EGYHIGH SIGNALFINANCIAL10-K

EGY experienced a dramatic financial deterioration with net income swinging from $58.5M profit to -$41.4M loss while revenue declined 25%.

The company's fundamental profitability has collapsed, moving from strong operating income of $136.5M to an operating loss of -$20.6M, indicating severe operational challenges beyond just revenue decline. Despite generating higher operating cash flow, the underlying business performance has deteriorated significantly, with current assets falling 44% and cash declining 29%, suggesting potential liquidity concerns.

Comparing 2026-03-16 vs 2025-03-17View on EDGAR →
FINANCIAL ANALYSIS

EGY's financial performance deteriorated dramatically with profitability swinging from a $58.5M profit to a -$41.4M loss despite operating cash flow improving 87% to $212.7M. Revenue declined 25% to $359.3M while the company moved from $136.5M operating income to a -$20.6M operating loss, indicating fundamental operational challenges. The balance sheet weakened substantially with current assets falling 44%, accounts receivable dropping 58%, and cash declining 29%, creating a concerning picture of declining liquidity and working capital management issues despite reduced capital expenditures and minimal share buybacks.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
-170.8%
$58.5M→-$41.4M

Net income declined 170.8% — review whether driven by operations, interest costs, or non-recurring items.

Operating Income
P&L
-115.1%
$136.5M→-$20.6M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Interest Expense
P&L
-89.7%
$1.4M→$145K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Share Buybacks
Cash Flow
-89.6%
$6.8M→$709K

Buyback activity reduced 89.6% — capital being redeployed elsewhere or cash conservation underway.

Operating Cash Flow
Cash Flow
+87%
$113.7M→$212.7M

Operating cash flow surged 87% — exceptional cash generation, highest quality earnings signal.

Accounts Receivable
Balance Sheet
-57.9%
$94.8M→$39.9M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Current Assets
Balance Sheet
-44.1%
$237.9M→$133.0M

Current assets declined 44.1% — monitor working capital adequacy and short-term liquidity.

Cash & Equivalents
Balance Sheet
-28.7%
$82.7M→$58.9M

Cash decreased 28.7% — monitor burn rate and upcoming capital needs.

Capital Expenditure
Cash Flow
-26.8%
$14.1M→$10.3M

Capex reduced 26.8% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Revenue
P&L
-25%
$479.0M→$359.3M

Revenue softened 25% — monitor whether this is cyclical or structural.

LANGUAGE CHANGES
NEW — 2026-03-16
PRIOR — 2025-03-17
ADDED
As of March 10, 2026, there were outstanding 104,258,253 shares of common stock, $0.10 par value per share, of the registrant.
Exhibits and Financial Statement Schedules 73 INDEX TO CONSOLIDATED FINANCIAL INFORMATION 73 Item 16.
Etame Consortium A consortium of four companies granted rights and obligations in the Etame Marin block offshore Gabon under the Etame PSC.
Merged Concession Agreement The agreement with the Egyptian General Petroleum Corporation ( EGPC ) for the Merged Concession signed by the Ministry of Petroleum of Egypt at an official signing ceremony on January 19, 2022.
Royalty Interest A real property interest entitling the owner to receive a specified portion of the gross proceeds of the sale of crude oil, natural gas and NGLs production or, if the conveyance creating the interest provides, a specific portion of crude oil, natural gas and NGLs produced, without any deduction for the costs to explore for, develop or produce the crude oil and, natural gas and NGLs.
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REMOVED
As of March 7, 2025, there were outstanding 103,743,163 shares of common stock, $0.10 par value per share, of the registrant.
Exhibits and Financial Statement Schedules 74 INDEX TO CONSOLIDATED FINANCIAL INFORMATION 74 Item 16.
Arta The Arta field in the West Gharib concession in the Egyptian Eastern Desert.
Crown Royalty The payments to be made to the Province of Alberta pursuant to the Alberta Crown Agreement or under the generic crown royalty scheme.
Merged Concession The modernized concession that merged the West Bakr, West Gharib and NW Gharib concessions.
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