Commodities
Empire Petroleum Revenue Rises Despite Production Decline
Empire Petroleum reported a 27% increase in Q2 2026 product revenue to $11.1 million, despite a 23% decline in net equivalent sales volumes.
The company attributed the lower oil volume mainly to natural decline and North Dakota wells offline for steam-unit performance enhancement projects.
Higher realized pricing helped overcome the lower production base, with Empire's average oil price excluding derivative settlements at $94.72 per barrel during Q2.
Operating costs also moved lower, with lease operating expense declining to about $5 million from $6.4 million.