Tulsa-based Empire Petroleum reports Q2 2024 results

TULSA Empire Petroleum Corporation (NYSE American: EP) has announced its Q2 2024 financial and operational results, showcasing a significant increase in production and operational progress, particularly in North Dakota.

In the second quarter of 2024, Empire's net production volumes surged by 20% sequentially and 24% year-over-year to 2,638 barrels of oil equivalent per day (Boe/d). Oil sales volumes saw a 23% sequential and 25% year-over-year increase, primarily driven by enhanced North Dakota operations. The company has completed the first stage of its Enhanced Oil Recovery (EOR) development in North Dakota and expects the infrastructure for this project to be finalized by the end of Q3 2024.

Empire reported total product revenue of $12.8 million for Q2 2024, a notable rise from $9.8 million in the same period last year. Despite a net loss of $4.4 million, the company's Adjusted EBITDA improved to $1.7 million, reflecting a strong operational performance and reduced drilling costs.

Looking ahead, Empire is focused on advancing its North Dakota drilling program and expects continued production improvements. The company aims to leverage new data from seismic surveys and complete its EOR infrastructure to further boost production.

For more information, visit Empire Petroleum’s website at www.empirepetroleumcorp.com or contact their Tulsa headquarters at 539-444-8002.

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