Evolution Pet Q1 revenue $20.6M (up 13% QoQ), net income $1.5M; Chaveroo wells spud; $0.12 dividend

EVOLUTION PETROLEUM CORP

2024-Q1 EPS reported $0.04 revenue$20,601,000

Net income $1.5M ($0.04 diluted EPS) vs. $0.2M prior quarter; Adjusted EBITDA $6.7M (up 43% QoQ).
Revenue $20.6M up 13% QoQ driven by 13% higher realized oil prices; avg realized price $34.68/BOE.
Production flat at 6,457 BOEPD; zero net decline rate; improved operations at Jonah, Williston, Delhi.
Entered Chaveroo Field JV with PEDEVCO; first 2 horizontal wells spud after quarter; 3 wells expected online Q3 FY2024.
Declared $0.12/share quarterly dividend payable Dec 29, 2023 to holders of record Dec 15; 41st consecutive quarterly dividend.

item 2.02 item 8.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

EVOLUTION PETROLEUM CORP reported fiscal first quarter ended September 30, 2023 results: revenue $20.6 million, net income $1.5 million, EPS $0.04 per diluted share.

Period: fiscal first quarter ended September 30, 2023
Revenue: $20.6 million
Net income: $1.5 million
EPS: $0.04 per diluted share
Result: reported results

Exact text from the filing

in the Permian Basin in New Mexico. o Spudded the first two wells of a three well pad after the end of the current quarter. ● Reported sequential growth in revenue of 13% to $20.6 million, net income of 788% to $1.5 million, and earnings per share from $0.00 to $0.04 per diluted share. ● Generated Adjusted EBITDA 1 of $6.7 million for the current quarter – an

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Source: SEC EDGAR

accession 0001558370-23-017996

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