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Crude petroleum & natural gas company · DE · FY ends Dec · Revenue $601M · -61.50% margin
The business is unprofitable at the operating level (-39.91% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 4.0% YoY. Margins deteriorated 46.3pp alongside, both lines moving the wrong way.
ROIC dropped from 2.87% to -17.41%, capital efficiency is deteriorating. Operating margin contracted 46.3pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$601M
▼ -4.0% YoY
Net Income (TTM)
-$293M
▼ -6104.9% YoY
Op. Margin
-61.50%
▼ -46.3pp YoY
ROIC
-29.48%
▼ -20.3pp YoY
Cash Flow & Balance Sheet
FCF
N/A
Op. Cash Flow (TTM)
$413M
▲ +30.9% YoY
Net Debt
$471M
Cash & Equiv.
$125M
5Y CAGR: +20.2%
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