Evolution Petroleum Reports Fiscal Third Quarter 2025 Results and Declares Quarterly Cash Dividend for Fiscal Fourth Quarter
- Secured credit facility extension to April 2028 with increased commitments from $50M to $65M
- Four new Chaveroo wells completed under budget with production exceeding expectations
- Completed $9.0M TexMex acquisition adding significant production
- Maintained $0.12 quarterly dividend for 12th consecutive quarter
- 30% increase in Adjusted EBITDA vs fiscal Q2
- 11% quarter-over-quarter revenue increase
- Net loss of $2.2M compared to net income of $0.3M in year-ago period
- Production decreased 8% YoY to 6,667 BOEPD
- Revenue declined 2% YoY to $22.6M
- Working capital deficit of $2.7M due to unrealized losses on derivative contracts
- Lease operating costs increased to $13.4M from $12.6M YoY
Insights
EPM reports mixed Q3 results with higher gas prices offsetting production declines, maintains $0.12 quarterly dividend despite challenges.
Evolution Petroleum's fiscal Q3 2025 results demonstrate both the challenges and strengths of their diversified energy portfolio strategy. Revenue decreased slightly by 2% year-over-year to
The company's production mix is noteworthy - oil accounted for
On the cost side, lease operating expenses increased to
Despite the headline loss, adjusted metrics tell a more positive story. Adjusted EBITDA was
The balance sheet remains reasonably positioned with
Looking forward, EPM has made strategic moves that should positively impact next quarter's results. The completed TexMex acquisition and four new Chaveroo wells are already contributing over 850 BOEPD of production. However, management has opted to delay the third Chaveroo development block until fiscal 2026, prioritizing acquisition opportunities in the current price environment.
This capital allocation approach - focusing on acquisitions of oil-weighted properties at discounted prices or natural gas assets that can be favorably hedged, while deferring development drilling - appears prudent given current oil market conditions and demonstrates management's commitment to protecting the dividend.
Declares Quarterly Dividend of
HOUSTON, Texas, May 13, 2025 (GLOBE NEWSWIRE) -- Evolution Petroleum Corporation (NYSE American: EPM) ("Evolution" or the "Company") today announced its financial and operating results for its fiscal third quarter ended March 31, 2025. Evolution also declared its 47th consecutive quarterly cash dividend of
Financial & Operational Highlights
| ($ in thousands) | Q3 2025 | Q2 2025 | Q3 2024 | % Change vs Q3/Q2 | % Change vs Q3/Q3 | 2025 YTD | 2024 YTD | % Change vs YTD'24 | |||||||||||||||||||||||
| Average BOEPD | 6,667 | 6,935 | 7,209 | (4 | )% | (8 | )% | 7,033 | 6,651 | 6 | % | ||||||||||||||||||||
| Revenues | $ | 22,561 | $ | 20,275 | $ | 23,025 | 11 | % | (2 | )% | $ | 64,732 | $ | 64,650 | — | % | |||||||||||||||
| Net Income (Loss) (1) | $ | (2,179 | ) | $ | (1,825 | ) | $ | 289 | NM | NM | $ | (1,939 | ) | $ | 2,845 | NM | |||||||||||||||
| Adjusted Net Income (Loss) (1)(2) | $ | 806 | $ | (841 | ) | $ | 978 | NM | (18 | )% | $ | 701 | $ | 3,597 | (81 | )% | |||||||||||||||
| Adjusted EBITDA(3) | $ | 7,421 | $ | 5,688 | $ | 8,476 | 30 | % | (12 | )% | $ | 21,234 | $ | 22,011 | (4 | )% | |||||||||||||||
_____________________
| (1) | "NM" means "Not Meaningful." |
| (2) | 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. |
| (3) | 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 Q3 production was 6,667 average barrels of oil equivalent per day ("BOEPD"), with oil accounting for
52% of revenue, natural gas accounting for35% , and natural gas liquids ("NGLs") accounting for13% of revenue during the quarter. - Amid market volatility in fiscal Q3, the Company benefited from its diversified energy portfolio, as reflected by a
30% increase in Adjusted EBITDA(3) versus fiscal Q2. - Fiscal Q3 revenue rose
11% versus Fiscal Q2, largely driven by the strength of natural gas revenue, which increased34% during the quarter. $4.1 million returned to shareholders in the form of cash dividends during fiscal Q3, and$4.0 million of principal repaid on its Senior Secured Credit Facility.- Activities subsequent to quarter end:
- Four gross new wells were brought online at the Chaveroo Field under budget, with early production rates exceeding expectations.
