Empire Petroleum Corporation · AMEX:EP
Empire Petroleum — Q2 2026 Earnings Presentation
15 slides from Empire Petroleum's earnings presentation, Aug 17, 2026
Slide 1: Empire Petroleum Corporation Results for 2nd Quarter 2026
Empire Petroleum Corporation RESULTS for 2nd QUARTER 2026 www.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: Q2 2026 Operational and Financial Performance
Q2 2026 Operational and Financial Performance In Q2-2026, Empire’s Texas development and drilling activity expanded with the arrival of the first drilling rig on location in June, marking a significant operational milestone as the Company continued to advance reactivation, recompletion, well-deepeni
Slide 4: Q2 2026 Operational and Financial Performance
Q2 2026 Operational and Financial Performance During Q2-2026, Empire progressed its second-generation thermal recovery operations in the Starbuck Drilling Program (“Starbuck”) in North Dakota with completion of a major retrofit milestone, which is designed to improve heat delivery and strengthen oil
Slide 5: Q2 2026 Operational and Financial Performance
Q2 2026 Operational and Financial Performance Produced Q2 2026 Net Oil Production of 1,278 Bbls /d ▪ Reported 1,825 barrels of oil equivalent per day (“Boe/d”) ▪ Boe/d is comprised ~70% oil, ~18% natural gas liquids (“NGLs”) and ~12% natural gas Financial Performance ▪ Q2 2026 total product revenue
Slide 6: Operating Strategy – 2026 Outlook: Texas and Louisiana
Operating Strategy – 2026 Outlook 1 Texas – East Texas Basin & Louisiana ▪ Empire expects its Texas development to continue building momentum through the second half of 2026, with the initiation of drilling providing a foundation for additional development locations and expanded activity across mult
Slide 7: Operating Strategy – 2026 Outlook: North Dakota
Operating Strategy – 2026 Outlook 2 North Dakota – Williston Basin ▪ Empire expects to initiate steam injection from the newly retrofitted thermal unit in Q3-2026, with performance monitoring planned throughout the remainder of the year to evaluate uplift potential and inform future expansion across
Slide 8: Operating Strategy – 2026 Outlook: New Mexico
Operating Strategy – 2026 Outlook 3 New Mexico – Permian Basin ▪ Empire continues to work with the State of New Mexico and the New Mexico Conservation Commission regarding the Company’s rights to the Residual Oil Zone in the Eunice Monument South Unit’s Unitized Interval ▪ The Company expects final
Slide 9: Operational and Financial Performance
Operational and Financial Performance EQUIVALENT PRODUCTION (BOE (1) /D) OIL PRODUCTION BY REGION (BBLS/D) Q2 2025 Q2 2026 6% 2,357 ND / MT 1,825 NM 1,329 Q2 2026 48% TX / LA 1,057 46% 737 629 (2) TOTAL MT / ND NM ▪ Total Capital expenditures of ~$4.0MM through Q2 2026 ▪ Primarily related to total a
Slide 10: 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 11: Appendix
APPENDIX
Slide 12: Statement of Operations (Condensed)
Statement of Operations (Condensed) (in thousands) 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Revenue: Oil Sales $8,049 $8,005 $8,790 $6,804 $7,302 $11,017 Gas Sales 548 221 196 (67) 185 (524) Natural Gas Liquids Sales 395 521 388 312 197 614 Total Product Revenues 8,992 8,747 9,374 7,049 7,684
Slide 13: Operating Data (Condensed)
Operating Data (Condensed) 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Net Sales Volumes: Oil (Bbl) 119,635 135,854 144,098 125,059 112,317 116,316 Natural Gas (Mcf) 199,868 237,133 207,677 215,921 235,517 124,061 Natural Gas Liquids (Bbl) 31,453 39,091 41,938 37,743 17,628 29,126 Total Equivale
Slide 14: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation (1) (in thousands) 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Net Loss ($4,221) ($5,056) ($3,844) ($58,953) ($6,642) ($1,858) Add Back: Interest expense 296 334 388 529 480 329 Depreciation, Depletion & Amortization 2,226 2,576 2,794 2,999 1,417 1,444 Impairment -
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