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Crude petroleum & natural gas company · NV · FY ends Dec · Revenue $302M · -65.79% margin · $148M FCF
The business is unprofitable at the operating level (-11.18% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 16.1% YoY. Margins deteriorated 47.5pp alongside, both lines moving the wrong way.
Free cash flow declined 22% versus the prior year, cash generation momentum has weakened. ROIC dropped from 9.13% to -2.16%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$302M
▼ -16.1% YoY
Net Income (TTM)
-$264M
▼ -151.5% YoY
Op. Margin
-65.79%
▼ -47.5pp YoY
ROIC
-12.70%
▼ -11.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$148M
▼ -22.4% YoY
Op. Cash Flow (TTM)
$148M
▼ -22.4% YoY
Net Debt
$427M
Cash & Equiv.
$1M
5Y CAGR: +22.1%
5Y CAGR: +15.9%
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