- Closed the highly accretive
$9.0 million acquisition of non-operated oil and natural gas assets located in New Mexico, Texas, and Louisiana (the "TexMex" acquisition). - As of today, production adds from the four new gross Chaveroo wells and TexMex are contributing more than 850 net BOEPD to production.
Kelly Loyd, President and Chief Executive Officer, commented: "We are maintaining our quarterly dividend at
"Our third quarter results reflect the benefits of our balanced, long-life portfolio of producing assets that are capable of both flourishing in attractive price environments and withstanding cyclical lows. Despite weather and maintenance-related downtime, which affected production, we were able to more than meet all of our capital obligations during the quarter, including ~
"Subsequent to quarter end, we closed the TexMex acquisition and turned in-line our latest four Chaveroo wells. TexMex and the four new gross Chaveroo wells are currently contributing more than 850 net BOEPD to production. We also expect to benefit from recent and ongoing drilling activities in our SCOOP/STACK area. When combined with the strength in natural gas prices, these production additions are expected to meaningfully benefit our next fiscal quarter.
Mr. Loyd concluded, "In coordination with our Chaveroo partner, we have agreed to delay the start of our third development block until later into our fiscal year 2026. Our current focus is on acquiring oil-weighted, low-decline producing properties at discounted prices, or natural gas properties which can be hedged favorably for years to come, while strategically deferring development of our high-value, oil-weighted locations, preserving value for our shareholders until oil market conditions improve. Maintaining our dividend is a top priority, and we believe our resilient portfolio and strong financial position will enable us to continue with our dividend program well into the future."
Fiscal Third Quarter 2025 Financial Results
Total revenues decreased
Lease operating costs ("LOE") increased to
Depletion, depreciation, and accretion expense was
General and administrative ("G&A") expenses, excluding stock-based compensation, were
The Company reported a net loss of
Adjusted EBITDA was
Production & Pricing
| Average price per unit: | Q3 2025 | Q3 2024 | % Change vs Q3/Q3 | ||||||||
| Crude oil (BBL) | $ | 68.42 | $ | 73.06 | (6) | % | |||||
| Natural gas (MCF) | 3.87 | 2.77 | 40 | % | |||||||
| Natural Gas Liquids (BBL) | 32.28 | 25.26 | 28 | % | |||||||
| Equivalent (BOE) | 37.60 | 35.10 | 7 | % | |||||||
Total production for the third quarter of fiscal 2025 decreased
The Company's average realized commodity price (excluding the impact of derivative contracts) increased
Operations Update
At SCOOP/STACK, the Company brought online 13 gross wells fiscal year-to-date, with an additional five wells in progress.
At Chaveroo, the Company successfully completed and brought online four new gross wells in the second development block. These wells were completed on schedule and under budget. Although very early in the productive life of the wells, production rates are significantly exceeding expectations.
In the Williston Basin, oil production was up quarter over quarter as a result of deferred oil sales at the end of Q2 to Q3. Gas and NGLs increased quarter over quarter, benefiting from a full quarter of gas sales. The Williston field continues to generate solid returns.
At Delhi, production was temporarily affected by planned maintenance at the Delhi Central Facility, which resulted in a shutdown of the entire field for a few days and at the NGL Plant for approximately two weeks. At the end of the quarter, the decision was made to switch from purchasing CO2 volumes to additional water injection. The operator will continue to inject approximately 300 MMCFPD of recycled CO2. The Company and the operator believe this will be the most economical way to run the field and will significantly reduce operating costs while maximizing cash flow.
Jonah remained steady, with a temporary dip in volumes during February due to the impact of winter weather. However, strong winter natural gas pricing contributed positively to overall cash flow for the quarter.
Barnett Shale delivered consistent cash-flow generation, reflecting its reliability and operational stability. Despite brief downtime in January due to winter storms, production remained steady overall, with improved realized pricing for natural gas and NGLs serving as a tailwind for financial results. These favorable pricing dynamics helped offset broader commodity price weakness and underscore Barnett’s continued role as a valuable contributor to our diversified portfolio.
