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Empire Petroleum Corporation (EP-8.39%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Empire's financial performance, including total revenues of $43,991,830 for 2024, an increase from $40,071,504 in 2023. The increase is attributed to higher oil production volumes, particularly from new wells in North Dakota.
Empire reported a net loss of $16,197,989 for 2024, compared to a net loss of $12,469,605 in the previous year. The loss is primarily due to increased costs associated with drilling and development activities.
The company's operating expenses included lease operating expenses of $27,545,028, a slight decrease from $28,625,481 in 2023, due to reduced workover activities.
Empire's capital expenditures for 2024 totaled approximately $46,288,642, primarily related to its Starbuck Drilling Program in North Dakota.
The company reported total proved developed reserves of 9,227 MBoe at the end of 2024, an increase from 9,112 MBoe at the end of 2023.
Empire's liquidity position includes a revolving credit facility with Equity Bank, with $8.7 million available as of December 31, 2024. The company raised approximately $30.5 million through rights offerings in 2024 to support its capital projects.
The filing highlights Empire's dependence on its two largest stockholders, Phil Mulacek and Energy Evolution, for financial support to meet its obligations over the next 12 months.
Empire's operations are concentrated in New Mexico, North Dakota, Montana, Texas, and Louisiana, with 78% of its 2024 revenues from four customers.
The company continues to focus on optimizing well production and reducing operating costs, targeting acquisitions in fields with low production decline rates.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Empire Petroleum Corporation annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.