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Crude petroleum & natural gas company · DE · FY ends Dec · Revenue $1.74B · -41.58% margin
The business is unprofitable at the operating level (-31.48% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 9.8% YoY. Margins deteriorated 40.2pp alongside, both lines moving the wrong way.
ROIC dropped from 4.49% to -11.57%, capital efficiency is deteriorating. Operating margin contracted 40.2pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$1.74B
▼ -9.8% YoY
Net Income (TTM)
-$741M
▼ -547.0% YoY
Op. Margin
-41.58%
▼ -40.2pp YoY
ROIC
-15.91%
▼ -16.1pp YoY
Cash Flow & Balance Sheet
FCF
N/A
Op. Cash Flow (TTM)
$842M
▼ -2.8% YoY
Net Debt
$962M
Cash & Equiv.
$386M
5Y CAGR: +25.3%
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