EPNYSECrude Petroleum & Natural GasUS GAAP · USD

Empire Petroleum Corporation

Empire Petroleum Corp is an independent U.S. oil and gas producer focused on unlocking value from developed assets and mature fields. The company operates through wholly owned subsidiaries in New Mexico, North Dakota, Texas, and Louisiana, with a strategy centered on optimizing existing wells, reducing operating costs, and selectively acquiring proved developed producing properties.

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Revenue34.2m USD
−21.6 %y/y
Operating profit (EBIT)-71.3m USD
−421.9 %y/y
EBIT margin-208.5%
−177.2 ppy/y
Net income-72.1m USD
−345.0 %y/y
Free cash flow-4.0m USD
−198.6 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-75-50-250255075m USD2020: 7.7 m USD2020: EBIT -18 m USD20202021: 28 m USD2021: EBIT -0.47 m USD20212022: 53 m USD2022: EBIT 8.8 m USD20222023: 40 m USD2023: EBIT -12 m USD20232024: 44 m USD2024: EBIT -14 m USD20242025: 34 m USD2025: EBIT -71 m USD202534-71
RevenueOperating profit (EBIT)
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Business

Share of revenue
Oil production75 %

Crude oil produced from Empire's mature onshore fields in the U.S.

Natural gas production10 %

Associated and produced natural gas sold to marketers under purchase contracts.

Natural gas liquids10 %

NGL volumes produced alongside oil and gas and sold at market-based pricing.

Field optimization services5 %

Workovers, recompletions, and production optimization aimed at improving well output.

Products

Reported · share of revenue
92.5%FY2025100 %
  • Crude Oil92.5 %
  • Natural Gas Liquids Reserves4.7 %
  • Natural Gas Reserves2.6 %
  • Other0.1 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Empire sells its oil, natural gas, and NGL production primarily to marketers, rather than directly to end consumers. Revenue is concentrated among a small number of purchasers, which makes counterparty continuity and local takeaway access important to cash flow stability.

Oil and gas marketers

Buy Empire's crude oil, natural gas, and NGL production for aggregation, transport, and resale.

Concentrated purchaser base

A few buyers account for most revenue, so Empire depends on continued relationships and credit performance.

Property sellers and acquisition counterparties

Owners of proved developed producing assets and mature fields that Empire targets for acquisition.

Strategy

Empire's strategy is to grow reserves and cash flow by optimizing existing wells, lowering unit operating costs, and selectively acquiring long-life producing assets. Management is also focused on funding drilling and return-to-production projects in core areas while preserving liquidity through a mix of operating cash flow, debt, and equity financing.

Optimize existing well productionShort term

Improves output and margins from the current asset base without relying only on new acreage.

Lower unit operating costsShort term

Cost discipline is critical because commodity prices and production volumes are volatile.

Acquire proved developed producing assetsMedium term

Adds reserves and cash flow in predictable fields with lower decline profiles.

Geography

Empire's producing properties and proved reserves are concentrated in New Mexico, North Dakota, Montana, Texas, and Louisiana. This footprint gives the company exposure to regional weather, water, transportation, and regulatory constraints, while also allowing it to focus capital on a small set of core basins and fields.

Risks

Empire is exposed to commodity price volatility, production decline, and concentration risk because its assets are mature and geographically clustered. The company also depends on a small number of purchasers and on access to capital, while industry-wide competition for properties, services, and personnel can pressure margins and execution.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Commodity price volatility1Customer concentration2Geographic concentration3Operational decline and reserve replacement4Liquidity and financing dependence5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Commodity price volatilityImpact: HighLikelihood: Medium

    Realized prices for oil, gas, and NGLs directly affect revenue and operating cash flow.

    ExposureOilGasNGL sales
  2. Customer concentrationImpact: HighLikelihood: Medium

    A few purchasers account for most revenue, so losing one could disrupt sales and pricing.

    Exposure: 66% of 2025 revenues from three customers

  3. Geographic concentrationImpact: HighLikelihood: Medium

    Reserves and production are concentrated in a limited set of states, increasing regional disruption risk.

    ExposureNew MexicoNorth DakotaMontanaTexasLouisiana
  4. Operational decline and reserve replacementImpact: HighLikelihood: Medium

    Mature fields naturally decline, so Empire must invest continuously to sustain volumes.

    Exposure: Developed assets and legacy wells

  5. Liquidity and financing dependenceImpact: HighLikelihood: Medium

    Negative working capital and ongoing capital needs may require external funding.

    Exposure: Capital expenditures and acquisitions

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Accounting

Judgemental items
Proved reserve estimates

Reserve assumptions affect depletion expense and the valuation of oil and gas properties.

Impact: Can materially change earnings and asset carrying values

Successful efforts method

Costs are capitalized or expensed based on whether they relate to successful wells and properties.

Impact: Affects operating results and balance sheet asset base

Impairment of oil and gas properties

Lower prices or weaker reserve estimates can trigger write-downs of developed assets.

Impact: Can create large non-cash charges

Embedded derivative and warrants

Fair value remeasurement can introduce earnings volatility and judgment in valuation.

Impact: Impacts other income/expense and equity classification

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Last updated: 24/09/2026

Empire Petroleum Corporation (EP) Revenue, Earnings & Financials 2025 – Clarifo