Empire Petroleum Corp (EMPR) Financial Statements (2024 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)

9/30/2023
MRQ
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments11,9443,612158 8578
Cash and cash equivalents11,9443,612158 8578
Receivables7,7807,7341,252983125 
Inventory, net of allowances, customer advances and progress billings1,8401,038531476  
Inventory1,8401,038531476  
Prepaid expense1,04867928224845 
Derivative instruments and hedges, assets 12255    
Other undisclosed current assets     113 
Total current assets:22,73513,1182,2231,70736878
Noncurrent Assets
Operating lease, right-of-use asset979779  
Property, plant and equipment45,31130,6778,2259,308(19) 
Oil and gas property, successful effort method    9,2951,630 
Other undisclosed noncurrent assets2,5205,515802(9,295)19300
Total noncurrent assets:48,81036,9729,0279,3081,630300
TOTAL ASSETS:71,54550,09011,25011,0151,997378
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities, including:15,30410,1744,6362,13046265
Accounts payable5,8434,3301,9381,026321 
Accrued liabilities9,4615,8442,6981,104141 
Other undisclosed accounts payable and accrued liabilities      65
Debt 2571801,30297279137
Asset retirement obligation    5,480  
Other undisclosed current liabilities2,0591,701136(5,468)  
Total current liabilities:17,62112,0546,0732,238741202
Noncurrent Liabilities
Long-term debt and lease obligation, including:5486465347,715  
Long-term debt, excluding current maturities1,0776,9147,7207,715  
Other undisclosed long-term debt and lease obligation (529)(6,268)(7,186)   
Liabilities, other than long-term debt, including:548   231 
Asset retirement obligations     231 
Lease deposit liability    
Operating lease, liability    
Other undisclosed liabilities, other than long-term debt 548     
Other undisclosed noncurrent liabilities29,59327,55523,0846,0001,176 
Total noncurrent liabilities:30,68928,20123,61813,7151,406 
Total liabilities:48,30940,25529,69115,9532,147202
Equity
Equity, attributable to parent, including:23,2369,834(18,441)(4,939)(150)128
Common stock82792520179
Common stock, share subscribed but unissued, subscriptions receivable      3
Additional paid in capital75,30369,98822,15218,82416,96116,232
Accumulated deficit(52,149)(59,233)(40,618)(23,783)(17,128)(16,111)
Warrants and rights outstanding    18,346  
Stockholders' equity note, subscriptions receivable      (5)
Other undisclosed equity, attributable to parent  (1,000) (18,346)  
Total equity:23,2369,834(18,441)(4,939)(150)128
Other undisclosed liabilities and equity      47
TOTAL LIABILITIES AND EQUITY:71,54550,09011,25011,0151,997378

Income Statement (P&L) ($ in thousands)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Revenues52,88727,9047,7285,859465 
Gain (loss) on disposition of assets for financial service operations(388)(586)1,26934118
Gross profit:52,88727,9047,7285,859465 
Operating expenses(44,103)(28,377)(25,311)(12,010)(1,381)(757)
Operating income (loss):8,784(473)(17,583)(6,151)(916)(757)
Nonoperating expense(510)(8,601)(521)  (73)
Other nonoperating expense      (73)
Interest and debt expense   (58)504(101)(73)
Income (loss) from continuing operations before equity method investments, income taxes:8,275(9,074)(18,163)(5,647)(1,017)(903)
Other undisclosed loss from continuing operations before income taxes(982)     
Income (loss) from continuing operations before income taxes:7,293(9,074)(18,163)(5,647)(1,017)(903)
Income tax expense (benefit)(209)  380  
Other undisclosed loss from continuing operations      
Income (loss) from continuing operations:7,084(9,074)(18,163)(5,267)(1,017)(903)
Loss before gain (loss) on sale of properties:(9,074)(18,163)(5,267)(1,017)(903)
Net income (loss):7,084(9,074)(18,163)(5,267)(1,017)(903)
Other undisclosed net income (loss) attributable to parent (9,541)1,327(1,387) 73
Net income (loss) available to common stockholders, diluted:7,084(18,615)(16,835)(6,655)(1,017)(830)

Comprehensive Income ($ in thousands)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Net income (loss):7,084(9,074)(18,163)(5,267)(1,017)(903)
Comprehensive income (loss), net of tax, attributable to parent:7,084(9,074)(18,163)(5,267)(1,017)(903)

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.

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