Filing Flows › Energy › Energy 11, L.P.
Energy 11, L.P. earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 12, 2026
Q2 2026 Revenue down 1% year over year to $16.4M · 37¢ of every $1 of revenue kept as net profit · operating margin 30.4%
Energy 11, L.P. made $16.4M in Q2 2026 (-0.7% Y/Y): Oil $13.7M, Natural Gas Liquids (NGL) $2.3M, Natural Gas $520K. Operating margin 30.4%, net earnings $6.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 12, 2026.
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What changed this quarter
Revenue was $16.4M in Q2 2026, down 1% year over year and up 11% from the previous quarter. Oil was the largest line at 83% of revenue. Natural Gas lost $470K year over year (down 47%), 408% of the total change.
Operating profit was $5.0M, a 30.4% margin (up 19.0 points year over year). Total costs fell 22% while revenue fell 1%. Net earnings were $6.1M, up 226% year over year. The effective tax rate was 0.0%.
Operating cash flow was $10.1M (down 6% year over year), 167% of net earnings. Non-cash charges added back $5.3M of depreciation and amortization. Working capital and other items used $1.3M. Capital expenditures of $450K left free cash flow of $9.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 12, 2026 | $16.4M | -0.7% | 30.4% | $6.1M | $10.1M |
| Q1 2026 | 10-Q | May 12, 2026 | $14.8M | -29% | 21.2% | $3.1M | $6.5M |
| Q4 2025 | 10-K | Mar 13, 2026 | $13.1M | -48% | 3.0% | $369K | $7.9M |
| Q3 2025 | 10-Q | Nov 13, 2025 | $15.8M | -38% | 6.8% | $1.0M | $9.0M |
| Q2 2025 | 10-Q | Aug 13, 2025 | $16.5M | -3% | 11.4% | $1.9M | $10.7M |
| Q1 2025 | 10-Q | May 15, 2025 | $20.9M | +13% | 27.1% | $5.6M | $16.1M |
| Q4 2024 | 10-K | Mar 14, 2025 | $25.1M | +6% | 30.8% | $7.7M | $21.0M |
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About Energy 11, L.P.
Energy 11, L.P. (the “Partnership”) is a Delaware limited partnership formed to acquire producing and non-producing oil and natural gas properties onshore in the United States and to develop those properties. The initial capitalization of the Partnership of $1,000 occurred on July 9, 2013. The Partnership completed its best-efforts offering on April 24, 2017 with a total of approximately 19 million common units sold for gross proceeds of $374.2 million and proceeds net of offering costs of $349.6 million. As of December 31, 2025, the Partnership owns an approximate 24% non-operated working interest in 309 producing wells and future development sites in the Sanish field located in Mountrail County, North Dakota (collectively, the “Sanish Field Assets”). Chord Energy Corporation (“Chord”), one of the largest producers in the basin, operates substantially all of the Sanish Field Assets.
In its own words, from its 10-K, filed Mar 13, 2026.
Energy 11, L.P. against its Crude Petroleum & Natural Gas peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -0.7% against the peers' median +46%. Operating margin: 30.4% against the peers' median 30.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| Energy 11, L.P. | Q2 2026 | $16.4M | -0.7% | 30.4% |
| EOG EOG Resources | Q3 2026 | $8.5B | +46% | 41.9% |
| OXY Occidental Petroleum | Q2 2026 | $8.1B | +53% | 48.5% |
| DVN Devon Energy | Q3 2026 | $6.9B | +58% | 18.3% |
| FANG Diamondback Energy | Q3 2026 | $5.4B | +38% | 46.0% |
| EXE Expand Energy | Q3 2026 | $3.3B | +11% | 19.5% |
| PARR PAR Pacific Holdings | Q3 2026 | $3.1B | +52% | 15.5% |
| OVV Ovintiv | Q3 2026 | $2.6B | +26% | 33.7% |
| SM SM Energy | Q3 2026 | $2.2B | +167% | 10.9% |
Source: Energy 11, L.P. 10-Q on SEC EDGAR · CIK 1581552 · Crude Petroleum & Natural Gas