Empire Petroleum (EP)
Market Price (7/8/2026): $2.66 | Market Cap: $95.8 MilSector: Energy | Industry: Oil & Gas Exploration & Production
Empire Petroleum (EP)
Market Price (7/8/2026): $2.66Market Cap: $95.8 MilSector: EnergyIndustry: Oil & Gas Exploration & Production
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include US Energy Independence. Themes include Domestic Oil Production, and Onshore Natural Gas Production. | Weak multi-year price returns2Y Excs Rtn is -82%, 3Y Excs Rtn is -139% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -19 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -58% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -23%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -13%, Rev Chg QQuarterly Revenue Change % is -15% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -31% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -81% Significant short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 15.14 Key risksEP key risks include [1] consistent operating losses that make profitability dependent on exceptionally high oil prices and [2] high operating costs that result in an inability to consistently cover its interest expenses. |
| Megatrend and thematic driversMegatrends include US Energy Independence. Themes include Domestic Oil Production, and Onshore Natural Gas Production. |
| Weak multi-year price returns2Y Excs Rtn is -82%, 3Y Excs Rtn is -139% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -19 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -58% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -23%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -13%, Rev Chg QQuarterly Revenue Change % is -15% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -31% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -81% |
| Significant short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 15.14 |
| Key risksEP key risks include [1] consistent operating losses that make profitability dependent on exceptionally high oil prices and [2] high operating costs that result in an inability to consistently cover its interest expenses. |
Qualitative Assessment
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Empire Petroleum (EP) stock has lost about 10% since 3/31/2026 because of the following key factors:
1. Empire Petroleum reported weaker financial results for fiscal Q1 2026 (period ending March 31, 2026), which were released on May 15, 2026. The company posted a net loss of $6.6 million, or ($0.18) per diluted share, a deterioration from a net loss of $4.2 million, or ($0.12) per diluted share, in fiscal Q1 2025. Total product revenue decreased to $7.7 million from $9.0 million in the prior year's comparable quarter, primarily due to lower overall production volumes and reduced realized prices across all commodities.
2. Crude oil prices experienced a significant decline during fiscal Q2 2026. After peaking above US$100 per barrel in early April 2026 due to geopolitical tensions, West Texas Intermediate (WTI) crude futures dropped to approximately $70–$76 per barrel by late June 2026. This sharp reversal in commodity prices was driven by easing geopolitical tensions, progress in diplomatic efforts to reopen the Strait of Hormuz, increased tanker traffic, and Saudi Arabia's decision to ramp up oil output, directly impacting revenue potential for oil and gas producers like Empire Petroleum.
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Empire Petroleum (EP) stock has lost about 10% since 3/31/2026 because of the following key factors:
1. Empire Petroleum reported weaker financial results for fiscal Q1 2026 (period ending March 31, 2026), which were released on May 15, 2026. The company posted a net loss of $6.6 million, or ($0.18) per diluted share, a deterioration from a net loss of $4.2 million, or ($0.12) per diluted share, in fiscal Q1 2025. Total product revenue decreased to $7.7 million from $9.0 million in the prior year's comparable quarter, primarily due to lower overall production volumes and reduced realized prices across all commodities.
2. Crude oil prices experienced a significant decline during fiscal Q2 2026. After peaking above US$100 per barrel in early April 2026 due to geopolitical tensions, West Texas Intermediate (WTI) crude futures dropped to approximately $70–$76 per barrel by late June 2026. This sharp reversal in commodity prices was driven by easing geopolitical tensions, progress in diplomatic efforts to reopen the Strait of Hormuz, increased tanker traffic, and Saudi Arabia's decision to ramp up oil output, directly impacting revenue potential for oil and gas producers like Empire Petroleum.
3. The broader energy sector underperformed significantly in fiscal Q2 2026. The energy sector (XLE) as a whole declined by more than 9% during the quarter, contrasting with a 14.86% rise in the broader market (S&P 500). This sector-wide downturn was influenced by the volatile oil markets, concerns over energy security following the Iran war and Strait of Hormuz blockade, and shifts in OPEC+ policy, creating a challenging environment for individual energy stocks, including Empire Petroleum.
