Vivakor, Inc.

What they do

Vivakor transports crude oil and related hydrocarbon streams by truck and pipeline across Colorado's DJ Basin, Oklahoma's STACK play, and the Permian and Eagle Ford Basins in Texas. It owns and operates ten crude oil pipeline injection truck stations and two terminaling facilities, including Colorado City, Texas and Delhi, Louisiana, plus the 45-mile Omega Gathering Pipeline in Blaine County, Oklahoma connecting to the Plains/P66 STACK Pipeline and the Cushing hub. A marketing and trading division buys and resells crude oil, condensate, natural gas liquids, tank bottoms and naphtha. The company reports three segments - transportation and logistics, terminaling and storage, and supply and trading - and is developing a fourth remediation segment built around Remediation Processing Centers.

Revenue drivers

• Transportation and logistics — Trucking fleet and pipeline operations moving crude oil and crude oil waste streams for producers; the company describes transportation and facility operations as the foundation of the business.
• Terminaling and storage services — Ten crude oil pipeline injection truck stations and two major terminaling facilities. The Colorado City, Texas terminal is supported by a 10-year contract with a minimum 100,000-barrel-per-month volume commitment, and the Delhi, Louisiana terminal is backed by a contract with Denbury Onshore, LLC for the sale of 60,000 net barrels per month.
• Supply and trading — Purchase, sale and distribution of crude oil, condensate, natural gas liquids and refined or processed products such as atmospheric tank bottoms and naphtha, intended to expand market opportunities and diversify revenue streams.
• Remediation services (development stage) — Not yet generating revenue. A Remediation Processing Center at the San Jacinto River & Rail Park in Harris County, Texas is designed to process up to 800 tons per day of oilfield waste, tank bottoms, vessel residues and contaminated soils; commissioning was described as first quarter 2026 in the 10-K and third quarter 2026 in the 10-Q.

Recent performance

Annual revenue grew from $1.1 million in 2021 to $104.4 million in 2025, but net losses widened to $110.2 million in 2025 from $26.4 million in 2024, and operating cash flow turned negative at $15.8 million in 2025 versus positive $1.8 million in 2024. Quarterly revenue was $17.0 million in the quarter ended 2025-09-30, $21.0 million in 2025-12-31, $19.5 million in 2026-03-31, and $32.1 million in 2026-06-30. At 2026-06-30 the company reported total assets of $114.4 million, total liabilities of $77.8 million, shareholder equity of $40.8 million, and cash and equivalents of $256,853. The company completed two reverse stock splits in 2026, 1-for-200 in March and 1-for-20 in July.

Strategy

Management is building an integrated midstream platform through acquisitions and organic development, with the 2022 addition of the Colorado City and Delhi terminals and the October 2024 acquisition of the Endeavor Entities trucking, pipeline and storage operations. During 2025 the company sold non-core assets from the Endeavor transaction, including certain business units of Meridian Equipment Leasing, LLC and Equipment Transport, LLC on July 30, 2025, to focus on core midstream and environmental processing. The priority growth project is the remediation segment's first Remediation Processing Center in Harris County, Texas, designed to recover hydrocarbons from oil-contaminated materials. In May 2026 the company entered a Securities Purchase Agreement for convertible promissory notes with aggregate gross proceeds of up to $12.0 million in two closings, with $6.0 million received at the initial closing, and disclosed a Standby Equity Purchase Agreement. Stated uses of financing proceeds are working capital, debt reduction and general corporate purposes.

Risks

• Dependence on producer activity — Revenue depends on drilling, completion and production activity by oil and gas producers near Vivakor's facilities and in its basins, which the company does not control.
• Customer concentration and related-party exposure — A significant portion of revenue is derived from Jorgan Development, LLC, which is controlled by Chief Executive Officer and director James Ballengee.
• Commodity price sensitivity — Revenues and results of operations are significantly influenced by volatile oil and natural gas prices that are largely beyond the company's control.
• Liquidity and financing risk — Cash and equivalents were only $256,853 at 2026-06-30 against $77.8 million in total liabilities, and the company has relied on convertible notes and standby equity arrangements, with the second $6.0 million closing subject to registration statement effectiveness.

Outlook

Management has not commenced remediation operations and describes the RPC as under development, with the 10-K targeting first quarter 2026 commissioning and the 10-Q stating the Harris County RPC is currently scheduled to commission in the third quarter of 2026. The company states it continues to pursue financing transactions and capital restructuring to support working capital, reduce indebtedness and fund operations and growth. It expects oil recovered from tank bottoms and hydrocarbon-bearing materials processed at the RPC to be marketed and sold once operational. No guidance figures for future revenue, earnings or cash flow are provided in the source material.