Balance Sheet, Liquidity, and Capital Spending
On March 31, 2025, cash and cash equivalents totaled
The Company has received approval from its lender, MidFirst Bank, to extend the maturity of the existing Senior Secured Credit Facility to April 2028 and increase their total commitments from
Cash Dividend on Common Stock
On May 12, 2025, Evolution's Board of Directors declared a cash dividend of
Conference Call
As previously announced, Evolution Petroleum will host a conference call on Wednesday, May 14, 2025, at 10:00 a.m. CT to review its fiscal third quarter 2025 financial and operating results. Participants can join online at https://event.choruscall.com/mediaframe/webcast.html?webcastid=ASNQRrWs or by dialing (844) 481-2813. Dial-in participants should ask to join the Evolution Petroleum Corporation call. A replay will be available through May 14, 2026, via the webcast link provided 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. 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 | Nine Months Ended | ||||||||||||||||||
| March 31, | December 31, | March 31, | |||||||||||||||||
| 2025 | 2024 | 2024 | 2025 | 2024 | |||||||||||||||
| Revenues | |||||||||||||||||||
| Crude oil | $ | 11,769 | $ | 14,538 | $ | 11,763 | $ | 38,269 | $ | 38,913 | |||||||||
| Natural gas | 7,790 | 5,860 | 5,793 | 17,868 | 17,943 | ||||||||||||||
| Natural gas liquids | 3,002 | 2,627 | 2,719 | 8,595 | 7,794 | ||||||||||||||
| Total revenues | 22,561 | 23,025 | 20,275 | 64,732 | 64,650 | ||||||||||||||
| Operating costs | |||||||||||||||||||
| Lease operating costs | 13,388 | 12,624 | 12,793 | 37,971 | 36,865 | ||||||||||||||
| Depletion, depreciation, and accretion | 5,014 | 5,900 | 5,433 | 16,172 | 14,760 | ||||||||||||||
| General and administrative expenses | 2,573 | 2,417 | 2,654 | 7,754 | 7,522 | ||||||||||||||
| Total operating costs | 20,975 | 20,941 | 20,880 | 61,897 | 59,147 | ||||||||||||||
| Income (loss) from operations | 1,586 | 2,084 | (605 | ) | 2,835 | 5,503 | |||||||||||||
| Other income (expense) | |||||||||||||||||||
| Net gain (loss) on derivative contracts | (3,802 | ) | (1,183 | ) | (1,219 | ) | (3,223 | ) | (1,183 | ) | |||||||||
| Interest and other income | 55 | 63 | 52 | 164 | 283 | ||||||||||||||
| Interest expense | (705 | ) | (518 | ) | (764 | ) | (2,292 | ) | (584 | ) | |||||||||
| Income (loss) before income taxes | (2,866 | ) | 446 | (2,536 | ) | (2,516 | ) | 4,019 | |||||||||||
| Income tax (expense) benefit | 687 | (157 | ) | 711 | 577 | (1,174 | ) | ||||||||||||
| Net income (loss) | $ | (2,179 | ) | $ | 289 | $ | (1,825 | ) | $ | (1,939 | ) | $ | 2,845 | ||||||
| Net income (loss) per common share: | |||||||||||||||||||
| Basic | $ | (0.07 | ) | $ | 0.01 | $ | (0.06 | ) | $ | (0.07 | ) | $ | 0.09 | ||||||
| Diluted | $ | (0.07 | ) | $ | 0.01 | $ | (0.06 | ) | $ | (0.07 | ) | $ | 0.08 | ||||||
| Weighted average number of common shares outstanding: | |||||||||||||||||||
| Basic | 33,433 | 32,702 | 32,934 | 33,027 | 32,692 | ||||||||||||||
| Diluted | 33,433 | 32,854 | 32,934 | 33,027 | 32,920 | ||||||||||||||
| Evolution Petroleum Corporation Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except share and per share amounts) | |||||||
| March 31, 2025 | June 30, 2024 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 5,601 | $ | 6,446 | |||
| Receivables from crude oil, natural gas, and natural gas liquids revenues | 10,707 | 10,826 | |||||
| Derivative contract assets | 828 | 596 | |||||
