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S&P 500 Energy Sector SEC Filings — March 31, 2026

USA S&P 500 Energy

8 high priority4 medium priority12 total filings analysed

Executive Summary

Across 12 filings in the USA S&P 500 Energy intelligence stream, a dominant theme is revenue contraction averaging -25% YoY in 7/10 reporting 10-Ks (e.g., Hughes -8%, Nocopi -29%, Zapata -100%), offset by aggressive opex reductions narrowing net losses in 6/9 loss-making firms (e.g., Nocopi -94% loss improvement, Magellan -44%). Halliburton stands out with resilient $2.9B operating cash flow and $1.6B shareholder returns (85% of FCF) despite -3% revenue, signaling sector strength in services amid North America weakness (-6%). Impairments and one-offs drove volatility (Hughes $1.4B charges), while small caps like Lion Copper flipped to $4.4M net income via deconsolidation gains. Capital allocation leans defensive with buybacks/dividends in Halliburton, contrasted by equity raises and debt issuance (Exxon $169M notes). Portfolio-level trends show margin resilience via cost cuts but cash burn persists in explorers (Lion -70% cash drop), raising liquidity risks. Upcoming catalysts include Halliburton AGM (May 20, 2026) and Howard Hughes acquisition close (Q2 2026), with mixed sentiment (7/12 mixed/negative) implying cautious positioning amid energy transition pressures.

Tracking the trend? Catch up on the prior S&P 500 Energy Sector SEC Filings digest from March 25, 2026.

Investment Signals(12)

  • Revenue $22.2B (-3% YoY), but $2.9B operating cash flow, capex 6% of revenue, $1.6B returns (85% FCF via dividends/buybacks), Completion/Production margins 17%, Drilling/Evaluation 15%

  • Revenues $1.5M (-29% YoY), but opex -68% to $1.4M, net loss narrows to $155K (-94% YoY), cash +7% to $11.6M, assets +1%

  • Swing to $9.3M net income from -$38M loss via $9.1M liability extinguishment, opex -86% to $3.4M, cash +362% to $1.7M despite 100% revenue drop to $0

  • Net income $4.4M vs -$4.7M loss (gain on $26M deconsolidation), equity +YoY to $23.4M despite operating loss widening to -$16.7M

  • Net income $4.1M from $4.6M trust interest, trust assets $178M (+ post-IPO), Class A shares at $10.32 redemption despite sponsor heavy ownership

  • Net loss -$432K (-44% YoY improvement), opex -62% to $282K, cash used in ops -$37K vs -$143K

  • 50%+ North America fracturing fleet to Zeus electric pumps as sustainability milestone, international revenue -2% vs North America -6% outperformance

  • Pending Vantage acquisition close Q2 2026, AGM rescheduled to Sep 17 (record Jul 22) for transaction updates

  • Equipment sales +0.3% YoY to $351M amid service revenue -10% decline, but OIBDA plunges to -$1.3B

  • $169M Floating Rate Notes due 2076 issuance signals debt reliance, no financial metrics disclosed

  • No revenue (2nd year), net loss -114% to -$356K despite assets +124% to $1.15M via $1.64M equity raises, cash -97% to $1.8K

  • 10-K/A solely clerical (audit date fix), no financial changes but confirms effective ICFR

Risk Flags(9)

Opportunities(9)

Sector Themes(6)

  • Revenue Contraction Widespread

    7/10 10-Ks show avg -32% YoY revenue drop (Hughes -8%, Zapata -100%, Nocopi -29%), pressuring energy explorers/services amid volumes decline [IMPLICATION: Sector cyclical slowdown, favor cash-rich like Halliburton]

  • Opex Discipline Narrows Losses

    6/9 firms cut opex >50% YoY (Nocopi -68%, Zapata -86%, Magellan -62%), improving net losses avg -60% (e.g., Lion to profit), but unsustainable without revenue rebound [IMPLICATION: Short-term relief, watch for margin sustainability]

