Evolution Petroleum Reports First Quarter Fiscal 2025 Results and Declares Quarterly Cash Dividend for the Fiscal 2025 Second Quarter
Evolution Petroleum (EPM) reported strong fiscal Q1 2025 results with revenues increasing 6% year-over-year to $21.9 million, driven by record oil production. Net income rose 40% to $2.1 million, while Adjusted EBITDA grew 21% to $8.1 million. Total production increased 16% to 7,478 BOEPD, with oil up 27%, natural gas up 10%, and NGLs up 19%. The company brought seven SCOOP/STACK wells online during the quarter and declared its 45th consecutive quarterly dividend of $0.12 per share. Despite softer natural gas prices, the diversified portfolio performed well, with liquids generating 80% of quarterly revenue.
Evolution Petroleum (EPM) ha riportato risultati solidi per il primo trimestre fiscale 2025, con ricavi in aumento del 6% rispetto all'anno precedente, raggiungendo $21,9 milioni, trainati da una produzione di petrolio record. L'utile netto è cresciuto del 40% a $2,1 milioni, mentre l'EBITDA rettificato è aumentato del 21% a $8,1 milioni. La produzione totale è aumentata del 16%, raggiungendo 7.478 BOEPD, con un incremento del 27% per il petrolio, del 10% per il gas naturale e del 19% per i NGL. Durante il trimestre, l'azienda ha messo in produzione sette pozzi SCOOP/STACK e ha dichiarato il suo 45° dividendo trimestrale consecutivo di $0,12 per azione. Nonostante i prezzi del gas naturale siano più deboli, il portafoglio diversificato ha mantenuto buone performance, con i liquidi che hanno generato l'80% dei ricavi trimestrali.
Evolution Petroleum (EPM) reportó resultados sólidos en el primer trimestre fiscal de 2025, con ingresos que aumentaron un 6% interanual hasta alcanzar $21,9 millones, impulsados por una producción de petróleo récord. La renta neta se elevó un 40% a $2,1 millones, mientras que el EBITDA Ajustado creció un 21% a $8,1 millones. La producción total aumentó un 16% hasta 7,478 BOEPD, con un incremento del 27% en petróleo, 10% en gas natural y 19% en NGL. La compañía puso en funcionamiento siete pozos SCOOP/STACK durante el trimestre y declaró su 45° dividendo trimestral consecutivo de $0,12 por acción. A pesar de los precios más suaves del gas natural, la cartera diversificada se desempeñó bien, generando el 80% de los ingresos trimestrales a través de líquidos.
Evolution Petroleum (EPM)은 2025 회계연도 1분기에 강력한 실적을 보고했으며, 매출은 전년 대비 6% 증가한 $21.9백만 달러에 달했고, 이는 기록적인 석유 생산에 의해 촉진되었습니다. 순이익은 40% 증가하여 $2.1백만 달러에 도달했으며, 조정된 EBITDA는 21% 증가하여 $8.1백만 달러에 달했습니다. 총 생산량은 16% 증가하여 7,478 BOEPD에 이르렀고, 석유는 27% 증가했으며, 천연 가스는 10% 증가하고, NGL은 19% 증가했습니다. 회사는 분기 동안 7개의 SCOOP/STACK 유정을 가동했으며, 주당 $0.12의 45번째 연속 분기 배당금을 선언했습니다. 천연 가스 가격이 약세를 보였음에도 불구하고, 다양화된 포트폴리오는 잘 운영되었으며, 액체가 분기 매출의 80%를 생성했습니다.
Evolution Petroleum (EPM) a annoncé des résultats solides pour le premier trimestre fiscal 2025, avec des revenus en hausse de 6 % par rapport à l'année précédente, atteignant 21,9 millions de dollars, soutenus par une production pétrolière record. Le bénéfice net a augmenté de 40 % pour atteindre 2,1 millions de dollars, tandis que l'EBITDA ajusté a progressé de 21 % pour atteindre 8,1 millions de dollars. La production totale a augmenté de 16 % pour atteindre 7 478 BOEPD, avec une hausse de 27 % pour le pétrole, de 10 % pour le gaz naturel et de 19 % pour les NGL. L'entreprise a mis en production sept puits SCOOP/STACK au cours du trimestre et a déclaré son 45ème dividende trimestriel consécutif de 0,12 $ par action. Malgré des prix du gaz naturel plus faibles, le portefeuille diversifié a bien performé, les liquides représentant 80 % des revenus trimestriels.
