on oil prices. Production revenue today is several times larger than mineral revenue, a gap that widened from 2024 to 2025 as the company scaled operations.
“We’re building for lasting value, not just responding to oil prices,” he said.
For minerals, Ferrari emphasized basin quality. Buyers need “strong geology, active operators, and a track record of reinvestment,” he said, arguing that royalties are only as durable as the drilling activity around them.
Trust and Execution At Scale
The U.S. mineral-rights market remains fragmented, with acreage held by families, estates, and small partnerships. Ferrari said execution and credibility are key advantages.
“Our team engages directly with landowners, not through middlemen,” he said. “Building trust is essential when assets have been held for multiple generations.”
Durable, But Not Risk-Free
Ferrari cautioned that mineral rights carry inherent risks. “You can’t stop the decline curve of a producing well,” he said, adding that disciplined underwriting and data-driven acquisitions are critical.
As consolidation accelerates, mineral aggregation is emerging as a parallel growth lane in energy — one focused less on drilling and more on duration.
Big Oil builds barrels. Mineral aggregators build portfolios — and, increasingly, scale.
Photo: biDaala studio via Shutterstock
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