Wed, Apr 30, 9:03 PM (12 days ago)
**Houston American Energy Corp. (HUSA) - Summary** **Financial Performance (2024):** - **Revenue:** $560,180,000 (down 30% YoY) - **Net Income:** -$8,216,112,000 (loss) - **Operating Expenses:** $9,800,753,000 - **Earnings per Share (EPS):** -$0.73 **Strategic Overview:** - Focus on early identification and opportunistic entrance into existing and emerging resource plays. - Partnering with larger operators to capture larger resource potential at lower cost. - Active management of resources through acquisitions and divestitures. **Future Outlook:** - Plans to develop a production plant for plastics and petrochemicals in the Houston area. - Focus on diversifying the portfolio into the energy transition sector. **Risk Factors:** - High dependence on energy prices and market conditions. - Competition from larger, well-established companies. - Operational risks associated with drilling and production. - Environmental and regulatory risks. **Financial Condition:** - Cash balance: $2,960,151,000 - Working capital: $3,072,783,000 - Long-term liabilities: $57,180,000 **Market Position Changes:** - Listed on NYSE American under the symbol “HUSA.” - Approximately 873 shareholders of record. - Authorized shares: 20,000,000, with 16,000,000 issued and 1,000,000 reserved for stock options and warrants. **Key Developments:** - Impairment charge of $6,668,634,000 due to deterioration in Hupecol Meta's earnings performance. - Acquisition of Abundia Global Impact Group, LLC (AGIG) and RPD Technologies, LLC to diversify into the energy transition sector. - Sale of 2,600,000 shares in a registered direct offering for net proceeds of $3,897,000. **Operational Highlights:** - Drilling activity in Reeves County, Texas, with six new wells expected to commence production in March 2025. - Release of interests in legacy non-Hupecol Meta properties in Colombia. - Capital investment expenditures of $1,887,516,000 for acreage acquisitions, drilling, completion, and related operations. **Executive Compensation:** - CEO Peter Longo: $51,883,000 (base salary: $24,000,000, stock awards: $27,883,000) - Former CEO John Terwilliger: $261,225,000 (base salary: $240,000,000, non-equity incentive plan: $21,225,000) **Board and Governance:** - Board of Directors: 4 members (Stephen Hartzell, Keith Grimes, Peter Longo, Robert Bailey) - Audit Committee: Stephen Hartzell, Keith Grimes, Robert Bailey - Compensation Committee: Stephen Hartzell, Keith Grimes **Shareholder Information:** - Aggregate market value of voting and non-voting common equity: $14,069,195,000 - Shares outstanding: 15,686,533 **Ticker:** HUSA