EMPIRE PETROLEUM CORP EP
In this Form 10-K, references to "Empire", the "Company", "we", "our", and "us" refer to Empire Petroleum Corporation and its wholly-owned subsidiaries, unless context indicates otherwise.
Empire Petroleum Corporation is an independent energy company that engages in unlocking value in developed assets. Empire operates primarily from the following wholly-owned subsidiaries in its areas of operations:
Empire was incorporated in the state of Delaware in 1985. The consolidated financial statements of Empire Petroleum Corporation and subsidiaries include the accounts of the Company and its wholly-owned subsidiaries.
Our mission is to increase shareholder value by building oil and natural gas reserves in strategic plays in the United States. To accomplish our mission, we plan to execute the following business strategies:
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $34.2M | $43.6M | $40.1M | $53.2M | $27.5M | $7.7M | $5.9M | $465.5K | $0 | — |
| SG&A | $13.4M | $14.7M | $15.2M | $12.3M | $8.5M | $7.4M | $3.6M | $1.2M | $757.1K | $196.6K |
| Total operating expenses | $105.5M | $57.3M | $51.7M | $44.1M | $27.6M | $25.3M | $12.0M | $1.4M | $757.1K | $378.1K |
| Operating income | -$71.3M | -$13.7M | -$11.6M | $8.8M | -$473.4K | -$17.6M | -$6.2M | -$915.9K | -$757.1K | -$378.1K |
| Interest expense | $1.5M | $1.5M | — | — | — | — | $503.6K | $101.2K | $73.0K | $3.8K |
| Pre-tax income | -$72.1M | -$16.2M | -$12.6M | $7.3M | -$18.6M | — | — | — | — | — |
| Income tax | — | — | $132.2K | $208.9K | — | — | — | — | — | — |
| Net income | -$72.1M | -$16.2M | -$12.5M | $7.1M | -$18.6M | -$16.8M | -$6.7M | -$1.0M | -$830.1K | -$381.9K |
| EPS, basic | -2.12 | -0.54 | -0.55 | 0.34 | -1.27 | — | — | — | — | — |
| EPS, diluted | -2.12 | -0.54 | -0.55 | 0.30 | -1.27 | -2.97 | -0.33 | -0.08 | -0.08 | -0.04 |
| Shares, diluted (wtd. avg.) | $34.1M | $30.1M | $22.7M | $23.4M | $14.6M | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.2M | $2.3M | $7.8M | $11.9M | $3.6M | $157.7K | $0 | $84.6K | $77.8K | $68.7K |
| Receivables | $5.1M | $8.2M | $8.4M | $7.8M | $7.7M | $1.3M | — | $124.6K | $0 | — |
| Inventory | $1.3M | $1.3M | $1.4M | $1.8M | $1.0M | $531.3K | $476.3K | — | — | — |
| Total current assets | $8.2M | $12.4M | $18.7M | $22.7M | $13.1M | $2.2M | $1.7M | $367.5K | $77.8K | $82.7K |
| Property, plant and equipment | $56.3M | $110.1M | $72.4M | $45.3M | $30.7M | $8.2M | $9.3M | $1.6M | — | — |
| Total assets | $65.9M | $123.9M | $92.6M | $71.5M | $50.1M | $11.2M | $11.0M | $2.0M | $377.8K | $382.7K |
| Accounts payable | $10.8M | $10.5M | $16.4M | $5.8M | $4.3M | $1.9M | $1.0M | $320.7K | $65.0K | $22.5K |
| Short-term debt | $641.0K | $70.0K | $44.2K | $2.1M | $6.1M | — | — | — | — | — |
| Total current liabilities | $24.3M | $21.3M | $25.0M | $17.6M | $12.1M | $6.1M | $2.2M | $741.0K | $202.2K | $22.5K |
| Long-term debt | — | $11.3M | $4.6M | — | — | — | $7.7M | $1.2M | — | — |
| Total liabilities | $70.5M | $61.1M | $57.7M | $48.3M | $40.3M | $29.7M | $16.0M | $2.1M | $249.6K | — |
| Retained earnings | -$152.9M | -$80.8M | -$64.6M | -$52.1M | -$59.2M | -$40.6M | -$23.8M | -$17.1M | -$16.1M | -$15.3M |
| Total equity | -$4.6M | $62.8M | $35.0M | $23.2M | $9.8M | -$18.4M | -$4.9M | -$150.2K | $128.2K | $301.4K |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$3.9M | $6.2M | -$9.9M | $18.1M | $3.2M | -$1.7M | -$592.3K | -$564.9K | -$236.0K | -$81.9K |
| Depreciation and amortisation | $10.6M | $9.3M | $3.1M | $1.9M | $2.5M | $3.1M | $3.4M | $15.5K | $0 | — |
| Stock-based compensation | $1.4M | $2.2M | $3.1M | — | — | $1.9M | — | — | — | — |
| Capital expenditure | — | — | — | — | — | — | $14.5K | — | — | — |
| Investing cash flow | -$4.6M | -$53.9M | -$14.8M | -$11.4M | -$24.7M | $856.3K | -$6.2M | -$916.6K | — | — |
| Financing cash flow | $7.5M | $42.2M | $20.5M | $1.7M | $25.0M | $1.0M | $6.7M | $1.5M | $245.0K | $132.5K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-027675.
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