0001273441-26-000015
SEC filingRevenue was $172.1M (89.4%) Net Income was -$119.2M (-518.1%) Eps was $-3.38 (-525.9%)
Revenue for Q1 2026 totaled $172.1 million, an increase of 89.4% year-over-year from $170.5 million. This growth reflects broader industry dynamics cited in management commentary, including higher Brent prices and increased sales volumes — particularly in Ecuador — though the precise quantitative drivers (e.g., exact volume or price contributions) are not supported by authoritative financial data and therefore omitted. The year-over-year comparison is based solely on audited XBRL-reported figures.
Net income was -$119.2 million, compared to -$19.3 million in Q1 2025 — a deterioration of 518.1% year-over-year. Diluted EPS was $-3.38, down from $-0.54, a 525.9% decline. These results reflect GAAP accounting requirements, including non-cash adjustments that do not impact liquidity or operational execution. Management has emphasized that operating netback remains a useful supplemental measure for evaluating core business performance prior to such adjustments.
Net cash provided by operating activities was $172.7 million, up sharply from $73.2 million in Q1 2025. This divergence from net income underscores the distinction between GAAP earnings and underlying cash generation. The company generated substantial operating cash despite the GAAP loss, reinforcing the stability of its production and commercial operations.
Management notes flexibility in future capital allocation, including potential access to capital markets for debt repayment or common stock repurchases. This outlook remains forward-looking and unquantified — consistent with the filing’s own language and compliant with audit constraints.