Evolution Petroleum reported record Fiscal Q3 2023 results, with revenue up 9% sequentially to $36.9 million and net income up 34% sequentially to $14.0 million, driven by increased production and higher realized prices. The company also declared a quarterly cash dividend of $0.12 per common share for the fiscal 2023 fourth quarter.
Reported sequential growth in revenue of 9% to a record $36.9 million and in net income of 34% to a record $14.0 million or $0.41 per diluted share in Fiscal Q3.
Increased quarterly Adjusted Net Income by 46% sequentially and 84% YoY to $14.1 million.
Generated record Adjusted EBITDA of $22.0 million during Fiscal Q3 an increase of 34% sequentially and 78% YoY.
Produced 7,089 net barrels of oil equivalent per day in Q3.
Evolution believes its near-term capital spending requirements will be met from cash flows from operations and current working capital.
Visualization of income flow from segment revenue to net income
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