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We are an independent energy company engaged as a non-operator in the acquisition, exploration, development and production of oil and natural gas properties in the United States, primarily in the Williston Basin, the Permian Basin, the Appalachian Basin and the Uinta Basin. We believe the location, size and concentration of our acreage positions in some of North America s leading uncon…
Operating margin is thin at 9.93%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 11.2%, still solid. Margins contracted 27.7pp, which offsets some of the top-line progress.
ROIC dropped from 15.80% to 4.82%, capital efficiency is deteriorating. Operating margin contracted 27.7pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$1.88B
▲ +11.2% YoY
Net Income (TTM)
-$623M
▼ -92.6% YoY
Op. Margin
-33.98%
▼ -27.7pp YoY
ROIC
-11.07%
▼ -11.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$1.42B
▲ +6.8% YoY
Op. Cash Flow (TTM)
$1.42B
▲ +6.9% YoY
Net Debt
$2.51B
Cash & Equiv.
$37M
5Y CAGR: +35.0%
5Y CAGR: +35.3%
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