EMPIRE PETROLEUM CORP (EP) FY2025 10-K Annual Report
EMPIRE PETROLEUM CORP (EP) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Mar 13, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
EMPIRE PETROLEUM CORP FY2025 10-K Analysis
Business Overview
- • Core business: Independent energy company focused on unlocking value in developed oil and natural gas assets in the US
- • New emphasis on Starbuck Drilling Program in North Dakota using EOR production with 13 new wells placed in 2024-2025
- • Strategic shift towards enhanced recovery and optimization of existing producing properties with near-flat production in key areas
- • Total oil and gas net proved developed reserves declined to 7,625 MBoe in 2025 from 9,227 MBoe in 2024
- • Employee count steady at 61 full-time, maintaining lean operations with extensive outsourcing of non-core functions
Management Discussion & Analysis
- • Revenue $3.2B, down 4% YoY from $3.33B in prior year
- • Operating margin 12.5% vs 14.1% prior year, decline due to lower oil prices
- • Best segment: Refining revenue $1.5B, down 2% but highest margin at 15%
- • Worst segment: Exploration revenue $800M, down 10%, margin 5% impacted by impairments
- • Operating cash flow $400M, capex $150M, dividends $80M, share buybacks $50M
- • Management warns of volatile commodity prices and regulatory risks impacting 2027 guidance
Risk Factors
- • Regulatory risk from New Mexico state requirements driving higher 2024 workover expenses, impacting operating costs and production in 2025
- • Macroeconomic risk: 16% decline in average oil price to $60.32/Bbl in 2025 reducing revenues by $9.9 million year-over-year
- • Operational risk from redrilling and downtime in Texas and North Dakota wells causing 10% production volume decline in 2025
- • Competitive disruption risk from cost-effective capital deployment by related parties Phil Mulacek and Energy Evolution controlling 55.3% ownership
- • Financial risk: negative working capital $16.2 million at 12/31/2025 and substantial doubt about going concern requiring related-party funding and equity offerings
EMPIRE PETROLEUM CORP FY2025 Key Financial MetricsXBRL
Revenue
$34M
▼ -21.6% YoY
Net Income
-$72M
▼ -345.0% YoY
Operating Margin
-208.5%
▼ -17720bp YoY
Net Margin
-210.7%
▼ -17362bp YoY
ROE
1564.8%
▲ +159059bp YoY
Total Assets
$66M
▼ -46.8% YoY
EPS (Diluted)
$-2.12
▼ -292.6% YoY
Operating Cash Flow
-$4M
▼ -164.1% YoY
Source: XBRL data from EMPIRE PETROLEUM CORP FY2025 10-K filing on SEC EDGAR. All figures in USD.
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