EVOLUTION PETROLEUM CORP

For the period ended May 11, 2026. Filed May 12, 2026.

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A notice of a major event between regular reports, such as results, a deal or a change of executives. It is often the first formal record of the news.

May 11, 2026 · Filed May 12, 2026

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EPM$3.48+0.6%Stored close · as of Nov 6, 2026

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Contents

EX-99.1 · Contact

Contact

Investor Relations

(713) 935-0122

ir@evolutionpetroleum.com

Condensed Consolidated Statements of Operations (Unaudited)

(In thousands, except per share amounts)


· Three Months Ended · · Nine Months Ended
· · March 31, · · December 31, · · March 31,
· 2026 · · 2025 · · 2025 · · 2026 · · 2025
Revenues
Crude oil	$10,474	$11,769	$10,696	$34,042	$38,269
Natural gas	7,284	7,790	7,441	20,625	17,868
Natural gas liquids	2,410	3,002	2,542	7,468	8,595
Total revenues	20,168	22,561	20,679	62,135	64,732
Operating costs
Lease operating costs	12,959	13,388	11,510	37,556	37,971
Depletion, depreciation, and accretion	5,294	5,014	5,919	17,174	16,172
General and administrative expenses	2,473	2,573	2,592	7,390	7,754
Total operating costs	20,726	20,975	20,021	62,120	61,897
Income (loss) from operations	(558)	1,586	658	15	2,835
Other income (expense)
Net gain (loss) on derivative contracts	(9,869)	(3,802)	2,235	(5,453)	(3,223)
Interest and other income	24	55	12	46	164
Interest expense	(960)	(705)	(1,003)	(2,880)	(2,292)
Income (loss) before income taxes	(11,363)	(2,866)	1,902	(8,272)	(2,516)
Income tax (expense) benefit	2,431	687	(837)	1,229	577
Net income (loss)	$(8,932)	$(2,179)	$1,065	$(7,043)	$(1,939)
Net income (loss) per common share:
Basic	$(0.26)	$(0.07)	$0.03	$(0.22)	$(0.07)
Diluted	$(0.26)	$(0.07)	$0.03	$(0.22)	$(0.07)
Weighted average number of common shares outstanding:
Basic	34,315	33,433	33,904	33,979	33,027
Diluted	34,315	33,433	34,025	33,979	33,027

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands, except share and per share amounts)


· · March 31, 2026 · · June 30, 2025
Assets · · · ·
Current assets · · · ·
Cash and cash equivalents	$2,616	$2,507
Receivables from crude oil, natural gas, and natural gas liquids revenues	9,506	10,804
Derivative contract assets	2,428	1,777
Prepaid expenses and other current assets	1,983	2,287
Total current assets	16,533	17,375
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	147,998	142,248
Oil and natural gas properties, not subject to amortization	3,804	—
Total property and equipment, net	151,802	142,248

Other noncurrent assets
Derivative contract assets	634	198
Other assets, net	791	431
Total assets	$169,760	$160,252
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable	$12,588	$12,901
Accrued liabilities and other	5,619	6,909
Derivative contract liabilities	8,514	1,577
State and federal taxes payable	425	—
Total current liabilities	27,146	21,387
Long term liabilities
Senior secured credit facility	56,500	37,500
Deferred income taxes	3,829	6,234
Asset retirement obligations	22,700	21,535
Derivative contract liabilities	808	1,783
Operating lease liability	369	—
Total liabilities	111,352	88,439
Commitments and contingencies
Stockholders' equity
Common stock; par value $0.001; 100,000,000 shares authorized: issued and
outstanding 35,821,410 and 34,337,188 shares as of March 31, 2026
and June 30, 2025, respectively	36	34
Additional paid-in capital	52,899	46,650
Retained earnings	5,473	25,129
Total stockholders' equity	58,408	71,813
Total liabilities and stockholders' equity	$169,760	$160,252

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)


