Empire Petroleum (EP)
Market Price (3/31/2026): $3.11 | Market Cap: $107.4 MilSector: Energy | Industry: Oil & Gas Exploration & Production
Empire Petroleum (EP)
Market Price (3/31/2026): $3.11Market Cap: $107.4 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 -61%, 3Y Excs Rtn is -135% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -20 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -59% |
| Meaningful 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 13.01 | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -22%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -12%, Rev Chg QQuarterly Revenue Change % is -30% | |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -12%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -27% | ||
| 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 -71% | ||
| 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 -61%, 3Y Excs Rtn is -135% |
| Meaningful 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 13.01 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -20 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -59% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -22%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -12%, Rev Chg QQuarterly Revenue Change % is -30% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -12%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -27% |
| 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 -71% |
| 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 gained about 5% since 11/30/2025 because of the following key factors:
1. Successful Rights Offering Bolstered Capital: Empire Petroleum completed a fully subscribed rights offering in March 2026, generating approximately $10 million in gross proceeds at a subscription price of $2.99 per share. This strong investor demand and capital infusion reinforced the company's financial position for its ongoing oil and gas strategy.
2. Expansion in Texas Gas Development and Midstream Capacity: The company initiated a multi-phase Texas gas development program in Q4 2025, planning to reactivate and work over 10-12 wells, with a projected 12-30 wells for 2026. Concurrently, compression capacity at its Texas Midstream plant doubled in Q1 2026 from 1.5 million cubic feet per day (MMcfd) to 3.0 MMcfd, with plans for a further increase over 600% to 9.5 MMcfd in Q2 2026.
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1. Successful Rights Offering Bolstered Capital: Empire Petroleum completed a fully subscribed rights offering in March 2026, generating approximately $10 million in gross proceeds at a subscription price of $2.99 per share. This strong investor demand and capital infusion reinforced the company's financial position for its ongoing oil and gas strategy.
2. Expansion in Texas Gas Development and Midstream Capacity: The company initiated a multi-phase Texas gas development program in Q4 2025, planning to reactivate and work over 10-12 wells, with a projected 12-30 wells for 2026. Concurrently, compression capacity at its Texas Midstream plant doubled in Q1 2026 from 1.5 million cubic feet per day (MMcfd) to 3.0 MMcfd, with plans for a further increase over 600% to 9.5 MMcfd in Q2 2026.
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Stock Movement Drivers
Fundamental Drivers
The 4.1% change in EP stock from 11/30/2025 to 3/30/2026 was primarily driven by a 14.8% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 3302026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.00 | 3.12 | 4.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 37 | 34 | -8.1% |
| P/S Multiple | 2.7 | 3.2 | 14.8% |
| Shares Outstanding (Mil) | 34 | 35 | -1.3% |
| Cumulative Contribution | 4.1% |
Market Drivers
11/30/2025 to 3/30/2026| Return | Correlation | |
|---|---|---|
| EP | 4.1% | |
| Market (SPY) | -5.3% | 8.5% |
| Sector (XLE) | 38.2% | 31.4% |
Fundamental Drivers
The -38.2% change in EP stock from 8/31/2025 to 3/30/2026 was primarily driven by a -28.7% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 3302026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.05 | 3.12 | -38.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 39 | 34 | -11.7% |
| P/S Multiple | 4.4 | 3.2 | -28.7% |
| Shares Outstanding (Mil) | 34 | 35 | -1.7% |
| Cumulative Contribution | -38.2% |
Market Drivers
