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We are an independent energy company engaged in the acquisition, exploration, development and production of oil and natural gas properties on private, state and federal land in the United States, primarily within the Permian Basin region of West Texas and Southeast New Mexico which includes the Midland and Delaware Basins as well as the Central Basin Platform. We focus on acquiring producing as…
The business is unprofitable at the operating level (-2602.06% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 83.2% YoY. Margins deteriorated 2024.3pp alongside, both lines moving the wrong way.
ROIC dropped from -34.72% to -41.73%, capital efficiency is deteriorating. Negative free cash flow of -$2M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$562K
▼ -83.2% YoY
Net Income (TTM)
-$6M
▼ -1.3% YoY
Op. Margin
-690.31%
▼ -2024.3pp YoY
ROIC
-93.37%
▼ -7.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$3M
▲ +38.8% YoY
Op. Cash Flow (TTM)
-$3M
▲ +0.4% YoY
Net Debt
-$2M
Net Cash Position
Cash & Equiv.
$2M
3Y CAGR: +11.1%
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