· · Three Months Ended · · Nine Months Ended
· March 31, · · December 31, · · March 31,
· · 2026 · · 2025 · · 2025 · · 2026 · · 2025
Cash flows from operating activities: · · · · · · · · · · ·
Net income (loss)	$(8,932)	$(2,179)	$1,065	$(7,043)	$(1,939)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion, depreciation, and accretion	5,294	5,014	5,919	17,174	16,172
Stock-based compensation	595	642	613	1,745	1,860
Settlement of asset retirement obligations	(51)	(66)	(161)	(231)	(346)
Deferred income taxes	(1,106)	(2,101)	(913)	(2,405)	(2,130)
Unrealized (gain) loss on derivative contracts	7,621	3,926	(1,443)	4,875	3,426
Accrued settlements on derivative contracts	688	(57)	375	678	(114)
Amortization of debt issuance costs	39	—	39	117	—
Other	7	(4)	(5)	(1)	(7)
Changes in operating assets and liabilities:
Receivables from crude oil, natural gas, and natural gas liquids revenues	74	(26)	(1,046)	1,583	(34)
Prepaid expenses and other current assets	(1,120)	965	157	239	1,400
Accounts payable, accrued liabilities and other	1,227	1,149	(392)	(437)	4,382
State and federal taxes payable	(847)	—	1,217	425	(74)
Net cash provided by operating activities	3,489	7,263	5,425	16,719	22,596
Cash flows from investing activities:
Acquisition deposits	—	(1,800)	—	—	(1,800)
Acquisition of oil and natural gas properties	(4,662)	(20)	222	(21,308)	(351)
Capital expenditures for oil and natural gas properties	(1,263)	(4,404)	(839)	(5,920)	(7,902)
Net cash used in investing activities	(5,925)	(6,224)	(617)	(27,228)	(10,053)
Cash flows from financing activities:
Common stock dividends paid	(4,261)	(4,109)	(4,195)	(12,613)	(12,224)
Common stock repurchases, including stock surrendered for tax withholding	(43)	(71)	(50)	(225)	(262)
Borrowings under senior secured credit facility	2,000	—	2,500	22,000	—
Repayments of senior secured credit facility	—	(4,000)	(1,000)	(3,000)	(4,000)
Debt issuance costs	—	—	—	(379)	—
Issuance of common stock	3,672	1,145	1,006	4,944	3,404
Offering costs	(78)	(70)	(21)	(109)	(306)
Net cash provided by (used in) financing activities	1,290	(7,105)	(1,760)	10,618	(13,388)
Net increase (decrease) in cash and cash equivalents	(1,146)	(6,066)	3,048	109	(845)
Cash and cash equivalents, beginning of period	3,762	11,667	714	2,507	6,446
Cash and cash equivalents, end of period	$2,616	$5,601	$3,762	$2,616	$5,601

Non-GAAP Reconciliation – Adjusted EBITDA (Unaudited)

(In thousands)

Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items are non-GAAP financial measures that are used as supplemental financial measures by our management and by external users of our financial statements, such as investors, commercial banks, and others, to assess our operating performance as compared to that of other companies in our industry, without regard to financing methods, capital structure, or historical costs basis. We use these measures to assess our ability to incur and service debt and fund capital expenditures. Our Adjusted EBITDA and Net income (loss) and earnings per share, excluding selected items, should not be considered alternatives to net income (loss), operating income (loss), cash flows provided by (used in) operating activities, or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Our Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items in the same manner.

We define Adjusted EBITDA as net income (loss) plus interest expense, income tax expense (benefit), depreciation, depletion, and accretion (DD&A), stock-based compensation, ceiling test impairment, and other impairments, unrealized loss (gain) on change in fair value of derivatives, and other non-recurring or non-cash expense (income) items.