8/31/2025 to 3/30/2026| Return | Correlation | |
|---|---|---|
| EP | -38.2% | |
| Market (SPY) | 0.6% | 16.7% |
| Sector (XLE) | 39.4% | 32.3% |
Fundamental Drivers
The -54.8% change in EP stock from 2/28/2025 to 3/30/2026 was primarily driven by a -36.7% change in the company's P/S Multiple.| (LTM values as of) | 2282025 | 3302026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.90 | 3.12 | -54.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 44 | 34 | -22.0% |
| P/S Multiple | 5.0 | 3.2 | -36.7% |
| Shares Outstanding (Mil) | 32 | 35 | -8.4% |
| Cumulative Contribution | -54.8% |
Market Drivers
2/28/2025 to 3/30/2026| Return | Correlation | |
|---|---|---|
| EP | -54.8% | |
| Market (SPY) | 9.8% | 38.4% |
| Sector (XLE) | 40.7% | 39.2% |
Fundamental Drivers
The -76.0% change in EP stock from 2/28/2023 to 3/30/2026 was primarily driven by a -42.5% change in the company's P/S Multiple.| (LTM values as of) | 2282023 | 3302026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.99 | 3.12 | -76.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 52 | 34 | -34.8% |
| P/S Multiple | 5.5 | 3.2 | -42.5% |
| Shares Outstanding (Mil) | 22 | 35 | -36.0% |
| Cumulative Contribution | -76.0% |
Market Drivers
2/28/2023 to 3/30/2026| Return | Correlation | |
|---|---|---|
| EP | -76.0% | |
| Market (SPY) | 69.4% | 32.8% |
| Sector (XLE) | 63.9% | 33.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| EP Return | 0% | 12199% | -11% | -31% | -60% | 1% | 2973% |
| Peers Return | 115% | 77% | -32% | -1% | -38% | 53% | 143% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -7% | 70% |
Monthly Win Rates [3] | |||||||
| EP Win Rate | 0% | 33% | 33% | 50% | 42% | 33% | |
| Peers Win Rate | 54% | 67% | 31% | 44% | 35% | 93% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| EP Max Drawdown | 0% | 0% | -53% | -62% | -62% | -7% | |
| Peers Max Drawdown | -17% | -1% | -40% | -14% | -51% | -6% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[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 3/30/2026 (YTD)
How Low Can It Go
| Event | EP | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -76.9% | -25.4% |
| % Gain to Breakeven | 333.6% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -50.0% | -33.9% |
| % Gain to Breakeven | 100.0% | 51.3% |
| Time to Breakeven | 706 days | 148 days |
| 2018 Correction | ||
| % Loss | -68.3% | -19.8% |
| % Gain to Breakeven | 215.5% | 24.7% |
| Time to Breakeven | 818 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -94.1% | -56.8% |
| % Gain to Breakeven | 1600.0% | 131.3% |
| Time to Breakeven | 410 days | 1,480 days |
Compare to PR, HPK, AMPY, REI, EPM
In The Past
Empire Petroleum's stock fell -76.9% during the 2022 Inflation Shock from a high on 5/4/2022. A -76.9% loss requires a 333.6% gain to breakeven.
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About Empire Petroleum (EP)
Empire Petroleum Corporation engages in the exploration and development of oil and gas interests in Louisiana, New Mexico, North Dakota, Montana, and Texas. The company was formerly known as Americomm Resources Corporation and changed its name to Empire Petroleum Corporation in August 2001. Empire Petroleum Corporation was incorporated in 1983 and is headquartered in Tulsa, Oklahoma.
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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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```htmlFor 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 |
Trade Ideas
Select ideas related to EP.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 12262025 | TPL | Texas Pacific Land | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 82.3% | 82.3% | -2.1% |
| 12122025 | NOV | NOV | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 23.6% | 23.6% | -6.5% |
| 12122025 | RIG | Transocean | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 56.9% | 56.9% | -7.0% |
| 11212025 | WHD | Cactus | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 31.6% | 31.6% | 0.0% |
| 10172025 | OVV | Ovintiv | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 41.7% | 41.7% | 0.0% |
Research & Analysis
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Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 5.54 |
| Mkt Cap | 0.3 |
| Rev LTM | 285 |
| Op Inc LTM | 39 |
| FCF LTM | -10 |
| FCF 3Y Avg | 8 |
