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Mar 31, 2024
Evolution Petroleum Q3 2024 Earnings Report
Reported strong financial results driven by recent acquisitions and increased oil production.
Key Takeaways
Evolution Petroleum reported a net income of $0.3 million and revenue of $23.0 million for Q3 2024. The company's production increased by 14% compared to the prior quarter, driven by the SCOOP/STACK acquisitions and the Chaveroo oilfield development.
Closed SCOOP/STACK acquisitions in February, adding ~1,550 BOEPD on a pro forma basis.
SCOOP/STACK acquisitions added ~300 gross undeveloped locations, with 19 DUC's completed by quarter-end.
Chaveroo oilfield initial three wells achieved peak production rates between approximately 300 and 375 gross BOEPD per well.
Company achieved highest ever oil production of ~2,200 barrels of oil per day for the current quarter.
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
The company expects capital expenditures to be in the range of $10.0 million to $12.0 million for fiscal year 2024, excluding acquisitions, and believes it can fund near-term capital spending from cash flows, working capital, and borrowings.
Positive Outlook
- Continued dividend payout of $0.12 per share.
- Organic growth complementing producing assets.
- Strategic approach driving success and growth.
- Disciplined and strategic approach will continue to drive success.
- Positioned for sustained growth in the future.
Challenges Ahead
- Winter storms impacted oil production.
- Repeated downtime from rental turbine failures impacting NGL production.
- CO2 purchase pipeline was taken offline for preventative maintenance.
- Lower realized natural gas prices.
- Low marginal wells remained shut-in.
Revenue & Expenses
Visualization of income flow from segment revenue to net income