Evolution Petroleum (EPM) berichtete im ersten Fiskalquartal 2025 von starken Ergebnissen, wobei die Einnahmen im Jahresvergleich um 6% auf $21,9 Millionen stiegen, was durch eine Rekordölproduktion vorangetrieben wurde. Der Nettogewinn stieg um 40% auf $2,1 Millionen, während das bereinigte EBITDA um 21% auf $8,1 Millionen wuchs. Die Gesamtproduktion erhöhte sich um 16% auf 7.478 BOEPD, wobei Öl um 27%, Erdgas um 10% und NGL um 19% zunahm. Das Unternehmen brachte im Quartal sieben SCOOP/STACK-Brunnen ans Netz und erklärte die 45. aufeinanderfolgende quartalsweise Dividende von $0,12 pro Aktie. Trotz der weicheren Erdgaspreise schnitt das diversifizierte Portfolio gut ab, wobei Flüssigkeiten 80% des quartalsweisen Umsatzes generierten.
- Revenue increased 6% Y/Y to $21.9 million
- Net income grew 40% Y/Y to $2.1 million
- Adjusted EBITDA increased 21% Y/Y to $8.1 million
- Total production up 16% Y/Y to 7,478 BOEPD
- LOE per unit decreased 14% to $17.14 per BOE
- G&A expenses decreased to $2.0 million from $2.1 million Y/Y
- Average realized commodity price decreased 8% to $31.83 per BOE
- Adjusted Net Income declined 51% Y/Y to $0.728 million
- Natural gas prices decreased approximately 30% Y/Y
- $39.5 million in outstanding borrowings under revolving credit facility
Insights
Evolution Petroleum delivered a solid fiscal Q1 2025 with notable improvements across key metrics.
The balance sheet shows prudent management with
The SCOOP/STACK acquisition and Chaveroo development are proving accretive, though natural gas price weakness remains a headwind. The resumption of CO2 injection at Delhi and planned drilling activities suggest continued organic growth potential.
– Fiscal Q1 Revenues Up
– Fiscal Q1 Net Income Increases to
HOUSTON, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Evolution Petroleum Corporation (NYSE American: EPM) ("Evolution" or the "Company") today announced its financial and operating results for its fiscal first quarter ended September 30, 2024. Evolution also declared its 45th consecutive quarterly cash dividend of
Financial & Operational Highlights
| ($ in thousands) | Q1 2025 | Q1 2024 | Q4 2024 | % Change vs Q1/Q1 | % Change vs Q1/Q4 | ||||||||||||||
| Average BOEPD | 7,478 | 6,457 | 7,209 | 16 | % | 4 | % | ||||||||||||
| Revenues | $ | 21,896 | $ | 20,601 | $ | 21,227 | 6 | % | 3 | % | |||||||||
| Net Income | $ | 2,065 | $ | 1,474 | $ | 1,235 | 40 | % | 67 | % | |||||||||
| Adjusted Net Income(1) | $ | 728 | $ | 1,474 | $ | 1,093 | (51 | )% | (33 | )% | |||||||||
| Adjusted EBITDA(2) | $ | 8,125 | $ | 6,703 | $ | 8,037 | 21 | % | 1 | % | |||||||||
_____________________________
(1) Adjusted Net Income is a non-GAAP financial measure; see the non-GAAP reconciliation schedules to the most comparable GAAP measures at the end of this release for more information.
(2) Adjusted EBITDA is Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization and is a non-GAAP financial measure; see the non-GAAP reconciliation schedules to the most comparable GAAP measures at the end of this release for more information.
- Fiscal Q1 production increased
16% year-over-year to 7,478 average barrels of oil equivalent per day ("BOEPD"), with oil increasing27% , natural gas increasing10% , and natural gas liquids ("NGLs") increasing19% . $4.0 million returned to shareholders in the form of cash dividends during the fiscal first quarter of 2025.- Seven SCOOP/STACK wells were brought online during the quarter.
Kelly Loyd, President and Chief Executive Officer, commented, "Building on the momentum from fiscal 2024, this quarter's strong financial results reflect the effectiveness of our strategy of strengthening and diversifying our portfolio. In fiscal Q1, total production increased
In SCOOP/STACK, we brought seven gross wells online during the quarter with results that have exceeded our expectations, and company-wide, we expect to bring an additional 13 gross wells online throughout the rest of this fiscal year. We are pleased with the performance at Chaveroo, where we will begin drilling our next round of four gross wells in January 2025 to allow for warmer fracking conditions while continuing to position us for high-impact drilling in the upcoming quarters. At Delhi, we are proceeding as planned with ExxonMobil on the development of Test Site V, with the first of three initial producer wells on track to be drilled by fiscal year-end. In addition, the CO2 supply line to the field was recently placed back in service after eight months of maintenance, allowing an increase in injection volumes that we expect will yield a positive impact on oil production and revenue, partially offset by the CO2 purchase cost. These initiatives will continue to strengthen and further diversify our organic growth portfolio."
