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Crude petroleum & natural gas company · DE · FY ends Dec · Revenue $9.06B · 5.14% margin · $1.70B FCF
12.70% operating margin is respectable but not wide. ROIC at 5.22%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue declined 2.7% YoY. Margins deteriorated 4.6pp alongside, both lines moving the wrong way.
ROIC dropped from 8.04% to 5.22%, capital efficiency is deteriorating. Net debt of $6.14B represents 4.1x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$9.06B
▼ -2.7% YoY
Net Income (TTM)
$771M
▲ +10.4% YoY
Op. Margin
5.14%
▼ -4.6pp YoY
ROIC
2.09%
▼ -2.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$1.70B
▲ +6.1% YoY
Op. Cash Flow (TTM)
$3.83B
▼ -1.9% YoY
Net Debt
$7.78B
Cash & Equiv.
$26M
5Y CAGR: +7.9%
5Y CAGR: +56.8%
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