| Prepaid expenses and other current assets | 2,658 | 3,855 | |||||
| Total current assets | 19,794 | 21,723 | |||||
| Property and equipment, net of depletion, depreciation, and impairment | |||||||
| Oil and natural gas properties, net, full-cost method of accounting, of which none were excluded from amortization | 133,514 | 139,685 | |||||
| Other noncurrent assets | |||||||
| Derivative contract assets | 48 | 171 | |||||
| Other assets | 3,038 | 1,298 | |||||
| Total assets | $ | 156,394 | $ | 162,877 | |||
| Liabilities and Stockholders' Equity | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 11,977 | $ | 8,308 | |||
| Accrued liabilities and other | 7,092 | 6,239 | |||||
| Derivative contract liabilities | 3,453 | 1,192 | |||||
| State and federal taxes payable | — | 74 | |||||
| Total current liabilities | 22,522 | 15,813 | |||||
| Long term liabilities | |||||||
| Senior secured credit facility | 35,500 | 39,500 | |||||
| Deferred income taxes | 4,572 | 6,702 | |||||
| Asset retirement obligations | 20,398 | 19,209 | |||||
| Derivative contract liabilities | 1,742 | 468 | |||||
| Operating lease liability | — | 58 | |||||
| Total liabilities | 84,734 | 81,750 | |||||
| Commitments and contingencies | |||||||
| Stockholders' equity | |||||||
| Common stock; par value | 34 | 33 | |||||
| Additional paid-in capital | 45,786 | 41,091 | |||||
| Retained earnings | 25,840 | 40,003 | |||||
| Total stockholders' equity | 71,660 | 81,127 | |||||
| Total liabilities and stockholders' equity | $ | 156,394 | $ | 162,877 | |||
| Evolution Petroleum Corporation Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) | |||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||
| March 31, | December 31, | March 31, | |||||||||||||||||
| 2025 | 2024 | 2024 | 2025 | 2024 | |||||||||||||||
| Cash flows from operating activities: | |||||||||||||||||||
| Net income (loss) | $ | (2,179 | ) | $ | 289 | $ | (1,825 | ) | $ | (1,939 | ) | $ | 2,845 | ||||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||||
| Depletion, depreciation, and accretion | 5,014 | 5,900 | 5,433 | 16,172 | 14,760 | ||||||||||||||
| Stock-based compensation | 642 | 549 | 659 | 1,860 | 1,585 | ||||||||||||||
| Settlement of asset retirement obligations | (66 | ) | (19 | ) | (182 | ) | (346 | ) | (19 | ) | |||||||||
| Deferred income taxes | (2,101 | ) | 766 | 252 | (2,130 | ) | 124 | ||||||||||||
| Unrealized (gain) loss on derivative contracts | 3,926 | 1,063 | 1,368 | 3,426 | 1,063 | ||||||||||||||
| Accrued settlements on derivative contracts | (57 | ) | 94 | 9 | (114 | ) | 94 | ||||||||||||
| Other | (4 | ) | (3 | ) | (1 | ) | (7 | ) | — | ||||||||||
| Changes in operating assets and liabilities: | |||||||||||||||||||
| Receivables from crude oil, natural gas, and natural gas liquids revenues | (26 | ) | (2,495 | ) | 29 | (34 | ) | (4,734 | ) | ||||||||||
| Prepaid expenses and other current assets | 965 | (1,151 | ) | (1,494 | ) | 1,400 | (1,425 | ) | |||||||||||
| Accounts payable, accrued liabilities, and other | 1,149 | (1,629 | ) | 3,471 | 4,382 | 814 | |||||||||||||
| State and federal taxes payable | — | — | — | (74 | ) | (365 | ) | ||||||||||||
| Net cash provided by operating activities | 7,263 | 3,364 | 7,719 | 22,596 | 14,742 | ||||||||||||||
| Cash flows from investing activities: | |||||||||||||||||||
| Acquisition deposits | (1,800 | ) | — | — | (1,800 | ) | — | ||||||||||||