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Stock Movement Drivers
Fundamental Drivers
The -8.4% change in EP stock from 3/31/2026 to 7/7/2026 was primarily driven by a -4.1% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 3312026 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.96 | 2.71 | -8.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 34 | 33 | -3.8% |
| P/S Multiple | 3.0 | 3.0 | -0.8% |
| Shares Outstanding (Mil) | 35 | 36 | -4.1% |
| Cumulative Contribution | -8.4% |
Market Drivers
3/31/2026 to 7/7/2026| Return | Correlation | |
|---|---|---|
| EP | -8.4% | |
| Market (SPY) | 15.0% | 3.7% |
| Sector (XLE) | -10.8% | 18.2% |
Fundamental Drivers
The -10.8% change in EP stock from 12/31/2025 to 7/7/2026 was primarily driven by a -11.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 12312025 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.04 | 2.71 | -10.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 37 | 33 | -11.6% |
| P/S Multiple | 2.8 | 3.0 | 6.7% |
| Shares Outstanding (Mil) | 34 | 36 | -5.4% |
| Cumulative Contribution | -10.8% |
Market Drivers
12/31/2025 to 7/7/2026| Return | Correlation | |
|---|---|---|
| EP | -10.8% | |
| Market (SPY) | 9.9% | 2.5% |
| Sector (XLE) | 23.0% | 27.4% |
Fundamental Drivers
The -48.6% change in EP stock from 6/30/2025 to 7/7/2026 was primarily driven by a -28.9% change in the company's P/S Multiple.| (LTM values as of) | 6302025 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.28 | 2.71 | -48.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 43 | 33 | -23.1% |
| P/S Multiple | 4.2 | 3.0 | -28.9% |
| Shares Outstanding (Mil) | 34 | 36 | -6.1% |
| Cumulative Contribution | -48.6% |
Market Drivers
6/30/2025 to 7/7/2026| Return | Correlation | |
|---|---|---|
| EP | -48.6% | |
| Market (SPY) | 22.0% | 14.5% |
| Sector (XLE) | 31.9% | 26.0% |
Fundamental Drivers
The -70.2% change in EP stock from 6/30/2023 to 7/7/2026 was primarily driven by a -38.4% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 6302023 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.09 | 2.71 | -70.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 51 | 33 | -35.3% |
| P/S Multiple | 4.0 | 3.0 | -25.1% |
| Shares Outstanding (Mil) | 22 | 36 | -38.4% |
| Cumulative Contribution | -70.2% |
Market Drivers
6/30/2023 to 7/7/2026| Return | Correlation | |
|---|---|---|
| EP | -70.2% | |
| Market (SPY) | 74.6% | 31.2% |
| Sector (XLE) | 47.1% | 32.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| EP Return | 0% | 12199% | -11% | -31% | -60% | -14% | 2503% |
| Peers Return | 152% | 73% | -16% | 1% | -30% | 15% | 201% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| EP Win Rate | 0% | 33% | 33% | 50% | 42% | 29% | |
| Peers Win Rate | 57% | 65% | 35% | 42% | 38% | 54% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| EP Max Drawdown | 0% | -64% | -57% | -62% | -63% | -35% | |
| Peers Max Drawdown | -49% | -45% | -44% | -30% | -51% | -33% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PR, HPK, AMPY, REI, EPM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/7/2026 (YTD)
How Low Can It Go
| Event | EP | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -24.3% | -7.8% |
| % Gain to Breakeven | 32.1% | 8.5% |
| Time to Breakeven | 23 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -38.0% | -9.5% |
| % Gain to Breakeven | 61.4% | 10.5% |
| Time to Breakeven | 39 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -41.2% | -33.7% |
| % Gain to Breakeven | 70.0% | 50.9% |
| Time to Breakeven | 706 days | 140 days |
| 2013 Taper Tantrum | ||
| % Loss | -16.7% | -0.2% |
| % Gain to Breakeven | 20.0% | 0.2% |
| Time to Breakeven | 26 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -47.5% | -17.9% |
| % Gain to Breakeven | 90.5% | 21.8% |
| Time to Breakeven | 6 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -52.4% | -15.4% |
| % Gain to Breakeven | 110.0% | 18.2% |
| Time to Breakeven | 84 days | 125 days |
In The Past
Empire Petroleum's stock fell -24.3% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 32.1% gain to breakeven.
