EMPIRE PETROLEUM CORP
Business
Empire Petroleum Corporation is an independent oil and natural gas exploration and production company operating primarily in the United States. The company produces crude oil, natural gas, and natural gas liquids from developed properties located in New Mexico, North Dakota, Texas, and Louisiana. Empire operates four wholly-owned subsidiaries managing regional assets and pursues a strategy of optimizing existing producing properties, reducing unit costs, and acquiring proved developed producing assets in predictable fields.
Summary from 10-K filed 2026-03-13
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Gain (Loss) on Derivatives | — | −389,000 | — | — | — | |
| Total Revenue | 34 | 44 | 40 | 53 | 27 | |
| Lease Operating Expense | 25 | 28 | 29 | — | — | |
| Production and Ad Valorem Taxes | 3 | 4 | — | — | — | |
| Depreciation, Depletion & Amortization | 11 | 9 | — | — | — | |
| Impairment | 51 | 0 | — | — | — | |
| Accretion of Asset Retirement Obligation | 2 | 2 | 2 | — | — | |
| General and Administrative | 12 | 13 | — | — | — | |
| Stock-Based Compensation | 1 | 2 | — | — | — | |
| Total General and Administrative | 13 | 15 | 15 | 12 | 8 | |
| Total Cost and Expenses | 106 | 57 | 52 | 44 | 28 | |
| Operating Loss | −71 | −14 | −12 | 9 | −473,370 | |
| Interest Expense | −2 | −2 | — | — | — | |
| Other Income (Expense) | 788,000 | −1 | — | — | — | |
| Loss Before Taxes | −72 | −16 | −13 | 7 | −19 | |
| Income Tax Benefit (Provision) | — | — | 132,192 | −208,898 | — | |
| Net Loss | −72 | −16 | −12 | 7 | −19 | |
| Basic (in dollars per share) | −2.12 | −0.54 | −0.55 | 0.34 | −1.27 | |
| Diluted (in dollars per share) | −2.12 | −0.54 | −0.55 | 0.3 | −1.27 | |
| Basic (in shares) | 34 | 30 | 23 | 21 | 15 | |
| Diluted (in shares) | 34 | 30 | 23 | 23 | 15 |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash | 1 | 2 | 8 | 12 | 4 | |
| Accounts Receivable | 5 | 8 | 8 | 8 | 8 | |
| Inventory | 1 | 1 | 1 | 2 | 1 | |
| Prepaids | 607,000 | 640,000 | 757,500 | 1 | 679,122 | |
| Total Current Assets | 8 | 12 | 19 | 23 | 13 | |
| Oil and Natural Gas Properties, Successful Efforts | 148 | 141 | — | — | — | |
| Less: Accumulated Depletion, Amortization and Impairment | −93 | −32 | −23 | −20 | −18 | |
| Total Oil and Gas Properties, Net | 55 | 109 | 71 | 44 | 29 | |
| Other Property and Equipment, Net | 1 | 1 | 2 | 1 | 1 | |
| Total Property and Equipment, Net | 56 | 110 | 72 | 45 | 31 | |
| Other Noncurrent Assets | 1 | 1 | 1 | — | — | |
| Total Assets | 66 | 124 | 93 | 72 | 50 | |
| Accounts Payable | 11 | 10 | 16 | 6 | 4 | |
| Accrued Expenses | 13 | 10 | 7 | 9 | 6 | |
| Current Portion of Lease Liability | 286,000 | 400,000 | — | — | — | |
| Current Portion of Long-Term Debt | 641,000 | 70,000 | 44,225 | — | — | |
| Total Current Liabilities | 24 | 21 | 25 | 18 | 12 | |
| Long-Term Debt | 14 | 11 | — | — | — | |
| Long-Term Note Payable - Related Party, net (Note 7) | 1 | — | — | — | — | |
| Long-Term Lease Liability | 12,000 | 144,000 | — | — | — | |
| Derivative Instruments (Note 7) | 281,000 | — | — | — | — | |
| Asset Retirement Obligations | 30 | 28 | — | — | — | |
| Total Liabilities | 70 | 61 | 58 | 48 | 40 | |
| Commitments and Contingencies (Note 14) | — | — | — | — | — | |
| Series A Preferred Stock - $0.001 Par Value, 10,000,000 Shares Authorized, 6 and 6 Shares Issued and Outstanding, Respectively | — | — | — | — | — | |
| Common Stock - $0.001 Par Value 190,000,000 Shares Authorized, 34,855,815 and 33,667,132 Shares Issued and Outstanding, Respectively | 94,000 | 93,000 | 85,025 | 81,615 | 79,362 | |
