Vivakor Reports Growth of 1,118% to $11.8 Million in Revenue for Third Quarter 2022
Led by Significant Increase in Oil and Natural Gas Liquid Sales from Recent Acquisition of Silver Fuels Delhi, LLCIRVINE, CA / ACCESSWIRE / November 29, 2022 / Vivakor, Inc. (NASDAQ:VIVK) ("Vivakor" or the "Company"), a socially responsible …
Led by Significant Increase in Oil and Natural Gas Liquid Sales from Recent Acquisition of Silver Fuels Delhi, LLC
IRVINE, CA / ACCESSWIRE / November 29, 2022 / Vivakor, Inc. (NASDAQ:VIVK) ("Vivakor" or the "Company"), a socially responsible operator, acquirer and developer of clean energy technologies and environmental solutions, today announced financial and operational results for the third quarter and nine months ended September 30, 2022.
Key Financial Highlights for Three Months Ended September 30, 2022 Compared to Prior Year Period:
- Revenue increased 1,118% to $11.8 million
- Gross profit increased $1.2 million
- Gross margin of 10.3%
- Net loss decreased 46% to $1.6 million
- Cash balance of $4.4 million
- Total assets of $94.8 million
Key Business Highlights for Three Months Ended September 30, 2022:
- Closed Acquisitions with Operations and Long-Term Contracts in Louisiana and Texas Servicing Two Major U.S. Oil Basins
Subsequent to the End of the Third Quarter Ended September 30, 2022
- Appointed Prominent Oil Industry Expert James Ballengee as Chief Executive Officer and Chairman of the Board
Vivakor Chairman and Chief Executive Officer James Ballengee, commented, "We are very pleased with our quarterly results, our first quarter including our newly acquired assets in the oil and natural gas segment. Our team has already identified many areas that make our recent business combination complementary and synergistic. We expect to realize these benefits throughout 2023."
Ballengee concluded, "As our business advances, our team is also moving forward with our capital markets strategy in order to increase our visibility and shareholder value. The combination of this vision and the acquisition of the midstream oil and gas assets of Silver Fuels Delhi and White Claw Colorado City, along with our Remediation Processing Centers, presents a unique opportunity to bring ESG technology to the existing traditional midstream industry. We look forward to sharing our progress with existing and prospective new shareholders over the coming months."
The Company's pro-forma unaudited revenue of $47.7 million for the nine months ended September 30, 2022 represents the combined results of operations of the Company, Silver Fuels Delhi and White Claw Colorado City for the nine months ended September 30, 2022, as though the companies had been combined as of January 1, 2021.