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| Event | EP | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -24.3% | -7.8% |
| % Gain to Breakeven | 32.1% | 8.5% |
| Time to Breakeven | 23 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -38.0% | -9.5% |
| % Gain to Breakeven | 61.4% | 10.5% |
| Time to Breakeven | 39 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -41.2% | -33.7% |
| % Gain to Breakeven | 70.0% | 50.9% |
| Time to Breakeven | 706 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -47.5% | -17.9% |
| % Gain to Breakeven | 90.5% | 21.8% |
| Time to Breakeven | 6 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -52.4% | -15.4% |
| % Gain to Breakeven | 110.0% | 18.2% |
| Time to Breakeven | 84 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -90.0% | -53.4% |
| % Gain to Breakeven | 899.0% | 114.4% |
| Time to Breakeven | 333 days | 1085 days |
In The Past
Empire Petroleum's stock fell -24.3% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 32.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Empire Petroleum (EP)
Empire Petroleum Corporation (EP) is an independent energy company focused on the upstream segment of the oil and gas industry. The company's primary business involves the exploration and development of crude oil and natural gas interests. This entails identifying, acquiring, and developing properties with potential hydrocarbon reserves, and subsequently drilling and operating wells to extract these valuable resources from the earth.
The main products offered by Empire Petroleum are crude oil and natural gas, which are raw commodities sold into the broader energy market. The company serves various energy purchasers, including refiners, pipelines, and other midstream and downstream companies, who then process and distribute these resources. Empire Petroleum strategically concentrates its operations within established oil and gas producing regions across the United States, specifically in Louisiana, New Mexico, North Dakota, Montana, and Texas.
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Here are 1-3 brief analogies for Empire Petroleum (EP):
- Like a smaller, regional ConocoPhillips, focused on finding and extracting oil and gas.
- Like a smaller-scale Pioneer Natural Resources, but exploring and developing oil and gas across multiple states in the central U.S.
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- Oil and Gas Exploration: Identifying and evaluating potential underground reserves of crude oil and natural gas.
- Oil and Gas Development: Extracting and producing crude oil and natural gas from established reserves.
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Empire Petroleum (EP) engages in the exploration and development of crude oil and natural gas interests. As an upstream energy company, it primarily sells its production to other companies rather than individuals.
Based on the company's public filings (e.g., recent 10-K reports), Empire Petroleum sells its crude oil and natural gas to multiple purchasers. The company explicitly states that no single customer accounted for more than 10% of its total revenue in recent fiscal years (e.g., 2022, 2021, or 2020).
Therefore, Empire Petroleum does not have individually identifiable "major customers" that account for a significant portion of its revenue. Its customer base is diversified among various buyers in the energy industry. These types of customers generally include:
- Crude Oil Purchasers and Refiners: Companies that buy crude oil to process into refined products such such as gasoline, diesel, and jet fuel.
- Natural Gas Marketers and Processors: Companies that purchase natural gas for processing, transportation, and distribution to end-users or other markets.
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Michael R. Morrisett President, Chief Executive Officer, Principal Financial Officer, Director
Mr. Morrisett was appointed President and Principal Financial Officer of Empire Petroleum on January 19, 2015. He possesses over 25 years of experience in investment banking and significant expertise in managing non-operated oil and gas operations. From November 2012 to January 2018, Mr. Morrisett served as a partner at Total Energy Partners Funds, an investment fund focused on the ownership of non-operated oil and gas working interests.
