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Empire Petroleum
(NYSE MKT:EP)
Empire Petroleum (EP) vs. SPDR S&P 500 ETF (SPY)
Empire Petroleum Business Overview & Revenue Model
Empire Petroleum Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Mar 2024 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 34.20M | 44.04M | 40.14M | 53.27M | 27.68M |
| Gross Profit | -6.61M | 3.47M | 5.38M | 23.80M | 9.79M |
| EBITDA | -6.82M | -4.89M | -8.08M | 10.02M | -7.37M |
| Net Income | -72.07M | -16.20M | -12.47M | 7.08M | -18.61M |
Balance Sheet | |||||
| Total Assets | 65.87M | 123.87M | 92.62M | 71.55M | 50.09M |
| Cash, Cash Equivalents and Short-Term Investments | 1.19M | 2.25M | 7.79M | 11.94M | 3.61M |
| Total Debt | 15.35M | 11.88M | 6.68M | 8.00M | 9.44M |
| Total Liabilities | 70.48M | 61.10M | 57.66M | 48.31M | 40.26M |
| Stockholders Equity | -4.61M | 62.77M | 34.96M | 23.24M | 9.83M |
Cash Flow | |||||
| Free Cash Flow | -4.00M | -47.71M | -26.88M | 4.61M | -16.74M |
| Operating Cash Flow | -3.95M | 6.16M | -9.89M | 18.06M | 3.17M |
| Investing Cash Flow | -4.61M | -53.87M | -14.77M | -11.41M | -24.72M |
| Financing Cash Flow | 7.50M | 42.17M | 20.50M | 1.69M | 25.00M |
Empire Petroleum Technical Analysis
Empire Petroleum Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $259.97M | 4.20 | 10.56% | ― | -9.46% | -144.89% | |
73 Outperform | $173.38M | 25.87 | 5.93% | 5.24% | 46.76% | 11.48% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | $155.77M | 28.10 | 4.46% | 13.52% | -2.23% | -104.00% | |
60 Neutral | $318.28M | -5.17 | -4.02% | ― | -15.44% | -113.21% | |
56 Neutral | $285.92M | -0.78 | -56.05% | ― | -1.58% | -271.90% | |
43 Neutral | $108.69M | -0.44 | -177.26% | ― | -15.13% | 17.34% |
Empire Petroleum Corporate Events
On March 19, 2026, Empire Petroleum announced that its previously launched rights offering, which expired on March 18, 2026, was fully subscribed and generated approximately $10 million in gross proceeds at a subscription price of $2.99 per share. Investor demand exceeded the securities available, so shareholders will receive their basic subscription rights while oversubscribed shares are allocated on a pro-rata basis, signaling solid shareholder support and bolstering the company’s capital base for its ongoing oil and gas strategy.
The most recent analyst rating on (EP) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Empire Petroleum stock, see the EP Stock Forecast page.
On March 18, 2026, Empire Petroleum Corporation announced it has elected to participate in a new oil and natural gas development program in Louisiana, signaling a strategic move to deepen its operational footprint in that resource-rich region. The decision reflects the company’s ongoing efforts to expand its development portfolio, which could influence its future production profile and enhance its positioning within the domestic upstream energy sector.
The most recent analyst rating on (EP) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Empire Petroleum stock, see the EP Stock Forecast page.
On February 25, 2026, Empire Petroleum Corporation announced it had extended the expiration of its registered rights offering to March 18, 2026 and increased the number of common shares available under the subscription rights to 3,344,482, raising the potential size of the offering to as much as $10 million. The company set the subscription price at $2.99 per share, with investors receiving one non-transferable right per share held on February 2, 2026, implying that shareholders must own at least 11 shares to buy one whole new share and can seek additional allocations through an over-subscription privilege, shaping how existing holders can maintain or increase their stakes.
Under the revised terms, a holder of 100 shares on the record date would be entitled to purchase nine new shares, as allocations are rounded down to the nearest whole share. The mechanics of the offer, including non-transferable rights and proration of over-subscriptions, underscore that the capital raise is aimed at existing shareholders and could modestly dilute non-participating investors while providing Empire Petroleum with incremental funding capacity of up to $10 million.
