Empire Petroleum Corporation · AMEX:EP
Empire Petroleum — Q3 2023 Earnings Presentation
15 slides from Empire Petroleum's earnings presentation, November 2023
Slide 1: Empire Petroleum Corporation Results for 3rd Quarter 2023
Empire Petroleum Corporation RESULTS for 3RD QUARTER 2023 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: Key Takeaways
Key Takeaways § Posted net sales per day volumes of 2,048 Boe/d (64% oil, 19% NGLs, 17% natural gas) § Sequential decrease primarily attributed to lower oil sales in New Mexico due to an annual turnaround of the Eunice Monument South Unit waterflood central facility § Recorded third quarter 2023 pro
Slide 4: Operating Strategy – Forward Plan
Operating Strategy – Forward Plan § Ensure production growth with a cost-effective capital program in 2023 and 2024 § Apply lessons learned from multiple testing methods during the pilot programs in 2022 to the development phase § We anticipate solid organic production increase on our core oil asset
Slide 5: Quarterly Financial Performance
Quarterly Financial Performance PRODUCT REVENUE ($MM) (1) § Increase in quarter over quarter product revenue due to price realizations despite $12.0 $10.0 decreased sales volumes $8.0 $9.8 $10.3 $6.0 $4.0 § Positioned for commodity price $2.0 improvements in 2023 and 2024 $0.0 Q2 2023 Q3 2023 § Dela
Slide 6: Financial Performance
Financial Performance MARKET DATA November 13, 2023 TOTAL DEBT ($MM) (3) Symbol NYSE American EP (listed March 2022) $18.0 $16.0 Part of Russell 3000® and Russell 2000® Indexes $14.0 $15.7 Share Price $7.14 $12.0 $10.0 52 Week Range $6.82-16.89 $8.0 $9.0 $8.6 Market Cap (1) $154.8 mm $6.0 $7.8 $7.2
Slide 7: Thank you
Thank you Phil Mulacek, Chairman of the Board Mike Morrisett, President, CEO & Director Larry Faulkner, Chief Financial Officer 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
Slide 8: Appendix
APPENDIX
Slide 9: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation (1) 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Net Income (Loss) 3,623,427 5,534,280 215,941 (2,289,519) (2,459,591) (2,464,909) (2,747,628) Add Back: Interest Expense 110,648 111,785 125,330 161,777 237,299 184,887 249,796 DD&A 434,446 455,799 539,543 519
Slide 10: Statement of Operations (Condensed)
Statement of Operations (Condensed) 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Revenue: Oil Sales 10,416,422 13,329,366 11,501,521 9,731,245 8,938,715 9,147,611 9,492,127 Gas Sales (1) 883,902 1,321,896 1,526,148 802,425 656,035 248,686 411,217 (1) Natural Gas Liquids (“NGLs”) Sales 1,2
Slide 11: Operating Data (Condensed)
Operating Data (Condensed) 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Net Production Volumes: Oil (Bbl) 114,255 123,167 123,804 121,592 120,257 128,413 120,177 Natural Gas (Mcf) 213,945 208,363 231,522 221,818 231,218 211,293 195,908 Natural Gas Liquids (Bbl) 40,152 38,518 42,989 39,151
Slide 12: Rockies
Rockies § Current BOE per day: 539 (1) § Large working interest in several prolific fields centered around Bottineau County and Elm Coulee Field in Richland County, Montana § Production gained from 3,000 bbls/mon. to 7,000 bbls/mon. on a small pilot program. § We have identified strong upside in oth
Slide 13: New Mexico
New Mexico § Current BOE per day: 1,230 (1) § Purchased from Exxon/XTO in May 2021 § 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
Slide 14: Texas
Texas § Current BOE per day: 271 (1) § Principal producing asset in the Fort Trinidad Field in Houston and Madison Counties, Texas § Over 27,000 net acres held-by-production Eagle Ford § Stacked plays in multiple geologic horizons Group Woodbine § Well activation program underway with focus on bypas
Slide 15: 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