· Three Months Ended · · Nine Months Ended
· · March 31, · · December 31, · · March 31,
· 2026 · · 2025 · · 2025 · · 2026 · · 2025
Net income (loss)	$(8,932)	$(2,179)	$1,065	$(7,043)	$(1,939)
Adjusted by:
Interest expense	960	705	1,003	2,880	2,292
Income tax expense (benefit)	(2,431)	(687)	837	(1,229)	(577)
Depletion, depreciation, and accretion	5,294	5,014	5,919	17,174	16,172
Stock-based compensation	595	642	613	1,745	1,860
Unrealized loss (gain) on derivative contracts	7,621	3,926	(1,443)	4,875	3,426
Adjusted EBITDA	$3,107	$7,421	$7,994	$18,402	$21,234

Non-GAAP Reconciliation – Adjusted Net Income (Unaudited)

(In thousands, except per share amounts)


· · Three Months Ended · · Nine Months Ended
· March 31, · · December 31, · · March 31,
· · 2026 · · 2025 · · 2025 · · 2026 · · 2025
As Reported:
Net income (loss), as reported	$(8,932)	$(2,179)	$1,065	$(7,043)	$(1,939)

Impact of Selected Items:
Unrealized loss (gain) on commodity contracts	7,621	3,926	(1,443)	4,875	3,426
Selected items, before income taxes	$7,621	$3,926	$(1,443)	$4,875	$3,426
Income tax effect of selected items(1)	1,630	941	(635)	724	786
Selected items, net of tax	$5,991	$2,985	$(808)	$4,151	$2,640

As Adjusted:
Net income (loss), excluding selected items(2)	$(2,941)	$806	$257	$(2,892)	$701

Undistributed earnings allocated to unvested restricted stock	(105)	(96)	(104)	(291)	(274)
Net income (loss), excluding selected items for earnings per share calculation	$(3,046)	$710	$153	$(3,183)	$427

Net income (loss) per common share — Basic, as reported	$(0.26)	$(0.07)	$0.03	$(0.22)	$(0.07)
Impact of selected items	0.17	0.09	(0.03)	0.13	0.08
Net income (loss) per common share — Basic, excluding selected items(2)	$(0.09)	$0.02	$—	$(0.09)	$0.01


Net income (loss) per common share — Diluted, as reported	$(0.26)	$(0.07)	$0.03	$(0.22)	$(0.07)
Impact of selected items	0.17	0.09	(0.03)	0.13	0.08
Net income (loss) per common share — Diluted, excluding selected items(2)(3)	$(0.09)	$0.02	$—	$(0.09)	$0.01

(1)

The tax impact for the three months ended March 31, 2026 and 2025, is represented using estimated tax rates of 21.4% and 24.0%, respectively. The tax impact for the three months ended December 31, 2025, is represented using estimated tax rates of 44.0%. The tax impact for the nine months ended March 31, 2026 and 2025, is represented using estimated tax rates of 14.9% and 22.9%, respectively.

(2)

Net income (loss) and earnings per share excluding selected items are non-GAAP financial measures presented as supplemental financial measures to enable a user of the financial information to understand the impact of these items on reported results. These financial measures should not be considered an alternative to net income (loss), operating income (loss), cash flows provided by (used in) operating activities, or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Our Adjusted Net Income (Loss) and earnings per share may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted Net Income (Loss) and earnings per share in the same manner.

(3)

The impact of selected items for the three months ended March 31, 2026 and 2025, were each calculated based upon weighted average diluted shares of 34.3 million and 33.6 million, respectively, due to the net income (loss), excluding selected items. The impact of selected items for the three months ended December 31, 2025, was calculated based upon weighted average diluted shares of 34.0 million due to the net income (loss), excluding selected items. The impact of selected items for the nine months ended March 31, 2026 and 2025, were each calculated based upon weighted average diluted shares of 34.0 million and 33.2 million, respectively, due to the net income (loss), excluding selected items.