J. Kevin Vann Vice President, Finance and Strategic Planning
Mr. Vann joined Empire Petroleum in October 2022. He brings over 25 years of experience in the energy industry and public accounting, encompassing various financial, accounting, and strategic merger and acquisition (M&A) roles. Previously, Mr. Vann was the Executive Vice President and Chief Financial Officer ("EVP & CFO") at WPX Energy, a publicly traded energy company, from 2014 until its merger with Devon Energy Corporation in January 2021. During his tenure as EVP & CFO, he played a leading role in transforming WPX through transactions exceeding $8 billion over a three-year period.
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The key risks for Empire Petroleum (EP) are primarily related to its financial stability, the inherent volatility of its industry, and the value of its core assets.
- Liquidity and Going Concern Risk: Empire Petroleum faces significant liquidity challenges, including negative working capital, and has explicitly acknowledged substantial doubt about its ability to continue as a going concern without securing additional funding. The company closed 2025 with negative working capital of $16.2 million and only $1.2 million in cash, with limited unused capacity on its revolving credit facility. This highlights a critical need for new capital to support ongoing operations and manage debt obligations.
- Commodity Price Volatility: As an oil and gas exploration and development company, Empire Petroleum's revenues and profitability are directly and heavily influenced by fluctuations in oil, natural gas, and natural gas liquids prices. The company's financial performance has shown an extreme reliance on high oil prices, with 2022 being identified as its only profitable year in recent history. The lack of diversification makes it particularly vulnerable to price declines, which can lead to worsening losses even with increased production.
- Asset Impairment and Reserve Decline: Empire Petroleum recorded a substantial $51.3 million impairment loss in 2025, alongside a decline in its proved developed reserves from 9,227 MBoe to 7,625 MBoe. This indicates a weakening in the value of its assets and a reduction in its future production potential, directly impacting the company's long-term viability and ability to generate revenue.
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The accelerating global transition towards renewable energy sources and away from fossil fuels, coupled with the rapid adoption of electric vehicles, represents a clear emerging threat to Empire Petroleum. This shift is driven by technological advancements, evolving consumer preferences, and increasing regulatory and investment pressures aimed at decarbonization, which could lead to a sustained decline in demand for oil and gas products.
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For Empire Petroleum (symbol: EP), which engages in the exploration and development of oil and gas interests, the addressable market for their main products and services can be primarily identified within the U.S. oil and gas industry, and more specifically, within the states where they operate.
United States Market
The total addressable market for the Oil and Gas Extraction industry in the United States is approximately $3.2 trillion. More specifically, the U.S. oil & gas market size was calculated at USD 1.55 trillion in 2024 and is projected to reach approximately USD 2.24 trillion by 2034, expanding at a compound annual growth rate (CAGR) of 3.75% between 2025 and 2034. The North American oil and gas market is projected to reach a valuation of USD 1,293.14 billion by 2025.
Regional Markets (U.S. States of Operation)
- Louisiana: The natural gas and oil industry contributed over $54 billion to Louisiana's economy in 2021. More recently, the energy industry in Louisiana generated $77.7 billion in added economic value in fiscal year 2024, representing 25% of the state's total economic output.
- New Mexico: New Mexico is a significant oil and gas producer, with its oil production surpassing 2 million barrels per day in 2024. The state's economy relies heavily on oil and gas, with aggregate tax receipts from the industry totaling about $11.3 billion for the 12 months ending June 30, 2024.
- North Dakota: The oil and natural gas industry in North Dakota accounted for more than $42.6 billion in gross business volume in 2021.
- Montana: The natural gas and oil industry contributed $7.5 billion to Montana's total gross domestic product in 2021, and its annual economic output is almost $10.6 billion.
- Texas: The Texas oil and natural gas industry supported $366 billion in direct Gross Regional Product (GRP) in 2024. Texas is the leading crude oil producer in the U.S., contributing 42 percent of the nation's crude oil, and distributes 27 percent of the nation's natural gas.
