Epsilon Energy Ltd.
For the period ended Mar 31, 2025. Filed May 14, 2025.
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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.
Mar 31, 2025 · Filed May 14, 2025
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Net Operating Revenues
For the three months ended March 31, 2025 revenues increased $8.2 million, or 102%, to $16.2 million from $8.0 million during the same period of 2024.
Revenue and volume statistics for the three months ended March 31, 2025 and 2024 were as follows:
| | | | | | | |
|---|---|---|---|---|---|---|
| · · Three months ended | ||||||
| · · March 31, | ||||||
| | 2025 | 2024 | ||||
| Revenues | | | | | | |
| Pennsylvania | | | | | | |
| Natural gas revenue | | $10,327,894 | | $2,758,108 | ||
| Volume (MMcf) | | 2,637 | | 1,557 | ||
| Avg. Price ($/Mcf) | | $3.92 | | $1.77 | ||
| Gathering system revenue (net of elimination) | | $1,892,350 | | $1,935,698 | ||
| Total PA Revenues | | $12,220,244 | | $4,693,806 | ||
| Permian Basin | | | | | | |
| Natural gas revenue | | $78,339 | | $41,578 | ||
| Volume (MMcf) | | 50 | | 43 | ||
| Avg. Price ($/Mcf) | | $1.57 | | $0.96 | ||
| Natural gas liquids revenue | | $284,961 | | $259,914 | ||
| Volume (MBOE) | | 12.1 | | 11.4 | ||
| Avg. Price ($/Bbl) | | $23.56 | | $22.71 | ||
| Oil and condensate revenue | | $3,019,495 | | $2,486,513 | ||
| Volume (MBbl) | | 41.5 | | 33.7 | ||
| Avg. Price ($/Bbl) | | $72.72 | | $73.87 | ||
| Total Permian Basin Revenues | | $3,382,795 | | $2,788,005 | ||
| Oklahoma | | | | | | |
| Natural gas revenue | | $207,340 | | $163,293 | ||
| Volume (MMcf) | | 53 | | 66 | ||
| Avg. Price ($/Mcf) | | $3.94 | | $2.47 | ||
| Natural gas liquids revenue | | $102,289 | | $113,070 | ||
| Volume (MBOE) | | 3.7 | | 4.7 | ||
| Avg. Price ($/Bbl) | | $27.68 | | $24.26 | ||
| Oil and condensate revenue | | $157,937 | | $228,569 | ||
| Volume (MBbl) | | 2.2 | | 3.0 | ||
| Avg. Price ($/Bbl) | | $70.35 | | $77.04 | ||
| Total OK Revenues | | $467,566 | | $504,932 | ||
| Canada | | | | | | |
| Oil and condensate revenue | | $92,535 | | $— | ||
| Volume (MBbl) | | 1.8 | | — | ||
| Avg. Price ($/Bbl) | | $51.27 | | $— | ||
| Total Canada Revenues | | $92,535 | | $— | ||
| Total Revenues | | $16,163,140 | | $7,986,743 | ||
Upstream natural gas revenue for the three months ended March 31, 2025 increased by $7.6 million, or 258%, over the same period in 2024. An increase of $1.9 million was due to higher natural gas prices and an increase of $5.7 million was a result of previously delayed turn in line wells coming online in Pennsylvania and the end of operator-elected well shut-ins in Pennsylvania.
Upstream natural gas liquids revenue for the three months ended March 31, 2025 was constant with the same period in 2024, increasing by $0.01 million, or 4%.
Upstream oil and condensate revenue for the three months ended March 31, 2025 increased by $0.6 million, or 20% over the same period in 2024. An increase of $0.7 million was due to additional sales volumes from new wells drilled and acquired in the Permian Basin and Canada partially offset by a decrease of $0.1 million was due to slightly lower prices.
Gathering system revenue for the three months ended March 31, 2025 was relatively flat compared with the same period in 2024, decreasing $0.04 million, or 2%. Revenues derived from transporting and compressing our production, which have been eliminated from gathering system revenues amounted to $0.6 million for the three months ended March 31, 2025.
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