Empire Petroleum Corporation
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About the company
Empire Petroleum Corporation, an entity established in 1983, primarily focuses on discovering and extracting petroleum and natural gas reserves across several U. S. states, including Louisiana, New Mexico, North Dakota, Montana, and Texas.
- CEO
- Michael R. Morrisett
- IPO
- 1999
- Employees
- 61
- HQ
- Tulsa, OK, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $110.03M
- P/E
- -1.34
- PEG
- 0.00
- P/S
- 3.12
- P/B
- 15.60
- EV/EBITDA
- -2.13
- Div Yield
- 0.00%
- Gross Margin
- 22.60%
- Op Margin
- -39.95%
- Net Margin
- -202.22%
- ROE
- -474.82%
- ROIC
- -25.64%
Latest fiscal year · YoY change
- Revenue
- $34.20M-22.3%
- Gross Profit
- $-6,608,000-290.6%
- Op Income
- $-20,026,000
- Net Income
- $-72,074,000-345.0%
- EPS
- $-2.12-292.6%
- OCF Growth
- -164.1%
- FCF Growth
- +91.6%
- 52W High
- $4.52
- 52W Low
- $2.08
- 50D MA
- $2.68
- 200D MA
- $2.84
- Beta
- 0.30
- RSI (14)
- 59
- Avg Volume
- 39.03K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Empire Petroleum delivered higher quarterly production and revenue, with strong cash growth and ongoing field development offsetting lower realized pricing and one-time charges.· November 15, 2022
- Q3 production rose to 205,380 Boe, up 3% from Q2, driven by New Mexico, Texas and Louisiana assets.
- Revenue was $14.8 million; adjusted net income was $3.7 million and adjusted EBITDA was $4.8 million.
- Cash increased 27% to $15.7 million and debt was reduced to $7.8 million, leaving $16 million of liquidity.
- Starbucks field work advanced with waterflood conformance, six sidetracks, and facility upgrades; management expects further production gains in coming months.
- The company expects to finish the current Starbucks phase in Q4 and permit three Rockies wells plus reenter a Louisiana well.
- results":"Third-quarter 2022 revenue was $14.8 million. Adjusted net income was $3.7 million, or $0.16 per diluted share, and adjusted EBITDA was $4.8 million, or $23.36 per Boe. Net income was $0.2 million, or $0.01 per diluted share, versus $5.5 million, or $0.24 per diluted share, in Q2. Production was 205,380 Boe, or 2,232 Boe/day, up 3% sequentially. Oil pricing averaged $92.22/bbl, gas $6.86/Mcf, and NGLs $0.91/gallon. Operating expenses were $8.5 million, including a $1.4 million non-cash write-off; excluding that, operating expenses were $7.1 million versus $5.5 million in Q2. G&A excluding share-based comp was $2.0 million, or $9.93 per Boe, versus $2.8 million, or $14.32 per Boe, in Q2. Other expense was $1.1 million, including a non-cash $1.4 million settlement related to the New Mexico asset purchase. Cash ended the quarter at $15.7 million, up 27% from June 30; debt was $7.8 million after a $0.4 million paydown, and liquidity was $16 million, up 26% sequentially. For 2022, the company said it spent approximately $500,000 on non-operative drilling development in the first nine months and expects additional capital expenditures in coming quarters. No formal next-quarter or full-year financial guidance was provided, but management said it expects to complete the current Starbucks enhancement phase in Q4, permit three Rockies wells, reenter one Louisiana well, and is aiming for a strong fourth quarter and a standout 2023 if pricing holds up.","ceo":"Tommy Pritchard sounded upbeat and operationally focused. He highlighted the Starbucks field enhancement program as a key value driver, citing waterflood conformance work, six sidetracks with expected production growth, and facility upgrades intended to improve efficiency. He also emphasized the company's strategy of targeting previously developed assets with upside while keeping debt low, and said the initiatives should grow production, operating income and cash flow.","cfo":"Mike Morrisett focused on the sequential financial comparison and balance sheet strength. He noted production growth to more than 205,000 Boe was partially offset by lower realized prices, which contributed to lower adjusted net income and adjusted EBITDA versus Q2. He also cited $8.5 million of operating expenses including a $1.4 million non-cash write-off, G&A of $2.0 million excluding share-based comp, and a $1.1 million other expense driven by a non-cash $1.4 million settlement. On liquidity, he said cash rose to $15.7 million, debt was $7.8 million after a $0.4 million paydown, and liquidity ended at $16 million.","qanda":"There was no analyst Q&A segment in the transcript. The closest forward-looking discussion came from management, which said the fourth quarter should include completion of the Starbucks field enhancement phase, permitting three Rockies wells, and reentering a Louisiana well. Management framed 2023 as potentially a standout year if the solid pricing environment continues, but no outside concerns or questions were raised on the call.","bull":"The call showed improving operating momentum, with production up sequentially and management reporting successful workovers, sidetracks, and facility upgrades at Starbucks. Cash and liquidity improved meaningfully while debt remained low, and management believes the asset base has substantial upside from ongoing field enhancement and targeted development.","bear":"Results were pressured by lower realized pricing and one-time items, which drove lower adjusted net income and EBITDA versus Q2. Operations also required temporary production shut-ins in parts of the Rockies during field enhancement work, and management did not provide formal financial guidance or specific production targets for the next quarter or full year."}]}```json
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 67.6%
- Shares Outstanding
- 39.79M
- Float Shares
- 26.88M
of shares held by institutions
46 13F filers
Buy/sell ratio 0.33. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Vanguard Group Inc | 766.28K | ▼ 67.89K |
| Vanguard Capital Management LLC | 662.55K | ▲ 87.29K |
| Geode Capital Management, LLC | 238.29K | ▼ 189.93K |
| Blackrock, Inc. | 211.83K | ▼ 695.60K |
| Millennium Management LLC | 156.00K | ▲ 156.00K |
| Vanguard Fiduciary Trust Co | 124.68K | ▲ 16.48K |
| Wiley Bros.-Aintree Capital, LLC | 110.86K | 0 |
| Jane Street Group, LLC | 88.77K | ▲ 88.77K |
| Citadel Advisors LLC | 66.30K | ▲ 52.42K |
| Susquehanna International Group, Llp | 64.69K | ▲ 64.69K |
| Wellington Management Group Llp | 62.78K | ▲ 16.77K |
| Wealth Enhancement Advisory Services, LLC | 57.33K | 0 |
Held by 27 ETFs
Biggest fund positions in EP by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Sep 30, 26 | Mulacek Phil E | buy | 11,915 |
| Sep 10, 26 | Mulacek Phil E | other | 0 |
| Sep 11, 26 | Matschke Mason H. | buy | 5,777 |
| Sep 4, 26 | Watson Matthew E. | sell | 1,712 |
| Sep 8, 26 | Watson Matthew E. | sell | 3,288 |
| Jul 2, 26 | Morrisett Michael R. | other | 16,609 |
| Jul 2, 26 | Energy Evolution Master Fund, Ltd. | other | 941,332 |
| Jun 16, 26 | Watson Matthew E. | other | 9,000 |
| Jun 16, 26 | Watson Matthew E. | other | 9,000 |
| Jun 16, 26 | Vann J Kevin | other | 10,000 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our EP coverage
Recent articles, reports, and earnings notes.
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