| Acquisition of oil and natural gas properties | (20 | ) | (43,788 | ) | (69 | ) | (351 | ) | (43,788 | ) | |||||||||
| Capital expenditures for oil and natural gas properties | (4,404 | ) | (2,648 | ) | (758 | ) | (7,902 | ) | (8,353 | ) | |||||||||
| Net cash used in investing activities | (6,224 | ) | (46,436 | ) | (827 | ) | (10,053 | ) | (52,141 | ) | |||||||||
| Cash flows from financing activities: | |||||||||||||||||||
| Common stock dividends paid | (4,109 | ) | (4,003 | ) | (4,082 | ) | (12,224 | ) | (12,037 | ) | |||||||||
| Common stock repurchases, including stock surrendered for tax withholding | (71 | ) | (818 | ) | (103 | ) | (262 | ) | (1,031 | ) | |||||||||
| Borrowings under senior secured credit facility | — | 42,500 | — | — | 42,500 | ||||||||||||||
| Repayments of senior secured credit facility | (4,000 | ) | — | — | (4,000 | ) | — | ||||||||||||
| Issuance of common stock | 1,145 | — | 2,259 | 3,404 | — | ||||||||||||||
| Offering costs | (70 | ) | — | (236 | ) | (306 | ) | — | |||||||||||
| Net cash provided by (used in) financing activities | (7,105 | ) | 37,679 | (2,162 | ) | (13,388 | ) | 29,432 | |||||||||||
| Net increase (decrease) in cash and cash equivalents | (6,066 | ) | (5,393 | ) | 4,730 | (845 | ) | (7,967 | ) | ||||||||||
| Cash and cash equivalents, beginning of period | 11,667 | 8,460 | 6,937 | 6,446 | 11,034 | ||||||||||||||
| Cash and cash equivalents, end of period | $ | 5,601 | $ | 3,067 | $ | 11,667 | $ | 5,601 | $ | 3,067 | |||||||||
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 | Nine Months Ended | ||||||||||||||||||
| March 31, | December 31, | March 31, | |||||||||||||||||
| 2025 | 2024 | 2024 | 2025 | 2024 | |||||||||||||||
| Net income (loss) | $ | (2,179 | ) | $ | 289 | $ | (1,825 | ) | $ | (1,939 | ) | $ | 2,845 | ||||||
| Adjusted by: | |||||||||||||||||||
| Interest expense | 705 | 518 | 764 | 2,292 | 584 | ||||||||||||||
| Income tax expense (benefit) | (687 | ) | 157 | (711 | ) | (577 | ) | 1,174 | |||||||||||
| Depletion, depreciation, and accretion | 5,014 | 5,900 | 5,433 | 16,172 | 14,760 | ||||||||||||||
| Stock-based compensation | 642 | 549 | 659 | 1,860 | 1,585 | ||||||||||||||
| Unrealized loss (gain) on derivative contracts | 3,926 | 1,063 | 1,368 | 3,426 | 1,063 | ||||||||||||||
| Adjusted EBITDA | $ | 7,421 | $ | 8,476 | $ | 5,688 | $ | 21,234 | $ | 22,011 | |||||||||
| Evolution Petroleum Corporation Non-GAAP Reconciliation – Adjusted Net Income (Unaudited) (In thousands, except per share amounts) | |||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||
| March 31, | December 31, | March 31, | |||||||||||||||||
| 2025 | 2024 | 2024 | 2025 | 2024 | |||||||||||||||
| As Reported: | |||||||||||||||||||
| Net income (loss), as reported | $ | (2,179 | ) | $ | 289 | $ | (1,825 | ) | $ | (1,939 | ) | $ | 2,845 | ||||||
| Impact of Selected Items: | |||||||||||||||||||
| Unrealized loss (gain) on commodity contracts | 3,926 | 1,063 | 1,368 | 3,426 | 1,063 | ||||||||||||||
| Selected items, before income taxes | $ | 3,926 | $ | 1,063 | $ | 1,368 | $ | 3,426 | $ | 1,063 | |||||||||
| Income tax effect of selected items(1) | 941 | 374 | 384 | 786 | 311 | ||||||||||||||
| Selected items, net of tax | $ | 2,985 | $ | 689 | $ | 984 | $ | 2,640 | $ | 752 | |||||||||
| As Adjusted: | |||||||||||||||||||
| Net income (loss), excluding selected items(2) | $ | 806 | $ | 978 | $ | (841 | ) | $ | 701 | $ | 3,597 | ||||||||
