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Mar 31, 2022
Evolution Petroleum Q3 2022 Earnings Report
Reported improved cash flow and earnings, driven by acquisitions.
Key Takeaways
Evolution Petroleum reported a strong Q3 fiscal 2022, driven by recent acquisitions and improved oil price realizations. The company produced 5,579 net barrels of oil equivalent per day, generating $25.7 million in revenue and $5.7 million in net income. The company also declared a cash dividend of $0.10 per common share for the fiscal 2022 fourth quarter.
Produced 5,579 net barrels of oil equivalent per day during the current quarter.
Generated revenue of $25.7 million and net income of $5.7 million.
Generated adjusted EBITDA of $12.3 million.
Completed the acquisition of oil weighted, non-operated oil and natural gas properties located in the Williston Basin in North Dakota on January 14, 2022.
Forward Guidance
The next quarter ending June 30, 2022 should show further improvements due to realizing a full quarter of performance from both the Williston acquisition and inclusion of the Jonah Field acquisition closed in April, assuming a continued stable commodity price environment. This will be somewhat offset by hedges on a small portion of our pro forma production through March of 2023 as required under our credit facility. The addition of the Williston and Jonah Field reserves and improvements in forward commodity price curves have subsequently eliminated the requirement to extend the hedges.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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