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Commodity Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Investments, All Other Investments [Abstract]

The following table summarizes the net realized and unrealized losses reported in earnings related to the commodity derivative instruments for the periods presented:

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:

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	)

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- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

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