All of these experienced professionals were targeted to join Empire based on their respective proven histories of success, and we feel fortunate to have them as part of our expanded team. To ensure enhancement of our development efforts, we have focused on adding depth to our technical, operations and administrative teams. This includes a combination of activities, including drilling and completions, workovers, recompletions and related infrastructure. Morrisett concluded, “Through our pilot program in North Dakota that was executed in 2022 and into 2023, we have come away with a clear direction on how to best tailor our 2023 capital spending program. As in the past, I want to thank our employees and business partners for their hard work and strong dedication as we continue to execute on our targeted business plan to drive organic production growth in 2023 that increases long-term cash flow generation and shareholder value.” We were pleased to record higher sales volumes both year-over-year and sequentially, as well as keep LOE and G&A per Boe substantially level excluding non-recurring items. Mike Morrisett, President and Chief Executive Officer of Empire, commented, “While we clearly would have liked to see higher sequential pricing for crude oil and natural gas, the first quarter marked a solid start to 2023 on multiple fronts. ![]() See “Non-GAAP Information” section later in this release for more information, including reconciliations to the most comparable GAAP measure. Empire owns a 96% working interest and 82.6% net revenue interest in the Starbuck Program.Īdjusted Net Income (Loss), EBITDA and Adjusted EBITDA are non-GAAP financial measures. Leveraging lessons learned in 2022 from the Empire-operated Starbuck Field Pilot Project Program (the “Starbuck Program”) in North Dakota, during the first quarter of 2023 the Company made further progress on its development program. Generated Adjusted EBITDA 1 of $0.2 million Įnded first quarter of 2023 with $7.1 million of liquidity (including $6.8 million of cash) and working capital of $2.3 million and ![]() Reported revenue of $10.1 million, a net loss of $2.5 million, or $0.11 per diluted share, and an Adjusted Net Loss 1 of $1.9 million, or $0.08 per diluted share ![]() Increased year-over-year per day sales volumes by 4% to 2,206 barrels of oil equivalent per day (“Boe/d”) (61% oil, 19% natural gas liquids (“NGLs”) and 20% natural gas) from 2,112 Boe/d (60% oil, 19% NGLs, and 21% natural gas) for the first quarter of 2022 TULSA, Okla.-( BUSINESS WIRE)-Empire Petroleum (NYSE American: EP) (“Empire” or the “Company”), today announced operational and financial results for the first quarter of 2023.
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