Empire Petroleum Corporation (EP) Financial Statements (2025 and earlier)
Company Profile
| Business Address |
2200 S. UTICA PLACE TULSA, OK 74114 |
| State of Incorp. | DE |
| Fiscal Year End | December 31 |
| Industry (SIC) | 1311 - Crude Petroleum and Natural Gas (benchmarking) |
| More info | Complete Financial Analysis Financial Benchmarking |
Balance Sheet (Statement of Financial Position) ($ in thousands)
| 12/31/2024 | 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | |||
|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||
| Current Assets | |||||||||
| Cash, cash equivalents, and short-term investments | 7,793 | 11,944 | 3,612 | 158 | 85 | ||||
| Cash and cash equivalent | 7,793 | 11,944 | 3,612 | 158 | 85 | ||||
| Receivables | 8,355 | 7,780 | 7,734 | 1,252 | 983 | 125 | |||
| Inventory, net of allowances, customer advances and progress billings | 1,433 | 1,840 | 1,038 | 531 | 476 | ||||
| Inventory | 1,433 | 1,840 | 1,038 | 531 | 476 | ||||
| Prepaid expense | 758 | 1,048 | 679 | 282 | 248 | 45 | |||
| Derivative instruments and hedges, assets | 407 | 122 | 55 | ||||||
| Other undisclosed current assets | 113 | ||||||||
| Total current assets: | 18,745 | 22,735 | 13,118 | 2,223 | 1,707 | 368 | |||
| Noncurrent Assets | |||||||||
| Operating lease, right-of-use asset | 1,077 | 979 | 779 | ✕ | |||||
| Property, plant and equipment | 72,396 | 45,311 | 30,677 | 8,225 | 9,308 | (19) | |||
| Oil and gas, successful efforts method, property and equipment, after accumulated depreciation, depletion, amortization, and impairment | 9,295 | 1,630 | |||||||
| Other noncurrent assets | |||||||||
| Other undisclosed noncurrent assets | 397 | 2,520 | 5,515 | 802 | (9,295) | 19 | |||
| Total noncurrent assets: | 73,871 | 48,810 | 36,972 | 9,027 | 9,308 | 1,630 | |||
| TOTAL ASSETS: | 92,616 | 71,545 | 50,090 | 11,250 | 11,015 | 1,997 | |||
| LIABILITIES AND EQUITY | |||||||||
| Liabilities | |||||||||
| Current Liabilities | |||||||||
| Accounts payable and accrued liabilities | 23,513 | 15,304 | 10,174 | 4,636 | 2,130 | 462 | |||
| Accounts payable | 16,437 | 5,843 | 4,330 | 1,938 | 1,026 | 321 | |||
| Accrued liabilities | 7,075 | 9,461 | 5,844 | 2,698 | 1,104 | 141 | |||
| Debt | 257 | 180 | 1,302 | 97 | 279 | ||||
| Asset retirement obligation | 5,480 | ||||||||
| Other undisclosed current liabilities | 1,537 | 2,059 | 1,701 | 136 | (5,468) | ||||
| Total current liabilities: | 25,050 | 17,621 | 12,054 | 6,073 | 2,238 | 741 | |||
| Noncurrent Liabilities | |||||||||
| Long-term debt and lease obligation, including: | 1,060 | 548 | 646 | 534 | 7,715 | ||||
| Long-term debt, excluding current maturities | 1,060 | 1,077 | 6,914 | 7,720 | 7,715 | ||||
| Other undisclosed long-term debt and lease obligation | (529) | (6,268) | (7,186) | ||||||
| Liabilities, other than long-term debt, including: | 544 | 548 | 231 | ||||||
| Asset retirement obligations | 231 | ||||||||
| Operating lease, liability | 544 | ✕ | |||||||
| Other undisclosed liabilities, other than long-term debt | 548 | ||||||||
| Other undisclosed noncurrent liabilities | 31,005 | 29,593 | 27,555 | 23,084 | 6,000 | 1,176 | |||
| Total noncurrent liabilities: | 32,610 | 30,689 | 28,201 | 23,618 | 13,715 | 1,406 | |||
| Total liabilities: | 57,659 | 48,309 | 40,255 | 29,691 | 15,953 | 2,147 | |||
| Equity | |||||||||
| Equity, attributable to parent, including: | 34,956 | 23,236 | 9,834 | (18,441) | (4,939) | (150) | |||
| Common stock | 85 | 82 | 79 | 25 | 20 | 17 | |||
| Additional paid in capital | 99,490 | 75,303 | 69,988 | 22,152 | 18,824 | 16,961 | |||
| Accumulated deficit | (64,619) | (52,149) | (59,233) | (40,618) | (23,783) | (17,128) | |||
| Warrants and rights outstanding | 18,346 | ||||||||
| Other undisclosed equity, attributable to parent | (1,000) | (18,346) | |||||||
| Total equity: | 34,956 | 23,236 | 9,834 | (18,441) | (4,939) | (150) | |||
| TOTAL LIABILITIES AND EQUITY: | 92,616 | 71,545 | 50,090 | 11,250 | 11,015 | 1,997 | |||
Income Statement (P&L) ($ in thousands)
| 12/31/2024 | 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | ||
|---|---|---|---|---|---|---|---|---|
| Revenues | 40,076 | 52,887 | 27,904 | 7,728 | 5,859 | 465 | ||
| Gain (loss) on disposition of assets for financial service operations | (66) | (388) | (586) | 1,269 | 34 | 118 | ||
| Cost of revenue (Cost of Product and Service Sold) | ||||||||
| Gross profit: | 40,076 | 52,887 | 27,904 | 7,728 | 5,859 | 465 | ||
| Operating expenses | (51,701) | (44,103) | (28,377) | (25,311) | (12,010) | (1,381) | ||
| Other undisclosed operating income | ||||||||
| Operating income (loss): | (11,625) | 8,784 | (473) | (17,583) | (6,151) | (916) | ||
| Nonoperating expense | (1,000) | (510) | (8,601) | (521) | ||||
| Interest and debt expense | (58) | 504 | (101) | |||||
| Income (loss) from continuing operations before equity method investments, income taxes: | (12,626) | 8,275 | (9,074) | (18,163) | (5,647) | (1,017) | ||
| Other undisclosed income (loss) from continuing operations before income taxes | 24 | (982) | ||||||
| Income (loss) from continuing operations before income taxes: | (12,602) | 7,293 | (9,074) | (18,163) | (5,647) | (1,017) | ||
| Income tax expense (benefit) | 132 | (209) | 380 | |||||
| Income (loss) from continuing operations: | (12,470) | 7,084 | (9,074) | (18,163) | (5,267) | (1,017) | ||
| Loss before gain (loss) on sale of properties: | ✕ | ✕ | ✕ | (9,074) | (18,163) | (5,267) | (1,017) | |
| Net income (loss): | (12,470) | 7,084 | (9,074) | (18,163) | (5,267) | (1,017) | ||
| Other undisclosed net income (loss) attributable to parent | (9,541) | 1,327 | (1,387) | |||||
| Net income (loss) available to common stockholders, diluted: | (12,470) | 7,084 | (18,615) | (16,835) | (6,655) | (1,017) | ||
Comprehensive Income ($ in thousands)
| 12/31/2024 | 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | ||
|---|---|---|---|---|---|---|---|---|
| Net income (loss): | (12,470) | 7,084 | (9,074) | (18,163) | (5,267) | (1,017) | ||
| Comprehensive income (loss), net of tax, attributable to parent: | (12,470) | 7,084 | (9,074) | (18,163) | (5,267) | (1,017) | ||
Statements Sources
The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.