Welcome to our dedicated page for Empire Petroleum news (Ticker: EP), a resource for investors and traders seeking the latest updates and insights on Empire Petroleum stock.
Empire Petroleum Corporation (NYSE American: EP) is a Tulsa-based oil and gas company with producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana. This news page aggregates press releases and third-party coverage related to Empire’s operations, financial performance, capital structure, and regulatory developments.
Readers following EP news can expect regular updates on quarterly and interim results, including reported production volumes, product revenue, net income or loss metrics, and operating cost trends as disclosed in the company’s press releases and Form 8-K filings. Empire frequently reports on activity in its core areas, such as enhanced oil recovery efforts in North Dakota’s Williston Basin, CO₂ EOR initiatives and regulatory outcomes in New Mexico’s Eunice Monument South Unit, and development preparations in the East Texas Basin.
News items also cover financing and capital initiatives, including amendments to the company’s revolving credit facility with Equity Bank, subscription rights offerings to existing stockholders, and shareholder-linked financing such as convertible promissory notes and warrants. These announcements provide insight into how Empire funds its drilling programs, EOR projects, and working capital needs.
In addition, Empire issues updates on regulatory and legal milestones, such as decisions by the New Mexico Oil Conservation Commission related to the Residual Oil Zone and saltwater disposal wells, which the company views as important to the long-term value and cost structure of its New Mexico assets.
Investors, analysts, and interested observers can use this news feed to monitor Empire’s operational momentum, changes in its capital structure, and management’s commentary on commodity markets and development plans. For a fuller picture, readers often review these news items alongside the company’s SEC filings and official financial statements.
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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.
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