| Undistributed earnings allocated to unvested restricted stock | (96 | ) | (21 | ) | (100 | ) | (274 | ) | (73 | ) | |||||||||
| Net income (loss), excluding selected items for earnings per share calculation | $ | 710 | $ | 957 | $ | (941 | ) | $ | 427 | $ | 3,524 | ||||||||
| Net income (loss) per common share — Basic, as reported | $ | (0.07 | ) | $ | 0.01 | $ | (0.06 | ) | $ | (0.07 | ) | $ | 0.09 | ||||||
| Impact of selected items | 0.09 | 0.02 | 0.03 | 0.08 | 0.02 | ||||||||||||||
| Net income (loss) per common share — Basic, excluding selected items(2) | $ | 0.02 | $ | 0.03 | $ | (0.03 | ) | $ | 0.01 | $ | 0.11 | ||||||||
| Net income (loss) per common share — Diluted, as reported | $ | (0.07 | ) | $ | 0.01 | $ | (0.06 | ) | $ | (0.07 | ) | $ | 0.08 | ||||||
| Impact of selected items | 0.09 | 0.02 | 0.03 | 0.08 | 0.03 | ||||||||||||||
| Net income (loss) per common share — Diluted, excluding selected items(2)(3) | $ | 0.02 | $ | 0.03 | $ | (0.03 | ) | $ | 0.01 | $ | 0.11 | ||||||||
_____________________
| (1) | The tax impact for the three months ended March 31, 2025 and 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 March 31, 2025, and 2024, were each calculated based upon weighted average diluted shares of 33.6 million and 32.9 million, respectively, due to the net income (loss), excluding selected items. The impact of selected items for the three months ended December 31, 2024, was calculated based upon weighted average diluted shares of 32.9 million due to the net income (loss), excluding selected items. The impact of selected items for the nine months ended March 31, 2025, and 2024, was each calculated based upon weighted average diluted shares of 33.2 million and 32.9 million, respectively, 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 | Nine Months Ended | ||||||||||||||||||
| March 31, | December 31, | March 31, | |||||||||||||||||
| 2025 | 2024 | 2024 | 2025 | 2024 | |||||||||||||||
| Revenues: | |||||||||||||||||||
| Crude oil | $ | 11,769 | $ | 14,538 | $ | 11,763 | $ | 38,269 | $ | 38,913 | |||||||||
| Natural gas | 7,790 | 5,860 | 5,793 | 17,868 | 17,943 | ||||||||||||||
| Natural gas liquids | 3,002 | 2,627 | 2,719 | 8,595 | 7,794 | ||||||||||||||
| Total revenues | $ | 22,561 | $ | 23,025 | $ | 20,275 | $ | 64,732 | $ | 64,650 | |||||||||
| Lease operating costs: | |||||||||||||||||||
| Ad valorem and production taxes | $ | 1,473 | $ | 1,459 | $ | 1,441 | $ | 4,328 | $ | 4,009 | |||||||||
| Gathering, transportation, and other costs | 2,913 | 2,527 | 2,889 | 8,592 | 6,926 | ||||||||||||||
| Other lease operating costs | 9,002 | 8,638 | 8,463 | 25,051 | 25,930 | ||||||||||||||
| Total lease operating costs | $ | 13,388 | $ | 12,624 | $ | 12,793 | $ | 37,971 | $ | 36,865 | |||||||||
| Depletion of full cost proved oil and natural gas properties | $ | 4,607 | $ | 5,532 | $ | 5,024 | $ | 14,956 | $ | 13,680 | |||||||||
| Production: | |||||||||||||||||||
| Crude oil (MBBL) | 172 | 199 | 179 | 555 | 519 | ||||||||||||||
| Natural gas (MMCF) | 2,011 | 2,115 | 2,125 | 6,364 | 6,091 | ||||||||||||||
| Natural gas liquids (MBBL) | 93 | 104 | 105 | 311 | 295 | ||||||||||||||
| Equivalent (MBOE)(1) | 600 | 656 | 638 | 1,927 | 1,829 | ||||||||||||||
| Average daily production (BOEPD)(1) | 6,667 | 7,209 | 6,935 | 7,033 | 6,651 | ||||||||||||||
| Crude oil (BBL) | $ | 68.42 | $ | 73.06 | $ | 65.72 | $ | 68.95 | $ | 74.98 | |||||||||
| Natural gas (MCF) | 3.87 | 2.77 | 2.73 | 2.81 | 2.95 | ||||||||||||||
