(Corrects to million from billion throughout in Key Details table)

Overview

* Empire Q2-2025 net production up 15% from Q1-2025 to 2,357 Boe/d

* Q2-2025 net loss of $5.1 mln due to lower realized commodity prices

* Co launched $5.0 mln Rights Offering for balance sheet optimization

Outlook

* Empire expects commodity prices to trend upward over the next 4-6 quarters

* Company anticipates increased production levels in the next 6-9 months

* Empire plans to initiate drilling operations in Texas in Q4-2025

* Company expects EOR installations in North Dakota to be operational by Q4-2025

Result Drivers

* ENHANCED OIL RECOVERY - Empire's EOR efforts in North Dakota contributed to a 15% increase in production volumes, with modified wellhead installations underway

* COMMODITY PRICE DECLINE - Lower realized oil prices, down 12% from Q1-2025 and 23% from Q2-2024, drove financial losses despite increased production

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 $8.75

Revenue mln

Q2 EPS -$0.15

Q2 -$5.23

Adjusted mln

Net

Income

Q2 Net -$5.06

Income mln

Q2 -$1.18

Adjusted mln

EBITDA

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)