Evolution Petroleum Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Evolution Petroleum Corp. has filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

EVOLUTION PETROLEUM CORP (EPM) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Evolution Petroleum Corp. filed a 10-Q for the quarter ending March 31, 2024. The company's fiscal year ends on June 30. The filing covers the period from January 1, 2024, to March 31, 2024. Previous fiscal year end was June 30, 2023. The company is incorporated in Nevada.

Why It Matters

For investors and stakeholders tracking EVOLUTION PETROLEUM CORP, this filing contains several important signals. This 10-Q filing provides an update on Evolution Petroleum Corp.'s financial performance and operational status for the third quarter of its fiscal year. Investors and analysts can use this report to assess the company's recent financial health, identify trends, and make informed investment decisions.

Risk Assessment

Risk Level: low — EVOLUTION PETROLEUM CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant negative developments.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand the company's performance and outlook.

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q filing)
• 2024-05-08 — Filing Date (10-Q filing)
• 0630 — Fiscal Year End (Company information)

Key Players & Entities

• EVOLUTION PETROLEUM CORP (company) — Filer name
• EPM (company) — Ticker symbol
• 2024-03-31 (date) — Reporting period end date
• 2024-05-08 (date) — Filing date
• NV (jurisdiction) — State of incorporation
• HOUSTON (location) — Business address city
• 713-935-0122 (phone) — Business phone number

FAQ

Industry Context

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

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring regular reporting of financial information.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow.
2. Review management's discussion and analysis for insights into operational performance.
3. Compare current quarter results to previous periods and industry benchmarks.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the quarter ending March 31, 2024. Specific comparative financial data from the previous filing (likely a 10-Q for the quarter ending December 31, 2023, or an annual 10-K) is not detailed in this header information.

Key Financial Figures

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

Filing Documents

• epm-20240331x10q.htm (10-Q) — 1982KB
• epm-20240331xex10d11.htm (EX-10.11) — 330KB
• epm-20240331xex10d12.htm (EX-10.12) — 353KB
• epm-20240331xex10d13.htm (EX-10.13) — 329KB
• epm-20240331xex10d211.htm (EX-10.2_11) — 26KB
• epm-20240331xex31d1.htm (EX-31.1) — 13KB
• epm-20240331xex31d2.htm (EX-31.2) — 13KB
• epm-20240331xex32d1.htm (EX-32.1) — 8KB
• epm-20240331xex32d2.htm (EX-32.2) — 7KB
• epm-20240331x10q001.jpg (GRAPHIC) — 11KB
• epm-20240331xex10d211001.jpg (GRAPHIC) — 9KB
• epm-20240331xex10d211003.jpg (GRAPHIC) — 1KB
• 0001558370-24-007347.txt (&nbsp;) — 9053KB
• epm-20240331.xsd (EX-101.SCH) — 47KB
• epm-20240331_cal.xml (EX-101.CAL) — 48KB
• epm-20240331_def.xml (EX-101.DEF) — 196KB
• epm-20240331_lab.xml (EX-101.LAB) — 430KB
• epm-20240331_pre.xml (EX-101.PRE) — 324KB
• epm-20240331x10q_htm.xml (XML) — 1391KB

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 March 31, 2024 and June 30, 2023 4 Condensed Consolidated Statements of Operations (Unaudited) for the three and nine months ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows (Unaudited) for the nine months ended March 31, 2024 and 2023 6 Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) for the three and nine months ended March 31, 2024 and 2023 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 25 Item 3.

Quantitative and Qualitative Disclosures about Market Risks

Quantitative and Qualitative Disclosures about Market Risks 40 Item 4.

Controls and Procedures

Controls and Procedures 40

OTHER INFORMATION

PART II. OTHER INFORMATION 41 Item 1.

Legal Proceedings

Legal Proceedings 41 Item 1A.

Risk Factors

Risk Factors 41 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41 Item 3. Defaults Upon Senior Securities 42 Item 4. Mine Safety Disclosures 42 Item 5. Other Information 42 Item 6. Exhibits 42

Signatures

Signatures 43 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 reduce long-term debt, 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

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) March 31, 2024 June 30, 2023 Assets Current assets Cash and cash equivalents $ 3,067 $ 11,034 Receivables from crude oil, natural gas, and natural gas liquids revenues 13,368 7,884 Derivative contract assets 347 — Prepaid expenses and other current assets 6,275 2,277 Total current assets 23,057 21,195 Property and equipment, net of depletion, depreciation, and impairment Oil and natural gas properties, net—full-cost method of accounting, of which none were excluded from amortization 142,157 105,781 Other assets 1,318 1,341 Total assets $ 166,532 $ 128,317 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 8,096 $ 5,891 Accrued liabilities and other 5,985 6,027 Derivative contract liabilities 1,410 — — 365 Total current liabilities 15,491 12,283 Long term liabilities Senior secured credit facility 42,500 — Deferred income taxes 6,927 6,803 Asset retirement obligations 18,079 17,012 Operating lease liability 79 125 Total liabilities 83,076 36,223 Commitments and contingencies (Note 10) Stockholders' equity Common stock; par value $ 0.001 ; 100,000,000 shares authorized: issued and outstanding 33,359,854 and 33,247,523 shares as of March 31, 2024 and June 30, 2023, respectively 33 33 Additional paid-in capital 40,652 40,098 Retained earnings 42,771 51,963 Total stockholders' equity 83,456 92,094 Total liabilities and stockholders' equity $ 166,532 $ 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 thousands, except p

View Full Filing

View this 10-Q filing on SEC EDGAR