  • Cash Volatility in Small Caps

    Cash changes mixed (Nocopi +7%, Lion -70%, Universal -97%, Zapata +362%), avg burn improvement but explorers < $3M liquidity [IMPLICATION: Dilution/raise risks, prefer dividend payers like Halliburton]

  • Impairments/One-Offs Dominate

    $1.4B Hughes charges, full Magellan asset write-down, Lion $26M decons gain; 4/12 filings impairment-heavy [IMPLICATION: Clean underlying ops stronger, avoid EPS volatility traps]

  • Capital Returns in Majors

    Halliburton $1.6B (85% FCF), Exxon debt for flexibility; small caps rely on equity ($1.64M Universal, $140K Magellan) [IMPLICATION: Rotate to large caps for yield]

  • Proxy/AGM Catalyst Cluster

    Halliburton May 20, Howard Hughes Sep 17 reschedule for M&A, director/ comp votes signal governance focus [IMPLICATION: Vote-driven volatility]

Watch List(8)

  • Halliburton/AGM(MONITOR VOTING OUTCOMES)
    👁

    Vote on 12 directors, KPMG ratification, exec comp, plan amendments; performance review + returns highlighted, May 20, 2026 (record Mar 23)

  • Howard Hughes/Annual Meeting(MONITOR ACQUISITION PROGRESS)
    👁

    Rescheduled Sep 17, 2026 (record Jul 22) for Vantage Q2 close updates; proposal deadlines Jun-Jul

  • Hughes Satellite/Going Concern(MONITOR FINANCING NEWS)
    👁

    Substantial doubt flagged, cash insufficiency; Q1 2026 ops for liquidity resolution

  • Exxon Mobil/Debt Service(MONITOR DEBT IMPACT)
    👁

    $169M notes due 2076 priced; watch Q1 earnings for leverage ratios post-issuance

  • Lion Copper/Cash Position(MONITOR EXPLORATION UPDATES)
    👁

    $2.4M cash post-$28M invest outflow; associate investment $17.8M performance

  • Magellan Copper/Financing(MONITOR EQUITY RAISES)
    👁

    Ongoing cash negative, $140K stock sale; liabilities rising to $2.1M

  • Zapata Quantum/Dilution(MONITOR REVENUE RAMP)
    👁

    Shares +295% to 172M, no revenue; software dev trajectory

  • Copley Acquisition/SPAC Timeline(MONITOR BUSINESS COMBO ANNOUNCEMENTS)
    👁

    Trust $178M, sponsor/institutional ownership; de-SPAC potential

Filing Analyses(12)
Hughes Satellite Systems Corp10-Knegativemateriality 9/10

31-03-2026

For the year ended December 31, 2025, Hughes Satellite Systems Corp reported total revenue of $1,435,905 thousand, down 8.0% YoY from $1,560,373 thousand, driven by a 10.4% decline in service revenue to $1,085,219 thousand while equipment sales rose slightly 0.3% to $350,686 thousand. Operating loss widened dramatically to $1,596,351 thousand from $169,830 thousand, and net loss attributable to HSSC surged to $1,273,675 thousand from $209,403 thousand, primarily due to $1,422,982 thousand in impairments; broadband subscribers fell 16.3% to 0.739 million. The filing raises substantial doubt about the company's ability to continue as a going concern due to insufficient cash and financing.

  • ·OIBDA declined to $(1,263,348) thousand from $196,072 thousand.
  • ·Impairments and other charges of $1,422,982 thousand in 2025 (none in 2024).
  • ·Corporate headquarters owned in Englewood, Colorado and Germantown, Maryland.
HALLIBURTON CODEFA14Aneutralmateriality 5/10

31-03-2026

Halliburton Co (HAL) filed additional definitive proxy soliciting materials (DEFA14A) on March 31, 2026, supplementing the DEF 14A proxy statement filed the same day. The filing, with accession number 0000045012-26-000034, is sized at 591 KB and relates to shareholder solicitation under Rule 14(a)(12). No financial metrics, performance data, or specific proposals are detailed in the provided EDGAR listing.

