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EON Resources Inc.
EONRCIK 0001842556NYSEEmerging GrowthCrude Petroleum & Natural GasDelawareFY ends Dec 31
Period
FY 2024
Revenue
$19.42M
Net Income
$-8.13M
Total Assets
$102.71M
Equity
$3.84M
Shares Out
49.97M
Op. Cash Flow
$3.70M
Business
EON Resources Inc. is an independent oil and gas exploration and production company that acquired Pogo Resources and operates producing working interests through its OpCo and subsidiaries. It produces and develops crude oil and natural gas and manages associated royalty and overriding royalty interests, waterflood and well work-over programs, and related field operations. Its key business organization includes OpCo (HNRA Upstream), Pogo Resources (operated through LH Operating, LLC), HNRA Royalties and related SPAC subsidiaries. EON’s activities are concentrated in the Permian Basin’s Northwest Shelf (Eddy County, New Mexico) and marketed through customary oil and gas midstream and sales channels in North America.
Summary from filing dated 2025-04-16
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2024 2024-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|
| Gain (loss) on derivative instruments, net | −850,374 | −5 | — | |
| Other revenue | 487,109 | 255,952 | — | |
| Total revenues | 19 | 35 | — | |
| Production taxes, transportation and processing | 2 | 3 | — | |
| Lease operating | 9 | 8 | — | |
| Depletion, depreciation and amortization | 2 | 2 | — | |
| Accretion of asset retirement obligations | 144,988 | — | — | |
| General and administrative | 10 | 3 | — | |
| Acquisition costs | — | — | — | |
| Total expenses | 23 | 18 | — | |
| Operating income (loss) | −4 | 17 | −13,782 | |
| Change in fair value of warrant liability | −804,004 | — | — | |
| Change in fair value of convertible note liability | −192,744 | — | — | |
| Change in fair value of FPA liability | 561,099 | — | — | |
| Amortization of debt discount | −2 | — | — | |
| Interest expense | −8 | — | — | |
| Interest income | 58,793 | — | — | |
| Gain on extinguishment of liabilities | 2 | — | — | |
| Loss on sale of assets | — | — | — | |
| Other Income (expense) | 36,989 | 13,238 | — | |
| Total other income (expenses) | −9 | 937,178 | — | |
| Loss before income taxes | −13 | 18 | — | |
| Income tax provision (benefit) | 3 | — | — | |
| Net income (loss) | −9 | 18 | — | |
| Net income (loss) attributable to noncontrolling interests | — | — | — | |
| Net income (loss) attributable to HNR Acquisition Corp. | −9 | 18 | −13,782 | |
| Weighted average share outstanding, common stock - basic (in Shares) | 6 | — | — | |
| Weighted average share outstanding, common stock - diluted (in Shares) | 6 | — | — | |
| Net income (loss) per share of common stock basic (in Dollars per share) | −1.4 | — | — | |
| Net income (loss) per share of common stock diluted (in Dollars per share) | −1.4 | — | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2023 2023-10-31 | FY 2022 2022-12-31 | FY 2022 2022-04-30 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 3 | 4 | 3 | — | — | |
| Accounts receivable | — | — | — | — | — | |
| Crude Oil and natural gas sales | 2 | 2 | — | 3 | — | |
| Other | 4,418 | 90,163 | — | 201,669 | — | |
| Short-term derivative instrument asset | 106,397 | 391,488 | — | — | — | |
| Prepaid expenses and other current assets | 298,886 | 722,002 | — | 395,204 | — | |
| Total current assets | 5 | 7 | — | 5 | — | |
| Proved Properties | 100 | 94 | — | 65 | — | |
| Accumulated depreciation, depletion, amortization and impairment | −3 | −352,127 | — | −10 | — | |
| Total oil and natural gas properties, net | 98 | 94 | — | 55 | — | |
| Other property, plant and equipment, net | 20,000 | — | — | — | — | |
| Long-term derivative instrument asset | — | 76,199 | — | — | — | |
| TOTAL ASSETS | 103 | 101 | — | 65 | — | |
| Accounts payable | 9 | 4 | — | 1 | 900,000 | |
| Accrued liabilities and other | 8 | 4 | — | — | — | |
| Revenue and royalties payable | 3 | 461,773 | — | — | — | |
