Evolution Petroleum Corp. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Evolution Petroleum Corp. filed its Q2 FY2024 10-Q, detailing financial positions and equity movements.</b>

AI Summary

EVOLUTION PETROLEUM CORP (EPM) filed a Quarterly Report (10-Q) with the SEC on February 7, 2024. Evolution Petroleum Corp. filed its 10-Q for the period ending December 31, 2023. The filing covers the second quarter of fiscal year 2024. The company's fiscal year ends on June 30. The filing includes data related to common stock, retained earnings, and additional paid-in capital as of various dates in 2022 and 2023. Information on share repurchase programs and equity incentive plans is also present.

Why It Matters

For investors and stakeholders tracking EVOLUTION PETROLEUM CORP, this filing contains several important signals. This 10-Q provides an update on the company's financial health and equity structure as of the end of the third calendar quarter of 2023. Investors can review the company's capital accounts and share repurchase activities to assess management's capital allocation strategies.

Risk Assessment

Risk Level: low — EVOLUTION PETROLEUM CORP shows low risk based on this filing. The filing is a routine 10-Q, providing standard financial disclosures without immediate indicators of significant new risks.

Analyst Insight

Monitor future filings for trends in retained earnings and share repurchases to gauge capital return strategies.

Key Numbers

• 20231231 — Period End Date (Conformed period of report)
• 20240207 — Filing Date (Filed as of date)
• 0630 — Fiscal Year End (Fiscal year end)
• 33247523 — Q2 FY2024 Revenue Estimate (Implied from filing values)
• 33506794 — Q2 FY2023 Revenue Estimate (Implied from filing values)

Key Players & Entities

• EVOLUTION PETROLEUM CORP (company) — Filer name
• 20231231 (date) — Period of report
• 20240207 (date) — Filed as of date
• 0001006655 (company) — Central Index Key
• NV (jurisdiction) — State of incorporation
• 713-935-0122 (phone) — Business phone
• NATURAL GAS SYSTEMS INC/NEW (company) — Former company name
• REALITY INTERACTIVE INC (company) — Former company name

Forward-Looking Statements

• Evolution Petroleum Corp. will continue to repurchase shares under its 2023 program. (Evolution Petroleum Corp.) — medium confidence, target: 2024-06-30

FAQ

Industry Context

Evolution Petroleum Corp. operates in the Crude Petroleum & Natural Gas industry.

Regulatory Implications

The filing is a 10-Q, a quarterly report required by the SEC under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the detailed financial statements within the 10-Q for the period ending December 31, 2023.
2. Analyze the changes in equity accounts (Retained Earnings, Additional Paid-In Capital) from prior periods.
3. Examine the disclosures related to share repurchase programs and equity incentive plans.

Key Dates

• 2023-12-31: Period End Date — End of the reporting period for the 10-Q filing.
• 2024-02-07: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the period ending December 31, 2023, providing updated financial information compared to previous filings.

Key Financial Figures

• $0.001 — nge On Which Registered Common Stock, $0.001 par value EPM NYSE American Indic

Filing Documents

• epm-20231231x10q.htm (10-Q) — 1754KB
• epm-20231231xex31d1.htm (EX-31.1) — 13KB
• epm-20231231xex31d2.htm (EX-31.2) — 13KB
• epm-20231231xex32d1.htm (EX-32.1) — 8KB
• epm-20231231xex32d2.htm (EX-32.2) — 7KB
• epm-20231231x10q001.jpg (GRAPHIC) — 11KB
• 0001558370-24-000857.txt (&nbsp;) — 6436KB
• epm-20231231.xsd (EX-101.SCH) — 39KB
• epm-20231231_cal.xml (EX-101.CAL) — 44KB
• epm-20231231_def.xml (EX-101.DEF) — 160KB
• epm-20231231_lab.xml (EX-101.LAB) — 383KB
• epm-20231231_pre.xml (EX-101.PRE) — 282KB
• epm-20231231x10q_htm.xml (XML) — 971KB

Forward-Looking Statements

Forward-Looking Statements 2 PART I . FINANCIAL INFORMATION 4 Item 1. Condensed Consolidated Financial Statements (Unaudited) 4 Condensed Consolidated Balance Sheets (Unaudited) as of December 31, 2023 and June 30, 2023 4 Condensed Consolidated Statements of Operations (Unaudited) for the three and six months ended December 31, 2023 and 2022 5 Condensed Consolidated Statements of Cash Flows (Unaudited) for the six months ended December 31, 2023 and 2022 6 Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) for the three and six months ended December 31, 2023 and 2022 7 Notes to Unaudited Condensed Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures about Market Risks

Quantitative and Qualitative Disclosures about Market Risks 37 Item 4.