Supplemental Information on Oil and Natural Gas Operations (Unaudited)

(In thousands, except per unit and per BOE amounts)


· Three Months Ended · · Nine Months Ended
· · March 31, · · December 31, · · March 31,
· 2026 · · 2025 · · 2025 · · 2026 · · 2025
Revenues:
Crude oil	$10,474	$11,769	$10,696	$34,042	$38,269
Natural gas	7,284	7,790	7,441	20,625	17,868
Natural gas liquids	2,410	3,002	2,542	7,468	8,595
Total revenues	$20,168	$22,561	$20,679	$62,135	$64,732

Lease operating costs:
Ad valorem and production taxes	$1,317	$1,473	$588	$3,325	$4,328
Gathering, transportation, and other costs	2,834	2,913	2,667	8,393	8,592
Other lease operating costs	8,808	9,002	8,255	25,838	25,051
Total lease operating costs	$12,959	$13,388	$11,510	$37,556	$37,971

Depletion of full cost proved oil and natural gas properties	$4,900	$4,607	$5,532	$15,992	$14,956

Production:
Crude oil (MBBL)	177	172	193	577	555
Natural gas (MMCF)	1,968	2,011	2,241	6,359	6,364
Natural gas liquids (MBBL)	98	93	112	318	311
Equivalent (MBOE)(1)	603	600	679	1,955	1,927
Average daily production (BOEPD)(1)	6,700	6,667	7,380	7,135	7,033

Average price per unit:(2)
Crude oil (BBL)	$59.18	$68.42	$55.42	$59.00	$68.95
Natural gas (MCF)	3.70	3.87	3.32	3.24	2.81
Natural Gas Liquids (BBL)	24.59	32.28	22.70	23.48	27.64
Equivalent (BOE)(1)	$33.45	$37.60	$30.46	$31.78	$33.59

Average cost per unit:
Ad valorem and production taxes	$2.18	$2.46	$0.87	$1.70	$2.25
Gathering, transportation, and other costs	4.70	4.86	3.93	4.29	4.46
Other lease operating costs	14.61	15.00	12.16	13.22	13.00
Total lease operating costs	$21.49	$22.32	$16.96	$19.21	$19.71

Depletion of full cost proved oil and natural gas properties	$8.13	$7.68	$8.15	$8.18	$7.76

(1)	Equivalent oil reserves are defined as six MCF of natural gas and 42 gallons of NGLs to one barrel of oil conversion ratio, which reflects energy equivalence and not price equivalence. Natural gas prices per MCF and NGL prices per barrel often differ significantly from the equivalent amount of oil.

(2)	Amounts exclude the impact of cash paid or received on the settlement of derivative contracts since we did not elect to apply hedge accounting.

Summary of Production Volumes and Average Sales Price (Unaudited)


· · Three Months Ended
· · March 31, · · December 31,
· · 2026 · · 2025 · · 2025
· · Volume · · Price · · Volume · · Price · · Volume · · Price
Production:
Crude oil (MBBL)
SCOOP/STACK	27	$69.24	28	$71.36	30	$58.86
Chaveroo Field	20	63.87	8	56.78	26	53.39
Jonah Field	6	63.70	7	67.69	7	52.95
Williston Basin	28	64.57	34	64.35	31	52.15
Barnett Shale	2	66.12	3	68.03	2	55.34
Hamilton Dome Field	32	57.23	34	58.88	34	47.23
Delhi Field	43	43.24	58	76.04	48	61.78
TexMex	17	70.47	—	—	15	58.24
Other	2	57.25	—	—	—	—
Total	177	$59.18	172	$68.42	193	$55.42
Natural gas (MMCF)
SCOOP/STACK	389	$4.13	317	$4.91	458	$3.56
Jonah Field	675	3.45	758	4.02	728	3.38
Williston Basin	24	3.28	32	3.89	28	2.46
Barnett Shale	801	3.87	904	3.39	925	3.21
TexMex	59	1.97	—	—	102	3.14
Other	20	2.88	—	—	—	—
Total	1,968	$3.70	2,011	$3.87	2,241	$3.32
Natural gas liquids (MBBL)
SCOOP/STACK	27	$19.01	13	$27.84	28	$19.90
Jonah Field	8	25.50	8	32.14	8	23.10
Williston Basin	7	18.47	8	23.74	7	14.13
Barnett Shale	47	28.49	49	33.48	55	25.38
Delhi Field	9	23.36	15	37.20	14	23.17
Total	98	$24.59	93	$32.28	112	$22.70
Equivalent (MBOE)(1)
SCOOP/STACK	119	$33.66	94	$41.90	134	$29.37
Chaveroo Field	20	63.87	8	56.78	26	53.39
Jonah Field	127	23.12	141	26.63	136	22.02
Williston Basin	39	52.02	47	53.08	43	41.46
Barnett Shale	183	25.09	203	24.13	212	21.18
Hamilton Dome Field	32	57.23	34	58.88	34	47.23
Delhi Field	52	39.44	73	68.19	62	53.30
TexMex	27	49.03	—	—	32	37.50
Other	4	19.85	—	—	—	—
Total	603	$33.45	600	$37.60	679	$30.46
Average daily production (BOEPD)(1)
SCOOP/STACK	1,322		1,044		1,457
Chaveroo Field	222		89		283
Jonah Field	1,411		1,567		1,478
Williston Basin	433		522		467
Barnett Shale	2,033		2,256		2,303
Hamilton Dome Field	356		378		370
Delhi Field	578		811		674
TexMex	300		—		348
Other	45		—		—
Total	6,700		6,667		7,380

