12 High Growth Oil Stocks to Buy

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2. Empire Petroleum Corporation (NYSE:EP)

Revenue growth past 5 years: 143.78%

Empire Petroleum Corporation (NYSE:EP) is an independent energy company focused on optimizing developed oil and gas production across multiple U.S. regions. The company manages and operates assets in key basins through its subsidiaries—Empire New Mexico, Empire North Dakota, Empire Texas, and Empire Louisiana. It is among the best high growth stocks to buy.

In November 2024, Empire Petroleum Corporation (NYSE:EP) successfully completed the first stage of its Enhanced Oil Recovery (EOR) program in the Starbuck field by converting three producing wells into injectors. It began preparations to file a provisional patent for its innovative hydrocarbon vaporization technology aimed at improving EOR effectiveness. For Q3 2024, Empire Petroleum Corporation (NYSE:EP) expanded its technical initiatives in its Texas region by deploying advanced strategies.

Empire Petroleum Corporation (NYSE:EP) reported Q3 2024 results with 2,460 barrels of oil equivalent per day in production, a 20% year-over-year increase. The company generated $10.9 million in revenue, up 6% from Q3 2023, but posted a net loss of $3.6 million. Adjusted EBITDA was negative $56,000, reflecting a weaker pricing environment.

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