Mr. Loyd concluded, "As we look to the future, we remain focused on executing our strategy to drive long-term shareholder value. Our asset base has been strengthened by acquiring high-quality, long-life, low-decline properties and by adding valuable drilling locations at favorable costs. We believe our track record of delivering both organic and inorganic growth at highly accretive valuations will support our dividend program for years to come."
Fiscal First Quarter 2025 Financial Results
Total revenues increased
Lease operating costs ("LOE") decreased to
Depletion, depreciation, and accretion expense was
General and administrative ("G&A") expenses, excluding stock-based compensation, decreased to
Net income increased
Adjusted EBITDA increased
Production & Pricing
Total production for the first quarter of fiscal 2025 increased
The Company's average realized commodity price (excluding the impact of derivative contracts) decreased
Operations Update
At SCOOP/STACK, the Company's operators brought seven gross wells online during fiscal Q1 2025, and an additional three gross wells have been brought online since quarter-end. Additionally, Evolution has agreed to participate in five gross new horizontal wells across the acreage. Since the effective date of the acquisitions, a total of 32 gross wells (or 0.5 net wells) have commenced first production.
In the Chaveroo oilfield, Evolution plans to exercise its full
In the Williston Basin, production was impacted by a few high-volume wells going offline. The production for these wells was quickly restored.
At Delhi, production was up quarter-over-quarter, attributed to the replacement of one of the CO2 recycle compressors that had limited CO2 injection in the prior quarter. Production was also affected by the CO2 purchase pipeline being down for preventative maintenance from the end of February 2024 through fiscal Q1 2025. CO2 purchases resumed in October 2024.
Balance Sheet, Liquidity, and Capital Spending
On September 30, 2024, cash and cash equivalents totaled
Cash Dividend on Common Stock
On November 11, 2024, Evolution's Board of Directors declared a cash dividend of
Conference Call
As previously announced, Evolution Petroleum will host a conference call on Wednesday, November 13, 2024, at 10:00 a.m. CT to review its fiscal first quarter 2025 financial and operating results. Participants can join online at https://event.choruscall.com/mediaframe/webcast.html?webcastid=zEqrDXV4 or by dialing (844) 481-2813. Dial-in participants should ask to join the Evolution Petroleum Corporation call. A replay will be available through November 13, 2025, via the provided webcast link and on Evolution's Investor Relations website at www.ir.evolutionpetroleum.com.
About Evolution Petroleum
Evolution Petroleum Corporation is an independent energy company focused on maximizing total shareholder returns through the ownership of and investment in onshore oil and natural gas properties in the U.S. The Company aims to build and maintain a diversified portfolio of long-life oil and natural gas properties through acquisitions, selective development opportunities, production enhancements, and other exploitation efforts. Properties include non-operated interests in the following areas: the SCOOP/STACK plays of the Anadarko Basin in Oklahoma; the Chaveroo Oilfield located in Chaves and Roosevelt Counties, New Mexico; the Jonah Field in Sublette County, Wyoming; the Williston Basin in North Dakota; the Barnett Shale located in North Texas; the Hamilton Dome Field located in Hot Springs County, Wyoming; the Delhi Holt-Bryant Unit in the Delhi Field in Northeast Louisiana; as well as small overriding royalty interests in four onshore Texas wells. Visit www.evolutionpetroleum.com for more information.
Cautionary Statement
All forward-looking statements contained in this press release regarding the Company's current and future expectations, potential results, and plans and objectives involve a wide range of risks and uncertainties. Statements herein using words such as "believe," "expect," "may," "plans," "outlook," "should," "will," and words of similar meaning are forward-looking statements. Although the Company's expectations are based on business, engineering, geological, financial, and operating assumptions that it believes to be reasonable, many factors could cause actual results to differ materially from its expectations. The Company gives no assurance that its goals will be achieved. These factors and others are detailed under the heading "Risk Factors" and elsewhere in our periodic reports filed with the Securities and Exchange Commission ("SEC"). The Company undertakes no obligation to update any forward-looking statement.
