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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.
Revenue by Segment
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.
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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