EON Resources Reports 2025 Results, Advances Transformational Permian Growth Plan
Recapitalized balance sheet • Restored field infrastructure • 92 horizontal locations • Growth program underway
HOUSTON, TX / ACCESS Newswire / September 28, 2026 / EON Resources Inc. (NYSE American:EONR) is an independent upstream energy company with approximately 20,000 leasehold acres in the Permian Basin and approximately 1.2 billion barrels of original oil in place. The Company has filed its Annual Report on Form 10-K for fiscal year 2025.
2025 was a year of repositioning. EON recapitalized its balance sheet, restored key Grayburg-Jackson Field ("GJF") infrastructure, expanded its development inventory and moved into the next phase of growth through the San Andres horizontal drilling program.
2025 Transformation at a Glance
A Capital Structure Built for the Next Phase
On September 9, 2025, EON closed $45.5 million of funding. The transaction satisfied $20 million of senior institutional debt, eliminated approximately $700,000 of monthly principal and interest payments, settled a $20 million promissory note (including principal and accrued interest) for $7 million in cash, retired preferred units with a $27 million redemption value, and funded the acquisition of a 10% overriding royalty interest in the GJF for $13.5 million.
The balance-sheet impact was substantial: year-end debt declined to approximately $3.9 million from $48.9 million, while equity attributable to EON increased to approximately $51.2 million from $4.6 million.
92-Well San Andres Program: The Organic Growth Engine
In conjunction with the September 9 closing, EON entered into a Farmout Agreement with an experienced horizontal driller. EON retains a 35% working interest in the San Andres formation. Management expects as many as 92 horizontal wells to be drilled over the next several years.
2025 Results: Stable Production Despite Lower Oil Prices
Net oil production remained broadly stable year over year, with 246,557 net barrels in 2025 versus 250,686 in 2024. Revenue declined primarily because the average oil price fell to $63.36 per barrel from $76.98.
Financial results for 2025
A major positive in 2025 results was the recapitalization and Farmout on September 9, 2025, along with the related instruments and events that drove the overall financial results. Looking behind the numbers, a promising story is apparent for EON. The core numbers for 2025 and 2024 were very similar as expected based on generally stable production.
The main negative item in 2025 was the proven GJF waterflood reserves value in the year end reserve report for 2025 was dramatically reduced from the 2024 reserve report. The total reserve value dropped from $207 million at the end of 2024 to $80 million at the end of 2025. Key drivers leading to the drop were (i) the SEC oil price for 2024 was $77.10 which dropped by $12.56 per barrel to the 2025 SEC oil price of $64.54, (ii) the needed focus on improving required infrastructure versus allocating resources to increasing oil production, and (iii) the resulting delay in significant progress in the development plan as anticipated in the 2024 reserve report. The main impact to the 2025 results was the $5 million additional charge to depletion and depreciation in the fourth quarter. Management expects a rebound in the GJF waterflood program reserve value once we re-establish the development activities. Management also expects the reduced GJF waterflood reserves and values to return to prior levels during 2026 and 2027 with higher oil prices forecasted combined with increased activity to expand the GJF waterflood patterns. Once the GJF horizontal drilling program has a few months of operations, management expects to add approximately $100 million in reserve value. The potential of the GJF remains promising to increase despite the reserve report valuation for 2025.
