FET Q2 revenue +13% to $226M as Strait of Hormuz crisis drives oil to $96/bbl

Filed July 31, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 8, 2025 · ~2 min read

Key Changes

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  U.S.-Iran military actions blocked the Strait of Hormuz in Q2, driving WTI to $95.65/bbl (+48% YoY) and Brent to $102.63/bbl (+51% YoY). A memorandum of understanding to reopen the strait was announced late in the quarter, but post-quarter tensions escalated, creating ongoing uncertainty for global energy supply.

  MD&A: Middle East geopolitical conflict verify on EDGAR →
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  Operating margin expanded to 9.3% from 4.1% as segment operating income rose 158% to $21.1M. The improvement reflects revenue growth, favorable product mix, operating leverage, and benefits from facility consolidations completed in H2 2025.

  MD&A: Q2 2026 segment operating margin verify on EDGAR →
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  Credit Facility amended in February 2026: maturity extended to Feb 2031 (from Sep 2028), interest margin lowered 25-50 bps to 2.00%-2.50% over SOFR (from 2.25%-2.75%), and pricing grid changed from leverage-based to availability-based. Weighted average rate fell 99 bps to 6.43%.

  Notes: Credit Facility amendment view on EDGAR →