Empire Petroleum (US:EP)2022-08-16 16:27Financial Performance - Record 2Q 2022 revenues reached US$1656 million[6] - Operating income for 2Q 2022 was US$583 million[6] - Adjusted EBITDA for 2Q 2022 was US$806 million, compared to US$584 million in 1Q 2022[18,22] - Total debt as of June 30, 2022, was US$821 million[20] - Insider holdings account for 498% of common shares outstanding[19] Operational Highlights - Net Production of New Mexico was 128800 BOE for 2Q 2022[11] - Net Production of Rockies was 46700 BOE for 2Q 2022[11] - The company plans to invest US$10 million in legacy field in the second half of 2022[9] - A North Dakota acquisition was closed in April 2022, increasing North Dakota pro forma net production by an estimated 24% to approximately 9250 barrels of oil equivalent per month[6,17] Capital Program - The company is targeting a multiple increase in production through a US$10 million investment in the Starbuck Field Enhancement project[15] - The estimated cost for Richland County Well Program-4 Wells is US$835 million with Working Interest=2747%[16]