(1)	Equivalent oil reserves are defined as six MCF of natural gas and 42 gallons of NGLs to one barrel of oil conversion ratio, which reflects energy equivalence and not price equivalence. Natural gas prices per MCF and NGL prices per barrel often differ significantly from the equivalent amount of oil.

Summary of Average Production Costs (Unaudited)


· · Three Months Ended
· · March 31, · · December 31,
· · 2026 · · 2025 · · 2025
· · Amount · · Price · · Amount · · Price · · Amount · · Price
Production costs (in thousands, except per BOE):
Total lease operating costs(1)
SCOOP/STACK	$1,064	$8.96	$1,106	$11.74	$1,040	$7.72
Chaveroo Field	320	15.92	128	15.77	311	12.07
Jonah Field	2,047	16.21	2,184	15.51	1,998	14.68
Williston Basin	1,162	30.09	1,476	31.45	1,296	30.29
Barnett Shale	3,747	20.49	3,739	18.47	2,937	13.98
Hamilton Dome Field	1,226	37.73	1,237	36.36	1,200	35.56
Delhi Field	1,836	34.13	3,518	48.04	1,506	24.26
TexMex	1,557	57.61	—	—	1,222	38.03
Total	$12,959	$21.49	$13,388	$22.32	$11,510	$16.96

(1)	Total lease operating costs includes lifting costs; workover expenses; and gathering, transportation, processing and other expenses.

Summary of Open Derivative Contracts (Unaudited)

For more information on the Company's hedging practices, see Note 7 to its financial statements included on Form 10-Q filed with the SEC for the quarter ended March 31, 2026.

The Company has the following open crude oil and natural gas derivative contracts:


· · · · · · Volumes in · · Weighted Average Price per MMBTU/BBL
Period · · Commodity · · Instrument · · MMBTU/BBL · · Swap · · Sub Floor · · Floor · · Ceiling
April 2026 - September 2026	Crude Oil	Fixed-Price Swap	140,441	$60.24
January 2027 - December 2027	Crude Oil	Fixed-Price Swap	108,222	65.12
April 2026 - December 2026	Crude Oil	Two-Way Collar	115,372			$56.33	$64.11
January 2027 - December 2027	Crude Oil	Two-Way Collar	138,157			58.13	69.37
September 2026 - December 2026	Crude Oil	Three-Way Collar	67,002		$50.00	58.83	70.36
April 2026 - December 2026	Natural Gas	Fixed-Price Swap	2,532,778	3.62
January 2027 - December 2027	Natural Gas	Fixed-Price Swap	1,537,008	3.54
April 2026 - December 2026	Natural Gas	Two-Way Collar	1,749,713			3.55	4.65
January 2027 - March 2027	Natural Gas	Two-Way Collar	850,794			3.62	5.60

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.