Empire Petroleum’s Q4-2024 and Full Year Results: A Detailed Analysis
Tulsa, Oklahoma-based Empire Petroleum (NYSE American: EP) recently released its operational and financial results for the fourth quarter and full year 2024. The company, which holds producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana, reported the following highlights:
Fourth Quarter and Full Year 2024 Production
Empire Petroleum recorded net production volumes of 2,356 barrels of oil equivalent per day (Boe/d) for the fourth quarter of 2024. This figure included 1,581 barrels of oil and 9.3 million cubic feet of natural gas. Compared to the previous quarter, this represents a 3% increase in oil production and a 1% decrease in natural gas production.
Year-End 2024 Proved Reserves
The company reported proved reserves of 39.3 million Boe as of December 31, 2024. This represents a 5% increase compared to the end of 2023. The proved reserves were comprised of 29.7 million barrels of oil and 145.6 billion cubic feet of natural gas.
Financial Results
For the full year 2024, Empire Petroleum reported revenue of $220.7 million, a 15% increase compared to 2023. The net loss for the year was $11.4 million, a significant improvement from the net loss of $31.7 million reported in 2023. The company’s adjusted EBITDA for 2024 was $48.7 million, a 22% increase from the previous year.
Impact on Individuals
The increase in production and proved reserves, along with improved financial results, suggests that Empire Petroleum is making progress in its operations. This could lead to potential growth opportunities and increased shareholder value. However, individual investors should consider their own risk tolerance and investment goals before making any decisions based on this information.
Impact on the World
The oil and gas industry, including Empire Petroleum, plays a significant role in the global economy. Increased production and proved reserves can contribute to energy security and stability, particularly in regions where the industry is a major economic driver. However, the environmental impact of the industry is a growing concern, and companies must balance their production goals with sustainable practices to address these concerns.
Conclusion
Empire Petroleum’s operational and financial results for the fourth quarter and full year 2024 demonstrate progress in the company’s operations. The increase in production, proved reserves, and improved financial results are positive indicators for investors. However, individuals should carefully consider their own risk tolerance and investment goals before making any decisions. Additionally, the industry’s impact on the world extends beyond production and financial results, and companies must continue to address environmental concerns to ensure long-term sustainability.
- Empire Petroleum reported net production volumes of 2,356 Boe/d for Q4-2024
- Proved reserves increased by 5% to 39.3 million Boe at year-end 2024
- Revenue for full year 2024 was $220.7 million, a 15% increase from 2023
- Net loss for 2024 was $11.4 million, an improvement from the net loss in 2023
- Adjusted EBITDA for 2024 was $48.7 million, a 22% increase from the previous year
- Individuals should consider their own risk tolerance and investment goals before making decisions based on this information
- The industry’s impact on the world extends beyond production and financial results
