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We are an independent oil and natural gas producer with substantially all our operations offshore in the Gulf of America. We are active in the acquisition, exploration and development of oil and natural gas properties.
The business is unprofitable at the operating level (-10.53% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 4.5% YoY. Margins deteriorated 2.5pp alongside, both lines moving the wrong way.
ROIC dropped from -7.94% to -10.85%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$522M
▼ -4.5% YoY
Net Income (TTM)
-$142M
▼ -72.2% YoY
Op. Margin
-5.74%
▼ -2.5pp YoY
ROIC
-6.66%
▼ -2.9pp YoY
Cash Flow & Balance Sheet
FCF
N/A
Op. Cash Flow (TTM)
$83M
▲ +29.7% YoY
Net Debt
$222M
Cash & Equiv.
$131M
5Y CAGR: +7.7%
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