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Empire Petroleum (NYSE American: EP) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic acquisitions, enhanced production from existing assets, new drilling campaigns, and hedging strategies to capitalize on favorable commodity prices.
- Strategic Acquisitions: The company's management is focused on "targeted acquisitions of proved developed assets with synergies with their existing portfolio of wells". This strategy aims to build scale and leverage existing operations, as demonstrated by past acquisitions that have contributed to revenue growth and production increases.
- Enhanced Oil Recovery (EOR) and Production Enhancement: Empire Petroleum is actively engaged in "enhanced oil recovery efforts in North Dakota's Williston Basin, CO₂ EOR initiatives and regulatory outcomes in New Mexico's Eunice Monument South Unit". Additionally, the company is undertaking "enhanced oil recovery (“EOR”) efforts in the Starbuck Drilling Program (“Starbuck”) in North Dakota" and "redrilling efforts in North Dakota" to improve production from existing wells.
- New Drilling Campaigns and Development: The company is positioning for growth through new drilling activities. This includes "building additional production in New Mexico" and preparing for an "inaugural drilling campaign in Texas, positioning additional locations to support a scalable development plan," which is anticipated to commence in 2026.
- Favorable Commodity Prices and Hedging Strategies: While commodity prices are subject to volatility, Empire Petroleum benefits from periods of "favorable pricing". To mitigate risks and secure revenue, the company has entered into "oil derivative contracts for approximately 90% of its oil production for the remaining three quarters of 2026 at a blended price in excess of $72 per barrel". This hedging strategy provides a degree of revenue predictability and protection against potential price downturns.
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Share Issuance
- Empire Petroleum successfully completed a Rights Offering in August 2025, which generated approximately $2.5 million of gross proceeds.
- In February 2026, the company modified a previously announced subscription rights offering, increasing the potential gross proceeds to up to approximately $10.0 million for the issuance of up to 3,344,482 shares at a subscription price of $2.99 per share.
- A director converted a Convertible Note Due 2026 into 1,003,344 shares of common stock at $2.99 per share in March 2026.
Inbound Investments
- Empire Petroleum extended its $20 million revolving credit facility with Equity Bank in January 2026, pushing the maturity date from December 29, 2026, to December 29, 2028, to provide additional financial flexibility.
- The February 2026 rights offering, aiming to raise up to $10.0 million, saw commitments from Energy Evolution Master Fund, Ltd., the company's largest shareholder, and Phil E. Mulacek, Chairman of the Board, to participate.
Capital Expenditures
- For 2025, Empire Petroleum invested approximately $4.6 million in capital expenditures, primarily focused on the return-to-production project in Texas and ongoing drilling and completions activity in North Dakota.
- During the nine months ended September 30, 2025, capital expenditures totaled approximately $4.2 million, mainly for finalizing drilling and completions activity related to the Starbuck Drilling Program in North Dakota and continued return-to-production efforts in Texas.
