XML 22 R11.htm IDEA: XBRL DOCUMENT
v3.24.3

Commodity Derivative Financial Instruments | 9 Months Ended
--- | ---
Sep. 30, 2024
Investments, All Other Investments [Abstract] |
Commodity Derivative Financial Instruments | Note 5 – Commodity Derivative Financial Instruments Empire uses derivative financial instruments to manage its exposure to commodity price fluctuations. Commodity derivative instruments are used to reduce the effect of volatility of price changes on the oil and natural gas Empire produces and sells. Empire does not enter into derivative financial instruments for speculative or trading purposes. Empire’s derivative financial instruments consist of swaps and put options. Empire does not designate its derivative instruments in such a way that would qualify for hedge accounting. Accordingly, Empire reflects changes in the fair value of its derivative instruments in its consolidated statements of operations as they occur. Unrealized gains and losses related to the contracts are recognized and recorded as changes to the derivative asset or liability on Empire’s consolidated balance sheets. The following table summarizes the net realized and unrealized gains and (losses) reported in earnings related to the commodity derivative instruments for the periods presented:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Gain (Loss) on Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Oil derivatives (a) |  | $ | 470,717 |  |  | $ | (1,185,921 | ) |  | $ | (388,886 | ) |  | $ | (1,319,401 | )
_______
(a) | Includes $189,188 of unrealized derivative gain and $1,140,066 of unrealized derivative losses for the three months ended September 30, 2024 and 2023, respectively, and includes $407,086 and $1,232,359 of unrealized derivative losses for the nine months ended September 30, 2024 and 2023, respectively.
The following represents Empire’s net settlements received (paid) related to derivatives for the periods presented:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Oil derivatives |  | $ | 281,530 |  |  | $ | (45,855 | ) |  | $ | 18,200 |  |  | $ | (87,042 | )
As of September 30, 2024, Empire did not have any outstanding derivative contracts. In late third-quarter 2024, we settled all outstanding derivative positions for a net realized gain of $300,000.

X
- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
Name: | us-gaap_FinancialInstrumentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsAllOtherInvestmentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration