Watch on earnings:Total production volumes (bopd) and guidance revisions for Ghana and Equatorial Guinea assetsRealized oil prices and hedging impact on revenue per barrelOperating costs per barrel (lifting costs) and all-in breakeven pricesFree cash flow generation and debt reduction progressProved reserves replacement ratio and reserve life index
Key metrics:Brent crude spot price and forward curve structure (contango vs backwardation) · Daily production volumes from Jubilee field and TEN field in Ghana · Net debt to EBITDA ratio and liquidity position (cash plus revolver availability) · All-in operating costs per barrel of oil equivalent produced
⚠ High debt burden with 3.33x D/E ratio and negative free cash flow creating refinancing risk, particularly with debt maturities approaching in 2027-2028 timeframe
Metric
Dec 21
Dec 22
Dec 23
Dec 24
Dec 25
Cash & Equivalents
132
183↑39.3%
95↓48.0%
85↓10.9%
92↑7.7%
Total Current Assets
542
469↓13.5%
423↓9.8%
446↑5.5%
428↓4.1%
Total Assets
4,941
4,580↓7.3%
4,938↑7.8%
5,309↑7.5%
4,697↓11.5%
Total Current Liabilities
531
574↑8.2%
555↓3.4%
595↑7.2%
572↓3.8%
Total Liabilities
4,411
3,792↓14.0%
3,906↑3.0%
4,109↑5.2%
4,168↑1.4%
Total Equity
529
788↑48.9%
1,032↑31.0%
1,200↑16.3%
529↓56.0%
Total Debt
2,620
2,226↓15.1%
2,391↑7.4%
2,760↑15.4%
3,065↑11.0%
Net Debt
2,489
2,043↓17.9%
2,296↑12.4%
2,675↑16.5%
2,973↑11.1%
Cash Flow Statement
Metric
Dec 21
Dec 22
Dec 23
Dec 24
Dec 25
Operating Cash Flow
374
1,130↑202.0%
765↓32.3%
678↓11.4%
134↓80.2%
Capital Expenditure
-938
-809↑13.7%
-933↓15.2%
-934↓0.1%
0
Free Cash Flow
-564
321↑157.0%
-167↓152.1%
-255↓52.5%
134↑152.5%
Stock-Based Comp
32
35↑9.1%
43↑23.6%
38↓11.1%
28↓26.3%
Net Change in Cash
25
12↓52.6%
-88↓838.4%
-13↑84.7%
32↑340.8%
Values in millions except EPS · Ratios shown as percentages · Click any metric to drill down