  • ·CIK: 0000045012
  • ·SIC: 1389 - OIL, GAS FIELD SERVICES
  • ·Business Address: 3000 NORTH SAM HOUSTON PARKWAY EAST, HOUSTON TX 77032
  • ·Fiscal Year End: 1231
HALLIBURTON CODEF 14Amixedmateriality 9/10

31-03-2026

Halliburton's 2026 Proxy Statement reviews 2025 performance, reporting total revenue of $22.2 billion, down 3% YoY from 2024, with international revenue declining 2% and North America revenue falling 6%, though Completion and Production and Drilling and Evaluation segments achieved operating margins of 17% and 15%, respectively. The company generated $2.9 billion in cash flows from operations, maintained capital expenditures at approximately 6% of revenue, and returned $1.6 billion—or nearly 85% of free cash flow—to shareholders through dividends and share repurchases. Shareholders are asked to vote on electing 12 directors, ratifying KPMG LLP as auditors, approving executive compensation advisory, and amending the Halliburton Energy Services charter and stock incentive/employee purchase plans.

  • ·Annual Meeting scheduled for May 20, 2026, at 9:00 a.m. CDT in Houston, Texas; record date March 23, 2026.
  • ·12 director nominees proposed for election.
  • ·Over 50% of North American fracturing fleet transitioned to Zeus electric pumps as sustainability milestone.
Zapata Quantum, Inc.10-Kmixedmateriality 8/10

31-03-2026

Zapata Quantum, Inc. reported no revenue in 2025 compared to $3,876 thousand in 2024, a 100% decline, with operating expenses dropping 86% to $3,426 thousand, resulting in a smaller operating loss of $3,426 thousand versus $23,046 thousand prior year. However, one-time gains including $9,117 thousand from extinguishment of liabilities, $2,357 thousand from forward purchase agreement, and $1,887 thousand from forbearance agreement drove a swing to net income of $9,336 thousand from a $38,143 thousand loss, improving stockholders' deficit to $8,267 thousand from $23,473 thousand but with significant share dilution to 172,318,506 common shares outstanding from 43,589,506. Cash and equivalents rose to $1,659 thousand from $359 thousand, with reduced operating cash burn of $1,665 thousand used versus $18,108 thousand.

  • ·Accounts receivable declined to $0 from $1,595 thousand, with $0 related party in 2025 vs $1,567 thousand.
  • ·Gross profit $0 in 2025 vs $635 thousand in 2024.
  • ·Weighted-average common shares basic: 101,862,348 in 2025 vs 29,434,511 in 2024.
Interactive Brokers Group, Inc.10-K/Aneutralmateriality 2/10

31-03-2026

Interactive Brokers Group, Inc. filed Amendment No. 1 to its Form 10-K for the fiscal year ended December 31, 2025, solely to correct a clerical error in the auditor's report under Item 9A, changing the opinion date from February 26, 2026, to the correct February 27, 2026. The revised report from Deloitte & Touche LLP reaffirms that the Company maintained effective internal control over financial reporting as of December 31, 2025, in all material respects. No other changes were made to the original filing filed on February 27, 2026.

  • ·Closing sale price used for market value calculation: $55.41 per share on June 30, 2025.
  • ·Registrant is a large accelerated filer and a well-known seasoned issuer.
NOCOPI TECHNOLOGIES INC/MD/10-Kmixedmateriality 7/10

31-03-2026

Nocopi Technologies reported total revenues of $1,493,800 for 2025, down 29% YoY from $2,117,800 in 2024, driven by declines in both licenses/royalties/fees (+18% to $605,100) and product sales (-45% to $888,700), resulting in gross profit of $813,400 (down 26% YoY). Operating expenses fell sharply 68% YoY to $1,414,800, primarily due to lower G&A, narrowing the net loss to $154,900 from $2,678,900. Cash and equivalents increased 7% to $11,553,600, supporting total assets of $14,037,600 (up 1% YoY), though stockholders' equity dipped slightly to $13,603,800.