| Natural Gas Liquids (BBL) | 32.28 | 25.26 | 25.90 | 27.64 | 26.42 | ||||||||||||||
| Equivalent (BOE)(1) | $ | 37.60 | $ | 35.10 | $ | 31.78 | $ | 33.59 | $ | 35.35 | |||||||||
| Average cost per unit: | |||||||||||||||||||
| Ad valorem and production taxes | $ | 2.46 | $ | 2.22 | $ | 2.26 | $ | 2.25 | $ | 2.19 | |||||||||
| Gathering, transportation, and other costs | 4.86 | 3.85 | 4.53 | 4.46 | 3.79 | ||||||||||||||
| Other lease operating costs | 15.00 | 13.17 | 13.26 | 13.00 | 14.18 | ||||||||||||||
| Total lease operating costs | $ | 22.32 | $ | 19.24 | $ | 20.05 | $ | 19.71 | $ | 20.16 | |||||||||
| Depletion of full cost proved oil and natural gas properties | $ | 7.68 | $ | 8.43 | $ | 7.87 | $ | 7.76 | $ | 7.48 | |||||||||
_____________________
| (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 | |||||||||||||||||||||||
| March 31, | December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2024 | |||||||||||||||||||||
| Volume | Price | Volume | Price | Volume | Price | ||||||||||||||||||
| Production: | |||||||||||||||||||||||
| Crude oil (MBBL) | |||||||||||||||||||||||
| SCOOP/STACK | 28 | $ | 71.36 | 30 | $ | 78.71 | 35 | $ | 70.52 | ||||||||||||||
| Chaveroo Field | 8 | 56.78 | 15 | 76.39 | 9 | 67.55 | |||||||||||||||||
| Jonah Field | 7 | 67.69 | 8 | 72.25 | 7 | 64.54 | |||||||||||||||||
| Williston Basin | 34 | 64.35 | 35 | 70.29 | 30 | 64.64 | |||||||||||||||||
| Barnett Shale | 3 | 68.03 | 3 | 73.05 | 2 | 65.99 | |||||||||||||||||
| Hamilton Dome Field | 34 | 58.88 | 35 | 61.21 | 35 | 57.53 | |||||||||||||||||
| Delhi Field | 58 | 76.04 | 73 | 77.08 | 60 | 68.66 | |||||||||||||||||
| Other | — | — | — | — | 1 | 71.61 | |||||||||||||||||
| Total | 172 | $ | 68.42 | 199 | $ | 73.06 | 179 | $ | 65.72 | ||||||||||||||
| Natural gas (MMCF) | |||||||||||||||||||||||
| SCOOP/STACK | 317 | $ | 4.91 | 214 | $ | 2.11 | 314 | $ | 2.89 | ||||||||||||||
| Chaveroo Field | — | — | 7 | 2.29 | — | — | |||||||||||||||||
| Jonah Field | 758 | 4.02 | 843 | 3.94 | 803 | 3.21 | |||||||||||||||||
| Williston Basin | 32 | 3.89 | 20 | 1.36 | 18 | 1.41 | |||||||||||||||||
| Barnett Shale | 904 | 3.39 | 1,031 | 1.98 | 990 | 2.31 | |||||||||||||||||
| Total | 2,011 | $ | 3.87 | 2,115 | $ | 2.77 | 2,125 | $ | 2.73 | ||||||||||||||
| Natural gas liquids (MBBL) | |||||||||||||||||||||||
| SCOOP/STACK | 13 | $ | 27.84 | 10 | $ | 25.14 | 18 | $ | 21.34 | ||||||||||||||
| Chaveroo Field | — | — | 1 | 22.86 | — | — | |||||||||||||||||
| Jonah Field | 8 | 32.14 | 9 | 31.93 | 9 | 30.08 | |||||||||||||||||
| Williston Basin | 8 | 23.74 | 4 | 23.96 | 2 | 17.86 | |||||||||||||||||
| Barnett Shale | 49 | 33.48 | 59 | 22.85 | 57 | 25.86 | |||||||||||||||||
| Delhi Field | 15 | 37.20 | 20 | 30.48 | 19 | 29.13 | |||||||||||||||||
| Other | — | — | 1 | 25.87 | — | — | |||||||||||||||||
| Total | 93 | $ | 32.28 | 104 | $ | 25.26 | 105 | $ | 25.90 | ||||||||||||||
| Equivalent (MBOE)(1) | |||||||||||||||||||||||
| SCOOP/STACK | 94 | $ | 41.90 | 76 | $ | 40.56 | 105 | $ | 35.48 | ||||||||||||||
| Chaveroo Field | 8 | 56.78 | 17 | 68.40 | 9 | 67.55 | |||||||||||||||||
| Jonah Field | 141 | 26.63 | 158 | 26.72 | 150 | 22.14 | |||||||||||||||||
| Williston Basin | 47 | 53.08 | 42 | 61.15 | 35 | 57.00 | |||||||||||||||||
| Barnett Shale | 203 | 24.13 | 234 | 15.41 | 224 | 17.29 | |||||||||||||||||
| Hamilton Dome Field | 34 | 58.88 | 35 | 61.21 | 35 | 57.53 | |||||||||||||||||
| Delhi Field | 73 | 68.19 | 93 | 67.21 | 79 | 59.37 | |||||||||||||||||