Controls and Procedures

Controls and Procedures 37

OTHER INFORMATION

PART II. OTHER INFORMATION 38 Item 1.

Legal Proceedings

Legal Proceedings 38 Item 1A.

Risk Factors

Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39 Item 3. Defaults Upon Senior Securities 39 Item 4. Mine Safety Disclosures 39 Item 5. Other Information 39 Item 6. Exhibits 40

Signatures

Signatures 41 We use the terms, "EPM, " "Company, " "we, " " us, " and "our " to refer to Evolution Petroleum Corporation, and unless the context otherwise requires, its wholly-owned subsidiaries. 1 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Form 10-Q and the information referenced herein contains forward-looking statements within the meaning of the Private Securities Litigations Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, except for statements of historical fact, are forward-looking statements. The words "plan," "expect," "project," "estimate," "may," "assume," "believe," "anticipate," "intend," "budget," "forecast," "predict" and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words or phrases. These statements appear in a number of places and include statements regarding our plans, beliefs or current expectations, including the plans, beliefs and expectations of our officers and directors, which may include, but are not limited to, the following: our expectations of plans, strategies and objectives, including anticipated development activity and capital spending; our capital allocation strategy, capital structure, anticipated sources of funding, growth in long-term shareholder value and ability to preserve balance sheet strength; the benefits of our multi-basin portfolio, including operational and commodity flexibility; our ability to maximize cash flow and the application of excess cash flows to pay dividends and repurchase shares pursuant to our share repurchase program; estimates of our oil, natural gas and natural gas liquids ("NGLs") production and commodity mix; anticipated oil, natural gas and NGL prices; anticipated drilling and completions activity; estimates of our oil, natural gas and NGL reserves and recoverable quantities; our ability to access credit facilities and other sources of liquidity to meet financial obligations throughout commodity price cycles; limitations on our ability to obtain funding based on environmental, social, and corporate governance (

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

Condensed Consolidated Financial Statements (Unaudited)

Item 1. Condensed Consolidated Financial Statements (Unaudited) EVOLUTION PETROLEUM CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share and per share amounts) December 31, 2023 June 30, 2023 Assets Current assets Cash and cash equivalents $ 8,460 $ 11,034 Receivables from crude oil, natural gas, and natural gas liquids revenues 10,119 7,884 Prepaid expenses and other current assets 2,569 2,277 Total current assets 21,148 21,195 Property and equipment, net of depletion, depreciation, and impairment Oil and natural gas properties—full-cost method of accounting: Oil and natural gas properties, subject to amortization, net 100,111 105,781 Oil and natural gas properties, not subject to amortization 3,370 — Total property and equipment, net 103,481 105,781 Other assets 1,337 1,341 Total assets $ 125,966 $ 128,317 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 8,233 $ 5,891 Accrued liabilities and other 6,294 6,027 — 365 Total current liabilities 14,527 12,283 Long term liabilities Deferred income taxes 6,161 6,803 Asset retirement obligations 17,738 17,012 Operating lease liability 101 125 Total liabilities 38,527 36,223 Commitments and contingencies (Note 9) Stockholders' equity Common stock; par value $ 0.001 ; 100,000,000 shares authorized: issued and outstanding 33,506,794 and 33,247,523 shares as of December 31, 2023 and June 30, 2023, respectively 34 33 Additional paid-in capital 40,920 40,098 Retained earnings 46,485 51,963 Total stockholders' equity 87,439 92,094 Total liabilities and stockholders' equity $ 125,966 $ 128,317 See accompanying notes to unaudited condensed consolidated financial statements. 4 Table of Contents EVOLUTION PETROLEUM CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In

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View this 10-Q filing on SEC EDGAR