Contact
Investor Relations
(713) 935-0122
ir@evolutionpetroleum.com
| Evolution Petroleum Corporation Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except per share amounts) | |||||||||||
| Three Months Ended | |||||||||||
| September 30, | June 30, | ||||||||||
| 2024 | 2023 | 2024 | |||||||||
| Revenues | |||||||||||
| Crude oil | $ | 14,737 | $ | 12,616 | $ | 14,533 | |||||
| Natural gas | 4,285 | 5,552 | 3,582 | ||||||||
| Natural gas liquids | 2,874 | 2,433 | 3,112 | ||||||||
| Total revenues | 21,896 | 20,601 | 21,227 | ||||||||
| Operating costs | |||||||||||
| Lease operating costs | 11,790 | 11,883 | 11,408 | ||||||||
| Depletion, depreciation, and accretion | 5,725 | 4,262 | 5,302 | ||||||||
| General and administrative expenses | 2,527 | 2,603 | 2,114 | ||||||||
| Total operating costs | 20,042 | 18,748 | 18,824 | ||||||||
| Income (loss) from operations | 1,854 | 1,853 | 2,403 | ||||||||
| Other income (expense) | |||||||||||
| Net gain (loss) on derivative contracts | 1,798 | — | (109 | ) | |||||||
| Interest and other income | 57 | 116 | 59 | ||||||||
| Interest expense | (823 | ) | (32 | ) | (875 | ) | |||||
| Income (loss) before income taxes | 2,886 | 1,937 | 1,478 | ||||||||
| Income tax (expense) benefit | (821 | ) | (463 | ) | (243 | ) | |||||
| Net income (loss) | $ | 2,065 | $ | 1,474 | $ | 1,235 | |||||
| Net income (loss) per common share: | |||||||||||
| Basic | $ | 0.06 | $ | 0.04 | $ | 0.04 | |||||
| Diluted | $ | 0.06 | $ | 0.04 | $ | 0.04 | |||||
| Weighted average number of common shares outstanding: | |||||||||||
| Basic | 32,722 | 32,663 | 32,679 | ||||||||
| Diluted | 32,868 | 32,984 | 32,835 | ||||||||
| Evolution Petroleum Corporation Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except share and per share amounts) | |||||||
| September 30, 2024 | June 30, 2024 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 6,937 | $ | 6,446 | |||
| Receivables from crude oil, natural gas, and natural gas liquids revenues | 10,797 | 10,826 | |||||
| Derivative contract assets | 1,253 | 596 | |||||
| Prepaid expenses and other current assets | 1,998 | 3,855 | |||||
| Total current assets | 20,985 | 21,723 | |||||
| Property and equipment, net of depletion, depreciation, and impairment | |||||||
| Oil and natural gas properties—full-cost method of accounting: | |||||||
| Oil and natural gas properties, net—full-cost method of accounting, of which none were excluded from amortization | 135,477 | 139,685 | |||||
| Derivative contract assets | 202 | 171 | |||||
| Other assets | 1,278 | 1,298 | |||||
| Total assets | $ | 157,942 | $ | 162,877 | |||
| Liabilities and Stockholders' Equity | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 7,538 | $ | 8,308 | |||
| Accrued liabilities and other | 4,728 | 6,239 | |||||
| Derivative contract liabilities | 173 | 1,192 | |||||
| State and federal taxes payable | — | 74 | |||||
| Total current liabilities | 12,439 | 15,813 | |||||
| Long term liabilities | |||||||
| Senior secured credit facility | 39,500 | 39,500 | |||||
| Deferred income taxes | 6,421 | 6,702 | |||||
| Asset retirement obligations | 19,610 | 19,209 | |||||
| Derivative contract liabilities | 307 | 468 | |||||
| Operating lease liability | 35 | 58 | |||||
| Total liabilities | 78,312 | 81,750 | |||||
| Commitments and contingencies | |||||||
| Stockholders' equity | |||||||
| Common stock; par value and June 30, 2024, respectively | 34 | 33 | |||||
| Additional paid-in capital | 41,561 | 41,091 | |||||
| Retained earnings | 38,035 | 40,003 | |||||
| Total stockholders' equity | 79,630 | 81,127 | |||||
| Total liabilities and stockholders' equity | $ | 157,942 | $ | 162,877 | |||
| Evolution Petroleum Corporation Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) | |||||||||||
| Three Months Ended | |||||||||||
| September 30, | June 30, | ||||||||||
| 2024 | 2023 | 2024 | |||||||||
| Cash flows from operating activities: | |||||||||||
| Net income (loss) | $ | 2,065 | $ | 1,474 | $ | 1,235 | |||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
| Depletion, depreciation, and accretion | 5,725 | 4,262 | 5,302 | ||||||||
| Stock-based compensation | 559 | 472 | 552 | ||||||||
| Settlement of asset retirement obligations | (98 | ) | — | (1 | ) | ||||||
| Deferred income taxes | (281 | ) | (75 | ) | (225 | ) | |||||
| Unrealized (gain) loss on derivative contracts | (1,868 | ) | — | (170 | ) | ||||||
| Accrued settlements on derivative contracts | (66 | ) | — | (27 | ) | ||||||
| Other | (2 | ) | — | — | |||||||
| Changes in operating assets and liabilities: | |||||||||||
| Receivables from crude oil, natural gas, and natural gas liquids revenues | (37 | ) | (2,686 | ) | 1,824 | ||||||
| Prepaid expenses and other current assets | 1,929 | 169 | (137 | ) | |||||||
| Accounts payable and accrued liabilities | (238 | ) | 320 | (440 | ) | ||||||
| State and federal income taxes payable | (74 | ) | 388 | 74 | |||||||
| Net cash provided by operating activities | 7,614 | 4,324 | 7,987 | ||||||||
| Cash flows from investing activities: | |||||||||||
| Acquisition of oil and natural gas properties | (262 | ) | — | 5,054 | |||||||
| Capital expenditures for oil and natural gas properties | (2,740 | ) | (1,827 | ) | (2,546 | ) | |||||
| Net cash used in investing activities | (3,002 | ) | (1,827 | ) | 2,508 | ||||||
| Cash flows from financing activities: | |||||||||||
| Common stock dividends paid | (4,033 | ) | (4,013 | ) | (4,003 | ) | |||||
| Common stock repurchases, including stock surrendered for tax withholding | (88 | ) | (105 | ) | (113 | ) | |||||
| Repayments of senior secured credit facility | — | — | (3,000 | ) | |||||||
| Net cash used in financing activities | (4,121 | ) | (4,118 | ) | (7,116 | ) | |||||
| Net increase (decrease) in cash and cash equivalents | 491 | (1,621 | ) | 3,379 | |||||||
| Cash and cash equivalents, beginning of period | 6,446 | 11,034 | 3,067 | ||||||||
| Cash and cash equivalents, end of period | $ | 6,937 | $ | 9,413 | $ | 6,446 | |||||
Evolution Petroleum Corporation
Non-GAAP Reconciliation – Adjusted EBITDA (Unaudited)
(In thousands)
Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items are non-GAAP financial measures that are used as supplemental financial measures by our management and by external users of our financial statements, such as investors, commercial banks, and others, to assess our operating performance as compared to that of other companies in our industry, without regard to financing methods, capital structure, or historical costs basis. We use these measures to assess our ability to incur and service debt and fund capital expenditures. Our Adjusted EBITDA and Net income (loss) and earnings per share, excluding selected items, should not be considered alternatives to net income (loss), operating income (loss), cash flows provided by (used in) operating activities, or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Our Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items in the same manner.
We define Adjusted EBITDA as net income (loss) plus interest expense, income tax expense (benefit), depreciation, depletion, and accretion (DD&A), stock-based compensation, ceiling test impairment, and other impairments, unrealized loss (gain) on change in fair value of derivatives, and other non-recurring or non-cash expense (income) items.
| Three Months Ended | |||||||||||
| September 30, | June 30, | ||||||||||
| 2024 | 2023 | 2024 | |||||||||
| Net income (loss) | $ | 2,065 | $ | 1,474 | $ | 1,235 | |||||
| Adjusted by: | |||||||||||
| Interest expense | 823 | 32 | 875 | ||||||||
| Income tax expense (benefit) | 821 | 463 | 243 | ||||||||
| Depletion, depreciation, and accretion | 5,725 | 4,262 | 5,302 | ||||||||
| Stock-based compensation | 559 | 472 | 552 | ||||||||
| Unrealized loss (gain) on derivative contracts | (1,868 | ) | — | (170 | ) | ||||||
| Adjusted EBITDA | $ | 8,125 | $ | 6,703 | $ | 8,037 | |||||
| Evolution Petroleum Corporation Non-GAAP Reconciliation – Adjusted Net Income (Unaudited) (In thousands, except per share amounts) | |||||||||||
| Three Months Ended | |||||||||||
| September 30, | June 30, | ||||||||||
| 2024 | 2023 | 2024 | |||||||||
| As Reported: | |||||||||||
| Net income (loss), as reported | $ | 2,065 | $ | 1,474 | $ | 1,235 | |||||
| Impact of Selected Items: | |||||||||||
| Unrealized loss (gain) on commodity contracts | (1,868 | ) | — | (170 | ) | ||||||
| Selected items, before income taxes | $ | (1,868 | ) | $ | — | $ | (170 | ) | |||
| Income tax effect of selected items(1) | (531 | ) | — | (28 | ) | ||||||
| Selected items, net of tax | $ | (1,337 | ) | $ | — | $ | (142 | ) | |||
| As Adjusted: | |||||||||||
| Net income (loss), excluding selected items(2) | $ | 728 | $ | 1,474 | $ | 1,093 | |||||