| Other | — | — | 1 | 25.87 | 1 | 71.61 | |||||||||||||||||
| Total | 600 | $ | 37.60 | 656 | $ | 35.10 | 638 | $ | 31.78 | ||||||||||||||
| Average daily production (BOEPD)(1) | |||||||||||||||||||||||
| SCOOP/STACK | 1,044 | 835 | 1,141 | ||||||||||||||||||||
| Chaveroo Field | 89 | 187 | 98 | ||||||||||||||||||||
| Jonah Field | 1,567 | 1,736 | 1,630 | ||||||||||||||||||||
| Williston Basin | 522 | 462 | 380 | ||||||||||||||||||||
| Barnett Shale | 2,256 | 2,571 | 2,435 | ||||||||||||||||||||
| Hamilton Dome Field | 378 | 385 | 380 | ||||||||||||||||||||
| Delhi Field | 811 | 1,022 | 859 | ||||||||||||||||||||
| Other | — | 11 | 12 | ||||||||||||||||||||
| Total | 6,667 | 7,209 | 6,935 | ||||||||||||||||||||
_____________________
| (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 | |||||||||||||||||||||||
| March 31, | December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2024 | |||||||||||||||||||||
| Amount | Price | Amount | Price | Amount | Price | ||||||||||||||||||
| Production costs (in thousands, except per BOE): | |||||||||||||||||||||||
| Lease operating costs | |||||||||||||||||||||||
| SCOOP/STACK | $ | 1,106 | $ | 11.74 | $ | 619 | $ | 8.18 | $ | 1,050 | $ | 9.97 | |||||||||||
| Chaveroo Field | 128 | 15.77 | 161 | 9.12 | 122 | 12.92 | |||||||||||||||||
| Jonah Field | 2,184 | 15.51 | 2,313 | 14.63 | 2,196 | 14.62 | |||||||||||||||||
| Williston Basin | 1,476 | 31.45 | 1,413 | 33.69 | 1,190 | 34.12 | |||||||||||||||||
| Barnett Shale | 3,739 | 18.47 | 3,767 | 16.07 | 4,030 | 18.03 | |||||||||||||||||
| Hamilton Dome Field | 1,237 | 36.36 | 1,566 | 45.34 | 1,188 | 34.18 | |||||||||||||||||
| Delhi Field | 3,518 | 48.04 | 2,785 | 30.19 | 3,017 | 38.15 | |||||||||||||||||
| Total | $ | 13,388 | $ | 22.32 | $ | 12,624 | $ | 19.24 | $ | 12,793 | $ | 20.05 | |||||||||||
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 March 31, 2025.
The Company had the following open crude oil and natural gas derivative contracts as of May 12, 2025:
| Volumes in | Swap Price per | Floor Price per | Ceiling Price per | ||||||||||||||||
| Period | Commodity | Instrument | MMBTU/BBL | MMBTU/BBL | MMBTU/BBL | MMBTU/BBL | |||||||||||||
| April 2025 - June 2025 | Crude Oil | Fixed-Price Swap | 25,571 | $ | 73.49 | ||||||||||||||
| April 2025 - June 2025 | Crude Oil | Collar | 41,601 | $ | 65.00 | $ | 84.00 | ||||||||||||
| April 2025 - December 2025 | Crude Oil | Fixed-Price Swap | 32,229 | 72.00 | |||||||||||||||
| July 2025 - December 2025 | Crude Oil | Fixed-Price Swap | 81,335 | 71.40 | |||||||||||||||
| January 2026 - March 2026 | Crude Oil | Collar | 43,493 | 60.00 | 75.80 | ||||||||||||||
| April 2026 - June 2026 | Crude Oil | Fixed-Price Swap | 17,106 | 60.40 | �� | ||||||||||||||
| April 2025 - December 2025 | Natural Gas | Collar | 681,271 | 4.00 | 4.95 | ||||||||||||||
| April 2025 - December 2026 | Natural Gas | Fixed-Price Swap | 3,010,069 | 3.60 | |||||||||||||||
| January 2026 - March 2026 | Natural Gas | Collar | 375,481 | 3.60 | 5.00 | ||||||||||||||
| January 2026 - March 2026 | Natural Gas | Collar | 213,251 | 4.00 | 5.39 | ||||||||||||||
| April 2025 - December 2027 | Natural Gas | Fixed-Price Swap | 3,729,540 | 3.57 | |||||||||||||||
| April 2026 - October 2026 | Natural Gas | Collar | 433,428 | 3.50 | 4.55 | ||||||||||||||
This press release was published by a CLEAR® Verified individual.
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