Empire Petroleum Corporation · AMEX:EP
Empire Petroleum — Q2 2024 Earnings Presentation
14 slides from Empire Petroleum's earnings presentation, Aug 23, 2024
Slide 1: Empire Petroleum Corporation Results for 2nd Quarter 2024
Empire Petroleum Corporation RESULTS for 2nd QUARTER 2024 empirepetroleumcorp.com NYSE American: EP
Slide 2: Disclaimer
Disclaimer Forward Looking Statements This presentation has been prepared by Empire Petroleum Corporation (the “Company”) to assist Investor in making its own evaluation of the Company and any proposed transaction between the Company and Investor. This presentation does not purport to be all-inclusi
Slide 3: 2nd Quarter 2024 Financial and Operational Performance
2nd Quarter 2024 Financial and Operational Performance Q2 Net Production increase of ~20% sequentially and ~24% year-over-year to 2,638 Boe/d (1) ▪ ~67% oil, ~16% NGLs and ~17% Natural Gas ▪ Average daily oil sales volumes grew by 23% sequentially and 25% year-over-year with largest increase from No
Slide 4: Operating Strategy – 2024 Outlook
Operating Strategy – 2024 Outlook 1 North Dakota – Williston Basin 2 New Mexico – Permian Basin ▪ 100% of the first stage of EOR horizontal wells were completed in Q2- ▪ Continued data and analytics on historical water injection 2024 and the first stage of the EOR infrastructure to be completed in p
Slide 5: Financial Performance
Financial Performance ▪ Capital spend of ~$26MM for the first half of 2024 OPERATING INCOME (LOSS) ($MM) ▪ Primarily reflecting the continued drilling and completions activity in North Dakota $0.0 ($0.5) ▪ ~$9.3MM cash and ~$0.7MM available on its credit facility ($1.0) as of 6/30/2024 ($1.5) ($1.9)
Slide 6: Thank you
Thank you Phil Mulacek, Chairman of the Board Mike Morrisett, President, CEO & Director 539.444.8002 info@empirepetrocorp.com Disclaimer: This presentation is for information purposes only and does not constitute an offer to sell or issue, or the solicitation of an offer to buy, acquire or subscribe
Slide 7: Appendix
APPENDIX
Slide 8: Statement of Operations (Condensed)
Statement of Operations (Condensed) 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Revenue: Oil Sales $8,938,715 $9,147,611 $9,492,127 $9,106,041 $9,441,964 $12,287,727 Gas Sales 656,035 248,686 411,217 410,816 377,130 (115,833) NGL Sales 504,954 362,181 411,624 381,497 416,211 617,029 Total Produc
Slide 9: Operating Data (Condensed)
Operating Data (Condensed) 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Net Production Volumes: Oil (Bbl) 120,257 128,413 120,177 119,022 130,760 160,283 Natural Gas (Mcf) 231,218 211,293 195,908 215,855 211,820 241,242 Natural Gas Liquids (Bbl) 39,756 30,678 35,568 30,011 34,785 39,612 Total Equ
Slide 10: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation (1) 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Net Income (Loss) ($2,459,591) ($2,464,909) ($2,747,628) ($4,797,477) ($3,975,196) ($4,389,771) Add Back: Interest Expense 237,299 184,887 249,796 328,445 315,049 735,220 DD&A 622,489 711,042 727,943 1,035,059 1,490,1
Slide 11: Rockies
Rockies ▪ Current BOE per day: 898 (1) ▪ Large working interest in several prolific fields centered around Bottineau County and Elm Coulee Field in Richland County, Montana ▪ We have identified strong upside with EOR in other fields for 2024 through 2026 for Pilot and drilling increases of up to 60+
Slide 12: New Mexico
New Mexico ▪ Current BOE per day: 1,497 (1) ▪ Contiguous 48,000 gross acre position in prolific Central Basin Platform, Permian, of Lea County, NM ▪ Substantial oil in place with additional recovery potential from infills and waterflood optimization ▪ Upgrading field systems ▪ Primary, secondary uni
Slide 13: Texas
Texas ▪ Current BOE per day: 232 (1) ▪ Principal producing asset in the Fort Trinidad Field in Houston and Madison Counties, Texas ▪ Over 30,000 net acres held-by-production Eagle Ford ▪ Stacked plays in multiple geologic horizons Group Woodbine ▪ Well activation program underway with focus on bypas
Slide 14: Corporate Responsibility and ESG
Corporate Responsibility and ESG Environmental ▪ Good corporate citizenship is a key part of our cultural identity, which includes being positive stewards to the environment and the communities in which we operate. ▪ Our focus on minimizing our operational impact is multi-faceted, including seeking