| Revenue and royalties payable - Related Parties | 132,563 | 2 | — | — | — | |
| Deferred underwriting fee payable | 1 | 1 | — | — | — | |
| Current portion of warrant liability | 6 | — | — | — | — | |
| Current portion of long term debt | 6 | 4 | — | — | — | |
| Forward purchase agreement liability | — | 1 | — | — | — | |
| Total current liabilities | 36 | 20 | — | 4 | — | |
| Long-term debt, net of current portion and discount | 33 | 37 | — | 27 | — | |
| Warrant liability | — | 5 | — | — | — | |
| Convertible note liability | 891,364 | — | — | — | — | |
| Deferred tax liability | 3 | 6 | — | — | — | |
| Asset retirement obligations | 1 | 904,297 | — | 4 | — | |
| Other liabilities | 675,000 | 675,000 | — | — | — | |
| Total for non-current liabilities | 39 | 50 | — | 32 | — | |
| Total liabilities | 75 | 70 | — | 36 | — | |
| Commitments and Contingencies | — | — | — | — | — | |
| Preferred stock, $0.0001 par value; 1,000,000 authorized shares, 0 shares issued and outstanding at December 31, 2024 and 2023, respectively | — | — | — | — | — | |
| Additional paid in capital | 31 | 16 | — | — | — | |
| Accumulated deficit | −28 | −19 | — | — | — | |
| Total stockholders equity (deficit) attributable to HNR Acquisition Corp | 3 | −3 | — | 29 | — | |
| Noncontrolling interest | 25 | 33 | — | — | — | |
| Total stockholders equity | 28 | 31 | −20 | 29 | — | |
| Total liabilities and stockholders equity | 103 | 101 | — | 65 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2024 2024-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|
| Accretion of asset retirement obligations | 144,988 | — | — | |
| Equity-based compensation | 3 | 6,394 | — | |
| Deferred income tax benefit | −3 | — | — | |
| Amortization of operating lease right-of-use assets | — | — | — | |
| Amortization of debt issuance costs | 2 | 3,676 | — | |
| Change in fair value of unsettled derivatives | 361,290 | −2 | — | |
| Change in fair value of convertible note liability | 192,744 | — | — | |
| Change in fair value of forward purchase agreement | −561,099 | — | — | |
| Change in other property, plant, and equipment, net | — | — | — | |
| Accounts receivable | 411,240 | −243,940 | — | |
| Prepaid expenses and other assets | 423,116 | −132,809 | — | |
| Related party note receivable interest income | — | — | — | |
| Accounts payable | 3 | — | — | |
| Accounts payable related parties | −316,651 | — | — | |
| Accrued liabilities and other | 3 | — | — | |
| Royalties payable | 3 | 10,248 | — | |
| Royalties payable, related party | 109,425 | −2 | — | |
| Net cash provided by operating activities | 4 | 19 | −86,707 | |
| Development of crude oil and gas properties | −4 | −17 | — | |
| Purchases of other equipment | −20,000 | — | — | |
| Acquisition of business, net of cash acquired | — | — | — | |
| Trust Account withdrawals | — | — | — | |
| Issuance of related party note receivable | — | −4 | — | |
| Net cash provided by (used in) investing activities | −4 | −21 | — | |
| Proceeds from issuance of long-term debt | — | 8 | — | |
| Payment of debt issuance costs | — | −3 | — | |
| Repayments of long-term debt | −4 | — | — | |
| Proceeds of short-term notes payable | 1 | — | — | |
| Repayment of short-term notes payable | −989,018 | — | — | |
| Proceeds from related party notes payable | 450,000 | 100,000 | 63,200 | |
| Repayment of related party notes payable | −62,750 | — | — | |
| Proceeds from sale of common stock | 3 | — | 100,000 | |
| Redemptions of common stock | — | — | — | |
| Net cash used in financing activities | −659,520 | 3 | 100,450 | |
| Net change in cash and cash equivalents | −533,896 | — | — | |
| Interest on debt | 6 | — | — | |
| Income taxes | — | 847,968 | — | |
| Amounts included in the measurement of operating lease liabilities | — | 151,655 | — | |
| Operating lease assets obtained in exchange for operating lease obligations | — | 46,528 | — | |
| Accrued purchases of property and equipment at period end | 3 | 663,954 | — |
Filings
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