Empire Petroleum Corporation (EP)

Empire Petroleum Corp.'s stock price has experienced a significant decline in the past six months. As of November 19, 2025, the share price was $3.03, representing a 43.36% decrease from $5.35 on November 20, 2024, with a 52-week range between $2.78 and $8.12. Key events impacting the stock include earnings reports, operational and financial challenges, and strategic growth initiatives. The company's Q3 2025 revenue was $9.39 billion, down from $11.38 billion in the prior year. The company faced a challenging 2023 with decreased production, lower realized prices, and a significant net loss. In November 2024, Empire Petroleum increased its Revolver Loan Facility with Equity Bank to $20 million to support strategic growth initiatives. The company secured a unanimous victory from the New Mexico Oil Conservation Commission to advance CO2 development and protect its Eunice Monument South Unit (EMSU) assets. Empire Petroleum announced the full subscription of a rights offering in August 2025, which generated approximately $2.5 million in gross proceeds.

The demand for oil and natural gas products is subject to predictable seasonal shifts. During winter, there is typically a surge in demand for heating oil and natural gas due to colder temperatures. In summer, gasoline demand generally rises as people travel more during the summer driving season. During spring, crude inventories may increase as refineries prepare for the summer driving season. In the fall, inventories for crude oil typically build up as refineries undergo maintenance. These seasonal demand shifts can cause temporary supply and demand imbalances, influencing prices.

Empire Petroleum Corp. is an independent oil and gas company focused on optimizing and developing oil and natural gas interests within the United States. The company operates in the Energy sector, specifically in the Oil & Gas Exploration & Production industry, and its major products include crude oil, natural gas, and natural gas liquids (NGLs). Empire Petroleum aims to mitigate risks by focusing on proved developed producing (PDP) assets and emphasizes economical well rehabilitation, stimulation, field maintenance, and management to generate low-risk cash flows.

Empire Petroleum Corp. has producing assets across several U.S. states, including New Mexico, North Dakota, Montana, Texas, and Louisiana. In New Mexico, assets are primarily located in Lea County, consisting of approximately 48,000 gross acres with around 714 gross producing and injection wells. In North Dakota and Montana, the company operates approximately 232 gross injection wells. In Texas, Empire owns over 119 gross wells and approximately 43,000 gross acres, along with 77 miles of gathering lines and pipelines. The company also holds assets in Louisiana.

Empire Petroleum Corp.'s reputation has been influenced by its operational performance and strategic advancements, despite facing financial headwinds. The company's commitment to optimizing and developing oil and gas interests in the U.S. and its focus on economical well rehabilitation and field management contribute to its industry standing. The unanimous victory from the New Mexico Oil Conservation Commission to advance CO2 development and protect its EMSU assets is a positive development. While the company reported a significant net loss and decreased revenue in 2023, management has expressed commitment to executing a targeted plan for developing its asset base and anticipates 2024 to be a "real turning point."

Empire Petroleum has a diverse ownership structure, with institutional shareholders owning approximately 9.26% of the company, insiders holding around 67.05%, and retail investors owning approximately 23.69%. Some of the largest institutional owners include BlackRock, Inc., Vanguard Group Inc, Geode Capital Management, Llc, and State Street Corp. Energy Evolution Master Fund Ltd is the largest individual shareholder, owning 10.73 million shares, representing 30.79% of the company. Other notable insider owners include Phil E. Mulacek and Tony Kamin.