BSIN · Big Sky Industrial Inc.
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AI Brief
Q2 FY26 earnings call · Aug 11, 2026TL;DR. Big Sky Industrial completed Phase 1 capital stack elements in Q2 2026—amending/upsizing its credit facility, executing a five-year 100% take-or-pay helium offtake, completing its corporate rebrand, and advancing construction toward targeted first revenue in Q1 2027—while legacy oil production declined, the company reported a net loss, and it explored monetizing an estimated $130 million of 45Q tax credits to fund Phase 2.
- + Executed a five-year, 100% take-or-pay helium offtake with an investment-grade global industrial gas counterparty at a fixed $285/Mcf plant-gate price.
- + Completed the Phase 1 capital stack by doubling the credit facility borrowing base to $20 million, fixing margin at 200 bps, and suspending covenant testing through Q1 2027.
- + Industrial gas capex of $9.6 million in H1 2026 versus $2.5 million prior-year period, demonstrating transition from development to construction.
- + Construction is advancing on plan, with facility commissioning targeted for late 2026 and first gas/first revenue targeted for Q1 2027.
- + Targeted monetization of an estimated $130 million of 45Q tax credits as a non-dilutive funding source for Phase 2, with transferability work already underway.
- − Q2 2026 net loss of $2.3 million ($0.04 per diluted share) and adjusted EBITDA of negative $0.9 million.
- − Legacy oil production declined to 33,747 BOE from 48,816 BOE year-over-year following completed divestitures.
- − Q1 2027 first revenue depends on EPA MRV approvals, which are not yet granted and are outside management's control.
- − Liquidity declined to $16.4 million as of August 4, 2026 after a $4 million draw to fund construction.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Technicals
trend & momentum for long-term holders NeutralIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| average realized price | $63.24 | Second quarter 2026 | — |
| BOE | 33,747 | Three months ended June 30, 2026 filing | — |
| BOE/Day | 371 | Three months ended June 30, 2026 filing | — |
| Depletion rate | $11.83 | Three months ended June 30, 2026 filing | — |
| Lease operating expense per BOE | $29.48 | Three months ended June 30, 2026 filing | — |
| Natural gas and liquids (Mcfe) | 45,486 | Three months ended June 30, 2026 filing | — |
| Oil (Bbls) | 26,166 | Three months ended June 30, 2026 filing | — |
| production | 33,747 | Second quarter 2026 | — |
| realized average sales prices - natural gas | $2.2 | Second quarter 2026 | — |
| realized average sales prices - oil | $77.73 | Second quarter 2026 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Oil & Gas E&P — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
BSIN
this stock
Big Sky Industrial Inc.
|
$73.49M | +55.4% | -3.8% | — | 1.3% |
|
COP
Conocophillips
|
$150.96B | +38.7% | +7.7% | 16.6 | 1.3% |
|
CNQ
CANADIAN NATURAL RESOURCES Ltd
|
$98.26B | +40.3% | — | — | 8.9% |
|
EOG
Eog Resources Inc
|
$75.57B | +37.3% | -4.5% | 11.2 | 3.0% |
|
OXY
Occidental Petroleum Corp /De/
|
$58.19B | +41.6% | -1.9% | 8.9 | 2.2% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| BSIN | +1.4% | -10.6% | +85.7% | +1.4% | +55.4% |
| SPY | +1.9% | +1.9% | +10.8% | +1.9% | +14.0% |
| vs SPY | -0.5% | -12.6% | +74.9% | -0.5% | +41.5% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.