Overview

* Empire Petroleum Q3 revenue declines 14% yr/yr due to lower oil and NGL prices

* Company reports Q3 net loss widens to $3.8 mln, adjusted EBITDA improves to $0.1 mln

* Empire completes rights offering, raising $2.5 mln in gross proceeds

Outlook

* Empire targets 2026 for start of significant drilling operations

* Empire expects natural gas to lead development strategy in 2026

* Company plans to leverage drilled-but-uncompleted (DUC) wells for 2026 gas development

Result Drivers

* EOR PROGRAM ENHANCEMENTS - Empire's Q3 production increase attributed to improvements in North Dakota's EOR program

* DEVELOPMENT PREPARATIONS - Empire advances Texas and New Mexico development plans, positioning for 2026 growth

* RIGHTS OFFERING SUCCESS - Empire raises $2.5 mln through rights offering to support strategic initiatives

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 $9.37

Revenue bln

Q3 EPS -$0.11

Q3 -$3.93

Adjusted bln

Net

Income

Q3 Net -$3.84

Income bln

Q3 $137 mln

Adjusted

EBITDA

Press Release:

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(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.)