Spin-offSpun off from Jefferies
The two companies
Open either company's hub for its full SEC financials, ratios, ownership, filings, and every other event it's been part of.
- Sector
- Energy
- Industry
- Crude Petroleum & Natural Gas
- Exchange
- NYSE
- State of incorporation
- DE
- Record date
- December 27, 2022
- Distribution date
- —
- Ratio
- —
- Parent sector
- —
- Form
- 10-12B/A
- Filed
- December 29, 2022
Financials — parent vs spin-off
SEC XBRL · latest yearNo XBRL financials available.
- Revenue
- $274M
- Operating income
- $17M
- Net income
- $25M
- Total assets
- $893M
- Equity
- $629M
Latest reported figures from each company's own SEC filings — the parent after the separation and the spin-off as a standalone. Full multi-year history on each company hub.
Spin-off signals
score 3/7 favorable · factors, not advice- Leverage (liabilities/assets)30%
A heavy debt load loaded onto the spin-off is a known risk; a clean balance sheet is favorable.
- Return on capital employed2.0%
EBIT ÷ capital employed — the quality metric the spin-off scorecard research weighs most.
- Operating margin6.3%
Profitability of the standalone business, from its own SEC filings.
- Tax-basis reportNone found
A Form 8937 (basis allocation) accompanies tax-free §355 spin-offs — favorable for taxable holders.
- Insider buying (post-spin)4 open-market buys
Officers/directors buying their own newly independent shares (Form 4) has historically preceded outperformance.
- Activist holder13D on file
An activist with a 5%+ stake (Schedule 13D) is a potential value-unlock catalyst.
- Time since spin-off3.4 years
Studies find the spin-off return premium concentrates in roughly the first one to three years.
Factors the spin-off research literature (Greenblatt; Cusatis-Miles-Woolridge; Desai-Jain) associates with outcomes — computed from this company's own SEC filings, shown as factors, not a recommendation. The premium is debated and not guaranteed. How we compute these ↗
Filings & documents
Every entry traces to SEC EDGAR. The Information Statement is the primary source; the links below open the full filing and each company's complete filing history.