Energy 11 Reports Stable Revenues

The midstream asset operator continues methodical development while weathering price-driven production declines.

November 14, 2025

Lower Prices, Slightly Lower Output

Energy 11 closed out the third quarter with steady financials and a measured approach to operations. The company, which focuses on oil and gas assets in North Dakota’s Bakken Shale, is staying disciplined—managing production and spending based on where the market is now, not where it was last year.

Earnings for the quarter came in at $7.1 million, or $0.29 per unit —down from $8.8 million and $0.35 per unit this time last year. The difference reflects what you’d expect in a lower-price environment. The average price for oil sold in Q3 was $75.39 per barrel, compared to $88.39 the year before. Production also came down slightly, averaging 2,538 barrels of oil equivalent per day —roughly an 8% drop year-over-year.

Energy 11’s portfolio remains oil-heavy, with crude making up 83% of output. That mix continues to shape how the company reacts to price shifts, especially as it keeps tight control over capital deployment.

Staying Liquid, Staying Disciplined

Operating income for the quarter reached $10.3 million, and Energy 11 ended the period with $9.2 million in operating cash flow. The company paid out a $0.30 distribution per unit during the quarter—consistent with recent periods—and kept spending low. Capital expenditures totaled just over $300,000, driven by prior completion costs rather than new drilling.

The partnership didn’t take on any new wells during the quarter. Instead, it focused on maximizing value from existing assets and tracking commodity price trends before committing to new projects. The company’s producing well count remains unchanged at 172, all operated by Whiting Oil and Gas. Additional wells in various stages of development remain on the books, with Energy 11 holding a 26.2% working interest.

Managing Risk with a Clear View on Pricing

To protect against further price declines, Energy 11 kept its hedging program in place. At the end of Q3, the company had swaps covering 700 barrels per day through 2026, at fixed prices between $77.50 and $84.73 per barrel. These contracts give the company predictability around cash flow, even when prices dip.

Credit facility usage remained at zero for the quarter, giving Energy 11 a full $40 million in borrowing capacity if needed. Cash on hand totaled $8.9 million, adding another layer of flexibility.

Focused on the Long Game

Energy 11’s strategy continues to revolve around balance. It’s holding back on drilling until prices support it. It’s maintaining distributions while staying inside its cash flow. And it’s positioned to respond as market conditions change—whether that means scaling up new activity or maintaining current production.

With strong assets in place and costs under control, the company is keeping its options open. If the price environment improves, it’s ready to act. For now, the focus is on consistent execution and keeping unitholders in a strong position.