- The company's 2025 capital expenditure targets included development and leasehold expansion in North Dakota and Texas.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Empire Petroleum Earnings Notes | 12/16/2025 | |
| Is Empire Petroleum Stock Built to Withstand More Downside? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 3.79 |
| Mkt Cap | 0.2 |
| Rev LTM | 265 |
| Op Inc LTM | 37 |
| FCF LTM | -24 |
| FCF 3Y Avg | -13 |
| CFO LTM | 88 |
| CFO 3Y Avg | 114 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -17.6% |
| Rev Chg 3Y Avg | -9.4% |
| Rev Chg Q | -12.6% |
| QoQ Delta Rev Chg LTM | -3.3% |
| Op Inc Chg LTM | -54.6% |
| Op Inc Chg 3Y Avg | -45.5% |
| Op Mgn LTM | 6.8% |
| Op Mgn 3Y Avg | 16.6% |
| QoQ Delta Op Mgn LTM | -1.7% |
| CFO/Rev LTM | 40.9% |
| CFO/Rev 3Y Avg | 39.9% |
| FCF/Rev LTM | -13.9% |
| FCF/Rev 3Y Avg | -6.1% |
Price Behavior
| Market Price | $2.71 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 02/23/2007 | |
| Distance from 52W High | -55.8% | |
| 50 Days | 200 Days | |
| DMA Price | $2.73 | $3.14 |
| DMA Trend | down | down |
| Distance from DMA | -0.9% | -13.6% |
| 3M | 1YR | |
| Volatility | 69.9% | 75.8% |
| Downside Capture | 140.33 | 123.13 |
| Upside Capture | 55.35 | 5.93 |
| Correlation (SPY) | 6.0% | 14.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.09 | 0.28 | 0.00 | 0.17 | 0.90 | 1.52 |
| Up Beta | -3.10 | -3.15 | -1.60 | -0.20 | 1.48 | 2.30 |
| Down Beta | -0.70 | -0.39 | -0.15 | 0.72 | 0.88 | 1.30 |
| Up Capture | 134% | 119% | 28% | -5% | 7% | 43% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 11 | 19 | 25 | 51 | 111 | 362 |
| Down Capture | 60% | 179% | 166% | 29% | 116% | 108% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 10 | 20 | 30 | 64 | 128 | 370 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EP | |
|---|---|---|---|---|
| EP | -55.6% | 75.4% | -0.77 | - |
| Sector ETF (XLE) | 28.7% | 20.9% | 1.11 | 25.8% |
| Equity (SPY) | 20.7% | 12.5% | 1.22 | 14.0% |
| Gold (GLD) | 23.0% | 27.8% | 0.73 | -4.4% |
| Commodities (DBC) | 22.9% | 18.6% | 0.97 | 13.9% |
| Real Estate (VNQ) | 13.6% | 13.8% | 0.68 | 15.6% |
| Bitcoin (BTCUSD) | -41.8% | 42.8% | -1.14 | 18.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EP | |
|---|---|---|---|---|
| EP | -32.4% | 72.8% | -0.32 | - |
| Sector ETF (XLE) | 19.5% | 25.9% | 0.68 | 31.6% |
| Equity (SPY) | 13.3% | 17.1% | 0.60 | 27.4% |
| Gold (GLD) | 17.8% | 18.3% | 0.79 | 6.5% |
| Commodities (DBC) | 7.6% | 19.5% | 0.29 | 21.4% |
| Real Estate (VNQ) | 3.1% | 18.9% | 0.06 | 20.8% |
| Bitcoin (BTCUSD) | 13.2% | 53.5% | 0.43 | 18.4% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EP | |
|---|---|---|---|---|
| EP | -8.4% | 90.8% | 0.17 | - |
| Sector ETF (XLE) | 9.3% | 29.6% | 0.36 | 27.5% |
| Equity (SPY) | 15.7% | 17.9% | 0.75 | 26.3% |
| Gold (GLD) | 11.6% | 16.1% | 0.59 | 7.7% |
| Commodities (DBC) | 6.2% | 18.0% | 0.27 | 18.3% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 23.7% |
| Bitcoin (BTCUSD) | 57.9% | 66.2% | 0.98 | 17.8% |
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Returns Analyses
Earnings Returns History
