EVOLUTION PETROLEUM CORP

For the period ended Dec 31, 2023. Filed Feb 7, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Dec 31, 2023 · Filed Feb 7, 2024

EPM$3.57+0.8%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 1. Condensed Consolidated Financial Statements (Unaudited)

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
State and federal taxes payable	—	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

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In thousands, except per share amounts)


· Three Months Ended · · Six Months Ended
· · December 31, · · December 31,
· 2023 · · 2022 · · 2023 · 2022
Revenues
Crude oil	$11,759	$13,100	$24,375	$28,263
Natural gas	6,531	17,370	12,083	37,218
Natural gas liquids	2,734	3,206	5,167	7,992
Total revenues	21,024	33,676	41,625	73,473
Operating costs
Lease operating costs	12,358	15,041	24,241	34,157
Depletion, depreciation, and accretion	4,598	3,458	8,860	7,056
General and administrative expenses	2,502	2,581	5,105	5,053
Total operating costs	19,458	21,080	38,206	46,266
Income (loss) from operations	1,566	12,596	3,419	27,207
Other income (expense)
Net gain (loss) on derivative contracts	—	846	—	243
Interest and other income	104	7	220	13
Interest expense	(34)	(129)	(66)	(372)
Income (loss) before income taxes	1,636	13,320	3,573	27,091
Income tax (expense) benefit	(554)	(2,933)	(1,017)	(5,997)
Net income (loss)	$1,082	$10,387	$2,556	$21,094
Net income (loss) per common share:
Basic	$0.03	$0.31	$0.08	$0.63
Diluted	$0.03	$0.31	$0.08	$0.62
Weighted average number of common shares outstanding:
Basic	32,693	33,174	32,676	33,154
Diluted	32,900	33,394	32,940	33,356

ContentsView on SEC.gov

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