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Sep 30, 2024
Evolution Petroleum Q1 2025 Earnings Report
Evolution Petroleum reported first quarter fiscal 2025 results, marked by a 6% year-over-year increase in revenues to $21.9 million and a net income increase to $2.1 million.
Key Takeaways
Evolution Petroleum Corporation reported a 6% increase in revenue to $21.9 million for the fiscal first quarter of 2025, driven by record oil production. Net income increased by 40% to $2.1 million, and adjusted EBITDA rose by 21% to $8.1 million. The company returned $4.0 million to shareholders in dividends and brought seven SCOOP/STACK wells online during the quarter.
Fiscal Q1 revenues increased 6% year-over-year to $21.9 million, driven by record oil production.
Net income for fiscal Q1 increased 40% year-over-year to $2.1 million.
Adjusted EBITDA for fiscal Q1 increased 21% year-over-year to $8.1 million.
Production increased 16% year-over-year to 7,478 average barrels of oil equivalent per day (BOEPD).
Evolution Petroleum
Evolution Petroleum
Evolution Petroleum Revenue by Segment
Revenue by Segment
Crude oil Revenue
CapyFin.comNatural gas Revenue
CapyFin.comNatural gas liquids Revenue
CapyFin.com Forward Guidance
Evolution Petroleum is focused on executing its strategy to drive long-term shareholder value, with a strengthened asset base and valuable drilling locations. The company expects to bring an additional 13 gross wells online throughout the rest of this fiscal year and will begin drilling its next round of four gross wells in Chaveroo in January 2025.
Positive Outlook
- Company expects to bring an additional 13 gross wells online throughout the rest of this fiscal year.
- Company will begin drilling its next round of four gross wells in Chaveroo in January 2025.
- CO2 supply line to the Delhi Field was recently placed back in service after eight months of maintenance.
- First of three initial producer wells at Delhi are on track to be drilled by fiscal year-end.
- Asset base has been strengthened by acquiring high-quality, long-life, low-decline properties and by adding valuable drilling locations at favorable costs.
Challenges Ahead
- Continued softness in natural gas prices.
- CO2 purchase cost will partially offset positive impact on oil production and revenue from CO2 injection.
- Production in the Williston Basin was impacted by a few high-volume wells going offline.
- Decreases in commodity prices partially offset the increase in production volumes.
- CO2 purchase pipeline being down for preventative maintenance from the end of February 2024 through fiscal Q1 2025 affected production at Delhi.
Revenue & Expenses
Visualization of income flow from segment revenue to net income