| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 5.10 | 43.3% |
| Total Income | 5.10 | 43.3% |
| Expenditure | 10.68 | 17.6% |
| PBT | -6.64 | 57.4% |
| Net Profit | -6.64 | 57.4% |
| OPM | — | |
| NPM | — | |
| EPS | -0.18 | 50.0% |
Empire Petroleum Reports Q1 2026 Financial Results
16 May 2026 · 16 May, 1:47 am
Summary
Empire Petroleum Corporation announced its financial results for the first quarter of 2026. The company reported net production volumes of 1,880 barrels of oil equivalent per day and total product revenue of $7.7 million. The net loss for the quarter was $6.6 million, or ($0.18) per diluted share, with an adjusted EBITDA of ($0.7) million. The company completed a subscription rights offering in March 2026, generating approximately $10.0 million in gross proceeds. Management is focused on infrastructure readiness and application of thermal recovery technology.
Key Highlights
- 1
Empire Petroleum reported Q1-2026 net production volumes of 1,880 barrels of oil equivalent per day.
- 2
The company's Q1-2026 total product revenue was $7.7 million.
- 3
Empire's net loss for Q1-2026 was $6.6 million, or ($0.18) per diluted share.
- 4
Adjusted EBITDA for Q1-2026 was ($0.7) million, compared to ($0.6) million in Q1-2025.
- 5
In March 2026, Empire completed a subscription rights offering that generated approximately $10.0 million in gross proceeds.
- 6
Texas natural gas operations began contributing production during the quarter, with aggregate field volumes reflecting early output as wells returned to service.
- 7
During Q1-2026, the Company entered into and settled a $3.0 million convertible note held by Phil Mulacek.
Management Comments
Phil Mulacek
Global energy markets continue to be shaped by tight supply responses, growing demand for dependable gas supply, and the increasing value of assets with repeatable development potential. In Texas, our efforts have focused on infrastructure readiness, where we increased field compression over 500%, allowing for selective in-field development. The increase in compression de-bottlenecked the choke points in our production capacity and advanced our Texas development to take advantage of the higher oil prices and be ready for stronger gas sales. We’re making steady progress across existing zones, and we believe we are getting closer to key evaluation points in deeper production intervals, including portions of the consolidated Cotton Valley-Bossier and Western Haynesville intervals. In North Dakota, continued application of our thermal recovery technology is improving our understanding of how heat can be applied more effectively across the asset, and we are re-working wells to increase oil production. Field results across Empire’s portfolio are helping to inform how we approach the opportunities over time, guided by geologic, operational, and vastly stronger market factors.”
Mike Morrisett
The first quarter was about moving work forward across our portfolio and carrying that momentum into initial production contributions in Texas, supported by improved infrastructure and system capacity, while also taking steps to strengthen Empire’s financial and operational position and flexibility. In Louisiana, our election to participate across the three-well program expands our exposure while allowing us to assess field-level performance and inform future development decisions. Across all assets, we’re working through projects in sequence by restoring oil production, improving reliability, and building operating history that supports growing cash flow contribution over time.”
Informational and educational content only. Not investment advice.