Net Income Still NegativeDespite operational improvement, persistent net losses mean retained earnings remain depressed and ROE stays negative. This limits the company's ability to rebuild equity internally, constrains dividend capacity, and leaves less buffer against future shocks or investment needs.
Very Thin MarginsExtremely thin gross and EBITDA margins make profitability highly sensitive to small cost, pricing, or volume swings. In refining and marketing, margin compression can quickly erase operating gains, challenging margin sustainability and long-term free-cash-flow reliability.
Revenue & Cashflow VolatilityMulti-year swings in revenue and cash flow reduce visibility for planning, capital allocation, and creditor confidence. Cyclical swings typical in refining magnify execution risk and make consistent investment and margin maintenance more difficult across 2–6 month horizons and beyond.