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Jun 30, 2023
Evolution Petroleum Q4 2023 Earnings Report
Evolution Petroleum reported a challenging fiscal fourth quarter impacted by lower price realizations and extended downtime, but maintained a strong balance sheet.
Key Takeaways
Evolution Petroleum Corporation announced its fiscal fourth quarter results, reporting total revenue of $18.2 million and net income of $0.2 million. The quarter was affected by lower price realizations and downtime across multiple fields. The company declared a quarterly cash dividend of $0.12 per share for the fiscal 2024 first quarter.
Total revenue for the quarter was $18.2 million, a 51% decrease from the prior quarter.
Net income for the quarter was $0.2 million, or $0.00 per diluted share, compared to $14.0 million in the prior quarter.
Total production for the fourth quarter of fiscal 2023 was 6,484 net BOEPD.
Cash and cash equivalents totaled $11.0 million, with no debt outstanding under the $50 million revolving credit facility.
Revenue by Segment
Forward Guidance
Evolution Petroleum expects capital workover projects to continue across all fields and anticipates budgeted capital expenditures to range from $4.0 million to $5.0 million for fiscal year 2024, excluding potential acquisitions.
Positive Outlook
- Capital workover projects are expected to continue in all the fields.
- Budgeted capital expenditures are expected to be in the range of $4.0 million to $5.0 million for fiscal year 2024.
- Capital expenditures exclude any potential acquisitions.
- Expected capital expenditures include two new drill wells at Delhi Field.
- Foundation, the operator of Williston Basin properties, is drilling two sidetrack locations targeting the Birdbear formation.
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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