Loading...
•
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.
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
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