| Undistributed earnings allocated to unvested restricted stock | (14 | ) | (26 | ) | (22 | ) | |||||
| Net income (loss), excluding selected items for earnings per share calculation | $ | 714 | $ | 1,448 | $ | 1,071 | |||||
| Net income (loss) per common share — Basic, as reported | $ | 0.06 | $ | 0.04 | $ | 0.04 | |||||
| Impact of selected items | (0.04 | ) | — | (0.01 | ) | ||||||
| Net income (loss) per common share — Basic, excluding selected items(2) | $ | 0.02 | $ | 0.04 | $ | 0.03 | |||||
| Net income (loss) per common share — Diluted, as reported | $ | 0.06 | $ | 0.04 | $ | 0.04 | |||||
| Impact of selected items | (0.04 | ) | — | (0.01 | ) | ||||||
| Net income (loss) per common share — Diluted, excluding selected items(2)(3) | $ | 0.02 | $ | 0.04 | $ | 0.03 | |||||
_____________________________
(1) The tax impact for the three months ended September 30, 2024, and June 30, 2024, is represented using estimated tax rates of
(2) Net income (loss) and earnings per share excluding selected items are non-GAAP financial measures presented as supplemental financial measures to enable a user of the financial information to understand the impact of these items on reported results. These financial measures should not be considered an alternative to net income (loss), operating income (loss), cash flows provided by (used in) operating activities, or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Our Adjusted Net Income (Loss) and earnings per share may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted Net Income (Loss) and earnings per share in the same manner.
(3) The impact of selected items for the three months ended September 30, 2024, and 2023, was calculated based upon weighted average diluted shares of 32.9 million and 33.0 million, respectively, due to the net income (loss), excluding selected items. The impact of selected items for the three months ended June 30, 2024, was calculated based upon weighted average diluted shares of 32.8 million due to the net income (loss), excluding selected items.
| Evolution Petroleum Corporation Supplemental Information on Oil and Natural Gas Operations (Unaudited) (In thousands, except per unit and per BOE amounts) | |||||||||||
| Three Months Ended | |||||||||||
| September 30, | June 30, | ||||||||||
| 2024 | 2023 | 2024 | |||||||||
| Revenues: | |||||||||||
| Crude oil | $ | 14,737 | $ | 12,616 | $ | 14,533 | |||||
| Natural gas | 4,285 | 5,552 | 3,582 | ||||||||
| Natural gas liquids | 2,874 | 2,433 | 3,112 | ||||||||
| Total revenues | $ | 21,896 | $ | 20,601 | $ | 21,227 | |||||
| Lease operating costs: | |||||||||||
| Ad valorem and production taxes | $ | 1,414 | $ | 1,278 | $ | 1,273 | |||||
| Gathering, transportation, and other costs | 2,675 | 1,833 | 2,644 | ||||||||
| Other lease operating costs | 7,701 | 8,772 | 7,491 | ||||||||
| Total lease operating costs | $ | 11,790 | $ | 11,883 | $ | 11,408 | |||||
| Depletion of full cost proved oil and natural gas properties | $ | 5,325 | $ | 3,910 | $ | 4,925 | |||||
| Production: | |||||||||||
| Crude oil (MBBL) | 204 | 161 | 190 | ||||||||
| Natural gas (MMCF) | 2,228 | 2,025 | 2,152 | ||||||||
| Natural gas liquids (MBBL) | 113 | 95 | 107 | ||||||||
| Equivalent (MBOE)(1) | 688 | 594 | 656 | ||||||||
| Average daily production (BOEPD)(1) | 7,478 | 6,457 | 7,209 | ||||||||
| Average price per unit:(2) | |||||||||||
| Crude oil (BBL) | $ | 72.24 | $ | 78.36 | $ | 76.49 | |||||
| Natural gas (MCF) | 1.92 | 2.74 | 1.66 | ||||||||
| Natural Gas Liquids (BBL) | 25.43 | 25.61 | 29.08 | ||||||||
| Equivalent (BOE)(1) | $ | 31.83 | $ | 34.68 | $ | 32.36 | |||||
| Average cost per unit: | |||||||||||
| Ad valorem and production taxes | $ | 2.06 | $ | 2.15 | $ | 1.94 | |||||
| Gathering, transportation, and other costs | 3.89 | 3.09 | 4.03 | ||||||||
| Other lease operating costs | 11.19 | 14.77 | 11.42 | ||||||||
| Total lease operating costs | $ | 17.14 | $ | 20.01 | $ | 17.39 | |||||
| Depletion of full cost proved oil and natural gas properties | $ | 7.74 | $ | 6.58 | $ | 7.51 | |||||
_____________________________
(1) Equivalent oil reserves are defined as six MCF of natural gas and 42 gallons of NGLs to one barrel of oil conversion ratio, which reflects energy equivalence and not price equivalence. Natural gas prices per MCF and NGL prices per barrel often differ significantly from the equivalent amount of oil.
