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Sep 30, 2020
Evolution Petroleum Q1 2021 Earnings Report
Reported a 67% increase in total revenues and declared a quarterly common stock dividend.
Key Takeaways
Evolution Petroleum announced its fiscal first quarter results, highlighted by a 67% increase in total revenues to $5.6 million compared to the prior quarter. The company generated operational cash flows exceeding the quarterly dividend and maintained a debt-free balance sheet with $19.8 million in cash. A non-cash impairment of $9.6 million was recorded due to decreased oil prices.
Paid 28th consecutive quarterly cash dividend and declared the next dividend payment of $0.025 per share.
Total revenues increased by 67% to $5.6 million compared to the prior quarter.
Generated operational cash flows in excess of quarterly dividend and ended the quarter with $19.8 million in cash, remaining debt-free.
Denbury Resources emerged from Chapter 11 bankruptcy.
Revenue by Segment
Forward Guidance
The Company expects near-term volatility in crude oil prices and is prepared for potentially depressed prices. They anticipate Phase V development and conformance work during 2021, and they completed their annual fall redetermination and extended their credit facility.
Positive Outlook
- Expects to perform conformance workover projects in both Delhi and Hamilton Dome fields.
- Plans for Delhi Phase V development expenditures of approximately $1.9 million to be incurred in 2021.
- Completed annual fall redetermination and extended the credit facility an additional three years.
- Denbury has access to capital, liquidity and the financial flexibility to begin Phase V development and other conformance work during 2021.
- Maintaining and ultimately growing the common stock dividend remains a Company priority.
Challenges Ahead
- Expects the price of crude oil to experience some near-term volatility.
- Cannot predict the duration of the volatility nor the current supply-demand imbalance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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