Empire Petroleum Corporation (EP) Market Cap
Empire Petroleum Corporation has a market capitalization of $105.6M.
Financials based on reported quarter end 2025-12-31
Price: $2.98
▲ 0.24 (8.76%)
Market Cap: 105.58M
AMEX · time unavailable
CEO: Michael R. Morrisett
Sector: Energy
Industry: Oil & Gas Exploration & Production
IPO Date: 1999-10-27
Website: https://empirepetroleumcorp.com
Empire Petroleum Corporation (EP) - Company Information
Market Cap: 105.58M · Sector: Energy
Empire Petroleum Corporation engages in the exploration and development of oil and gas interests in Louisiana, New Mexico, North Dakota, Montana, and Texas. The company was formerly known as Americomm Resources Corporation and changed its name to Empire Petroleum Corporation in August 2001. Empire Petroleum Corporation was incorporated in 1983 and is headquartered in Tulsa, Oklahoma.
Analyst Sentiment
Based on 0 ratings
Consensus Price Target
No data available
Price & Moving Averages
Related Companies in Energy
Fundamentals Overview
📊 AI Financial Analysis
Powered by StockMarketInfo"EP reported revenue of $7.06M for the year ending December 31, 2025, but faced significant net losses amounting to $58.95M, resulting in an EPS of -$1.73. The firm's balance sheet shows total assets of $65.87M against total liabilities of $70.48M, leading to negative equity of $4.61M. In terms of cash flow, operating cash flow was negative at -$2.75M, with capital expenditures of $3.17M. Although the company managed to generate some positive free cash flow of $419k, it has not paid dividends in recent years, with the last paid dividends dating back to 2012. Market performance has been poor, with a 1-year price decline of 53.02%. Given these factors, EP faces challenges in profitability and leverage, with a negative equity situation and persistent losses hampering growth prospects."
Revenue Growth
Minimal revenue growth with potential in overcoming current financial hurdles.
Profitability
Significant net losses indicate serious profitability challenges.
Cash Flow Quality
Some positive free cash flow, but operating cash flow remains negative.
Leverage & Balance Sheet
Negative equity and high liabilities relative to assets highlight leverage concerns.
Shareholder Returns
No dividends paid, significant asset depreciation, and negative stock price performance.
Analyst Sentiment & Valuation
Generally negative sentiment reflected in the declining stock price.
Disclaimer:This analysis is AI-generated for informational purposes only. Accuracy is not guaranteed and this does not constitute financial advice.
So What? Q3 showed improving operational momentum—production volumes rose 3% sequentially and management highlighted meaningful Starbucks field progress (waterflood conformance with injector rates up to ~900 bpd; sidetracks targeting >15,000 bpd/month run-rate potential). Financially, however, the headline profitability weakened sharply: adjusted net income fell to $3.7M ($0.16 EPS) from $6.0M ($0.26) and adjusted EBITDA to $4.8M from $6.8M, with management attributing the declines primarily to lower realized pricing versus Q2. Costs also rose when normalized for the $1.4M non-cash write-off (OpEx $7.1M vs $5.5M), while other expense was pressured by a non-cash $1.4M settlement tied to New Mexico assets. Despite this, management sounded confident about Q4 execution and a potential 2023 standout year, contingent on pricing staying strong. Notably, no analyst Q&A was included to pressure-test these assumptions.
Growth Catalysts
- Starbucks field enhancement program (field waterflood conformance phase): injector rates increased to ~900 barrels/day after workovers
- Starbucks sidetracks: 6 drilled (lateral lengths ~10,000 ft) targeting production ramp from 3,000 barrels/month to >15,000 barrels/month
- Starbucks service facility upgrades to improve thermal efficiency and reduce winter oil pickup delays
- Spudding 4 new Bakken wells for completion in Q4 2022
- Reached payout on 4 Bakken wells drilled/completed in 2021 (initial production started Dec 2021)
- Completed upgrade and in-sourcing of lease operations via bringing in-house Orbit pumping (4 FTEs)
Business Development
- Sold remaining 100 gpm aiming plant (tangible asset sale) from prior acquisition of Canyons Trinity River Midstream / Fort Trinidad Field in Texas
Financial Highlights
- Revenue: $14.8M (Q3), with production volumes 205,380 Boe (2,232 Boe/day), +3% vs Q2
- Realized prices cited: $92.22/bbl oil, $6.86/Mcf gas, $0.91/gal NGLs (lower than Q2, but still described as strong)
- Reported net income: $0.2M / $0.01 diluted EPS vs $5.5M / $0.24 in Q2
- Adjusted net income: $3.7M / $0.16 diluted EPS vs $6.0M / $0.26 in Q2
- Adjusted EBITDA: $4.8M vs $6.8M in Q2
- Operating expenses: $8.5M included a $1.4M non-cash write-off; excluding write-off, OpEx $7.1M vs $5.5M in Q2 (increase tied to more workovers/activities)
- G&A: excluding non-cash share-based comp was $2.0M or $9.93/Boe vs $2.8M or $14.32/Boe in Q2 (sequential decrease attributed to lower professional services)
- Other expense: $1.1M vs $0.2M in Q2, driven by a non-cash $1.4M settlement related to New Mexico asset purchase
- Capital/development spend: ~$0.5M on development activities (non-operative drilling) for first nine months of 2022; more capex expected in coming quarters
Capital Funding
- Cash increased >25% to $15.7M at quarter end
- Liquidity: $16M at quarter end; +26% vs June 30
- Debt balance: $7.8M at Sept 30 (included $0.4M paydown during Q3)
Strategy & Ops
- Starbucks waterflood conformance conformance phase: workovers (plug non-productive zones, re-perforate, re-stimulate) and source water/pump infrastructure upgrades
- Temporary production offline: sequential increase in volumes was partially offset by declines due to taking certain wells offline while executing the Starbucks Field Enhancement Program
- Full tubing drilling used for sidetracks (reduced rig time/smaller footprint/shorter build section; underbalanced capability and improved directional control for smaller thickness)
- In-sourcing: brought in house Orbit pumping, adding 4 full-time employees including a field superintendent
Market Outlook
- Q4 2022 plans: complete current phase of Starbuck Field Enhancement Program including surface facility upgrades
- Q4 permits: 3 wells in Rockies (2 in North Dakota, 1 in Montana) and reenter 1 well in Louisiana
- Management tone: 'trajectory to have a standout year in 2023' assuming solid pricing environment holds up
Risks & Headwinds
- No explicit Q&A risk discussion was provided in the transcript.
- Implied headwinds from prepared remarks: sequential declines in adjusted net income/EBITDA 'substantially due to low realize[d] pricing' partially offset by higher production; also included non-cash write-off ($1.4M) and non-cash settlement ($1.4M).
Sentiment: MIXED
Note: This summary was synthesized by AI from the EP Q3 2022 earnings transcript. Financial data is complex; please verify all metrics against official SEC filings before making investment decisions.