EON Resources Inc. Files Q3 2024 10-Q

TL;DR

**EON Resources Inc. (EON) filed its Q3 2024 10-Q. Formerly HNR Acquisition Corp.**

AI Summary

EON Resources Inc. filed its quarterly report on Form 10-Q for the period ended September 30, 2024. The company, formerly known as HNR Acquisition Corp. until January 26, 2021, is incorporated in Delaware and operates in the crude petroleum and natural gas sector. Its principal executive offices are located in Houston, Texas.

Why It Matters

This filing provides investors with an update on EON Resources Inc.'s financial performance and operational status for the third quarter of 2024, crucial for assessing the company's current standing in the energy market.

Risk Assessment

Risk Level: medium — As a company in the crude petroleum and natural gas industry, EON Resources Inc. is subject to the inherent volatility and regulatory risks associated with the energy sector.

Key Players & Entities

• EON Resources Inc. (company) — Registrant
• HNR Acquisition Corp. (company) — Former company name
• September 30, 2024 (date) — Quarterly period end date
• 20241115 (date) — Filing date
• Delaware (jurisdiction) — State of incorporation
• Houston, TX (location) — Business address
• 713.834.1145 (phone_number) — Business phone number

FAQ

Key Financial Figures

• $0.0001 — stered Class A Common Stock, par value $0.0001 per share EONR NYSE American LLC Warra
• $11.50 — A Common Stock at an exercise price of $11.50 per whole share EONR.WS NYSE American L

Filing Documents

• ea0220611-10q_eonreso.htm (10-Q) — 833KB
• ea022061101ex31-1_eonreso.htm (EX-31.1) — 12KB
• ea022061101ex31-2_eonreso.htm (EX-31.2) — 12KB
• ea022061101ex32-1_eonreso.htm (EX-32.1) — 4KB
• ea022061101ex32-2_eonreso.htm (EX-32.2) — 4KB
• 0001213900-24-099136.txt ( ) — 6048KB
• eonr-20240930.xsd (EX-101.SCH) — 55KB
• eonr-20240930_cal.xml (EX-101.CAL) — 57KB
• eonr-20240930_def.xml (EX-101.DEF) — 336KB
• eonr-20240930_lab.xml (EX-101.LAB) — 548KB
• eonr-20240930_pre.xml (EX-101.PRE) — 334KB
• ea0220611-10q_eonreso_htm.xml (XML) — 561KB

Financial Information

Part I. Financial Information 1 Item 1.

Financial Statements

Financial Statements 1 Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 1 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 2 Condensed Consolidated Statements of Changes in Stockholders' Deficit for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 3 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 (Unaudited) 4 Notes to Unaudited Condensed Consolidated Financial Statements 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 31 Item 3.

Quantitative and Qualitative Disclosures Regarding Market Risk

Quantitative and Qualitative Disclosures Regarding Market Risk 44 Item 4.

Controls and Procedures

Controls and Procedures 44

Other Information

Part II. Other Information 45 Item 1.

Legal Proceedings

Legal Proceedings 45 Item 1A.

Risk Factors

Risk Factors 45 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45 Item 3. Defaults Upon Senior Securities 45 Item 4. Mine Safety Disclosures 45 Item 5. Other Information 45 Item 6. Exhibits 46

Signatures

Part III. Signatures 47 i

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements EON RESOURCES, INC. (FORMERLY HNR ACQUISITION CORP) CONDENSED CONSOLIDATED BALANCE SHEETS September 30, 2024 December 31, 2023 (Unaudited) ASSETS Cash $ 2,746,896 $ 3,505,454 Accounts receivable Crude oil and natural gas 2,059,863 2,103,341 Other 1,301 90,163 Short-term derivative instrument asset 628,513 391,488 Prepaid expenses and other current assets 544,209 722,002 Total current assets 5,980,782 6,812,448 Crude oil and natural gas properties, successful efforts method: Proved properties 98,870,589 94,189,372 Accumulated depreciation, depletion, amortization and impairment ( 1,858,369 ) ( 352,127 ) Total oil and natural gas properties, net 97,012,220 93,837,245 Other property, plant and equipment, net 20,000 - Long-term derivative instrument asset 165,682 76,199 Total assets $ 103,178,684 $ 100,725,892 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 7,988,044 $ 4,795,208 Accrued liabilities and other 7,390,370 4,422,183 Revenue and royalties payable 1,971,897 461,773 Revenue and royalties payable – related parties 247,572 1,523,138 Deferred underwriting fee payable 1,140,000 1,300,000 Related party notes payable, net of discount 3,827,976 2,359,048 Warrant liability, current portion 5,672,604 - Current portion of long-term debt 10,914,900 4,157,602 Forward purchase agreement liability 5,628,863 1,094,097 Total current liabilities 44,782,226 20,113,049 Long-term debt, net of current portion and financing costs 28,840,078 37,486,206 Warrant liability - 4,777,971 Deferred tax liability 3,758,161 6,163,140 Asset retirement obligations 988,223 904,297 Other liabilities 675,000 675,000 Total non-current liabilities 34,261,462 50,006,614 Total liabilities 79,043,688 70,119,663 Commitments and Contingencies (Note 10) Stockholders' equity Preferred stock, $ 0.0001 par value; 1

View Full Filing

View this 10-Q filing on SEC EDGAR