The oil and gas producer reported a 43.3% year-over-year revenue decline amid lower production volumes and negative adjusted EBITDA.
Empire Petroleum reported a first-quarter GAAP loss of $0.18 per share, missing expectations as revenue fell 43.3% year-over-year to $5.1 million. Net production volumes averaged 1,880 barrels of oil equivalent per day, with oil accounting for 66% of output.
Adjusted EBITDA for the quarter was negative $0.7 million, slightly worse than the $0.6 million loss in the same period last year. The company cited ongoing operational challenges as revenue continued to decline from prior levels.
Shares showed limited movement in after-hours trading following the release.