Updated 6/18/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/15/2026 | 8.0% | 1.1% | 1.5% |
| 3/16/2026 | 0.7% | 0.7% | -5.9% |
| 11/17/2025 | 9.2% | 3.4% | 8.2% |
| 8/14/2025 | 7.4% | 0.8% | -12.9% |
| 5/15/2025 | -4.1% | -2.6% | 35.1% |
| 3/28/2025 | 4.7% | -12.3% | -18.2% |
| 11/15/2024 | -0.5% | 6.1% | 13.9% |
| 8/15/2024 | -0.7% | -0.9% | -3.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 10 | 6 |
| # Negative | 3 | 6 | 10 |
| Median Positive | 4.7% | 5.8% | 11.0% |
| Median Negative | -0.7% | -2.5% | -10.2% |
| Max Positive | 22.8% | 15.3% | 35.1% |
| Max Negative | -4.1% | -12.3% | -23.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/15/2026 | 8.0% | 1.1% | 1.5% |
| 3/16/2026 | 0.7% | 0.7% | -5.9% |
| 11/17/2025 | 9.2% | 3.4% | 8.2% |
| 8/14/2025 | 7.4% | 0.8% | -12.9% |
| 5/15/2025 | -4.1% | -2.6% | 35.1% |
| 3/28/2025 | 4.7% | -12.3% | -18.2% |
| 11/15/2024 | -0.5% | 6.1% | 13.9% |
| 8/15/2024 | -0.7% | -0.9% | -3.2% |
| 5/16/2024 | 0.8% | 15.3% | -8.3% |
| 2/23/2024 | 1.9% | -2.4% | -12.2% |
| 11/13/2023 | 22.8% | 9.1% | 26.6% |
| 8/15/2023 | 1.1% | 5.6% | -6.0% |
| 5/16/2023 | 2.8% | 5.9% | 8.0% |
| 11/15/2022 | 1.5% | -2.3% | -21.7% |
| 8/16/2022 | 6.8% | 6.1% | -2.8% |
| 5/17/2022 | 4.9% | -6.6% | -23.9% |
| SUMMARY STATS | |||
| # Positive | 13 | 10 | 6 |
| # Negative | 3 | 6 | 10 |
| Median Positive | 4.7% | 5.8% | 11.0% |
| Median Negative | -0.7% | -2.5% | -10.2% |
| Max Positive | 22.8% | 15.3% | 35.1% |
| Max Negative | -4.1% | -12.3% | -23.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 03/13/2026 | 10-K |
| 09/30/2025 | 11/14/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 03/27/2025 | 10-K |
| 09/30/2024 | 11/13/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 03/28/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/31/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 03/13/2026 | 10-K |
| 09/30/2025 | 11/14/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 03/27/2025 | 10-K |
| 09/30/2024 | 11/13/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 03/28/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/31/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
| 03/31/2022 | 05/16/2022 | 10-Q |
| 12/31/2021 | 03/31/2022 | 10-K |
| 09/30/2021 | 11/15/2021 | 10-Q |
| 06/30/2021 | 08/23/2021 | 10-Q |
| 03/31/2021 | 05/17/2021 | 10-Q |
| 12/31/2020 | 03/31/2021 | 10-K |
| 09/30/2020 | 11/16/2020 | 10-Q |
| 06/30/2020 | 08/14/2020 | 10-Q |
| 03/31/2020 | 05/15/2020 | 10-Q |
| 12/31/2019 | 03/30/2020 | 10-K |
| 09/30/2019 | 11/14/2019 | 10-Q |
| 06/30/2019 | 08/14/2019 | 10-Q |
Recent Forward Guidance
Updated 6/8/2026Latest: Q1 2026 Earnings Reported 5/15/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Texas gas volumes | 9.00 Mil | ||||||
| Q2 2026 Gas Takeaway Capacity Growth | 600.0% | ||||||
| 2026 Texas Gas Development Wells | 12 | 21 | 30 | ||||
| 2026 Oil Hedging Coverage | 0.9 | ||||||
| 2026 Oil Hedging Price | 72 | ||||||
Prior: Q4 2025 Earnings Reported 3/16/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Gas Takeaway Capacity Growth | 600.0% | Higher New | |||||