(2) Amounts exclude the impact of cash paid or received on the settlement of derivative contracts since we did not elect to apply hedge accounting.
| Evolution Petroleum Corporation Summary of Production Volumes and Average Sales Price (Unaudited) | |||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||
| September 30, | June 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | |||||||||||||||||||||
| Volume | Price | Volume | Price | Volume | Price | ||||||||||||||||||
| Production: | |||||||||||||||||||||||
| Crude oil (MBBL) | |||||||||||||||||||||||
| SCOOP/STACK | 49 | $ | 75.38 | — | $ | — | 41 | $ | 80.55 | ||||||||||||||
| Chaveroo Field | 16 | 73.69 | — | — | 12 | 79.82 | |||||||||||||||||
| Jonah Field | 7 | 65.77 | 9 | 88.41 | 8 | 72.14 | |||||||||||||||||
| Williston Basin | 33 | 68.87 | 40 | 78.94 | 35 | 74.20 | |||||||||||||||||
| Barnett Shale | 2 | 70.30 | 1 | 74.96 | 2 | 75.70 | |||||||||||||||||
| Hamilton Dome Field | 35 | 62.37 | 37 | 69.46 | 35 | 67.85 | |||||||||||||||||
| Delhi Field | 61 | 77.22 | 73 | 81.54 | 57 | 80.46 | |||||||||||||||||
| Other | 1 | 78.32 | 1 | 81.80 | — | — | |||||||||||||||||
| Total | 204 | $ | 72.24 | 161 | $ | 78.36 | 190 | $ | 76.49 | ||||||||||||||
| Natural gas (MMCF) | |||||||||||||||||||||||
| SCOOP/STACK | 354 | $ | 2.48 | — | $ | — | 319 | $ | 2.70 | ||||||||||||||
| Chaveroo Field | — | — | — | — | 5 | 2.02 | |||||||||||||||||
| Jonah Field | 830 | 2.08 | 904 | 3.69 | 818 | 1.59 | |||||||||||||||||
| Williston Basin | 27 | 1.43 | 21 | 2.04 | 31 | 1.65 | |||||||||||||||||
| Barnett Shale | 1,017 | 1.62 | 1,100 | 1.98 | 979 | 1.39 | |||||||||||||||||
| Total | 2,228 | $ | 1.92 | 2,025 | $ | 2.74 | 2,152 | $ | 1.66 | ||||||||||||||
| Natural gas liquids (MBBL) | |||||||||||||||||||||||
| SCOOP/STACK | 19 | $ | 21.67 | — | $ | — | 20 | $ | 22.16 | ||||||||||||||
| Chaveroo Field | — | — | — | — | — | — | |||||||||||||||||
| Jonah Field | 9 | 28.15 | 10 | 27.06 | 8 | 30.35 | |||||||||||||||||
| Williston Basin | 7 | 17.93 | 4 | 17.66 | 8 | 23.94 | |||||||||||||||||
| Barnett Shale | 56 | 26.03 | 59 | 26.45 | 54 | 31.29 | |||||||||||||||||
| Delhi Field | 20 | 29.48 | 22 | 23.64 | 17 | 31.83 | |||||||||||||||||
| Other | 2 | 13.06 | — | — | — | — | |||||||||||||||||
| Total | 113 | $ | 25.43 | 95 | $ | 25.61 | 107 | $ | 29.08 | ||||||||||||||
| Equivalent (MBOE)(1) | |||||||||||||||||||||||
| SCOOP/STACK | 127 | $ | 39.20 | — | $ | — | 115 | $ | 40.29 | ||||||||||||||
| Chaveroo Field | 16 | 73.69 | — | — | 13 | 77.49 | |||||||||||||||||
| Jonah Field | 154 | 15.85 | 170 | 25.91 | 152 | 13.98 | |||||||||||||||||
| Williston Basin | 45 | 54.62 | 48 | 68.56 | 48 | 59.33 | |||||||||||||||||
| Barnett Shale | 227 | 14.21 | 243 | 15.77 | 219 | 14.86 | |||||||||||||||||
| Hamilton Dome Field | 35 | 62.37 | 37 | 69.46 | 35 | 67.85 | |||||||||||||||||
| Delhi Field | 81 | 65.28 | 95 | 68.24 | 74 | 69.34 | |||||||||||||||||
| Other | 3 | 61.15 | 1 | 81.80 | — | — | |||||||||||||||||
| Total | 688 | $ | 31.83 | 594 | $ | 34.68 | 656 | $ | 32.36 | ||||||||||||||
| Average daily production (BOEPD)(1) | |||||||||||||||||||||||
| SCOOP/STACK | 1,380 | — | 1,264 | ||||||||||||||||||||
| Chaveroo Field | 174 | — | 143 | ||||||||||||||||||||