| Additional Paid-in-Capital | 148 | 143 | 99 | 75 | 69 | |
| Accumulated Deficit | −153 | −81 | −65 | −52 | −59 | |
| Total Stockholders' Equity (Deficit) | −5 | 63 | 35 | 23 | 10 | |
| Total Liabilities and Stockholders' Equity | 66 | 124 | 93 | 72 | 50 |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Net Loss | −72 | −16 | — | — | — | |
| Stock-Based Compensation | 1 | 2 | 3 | — | — | |
| Amortization of Right-of-Use Assets | 469,000 | 540,000 | — | — | — | |
| Net Settlements on Derivative Instruments | — | 18,000 | −353,695 | −260,266 | — | |
| Loss (Gain) on Financial Derivatives (Note 7) | −581,000 | 998,000 | — | — | — | |
| Amortization of Debt Discount on Convertible Notes | 29,000 | 500,000 | — | — | — | |
| Amortization of Debt Issuance Costs | 113,000 | — | — | — | 14,587 | |
| Loss on Extinguishment of Debt | — | 10,000 | — | — | — | |
| Gain on Sale of Oil and Natural Gas Properties | −168,000 | — | — | — | — | |
| Gain on Sale of Other Fixed Assets | −30,000 | — | — | — | — | |
| Accounts Receivable | 369,000 | −357,000 | −3 | −2 | −6 | |
| Inventory, Oil in Tanks | 43,000 | 129,000 | −160,827 | −802,394 | −506,571 | |
| Prepaids, Current | 574,000 | 608,000 | 745,648 | −369,312 | 95,371 | |
| Accounts Payable | 541,000 | 5 | 751,355 | 526,682 | 2 | |
| Accrued Expenses | 1 | 2 | −3 | 4 | 3 | |
| Other Long-Term Assets and Liabilities | −140,000 | −1 | — | — | — | |
| Net Cash (Used In) Provided By Operating Activities | −4 | 6 | −10 | 18 | 3 | |
| Disposal of Oil and Natural Gas Properties | 600,000 | — | — | — | — | |
| Capital Expenditures - Oil and Natural Gas Properties | −5 | −53 | — | — | — | |
| Disposal of Other Fixed Assets | 51,000 | — | — | — | — | |
| Purchase of Other Fixed Assets | −54,000 | −152,000 | — | — | — | |
| Cash Paid for Right-of-Use Assets | −400,000 | −500,000 | — | — | — | |
| Net Cash Used In Investing Activities | −5 | −54 | −15 | −11 | −25 | |
| Borrowings on Credit Facility | 3 | 7 | — | — | — | |
| Proceeds from Promissory Notes - Related Party (Note 7) | 4 | 5 | — | — | — | |
| Payments on Promissory Note - Related Party (Note 7) | −2 | — | — | — | — | |
| Principal Payments of Debt | −639,000 | −592,000 | −6 | −2 | −6 | |
| Proceeds from Rights Offering, net of transaction costs (Note 9) | 2 | 30 | — | — | — | |
| Proceeds from Stock Issuance and Warrant Exercises | 778,000 | 629,000 | — | — | — | |
| Net Cash Provided By Financing Activities | 7 | 42 | 21 | 2 | 25 | |
| Net Change in Cash | −1 | −6 | — | 8 | 3 | |
| Cash Paid for Interest | 1 | 894,000 | — | — | — |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is EMPIRE PETROLEUM CORP's CIK number?
EMPIRE PETROLEUM CORP's SEC CIK number is 0000887396 (887396). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find EMPIRE PETROLEUM CORP's SEC filings?
All of EMPIRE PETROLEUM CORP's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did EMPIRE PETROLEUM CORP last report earnings?
EMPIRE PETROLEUM CORP (EP) most recently filed an earnings 8-K with the SEC on May 15, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001072613-26-000451). This is EMPIRE PETROLEUM CORP's most recent earnings filing of record — not a forecast of its next earnings date.
What is EMPIRE PETROLEUM CORP's most recent earnings 8-K?
EMPIRE PETROLEUM CORP's latest earnings 8-K (Item 2.02) was filed May 15, 2026 under accession 0001072613-26-000451. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View EMPIRE PETROLEUM CORP's latest earnings 8-K →
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