Severe Revenue Decline And Negative MarginsA 77% revenue collapse combined with deeply negative net margins indicates underlying commercial and operational deficiencies. Persistently low top-line and negative profitability constrain reinvestment in projects, impair partner confidence, and raise the likelihood of dilution or restructuring to sustain operations.
Negative And Worsening Free Cash FlowDeclining negative free cash flow reduces the company’s ability to self‑fund development capex or meet working capital needs. Over a multi‑month horizon this raises dependency on external financing, JV carry arrangements, or asset sales, increasing execution risk for planned gas projects.
Capital Destruction Signalled By Negative ROEA -53% ROE shows the company is destroying shareholder capital rather than generating returns. This persistent poor profitability impairs access to fresh equity on reasonable terms, pressures management to change strategy, and indicates material work is needed to achieve durable earnings recovery.