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We are a leading independent natural gas producer operating primarily in the Haynesville shale, a premier natural gas basin located in North Louisiana and East Texas with superior economics given its geographical proximity to the Gulf Coast natural gas markets. As of December 31, 2025, substantially all of our proved natural gas and oil reserves were in the Haynesville and Bossier shale plays.
29.09% operating margin is above average. ROIC at 10.30%.
Revenue up 77.0% YoY with margins expanding 42.5pp.
Negative free cash flow of -$450M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$2.29B
▲ +77.0% YoY
Net Income (TTM)
$618M
▲ +272.3% YoY
Op. Margin
30.27%
▲ +42.5pp YoY
ROIC
8.10%
▲ +12.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$470M
▲ +5.8% YoY
Op. Cash Flow (TTM)
$997M
▲ +45.0% YoY
Net Debt
$3.02B
Cash & Equiv.
$15M
5Y CAGR: +20.9%
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