The most recent analyst rating on (EP) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Empire Petroleum stock, see the EP Stock Forecast page.
On February 19, 2026, Empire Petroleum Corporation issued a $3 million promissory note to investor Phil E. Mulacek, with all funds already advanced as of that date to repay existing debt and support general working capital. The unsecured note carries a 5.5% annual interest rate to its May 19, 2026 maturity, 9% thereafter on any unpaid principal, and can be prepaid by the company without penalty subject to notice and full cash payment of principal and interest.
Mulacek holds the option to convert some or all of the $3 million principal into Empire common shares at $2.99 per share, implying issuance of up to 1,003,344 shares if fully converted, with interest on converted amounts paid in cash at conversion. The company plans to secure NYSE American approval for listing the potential new shares, and the unregistered note issuance relied on a private placement exemption, underscoring Empire’s continued reliance on accredited investors for flexible, balance-sheet-focused financing.
The most recent analyst rating on (EP) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Empire Petroleum stock, see the EP Stock Forecast page.
On February 2, 2026, Empire Petroleum Corporation launched a $6 million registered rights offering, granting each stockholder of record as of that date one non-transferable subscription right for every share of common stock owned, with each right allowing the purchase of 0.057 shares at $2.99 per share, subject to rounding to avoid fractional shares. The offering, which includes an oversubscription privilege for fully participating investors to acquire any unsubscribed shares on a pro-rata basis, is set to expire at 5:00 p.m. Eastern time on February 27, 2026 (unless extended), providing the company with new equity capital while giving existing shareholders a time-limited opportunity to maintain or increase their ownership stakes on specified terms.
The most recent analyst rating on (EP) stock is a Sell with a $2.50 price target. To see the full list of analyst forecasts on Empire Petroleum stock, see the EP Stock Forecast page.
On January 21, 2026, Empire Petroleum announced that its board set February 2, 2026, as the record date for a non-transferable subscription rights offering aimed at raising up to approximately $6.0 million in gross proceeds. Each shareholder of record will receive one right per common share, with each right allowing the purchase of 0.057 shares of common stock at a subscription price of $2.99 per whole share, potentially resulting in the issuance of about 2.0 million new shares if fully subscribed. The rights offering, which is expected to expire on February 27, 2026, includes an over-subscription privilege for shareholders who fully exercise their basic rights and may modestly dilute existing holdings while providing the company with additional capital to support its growth-focused strategy in its core oil and gas regions, subject to Empire’s ability to amend or terminate the offering before expiration.
The most recent analyst rating on (EP) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Empire Petroleum stock, see the EP Stock Forecast page.
On December 29, 2023, Empire North Dakota LLC and Empire ND Acquisition LLC, wholly owned subsidiaries of Empire Petroleum Corporation, entered into a secured revolving credit facility with Equity Bank with an initial commitment of $10 million, a maximum of $15 million, monthly commitment reductions beginning January 31, 2024, semiannual borrowing base redeterminations starting March 31, 2024, and a final maturity date initially set for December 29, 2026, with borrowings bearing interest at prime plus 1.50% (not less than 8.50%) and backed by liens on substantially all of the borrowers’ assets, including at least 80% of their producing oil and gas interests in North Dakota and Montana. The facility, guaranteed by Empire Petroleum, was subsequently expanded and extended through amendments: on November 18, 2024, the maximum revolver commitment was increased to $20 million and the monthly reduction stepped up to $250,000 from December 31, 2024; on June 18, 2025, Empire Texas Development LLC was added as a third borrower and its assets were pledged as collateral; and on December 29, 2025, the final maturity date was extended to December 29, 2028, a replacement note and updated security agreements were delivered, and the borrowers paid a $50,550 extension fee, collectively reinforcing the company’s access to secured debt capital for its oil and gas operations over a longer horizon.
The most recent analyst rating on (EP) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Empire Petroleum stock, see the EP Stock Forecast page.