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Archaea Energy Inc.

archaeaenergy.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2022 10-Q, filed Nov 10, 2022. Its latest SEC filing is a SC 13G/A from Feb 14, 2023.

The sections below describe the company as of the FY2021 annual report.

What Did They Do?

Produces renewable natural gas, electricity, and related environmental credits from landfill gas and anaerobic digester waste for utilities, corporations, and municipalities.

How Did They Make Money?

Utilities, corporations, municipalities and marketers pay for renewable natural gas and related environmental credits; utilities and wholesale-market buyers pay for electricity and renewable energy credits. Payment for gas and power is generally received within one month after delivery; equipment customers may be billed as work progresses or pay in advance.

FY2021 revenue

Who Were Their Customers?

Archaea sells renewable natural gas and related environmental attributes mainly to municipalities, corporations and marketers; it sells electricity and renewable energy credits mainly to utilities and independent system operators.

Did Revenues Turn Into Profits?

No. It lost $30.9M in FY2021.

Operating income, FY2021
−31% of revenue
▲ +761% (Loss) vs FY2020 (−$2.7M, −42%)
Net income, FY2021
−40% of revenue
▲ +1283% (Loss) vs FY2020 (−$2.2M, −34%)
Free cash flow, FY2021
−217% of revenue
▲ +544% (Loss) vs FY2020 (−$26M, −399%)

How Were They Changing?

Since the FY2021 annual report
Latest quarter: Q3 FY2022, the three months to Sep 30, 2022
Revenue
▲ +776%
vs $12M in Q3 FY2021
Net income
▲ 0% (Loss)
vs −$24.2M in Q3 FY2021
  • Dec 28, 2022 bp completed its acquisition of Archaea, and its shares stopped trading on the NYSE Archaea became a wholly owned bp subsidiary; common shares were converted to cash consideration.
  • Oct 17, 2022 Archaea agreed to be acquired by bp for cash The agreement set a cash payment of $26 per share, subject to regulatory and shareholder approval.

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