Revenue: As of FY2026 Q1, the actual value is USD 5.103 M.

EPS: As of FY2026 Q1, the actual value is USD -0.18.

EBIT: As of FY2026 Q1, the actual value is USD -5.101 M.

Empire Petroleum Corporation operates as a single segment focused on the exploration, development, and production of oil, gas, and natural gas liquids (NGLs) across multiple states .

Revenue

• Total Product Revenues decreased to $7,684 thousand for the three months ended March 31, 2026, from $8,992 thousand in the prior year .
• Total Revenue, including a -$2,591 thousand loss on derivatives, was $5,103 thousand for the three months ended March 31, 2026, a decrease from $9,002 thousand in the same period of 2025 .
  • Oil Sales were $7,302 thousand in Q1 2026, down from $8,049 thousand in Q1 2025, primarily due to lower overall production in North Dakota and New Mexico and a lower realized price .
  • Gas Sales were $185 thousand in Q1 2026, significantly down from $548 thousand in Q1 2025, attributed to depressed natural gas prices in New Mexico .
  • Natural Gas Liquids Sales were $197 thousand in Q1 2026, down from $395 thousand in Q1 2025, driven by a general decline in overall market prices .

Operational Metrics

• Net Loss: Empire Petroleum Corporation reported a net loss of -$6,642 thousand for the three months ended March 31, 2026, compared to a net loss of -$4,221 thousand for the same period in 2025, representing a 57% increase in net loss .
• Operating Loss: The operating loss increased to -$5,581 thousand for the three months ended March 31, 2026, from -$3,956 thousand in the prior year period .
• Lease Operating Expense: Total lease operating expense was $5,160 thousand in Q1 2026, down from $5,766 thousand in Q1 2025, mainly due to lower production and cost reduction efforts . Workover expenses increased to $600 thousand in Q1 2026 from $400 thousand in Q1 2025, primarily in Texas . Per Boe, lease operating expense was $30.51 in Q1 2026, down from $31.27 in Q1 2025 .
• Production and Ad Valorem Taxes: These decreased to $507 thousand in Q1 2026 from $712 thousand in Q1 2025, due to lower product revenues . Per Boe, these taxes were $3.00 in Q1 2026, down from $3.86 in Q1 2025 .
• Depreciation, Depletion & Amortization (DD&A): DD&A decreased to $1,417 thousand in Q1 2026 from $2,226 thousand in Q1 2025, primarily due to Q4 2025 impairments and lower production volumes, partially offset by new interests in New Mexico . Per Boe, DD&A was $11.54 in Q1 2026, down from $14.92 in Q1 2025 .
• Accretion of Asset Retirement Obligation: This increased slightly to $535 thousand in Q1 2026 from $526 thousand in Q1 2025 due to additional interests acquired in New Mexico .
• General and Administrative (G&A) Expense (excluding stock-based compensation): Decreased to $2,876 thousand in Q1 2026 from $3,197 thousand in Q1 2025, mainly due to lower employee costs from reduced headcount . Per Boe, G&A (excluding stock-based compensation) was $17.00 in Q1 2026, down from $17.34 in Q1 2025 .
• Stock-Based Compensation: This decreased to $189 thousand in Q1 2026 from $531 thousand in Q1 2025 due to a lower number of awards . Per Boe, stock-based compensation was $1.12 in Q1 2026, down from $2.88 in Q1 2025 .
• Cash-Based Interest Expense: Increased to $381 thousand in Q1 2026 from $268 thousand in Q1 2025, driven by a higher average outstanding balance on the Credit Facility and additional equipment/vehicle notes .
• Non-Cash Interest Expense: Increased to $99 thousand in Q1 2026 from $28 thousand in Q1 2025 due to the full amortization of the remaining unamortized discount related to the September Note upon repayment .

Cash Flow

• Net Cash Used In Operating Activities: -$970 thousand for the three months ended March 31, 2026, a decrease from $1,613 thousand provided by operating activities in the same period of 2025, primarily due to lower production and realized commodity prices .
• Net Cash Used In Investing Activities: -$1,292 thousand for the three months ended March 31, 2026, an improvement from -$2,762 thousand in the same period of 2025, mainly due to lower capital expenditures for oil and natural gas properties ($1,170 thousand in Q1 2026 vs. $2,680 thousand in Q1 2025) .
• Net Cash Provided By Financing Activities: $9,858 thousand for the three months ended March 31, 2026, significantly up from -$21 thousand used in financing activities in the same period of 2025 . This included $9,948 thousand net proceeds from a rights offering, a $3,000 thousand borrowing on a related party note, a -$2,000 thousand repayment on a related party note, and a -$1,000 thousand payment on the revolving credit facility .

Unique Metrics

• Net Production Volumes (three months ended March 31, 2026 vs. 2025):
  • Oil: 112,317 Bbl (down from 119,635 Bbl) .
  • Natural gas: 235,517 Mcf (up from 199,868 Mcf) .
  • Natural gas liquids: 17,628 Bbl (down from 31,453 Bbl) .
  • Total: 169,197 Boe (down from 184,400 Boe) .
• Average Price per Unit (three months ended March 31, 2026 vs. 2025):
  • Oil: $65.01 (down from $67.28) .
  • Natural gas: $0.79 (down from $2.74) .
  • Natural gas liquids: $11.18 (down from $12.56) .
  • Total: $45.41 (down from $48.76) .
• Working Capital: Empire Petroleum Corporation had a negative working capital of -$11,965 thousand as of March 31, 2026, an improvement from -$16,162 thousand as of December 31, 2025, primarily due to a higher cash balance from the March 2026 rights offering .
• Capital Expenditures: Incurred capital expenditures were approximately $1,900 thousand for the three months ended March 31, 2026, primarily for the gas development program in Texas .

Future Outlook and Strategy

Empire Petroleum Corporation’s business strategy is to achieve long-term growth in reserves and cash flow through cost-effective means, including evaluating potential acquisitions in core operational areas . The company anticipates negative working capital for the remainder of 2026 and expects future operating cash flows will not sufficiently cover its obligations for the next 12 months . However, related parties Mr. Mulacek and Energy Evolution have committed to providing sufficient financial support to sustain operations, investing, and financing activities as needed . To minimize pricing volatility and strengthen future cash flow visibility, Empire Petroleum Corporation has entered into oil commodity derivative positions for the remaining three quarters of 2026 at a blended price of $73.83 for approximately 340,000 Bbls .