| 2026 Texas Gas Development Wells | 12 | 21 | 30 | Higher New | |||
| 2026 Oil Hedging Coverage | 0.9 | Higher New | |||||
| 2026 Oil Hedging Price | 72 | Higher New | |||||
Q3 2025 Earnings Reported 11/17/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Production Levels | |||||||
| 2026 Drilling Operations Start | |||||||
Insider Activity
Updated 7/7/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Matschke, Mason H | Direct | Buy | 6022026 | 2.54 | 7,777 | 19,754 | 1,083,374 | Form | |
| 2 | Mulacek, Phil E | Direct | Buy | 1052026 | 3.00 | 1,068 | 3,204 | 18,521,196 | Form | |
| 3 | Mulacek, Phil E | Direct | Buy | 1052026 | 2.99 | 5,732 | 17,159 | 18,478,578 | Form | |
| 4 | Mulacek, Phil E | Direct | Buy | 12312025 | 3.00 | 84 | 252 | 18,500,796 | Form | |
| 5 | Mulacek, Phil E | Direct | Buy | 12312025 | 3.00 | 5,367 | 16,101 | 18,500,544 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Matschke, Mason H | Direct | Buy | 6022026 | 2.54 | 7,777 | 19,754 | 1,083,374 | Form | |
| 2 | Mulacek, Phil E | Direct | Buy | 1052026 | 3.00 | 1,068 | 3,204 | 18,521,196 | Form | |
| 3 | Mulacek, Phil E | Direct | Buy | 1052026 | 2.99 | 5,732 | 17,159 | 18,478,578 | Form | |
| 4 | Mulacek, Phil E | Direct | Buy | 12312025 | 3.00 | 84 | 252 | 18,500,796 | Form | |
| 5 | Mulacek, Phil E | Direct | Buy | 12312025 | 3.00 | 5,367 | 16,101 | 18,500,544 | Form | |
| 6 | Mulacek, Phil E | Direct | Buy | 12052025 | 3.00 | 7,223 | 21,658 | 18,475,201 | Form | |
| 7 | Mulacek, Phil E | Direct | Buy | 12012025 | 3.00 | 1,743 | 5,229 | 18,462,774 | Form | |
| 8 | Mulacek, Phil E | Direct | Buy | 12012025 | 3.00 | 1,316 | 3,948 | 18,457,545 | Form | |
| 9 | Marchive, Benjamin J II | Direct | Buy | 11192025 | 3.14 | 2,000 | 6,282 | 197,877 | Form | |
| 10 | Mulacek, Phil E | Direct | Buy | 11072025 | 3.77 | 187,084 | 705,307 | 20,969,113 | Form | |
| 11 | Morrisett, Michael R | President & CEO | Direct | Sell | 11072025 | 3.77 | 187,084 | 705,307 | 1,304,752 | Form |
| 12 | Mulacek, Phil E | Direct | Buy | 10232025 | 3.75 | 4,000 | 15,000 | 20,156,306 | Form | |
| 13 | Mulacek, Phil E | Direct | Buy | 10232025 | 3.58 | 8,190 | 29,283 | 19,203,527 | Form | |
| 14 | Mulacek, Phil E | Direct | Buy | 9172025 | 4.04 | 20,609 | 83,314 | 21,679,756 | Form | |
| 15 | Mulacek, Phil E | Direct | Buy | 9172025 | 4.03 | 6,689 | 26,968 | 21,538,212 | Form | |
| 16 | Mulacek, Phil E | Direct | Buy | 9172025 | 3.98 | 9,648 | 38,375 | 21,222,059 | Form | |
| 17 | Mulacek, Phil E | Direct | Buy | 9152025 | 4.08 | 6,000 | 24,480 | 21,729,586 | Form | |
| 18 | Mulacek, Phil E | Direct | Buy | 9152025 | 4.10 | 2,971 | 12,185 | 21,818,952 | Form | |
| 19 | Mulacek, Phil E | Direct | Buy | 9152025 | 4.09 | 7,012 | 28,689 | 21,753,597 | Form | |
| 20 | Watson, Matthew E | Chief Accounting Officer | Direct | Sell | 9102025 | 4.51 | 3,377 | 15,239 | 45,126 | Form |
| 21 | Watson, Matthew E | Chief Accounting Officer | Direct | Sell | 9082025 | 4.87 | 1,623 | 7,899 | 65,104 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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