Empire Petroleum Corp. has reported an adjusted net loss of $5.23 million, or $0.15 per share, for the second quarter, compared to an adjusted net loss of $4.25 million for the prior three-month period and an adjusted net loss of $2.91 million for 2Q 2024.
Before adjustment for nonrecurring items, net loss landed at $5.01 million, compared to a net loss of $4.22 million for 1Q 2025 and a net loss of $4.39 million for 2Q 2024.
Revenue fell three percent quarter-on-quarter and 32 percent year-on-year to $8.75 million on lower prices. 2Q 2025 net sales totaled nearly 2,400 barrels of oil equivalent per day (boed), up 15 percent from 1Q 2025 but down 11 percent from 2Q 2024.
Oil accounted for nearly 1,500 boed of 2Q 2025 sales, down 15 percent compared to 2Q 2024 “primarily due to redrilling efforts in North Dakota and natural decline”, Tulsa, Oklahoma-based Empire said in a statement on its website.
Realized oil and natural gas liquids (NGLs) prices fell 23 percent and 14 percent year-on-year, respectively, “due to a general decline in overall market pricing”, Empire said. Compared to 1Q 2025, realized oil prices dropped 12 percent.
Net production in 2Q 2025 averaged 2,357 boed, down 15 percent from 1Q 2025. Crude accounted for 63 percent, NGLs 19 percent and natural gas 18 percent.
“As part of Empire’s enhanced oil recovery efforts in the Starbuck Drilling Program in North Dakota, modified wellhead installations are underway and expected to be completed in Q3-2025, with advanced fabrication work progressing toward completion by year-end”, Empire said.
It added, “Empire expects to finalize the patented design specifications for its hydrocarbon vaporization technology by the end of Q4-2025, with the system leveraging elevated temperatures and pressure changes to enhance recovery efficiency”.
In Texas, Empire expects to mobilize for its inaugural drilling in the fourth quarter. “The upcoming program is designed to target multiple prospective pay zones identified during technical evaluation, with a focus on horizontal development opportunities that support long-term, capital-efficient production”, it said. “The company expects this activity to establish a foundation for scalable development throughout 2026 and beyond”.
EBITDA landed at negative $1.49 million for 2Q 2025, compared to negative $1.05 million for 1Q 2025 and negative $350,000 for 2Q 2024.
Adjusted EBITDA came at negative $1.18 million for 2Q 2025, compared to negative $553,000 for 1Q 2025 and positive $1.73 million for 2Q 2024.
“While commodity prices were significantly under pressure (NYMEX oil prices down ~10 percent from Q1-2025 and down ~20 percent from Q2-2024) in the second quarter due to a mix of global market condition and seasonal factors, I believe this environment is temporary,” said chair Phil Mulacek. “Reported North American data shows that the oil well rig count is at post-COVID lows, compared to 2021 levels, while the hydraulic fracturing spread count is even lower at levels not seen since late 2020 through the end of 2021.
“These material market indicators should result in lower production going forward. Compounding this, U.S. production has already peaked and is approximately 250,000 barrels per day lower than the high earlier in 2025.
“This supports my strong belief that overall pricing is trending upward over the next four to six quarters. Over the next six to nine months, we anticipate a continued rebound that could increase our production levels”.
Empire ended 2Q 2025 with about $2.3 million in cash on hand and $4 million available from its credit facility. It is scheduled to complete a subscription rights offer this month, through which it expects to make $5 million in gross proceeds.
Current liabilities totaled $26.17 million including $530,000 in current debt.
Empire owns assets in Louisiana, Montana, New Mexico, North Dakota and Texas.
To contact the author, email jov.onsat@rigzone.com
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