Short answer
EMPIRE PETROLEUM CORP (EP) filed its fiscal 2025 10-K annual report with the SEC on Mar 13, 2026. It reported revenue of $34M (−21.6% year over year) and net income of −$72M.
- Top risk flagged: Regulatory risk from New Mexico state requirements driving higher 2024 workover expenses, impacting operating costs and production in 2025
FY2025 key financial metrics · XBRL
- Revenue
- $34M
- −21.6% YoY
- Net income
- −$72M
- −345.0% YoY
- Operating margin
- -208.5%
- −177.2 pp YoY
- EPS (diluted)
- −$2.12
- −292.6% YoY
- ROE
- 1564.8%
- +1590.6 pp YoY
- Operating cash flow
- −$4M
- −164.1% YoY
Source: XBRL data from the EMPIRE PETROLEUM CORP (EP) FY2025 10-K on SEC EDGAR. USD.
EMPIRE PETROLEUM CORP FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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