Empire Petroleum Q2 revenue jumps on pricing

Empire Petroleum

17/08/2026 10:42

Overview
U.S. oil and gas producer's Q2 revenue rose 27% yr/yr despite 23% drop in production
Net loss narrowed to $1.9 mln from $5.1 mln a year earlier
Adjusted EBITDA turned positive at $0.4 mln versus negative $1.2 mln in Q2 2025

Outlook
Empire expects Texas development to build momentum in H2-2026 with more wells coming online
Company anticipates revenue from Louisiana program for the remainder of 2026
Empire expects to initiate steam injection in North Dakota in Q3-2026 and monitor performance

Result Drivers
HIGHER REALIZED OIL PRICES - Co said revenue growth was primarily due to higher realized oil pricing, partially offset by lower production volumes
OPERATIONAL PROGRESS - Additional wells brought online and infrastructure upgrades in Texas and Louisiana supported steady increases in oil and gas volumes, per CEO Mike Morrisett
COST REDUCTIONS - Lease operating expenses fell due to lower production and company efforts to reduce operating costs, though workover expenses increased in New Mexico

Company press release: ID:nBw8qrcTka

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Loss Per Share
 
$0.05
 
Q2 Net Loss
 
$1.86 mln
 
Q2 Adjusted EBITDA
 
$365,000
 

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)