Income Statement Highlights Table - Year to Date & Fourth Quarter
Year to Date
YTD-2025
YTD-2024
Change
Net oil barrels
246,557
250,686
(4,130)
Average oil price
63.36
76.98
(13.62)
Revenues, net of derivatives
16,684,816
19,786,277
(3,101,461)
Non-cash derivatives
251,748
(367,358)
619,106
Revenues, as reported
16,936,564
19,418,919
(2,482,355)
Lease operating
10,274,781
8,614,080
(1,660,701)
Depletion & depreciation
6,710,092
2,407,098
(4,302,994)
Other field related costs
1,672,786
1,860,781
187,995
General and administrative
12,080,450
10,381,095
(1,699,355)
Total expenses
30,738,109
23,263,054
(7,475,055)
Gain on sale of assets
13,379,040
-
13,379,040
Gain on debt forgiveness
540,347
1,638,138
(1,097,791)
Interest expense
(4,892,170)
(7,643,199)
2,751,029
Other income (expense)
(3,438,735)
(3,447,495)
8,760
Total other
5,588,482
(9,452,556)
15,041,038
Tax (expense) benefit
(1,913,554)
3,470,407
(5,383,961)
Net income (loss)
(10,126,617)
(9,826,283)
(300,333)
Fourth Quarter
Q4-2025
Q4-2024
Change
Net oil barrels
60,750
62,140
(1,390)
Average oil price
54.54
67.05
(12.51)
Revenues, net of derivatives
3,536,628
4,404,546
(867,918)
Non-cash derivatives
43,225
(693,866)
737,090
Revenues, as reported
3,579,852
3,710,680
(130,828)
Lease operating
2,975,756
2,083,649
(892,107)
Depletion & depreciation
5,627,956
900,856
(4,727,100)
Other field related costs
527,348
450,066
(77,283)
General and administrative
5,817,918
3,512,347
(2,305,571)
Total expenses
14,948,978
6,946,918
(8,002,060)
Gain on sale of assets
-
-
-
Gain on debt forgiveness
19,481
(81,862)
101,343
Interest expense
(210,549)
(1,910,453)
1,699,904
Other income (expense)
(446,663)
(1,284,323)
837,660
Total other
(637,731)
(3,276,637)
2,638,907
Tax (expense) benefit
2,929,184
1,065,428
1,863,756
Net income (loss)
(9,077,673)
(5,447,447)
(3,630,226)
Outlook for the remainder of the year: The Company believes it can continue to deliver stable production from its two core properties. Both production and reserves will begin to grow in the fourth quarter of 2026, as the first horizontal wells in the San Andres interval are drilled and come online.
Balance Sheet Highlights Table
2025
2024
Change
Cash and cash equivalents
375,036
2,971,558
(2,596,522)
Accounts receivable
1,437,943
1,782,264
(344,321)
Prepaid and other current
1,262,463
405,283
857,180
Oil & gas properties
81,971,796
97,545,912
(15,574,116)
Other non-current assets
1,891,348
-
1,891,348
Total assets
86,938,586
102,705,017
(15,766,431)
Accounts payable & accrued
23,272,559
21,628,020
(1,644,539)
Debt (current & long-term)
3,878,823
48,940,508
45,061,685
Derivatives (various)
2,716,366
2,650,000
(66,366)
Deferred tax liability
3,959,392
2,692,733
(1,266,659)
Other liabilities
1,956,147
1,724,285
(231,862)
Total liabilities
35,783,287
77,635,546
41,852,259
Equity attributable to EON
51,155,299
4,643,287
(46,512,012)
Non-controlling interest
-
20,426,184
20,426,184
Total equity and liabilities
86,938,586
102,705,017
15,766,431
About EON Resources Inc.
EON is an independent upstream energy company focused on maximizing total returns to shareholders through the development of onshore oil and natural gas properties. EON's Class A Common Stock trades on the NYSE American under "EONR," and its public warrants trade under "EONR WS." For more information on the Company, please visit the EON website.
Two Permian Basin Assets, Multiple Development Horizons
Grayburg-Jackson Field (GJF): 13,700 contiguous leasehold acres in Eddy County, New Mexico, with stacked pay zones and almost 1 billion barrels of estimated original oil in place, of which less than 7% has been produced to date. The San Andres horizontal development program commenced in August 2026.
South Justis Unit (SJU): 5,360 contiguous acres in Lea County, New Mexico, with approximately 207 million barrels of original oil in place. EON's geologic and reservoir work on the Blinebry zone indicates development potential that management believes is similar in character to the opportunity identified in the GJF.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that could cause actual results to differ materially from what is expected. Words such as "expects," "believes," "anticipates," "intends," "estimates," "seeks," "may," "might," "plan," "possible," "should" and variations and similar words and expressions are intended to identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Such forward-looking statements relate to future events or future results, based on currently available information and reflect the Company's management's current beliefs. A number of factors could cause actual events or results to differ materially from the events and results discussed in the forward-looking statements. Important factors - including the availability of funds, the results of financing efforts and the risks relating to our business - that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on EDGAR (see www.edgar-online.com) and with the Securities and Exchange Commission (see www.sec.gov). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Investor Relations
Michael J. Porter, President
PORTER, LEVAY & ROSE, INC.
[email protected]
SOURCE: EON Resources Inc.