| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 9.51 | 86.5% | 8.7% |
| Total Income | 9.51 | 86.5% | 8.7% |
| Expenditure | 11.05 | 3.5% | 19.1% |
| PBT | -1.86 | 72.0% | 63.2% |
| Net Profit | -1.86 | 72.0% | 63.2% |
| OPM | -16.22% | 39.79pp | |
| NPM | -19.55% | 38.21pp | |
| EPS | -0.05 | 72.2% | 66.7% |
Empire Petroleum Reports Q2 2026 Financial Results and Operational Update
18 Aug 2026 · 18 Aug, 1:44 am
Summary
Empire Petroleum Corporation announced its financial results for the second quarter of 2026, reporting total product revenue of $11.1 million and a net loss of $1.9 million, or ($0.05) per diluted share. The company saw an improvement in Adjusted EBITDA, reaching $0.4 million for the quarter compared to ($1.2) million in the prior year's second quarter. Operational highlights include the expansion of drilling activity in Texas with the arrival of a new rig, progress on thermal recovery operations in North Dakota, and advancements in a Louisiana development program. Management expressed confidence in the long-term need for dependable domestic energy and the company's strategy to benefit from stronger market prices.
Key Highlights
- 1
Empire Petroleum reported total product revenue of $11.1 million for Q2 2026.
- 2
The company reported a net loss of $1.9 million, or ($0.05) per diluted share, for Q2 2026.
- 3
Adjusted EBITDA for Q2 2026 was $0.4 million, an improvement compared to ($1.2) million in Q2 2025.
- 4
Net production volumes for Q2 2026 were 1,825 barrels of oil equivalent per day.
- 5
Empire's Texas development and drilling activity expanded with the arrival of the first drilling rig in June 2026, marking a significant operational milestone.
- 6
The company progressed its second-generation thermal recovery operations in North Dakota with the completion of a major retrofit milestone.
- 7
Empire advanced its participation in a Louisiana oil and natural gas development program through amended terms for a 25% working interest.
Management Comments
Phil Mulacek
Energy markets remain defined by persistent demand for reliable natural gas supply and by the growing importance of assets capable of delivering scalable, repeatable development. In Texas, our team pushed the technical and mechanical achievements to a new record of 21,006 feet with modern well logs and sidewall cores. We are now holding a solid record as a microcap energy company with drilling, motors, hole-openers, logs, and sidewall cores in temperatures of 434 degrees Fahrenheit. With the pre-investment in gas compression capacity to support higher sustained production volumes, we can begin the completion of the new deeper wells. We remain focused on disciplined execution and on positioning each asset to benefit from stronger market prices and forward development conditions. I am confident that the long-term need for dependable domestic energy will continue to support value creation for Empire and our shareholders.
Mike Morrisett
Empire’s focus in the second quarter was about converting ongoing project work into measurable operational progress and turning the corner financially. In Texas, additional wells were brought online and system upgrades continued to improve deliverability, supporting steady increases in oil and gas volumes as the program grows. In North Dakota, we advanced a key retrofit under our second-generation thermal recovery program and continued targeted well work that positions the field for additional oil production as thermal operations progress. Our recent acquisitions provide us with the ability to access acreage that was previously off-limits, creating new opportunities for development. In Louisiana, drilling and logging across the three-well program confirmed substantial sand development and reinforced the scale of the resource, giving us a clearer view of the field’s potential as we prepare for completions and revenue later this year. Each asset is moving forward in sequence, and the recent work our team has completed strengthens our operating foundation as we prepare for the next phases of development.
Informational and educational content only. Not investment advice.