A 400% increase in total revenues compared to a year ago was reported in the first quarter 2022 by Empire Petroleum.
Revenue from oil, natural gas, and natural gas liquids sales was $13.1 million for the first quarter compared to $2.4 million in the 2021 comparable period according to the quarterly financial report released this week by the Tulsa-based company.
The company went from a 13 cent loss per share in 2021 to 18 cents in 2022.
“Empire had a great first quarter, highlighted by our uplisting to the NYSE American, which caps off Empire’s transformation into a diversified, low-leverage, free cash flow conventional oil and gas operator,” said Tommy Pritchard, Chief Executive Officer of Empire.
“With prices high and production growing from acquisitions and our return-to-production well strategy, the outlook for the year is strong as we remain focused on organic growth while securing additional incremental long-life and low-decline reserves that generate strong cash flow.”
Net income for the quarter was $3.623 million compared to a net loss of $997,180 for the first quarter of 2021. That’s how much of an improvement was made by the company. Empire attributed the large growth due to the company’s acquisition of the New Mexico assets in May 2021, successful execution of a goal to enhance the production of its existing wells, new production from four non-operated wells in North Dakota, and a favorable pricing environment.
Empire focuses it oil and gas efforts in Texas, Louisiana, North Dakota, Montana and New Mexico and that’s where it wrapped up more acquisitions during the quarter. The acquisitions included operated and non-operated oil and natural gas assets in Bottineau County and Billings County, North Dakota.
Company leadership indicated there is a strong desire for more acquisitions in the states where Empire is operating.
“We believe that our low total debt balance collateralized only by our North Dakota, Montana and Louisiana assets, combined with the $5.4 million of cash on our balance sheet and the cash flow that the Company is generating, puts us in a strong position to support organic growth and additional bolt-on acquisitions that meet our strict criteria,” said Mike Morrisett, President of Empire.
Click here for Empire’s filing with SEC