Lucero Energy Corp. has released its financial statements for the year ended December 31, 2024, and a comparison with the previous year shows significant changes in key metrics.
The company's total assets decreased from $592,383,000 in 2023 to $433,666,000 in 2024, indicating a substantial decline. This was primarily driven by a decrease in property, plant, and equipment from $477,531,000 in 2023 to $331,239,000 in 2024.
In terms of liabilities, there was a noticeable decrease from $89,689,000 in 2023 to $52,411,000 in 2024. This reduction was mainly due to a decrease in deferred tax liability from $52,865,000 in 2023 to $9,280,000 in 2024.
Shareholders' equity also experienced a significant decrease, dropping from $502,694,000 in 2023 to $381,255,000 in 2024. This decrease can be attributed to a substantial decrease in retained earnings (deficit) from $64,292,000 in 2023 to ($100,975,000) in 2024.
The company's revenues from petroleum and natural gas also saw a notable decrease, falling from $171,340,000 in 2023 to $58,680,000 in 2024. This decline in revenue had a direct impact on the company's net income, which plummeted from a profit of $59,272,000 in 2023 to a loss of $165,267,000 in 2024.
Moreover, the company's comprehensive income also took a hit, decreasing from a positive $47,427,000 in 2023 to a significant loss of $121,821,000 in 2024.
As a result of these announcements, the company's shares have moved -5.0% on the market, and are now trading at a price of $20.45. Check out the company's full 8-K submission here.