| CFO LTM | 100 |
| CFO 3Y Avg | 131 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -13.4% |
| Rev Chg 3Y Avg | -8.0% |
| Rev Chg Q | -19.0% |
| QoQ Delta Rev Chg LTM | -4.8% |
| Op Mgn LTM | 10.9% |
| Op Mgn 3Y Avg | 19.9% |
| QoQ Delta Op Mgn LTM | -3.2% |
| CFO/Rev LTM | 42.6% |
| CFO/Rev 3Y Avg | 43.4% |
| FCF/Rev LTM | -9.5% |
| FCF/Rev 3Y Avg | 0.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.3 |
| P/S | 1.5 |
| P/EBIT | 4.6 |
| P/E | 11.5 |
| P/CFO | 3.4 |
| Total Yield | 6.5% |
| Dividend Yield | 1.2% |
| FCF Yield 3Y Avg | 1.2% |
| D/E | 0.3 |
| Net D/E | 0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 12.9% |
| 3M Rtn | 45.9% |
| 6M Rtn | 12.5% |
| 12M Rtn | 19.9% |
| 3Y Rtn | -11.0% |
| 1M Excs Rtn | 20.7% |
| 3M Excs Rtn | 55.6% |
| 6M Excs Rtn | 10.0% |
| 12M Excs Rtn | 6.0% |
| 3Y Excs Rtn | -65.5% |
Price Behavior
Price Behavior
| Market Price | $3.12 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 02/23/2007 | |
| Distance from 52W High | -50.3% | |
| 50 Days | 200 Days | |
| DMA Price | $3.09 | $3.87 |
| DMA Trend | down | indeterminate |
| Distance from DMA | 1.0% | -19.4% |
| 3M | 1YR | |
| Volatility | 82.6% | 82.8% |
| Downside Capture | -0.43 | 1.06 |
| Upside Capture | -81.60 | 56.37 |
| Correlation (SPY) | 11.2% | 39.0% |
EP Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.91 | 1.83 | 1.34 | 1.61 | 1.77 | 1.66 |
| Up Beta | 11.29 | 8.08 | 6.35 | 5.85 | 2.58 | 2.56 |
| Down Beta | -0.08 | 3.22 | 2.50 | 2.36 | 1.34 | 1.45 |
| Up Capture | 249% | -31% | -27% | -42% | 62% | 42% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 9 | 16 | 25 | 54 | 117 | 367 |
| Down Capture | 6% | -115% | -108% | 73% | 134% | 109% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 11 | 23 | 34 | 65 | 128 | 374 |
[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 | -50.6% | 82.7% | -0.49 | - |
| Sector ETF (XLE) | 37.0% | 24.9% | 1.22 | 40.6% |
| Equity (SPY) | 14.8% | 19.0% | 0.60 | 39.2% |
| Gold (GLD) | 48.2% | 27.7% | 1.42 | -0.3% |
| Commodities (DBC) | 17.5% | 17.6% | 0.83 | 24.3% |
| Real Estate (VNQ) | 1.1% | 16.4% | -0.11 | 35.4% |
| Bitcoin (BTCUSD) | -24.0% | 44.3% | -0.49 | 28.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EP | |
|---|---|---|---|---|
| EP | -29.4% | 73.1% | -0.28 | - |
| Sector ETF (XLE) | 25.4% | 26.1% | 0.87 | 32.5% |
| Equity (SPY) | 12.0% | 17.0% | 0.55 | 29.1% |
| Gold (GLD) | 20.9% | 17.7% | 0.97 | 8.3% |
| Commodities (DBC) | 12.2% | 18.8% | 0.53 | 23.2% |
| Real Estate (VNQ) | 3.2% | 18.8% | 0.07 | 22.2% |
| Bitcoin (BTCUSD) | 3.9% | 56.6% | 0.29 | 19.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EP | |
|---|---|---|---|---|
| EP | -6.4% | 92.1% | 0.22 | - |
| Sector ETF (XLE) | 11.3% | 29.5% | 0.42 | 27.9% |
| Equity (SPY) | 13.9% | 17.9% | 0.67 | 27.5% |
| Gold (GLD) | 13.4% | 15.8% | 0.70 | 9.1% |
| Commodities (DBC) | 8.2% | 17.6% | 0.38 | 19.5% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 24.8% |
| Bitcoin (BTCUSD) | 66.2% | 66.9% | 1.06 | 18.6% |
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Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/16/2026 | 0.7% | 0.7% | |
| 11/17/2025 | 9.2% | 3.4% | 8.2% |
| 8/14/2025 | 7.4% | 0.8% | -12.9% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 9 | 3 |
| # Negative | 2 | 5 | 10 |
| Median Positive | 4.8% | 5.6% | 13.9% |
| Median Negative | -0.6% | -2.4% | -12.6% |
| Max Positive | 22.8% | 15.3% | 26.6% |
| Max Negative | -0.7% | -12.3% | -23.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 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 |
Recent Forward Guidance [BETA]
Latest: 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 | |||||
Prior: 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
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Mulacek, Phil E | Direct | Buy | 1052026 | 2.99 | 5,732 | 17,159 | 18,478,578 | Form | |
| 2 | Mulacek, Phil E | Direct | Buy | 1052026 | 3.00 | 1,068 | 3,204 | 18,521,196 | Form | |
| 3 | Mulacek, Phil E | Direct | Buy | 12312025 | 3.00 | 5,367 | 16,101 | 18,500,544 | Form | |
| 4 | Mulacek, Phil E | Direct | Buy | 12312025 | 3.00 | 84 | 252 | 18,500,796 | Form | |
| 5 | Mulacek, Phil E | Direct | Buy | 12052025 | 3.00 | 7,223 | 21,658 | 18,475,201 | 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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