Welcome to our dedicated page for Empire Petroleum Corporation news (Ticker: EP), a resource for investors and traders seeking the latest updates and insights on Empire Petroleum Corporation stock.
Empire Petroleum Corporation (symbol: EP) is a prominent player in the conventional oil and natural gas industry, primarily focused on onshore operations within the United States. The company boasts a portfolio of long-life, mature, and producing assets characterized by slow decline profiles. These assets are strategically located in the Permian Basin, Bakken region, and central Gulf Coast region, spanning the states of New Mexico, North Dakota, Montana, Louisiana, and Texas.
Empire Petroleum's operational strategy emphasizes economic well rehabilitation, stimulation, field maintenance, and meticulous management to ensure low-risk cash flows that foster both stability and growth for shareholders. The company's assets include both operated and non-operated wells, distributed across Lea County in New Mexico; Bottineau, Renville, Burke, and McKenzie Counties in North Dakota; Richland County in Montana; St. Landry and Beauregard Parishes in Louisiana; and Houston, Leon, and Madison Counties in Texas.
In its quest to optimize financial performance and safeguard against market volatility, Empire Petroleum employs a robust multi-year hedging program to secure favorable pricing. This strategic approach not only stabilizes revenue streams but also enhances the company's ability to navigate the cyclical nature of the energy market.
Recently, Empire Petroleum has made significant strides in enhancing its operational efficiencies and expanding its production capabilities. The company's commitment to leveraging technological advancements and industry best practices has positioned it as a reliable and efficient oil and gas producer.
For investors and stakeholders seeking the latest updates and comprehensive information on Empire Petroleum Corporation, keeping abreast of news and developments is essential. The company's focus on maintaining a strong financial position, coupled with its strategic operational initiatives, makes it a noteworthy entity in the energy sector.
Empire Petroleum reported a 46% increase in net sales volumes for 2022, reaching 2,163 barrels of oil equivalent per day. Revenue surged 95% to $52.9 million, with a net income of $7.1 million.
The company grew year-end proved reserves by 27% to 13.2 million barrels, and adjusted EBITDA rose 231% to $19.1 million. In Q4, however, Empire faced challenges with a net loss of $2.3 million despite positive trends throughout the year.
Management highlights a strong position for 2023, emphasizing strategic investments in high-return projects in North Dakota.
Empire Petroleum (NYSE American: EP) reported Q3 2022 operational results, with sales volumes increasing 3% to 2,232 Boe/d. Revenue was $14.8 million, net income at $0.2 million, and Adjusted Net Income at $3.7 million, down from previous quarters. Adjusted EBITDA decreased to $4.8 million. Despite lower realized prices, liquidity increased by 25% to $16.0 million, and debt was reduced by $0.4 million. Progress on the Starbuck Field Enhancement Program is notable, with significant production and reserve improvements anticipated by year-end.
Empire Petroleum (NYSE American: EP) will release its Q3 2022 financial results after market close on November 14, 2022. An investor conference call will follow on November 15, 2022, at 12:00 p.m. Eastern, hosted by CEO Tommy Pritchard and President Mike Morrisett. Participants can join via phone at 1-877-270-2148 or through a webcast. The replay will be accessible until November 15, 2023 on their website.
Empire Petroleum (NYSE American: EP) has appointed J. Kevin Vann as Vice President of Finance and Strategic Planning. Vann brings over 25 years of experience in the energy sector, previously serving as CFO at WPX Energy, which merged with Devon Energy (NYSE: DVN) in January 2021. His expertise will enhance Empire’s financial planning, capital market initiatives, and strategic oversight. CEO Tommy Pritchard highlighted Vann's strong background in capital allocation and corporate activities, positioning Empire for growth, with a focus on strategic and operational excellence.
Empire Petroleum (NYSE American: EP) reported robust financial results for Q2 2022, achieving $16.5 million in revenue, a significant increase from $4.9 million in Q2 2021. The company also posted a net income of $5.5 million, reversing a net loss of $5.3 million year-over-year. This growth was driven by a 300% rise in production, averaging 195,000 BOE daily, and favorable oil prices averaging $109/barrel. Empire closed an acquisition of North Dakota assets and launched a $10 million enhancement program to boost production.
Empire Petroleum Corporation will hold a quarterly conference call on August 16, 2022, at 11:00am ET to discuss its second quarter 2022 financial results. The results will be announced before the market opens that day. Participants can join the call by calling 1 (877) 270-2148 or via a webcast available on the Company's website. A replay will be accessible until August 23, 2022.
Empire focuses on optimizing its existing assets and pursuing targeted acquisitions across Texas, Louisiana, North Dakota, Montana, and New Mexico.
Empire Petroleum Corporation (NYSE American: EP) will join the Russell 3000 Index on June 27, 2022, enhancing its visibility to investors. This reconstitution includes the top 4,000 U.S. stocks by market capitalization, with $12 trillion in assets benchmarked against these indexes. CEO Tommy Pritchard expressed enthusiasm for increased exposure following a strong first quarter and the company's recent up-listing. Membership in the Russell 3000 also provides automatic inclusion in the Russell 1000 or 2000 and related style indexes.
Empire Petroleum (NYSE American: EP) reported a strong first quarter of 2022, with revenue from oil and gas sales reaching $13.1 million, up from $2.4 million in Q1 2021. The company achieved a net income of $3.6 million, reversing a net loss of $997,180 year-over-year. This growth was driven by strategic acquisitions, enhanced production from existing wells, and favorable pricing, with average oil prices at $91.25/barrel. Recent acquisitions are projected to provide immediate cash flow with minimal overhead, positioning Empire for continued growth.
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