Empire Petroleum Q1 product revenue falls on lower production and prices

Empire Petroleum

15/05/2026 11:42

Overview

U.S. oil and gas producer's Q1 product revenue fell 15% yr/yr due to lower production and prices

Q1 net loss widened yr/yr, with adjusted EBITDA remaining negative

Production volumes impacted by operational issues and weather disruptions, expected to recover in Q2

Outlook

Empire expects Texas gas volumes to rise in Q2-2026 as more wells are reactivated

Company anticipates drilling and casing three Louisiana wells by end of Q2-2026

Empire expects regulatory resolution in New Mexico to reduce operating expenses

Result Drivers

OPERATIONAL AND WEATHER DISRUPTIONS - Lower production volumes in North Dakota and New Mexico, and weather-related force majeure in Texas, weighed on Q1 results

LOWER REALIZED PRICES - Lower prices across all commodities contributed to the decline in product revenue

HIGHER WORKOVER EXPENSES - Increased workover expenses in Texas due to gas development program added to costs

Company press release: ID:nBw99zQzMa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
$5.10 mln
Q1 EPS
-$0.18
Q1 Net Income
-$6.60 mln
Q1 Adjusted EBITDA
-$730,000


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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.)