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Dec 31, 2022
Evolution Petroleum Q2 2023 Earnings Report
Reported solid results for the second quarter of fiscal year 2023 and declared a quarterly cash dividend.
Key Takeaways
Evolution Petroleum reported revenue of $33.7 million and net income of $10.4 million, or $0.31 per diluted share, for the second quarter of fiscal year 2023. The company eliminated all debt during the quarter and declared a quarterly cash dividend of $0.12 per common share.
Recorded current quarter revenue of $33.7 million and net income of $10.4 million or $0.31 per diluted share.
Generated Adjusted EBITDA of $16.4 million during the current quarter.
Paid a quarterly dividend of $0.12 per common share for the current quarter – a 60% increase from the dividend paid during the second quarter of fiscal 2022.
Eliminated all debt during the current quarter through the full repayment of $12.3 million of outstanding borrowings.
Revenue by Segment
Forward Guidance
The company continues to expect development capital expenditures collectively across its existing portfolio of properties to range between $6.5 million to $9.5 million for fiscal 2023.
Positive Outlook
- Near-term capital spending requirements will be met from cash flows from operations
- Near-term capital spending requirements will be met from current working capital
- Near-term capital spending requirements will be met from borrowings under its revolving credit facility as needed.
- Capital costs at Delhi field for a NGL plant heat exchanger project, projected to improve operational efficiency throughout the year, which is currently underway.
- Participating in the drilling of two sidetrack locations targeting the Birdbear formation and recompleting up to four vertical wells in the Williston Basin
Challenges Ahead
- Do not include any capital expenditures for drilling in the Pronghorn and Three Forks locations in the Williston Basin at this time.
- Continue to evaluate those potential drilling locations with the operator.
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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