  • ·Accounts receivable decreased to $936,700 (Dec 31, 2025) from $1,234,500 (2024).
  • ·Inventory increased to $456,900 (net) from $349,600, with raw materials at $571,100 gross.
  • ·Long-term receivables declined to $775,000 from $1,292,800.
  • ·G&A expenses dropped to $952,300 from $3,900,000.
  • ·Net cash provided by operating activities rose to $713,900 from $594,800.
LION COPPER & GOLD CORP.10-Kmixedmateriality 8/10

31-03-2026

Lion Copper and Gold Corp. achieved a consolidated net income of $4,383 thousand in 2025, reversing a $4,741 thousand loss in 2024, primarily due to a $26,381 thousand gain on deconsolidation of Falcon Copper Corp. However, the operating loss widened significantly to $16,660 thousand from $3,814 thousand, driven by higher general and administrative expenses ($10,066 thousand) and share-based compensation ($8,772 thousand). Total assets grew to $29,468 thousand while shareholders' equity rose to $23,386 thousand, but cash and cash equivalents declined to $2,364 thousand from $7,999 thousand.

  • ·Exploration and evaluation expenses decreased to $4,032 thousand in 2025 from $8,243 thousand in 2024.
  • ·Investment in associate increased to $17,829 thousand as of Dec 31 2025 from $1,102 thousand.
  • ·Cash used in investing activities was $28,719 thousand in 2025, including $24,090 thousand cash lost upon deconsolidation and $2,995 thousand for acquisition of Butte Valley.
  • ·Cash provided by financing activities was $36,250 thousand in 2025, mainly from $32,766 thousand convertible debentures.
  • ·Average Annual Production LOM: 120 Mlbs; LOM Production: 721,352 tons.
  • ·Cash Costs: $1.92/lb payable; AISC: $2.67/lb payable.
  • ·Payback period: 6.4 years pre-tax, 6.7 years post-tax.
EXXON MOBIL CORP8-Kneutralmateriality 4/10

31-03-2026

On March 26, 2026, Exxon Mobil Corporation entered into an underwriting agreement with RBC Capital Markets, LLC, J.P. Morgan Securities LLC, and UBS Securities LLC for the issuance and sale of $169,312,000 aggregate principal amount of Floating Rate Notes due 2076. The notes were issued pursuant to an indenture dated March 20, 2014, as supplemented, and offered under Registration Statement on Form S-3 (Reg. No. 333-293558) filed February 18, 2026. No other material financial impacts or performance metrics were disclosed.

  • ·Underwriting Agreement and Officer’s Certificate dated March 30, 2026 filed as Exhibits 1.1 and 4.3
  • ·Indenture originally dated March 20, 2014, first supplemental indenture dated June 26, 2020
  • ·Legal opinions from Davis Polk & Wardwell LLP (Exhibit 5.1) and Timothy Kim (Exhibit 5.2)
Copley Acquisition Corp10-Kmixedmateriality 8/10

31-03-2026

Copley Acquisition Corp, a SPAC, reported net income of $4,133,810 for the year ended December 31, 2025, primarily from $4,608,942 in trust dividends and interest, offsetting a $479,675 operating loss from G&A expenses (up from $68,787 in the short 2024 stub period). The company completed its IPO raising gross proceeds of $172,500,000, depositing $173,362,500 into trust (totaling $177,971,442 at year-end), but shareholders' deficit expanded to $(5,223,092) due to remeasurement adjustments. Security ownership highlights the sponsor holding 555,893 Class A and 5,750,000 Class B shares, with major institutional holders including Karpus Management (1,359,828 shares), Aristeia Capital (1,085,430 shares), and W.R. Berkley (928,219 shares).

