Empire Petroleum Corporation (NYSE American: EP) is an independent oil and natural gas exploration and production company that focuses on optimizing existing producing properties in the United States. Revenue comes from selling crude oil, natural gas, and natural gas liquids (NGLs) extracted from its operated and non-operated working interest positions. As of December 31, 2025, Empire held approximately 1,077 gross (753 net) producing wells. The company operates as a single segment and runs its production through wholly-owned subsidiaries, with operations concentrated in areas including New Mexico. Empire was incorporated in Delaware in 1985. Reserve pricing used in the FY2025 reserve estimation was $61.55 per barrel of oil, $1.76 per Mcf of natural gas, and $21.07 per barrel of NGLs, compared to $71.66 per barrel of oil, $0.95 per Mcf, and $24.54 per barrel of NGLs at December 31, 2024. The company carries long-term debt and a related-party note payable on its balance sheet as of December 31, 2025. Empire has no firm delivery commitments for oil or natural gas.

Revenue model

Transactional revenue from the sale of crude oil, natural gas, and NGLs produced from proved developed wells. Pricing is commodity-market based, with no firm delivery commitments disclosed in the FY2025 10-K.

Products and services

Crude oil, natural gas, and natural gas liquids (NGLs) produced from proved developed properties across U.S. onshore basins. Empire operates primarily as a working interest owner and also holds non-operator working interest positions.

Customers and end markets

The FY2025 10-K does not disclose specific customers or customer concentration data. End markets are commodity oil and gas markets.

Value-chain role

Upstream oil and gas producer. Empire acts as operator on a portion of its wells, managing operations and marketing production, and as a non-operator working interest owner on other acreage. The company focuses on optimizing existing producing assets rather than drilling new undeveloped reserves.

Geographic exposure

United States onshore, with operations including New Mexico (regulated by the New Mexico Oil Conservation Division). Specific basin-by-basin revenue breakdown is not disclosed in the excerpts.

Source: SEC 10-K, filed 2026-03-13

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