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AND STRATEGY We are an independent energy company headquartered in Houston, Texas engaged in the acquisition, exploration, development and production of crude oil, natural gas and NGLs. We have a diversified, African-focused portfolio of production, development and exploration assets located in Gabon, Egypt, Cote d'Ivoire, Equatorial Guinea, Nigeria, as well as, prior to the Canada Asset Divest…
The business is unprofitable at the operating level (-5.74% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 25.0% YoY. Margins deteriorated 34.2pp alongside, both lines moving the wrong way.
ROIC dropped from 18.44% to -2.74%, capital efficiency is deteriorating. Operating margin contracted 34.2pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$312M
▼ -25.0% YoY
Net Income (TTM)
-$143M
▼ -170.8% YoY
Op. Margin
-20.20%
▼ -34.2pp YoY
ROIC
-7.98%
▼ -21.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$141M
▲ +87.0% YoY
Op. Cash Flow (TTM)
$141M
▲ +87.0% YoY
Net Debt
$192M
Cash & Equiv.
$48M
5Y CAGR: +39.8%
5Y CAGR: +55.8%
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