  • ·Class A ordinary shares subject to redemption valued at $10.32 per share at Dec 31, 2025.
  • ·Basic and diluted net income per share of $0.23 for both redeemable (11,531,507 weighted shares) and non-redeemable (6,236,926 weighted shares) ordinary shares in 2025.
  • ·Net cash used in operating activities: $468,997 for 2025.
  • ·Deferred offering costs of $436,025 at Dec 31, 2024.
Universal Token10-Kmixedmateriality 9/10

31-03-2026

Universal Token's total assets grew 123.5% YoY to $1,151,236 as of December 31, 2025, driven by a 166.5% increase in software development in progress to $1,133,500 and equity raises of approximately $1.64M through common stock issuances. However, the company reported no revenue for the second year, with operating expenses rising 126.3% to $355,026, resulting in a net loss widening 114.1% to $(356,246), and cash balances plunging 97.3% to $1,842 amid heavy software investments. Stockholders' equity flipped to a positive $1,121,229 from a $(155,802) deficit, while liabilities fell 95.5% to $30,000 after repaying related party advances.

  • ·No revenues reported in either 2025 or 2024
  • ·Net operating loss carryforward $118,952 (2025) vs $44,988 (2024), fully offset by valuation allowance
  • ·No provision for income taxes in either year
  • ·Gain on disposal of subsidiary $2,860 in 2025
  • ·Net cash used in operating activities $(342,889) in 2025 vs $(166,897) in 2024
  • ·Software development costs invested $(708,000) in 2025
Howard Hughes Holdings Inc.8-K/Aneutralmateriality 4/10

31-03-2026

Howard Hughes Holdings Inc. filed an 8-K/A to amend the date of its 2026 Annual Meeting of Stockholders from June 4, 2026, to September 17, 2026, and the record date from April 6, 2026, to July 22, 2026, to provide updates on the pending acquisition of Vantage Group Holdings Ltd., expected to close in Q2 2026. The change aims to allow the Board and management to discuss this transaction timely with stockholders. Updated stockholder proposal deadlines include Rule 14a-8 submissions by April 17, 2026, Bylaw notices from June 2 to July 2, 2026, and universal proxy notices by August 1, 2026.

  • ·Original 2026 Annual Meeting date of June 4, 2026, and record date of April 6, 2026, are no longer applicable
  • ·Proxy statement and materials to specify time, location, and format of the meeting
MAGELLAN COPPER & GOLD Corp10-Kmixedmateriality 8/10

31-03-2026

MAGELLAN COPPER & GOLD Corp reported a reduced net loss of $432,025 for the year ended December 31, 2025, compared to $769,810 in 2024, primarily due to significantly lower operating expenses of $281,548 versus $742,503, including a drop in impairment expense to $100,000 from $422,565. However, total assets plummeted to $10,497 from $100,896 following the full impairment of mineral rights and properties, cash balances declined to $547 from $896, total liabilities increased to $2,103,757 from $1,982,779, and shareholders' deficit widened to $(2,093,260) from $(1,881,883). Net cash used in operating activities improved to $36,959 from $142,703, but the company remains cash flow negative with ongoing reliance on financing.

  • ·Basic and diluted net loss per common share improved to $(0.02) in 2025 from $(0.03) in 2024.
  • ·Derivative liability increased to $99,751 from $47,158.
  • ·Proceeds from sale of common stock: $140,000 in 2025.
  • ·Cash paid for interest: $11,828 in 2025.
  • ·Non-cash: Shares issued for conversion of debt and accrued interest totaled $31,032 in 2025 vs $104,379 in 2024.
  • ·Shares issued for cash: 1,000,000 shares for $140,000 in 2025.

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