| Jonah Field | 1,674 | 1,848 | 1,670 | ||||||||||||||||||||
| Williston Basin | 489 | 522 | 527 | ||||||||||||||||||||
| Barnett Shale | 2,467 | 2,641 | 2,407 | ||||||||||||||||||||
| Hamilton Dome Field | 380 | 402 | 385 | ||||||||||||||||||||
| Delhi Field | 880 | 1,033 | 813 | ||||||||||||||||||||
| Other | 34 | 11 | — | ||||||||||||||||||||
| Total | 7,478 | 6,457 | 7,209 | ||||||||||||||||||||
_____________________________
(1) Equivalent oil reserves are defined as six MCF of natural gas and 42 gallons of NGLs to one barrel of oil conversion ratio, which reflects energy equivalence and not price equivalence. Natural gas prices per MCF and NGL prices per barrel often differ significantly from the equivalent amount of oil.
| Evolution Petroleum Corporation Summary of Average Production Costs (Unaudited) | ||||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||
| September 30, | June 30, | |||||||||||||||||||||||
| 2024 | 2023 | 2024 | ||||||||||||||||||||||
| Amount | Price | Amount | Price | Amount | Price | |||||||||||||||||||
| Production costs (in thousands, except per BOE): | ||||||||||||||||||||||||
| Lease operating costs | ||||||||||||||||||||||||
| SCOOP/STACK | $ | 1,156 | $ | 3.20 | $ | — | $ | — | $ | 1,028 | $ | 9.06 | ||||||||||||
| Chaveroo Field | 118 | 1.60 | — | — | 301 | 24.42 | ||||||||||||||||||
| Jonah Field | 2,162 | 13.95 | 2,562 | 15.07 | 1,834 | 11.99 | ||||||||||||||||||
| Williston Basin | 1,238 | 27.51 | 1,390 | 28.96 | 1,227 | 25.53 | ||||||||||||||||||
| Barnett Shale | 3,598 | 15.83 | 3,192 | 13.09 | 3,853 | 17.47 | ||||||||||||||||||
| Hamilton Dome Field | 1,531 | 43.48 | 1,337 | 36.55 | 1,415 | 40.40 | ||||||||||||||||||
| Delhi Field | 1,987 | 24.30 | 3,402 | 35.83 | 1,750 | 23.96 | ||||||||||||||||||
| Total | $ | 11,790 | $ | 17.14 | $ | 11,883 | $ | 20.01 | $ | 11,408 | $ | 17.39 | ||||||||||||
Evolution Petroleum Corporation
Summary of Open Derivative Contracts (Unaudited)
For more information on the Company's hedging practices, see Note 7 to its financial statements included on Form 10-Q filed with the SEC for the quarter ended September 30, 2024.
The Company had the following open crude oil and natural gas derivative contracts as of November 12, 2024:
| Volumes | Weighted Average Price (MMBTU/BBL) | ||||||||||||||
| Period | Instrument | Commodity | (MMBTU/BBL) | Swap Price | Floor Price | Ceiling Price | |||||||||
| October 2024 - December 2024 | Fixed-Price Swap | Crude Oil | 35,962 | $ | 74.20 | ||||||||||
| October 2024 - December 2024 | Collar | Crude Oil | 35,962 | $ | 70.00 | $ | 77.40 | ||||||||
| January 2025 - March 2025 | Collar | Crude Oil | 42,566 | 68.00 | 73.77 | ||||||||||
| January 2025 - February 2025 | Fixed-Price Swap | Natural Gas | 312,286 | 3.56 | |||||||||||
| April 2025 - June 2025 | Collar | Crude Oil | 41,601 | 65.00 | 84.00 | ||||||||||
| March 2025 - December 2026 | Fixed-Price Swap | Natural Gas | 3,170,705 | 3.60 | |||||||||||
| January 2025 - June 2025 | Fixed-Price Swap | Crude Oil | 51,992 | 73.49 | |||||||||||
| July 2025 - December 2025 | Fixed-Price Swap | Crude Oil | 81,335 | 71.40 | |||||||||||
This press release was published by a CLEAR® Verified individual.
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