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Evolution Petroleum Corp (EPM) SEC Filing 10-K Annual Report for the fiscal year ending Thursday, June 30, 2022

SEC Filings

Evolution Petroleum Corp

CIK: 1006655 Ticker: EPM

Evolution Petroleum Reports Fourth Quarter and Full Year Fiscal 2022 Results, Declares Increased Quarterly Cash Dividend for First Quarter Fiscal 2023, and Announces $25 Million Share Repurchase Program

-- Strong Cash Flow Generation Supports Increased Quarterly Cash Dividend and Share Repurchase Program --

HOUSTON, TX / ACCESSWIRE / September 13, 2022 /

Evolution Petroleum (NYSE American: EPM) ("Evolution" or the "Company") today announced financial and operating results for its fiscal 2022 fourth quarter (the “current quarter”) and full year ended June 30, 2022. Evolution also declared an increased quarterly cash dividend of $0.12 per common share for the fiscal 2023 first quarter, announced a $25 million share repurchase program, and provided its expected capital spending outlook for the fiscal year ending June 30, 2023.

Key Highlights

Increased production in the current quarter by 34% over the third quarter ended March 31, 2022 (the “prior quarter”) to an average of 7,451 net barrels of oil equivalent per day ("BOEPD");
oProduced 5,953 BOEPD in fiscal year 2022, up 145% from fiscal year 2021;
oNatural gas sales contributed 44% of revenues during current quarter;
Increased fiscal year-end 2022 proved reserves by 55% to 36.2 million barrels of oil equivalent (“MMBOE”);
oReplaced more than 550% of fiscal 2022 production;
Increased revenue 64% over prior quarter to $42.0 million, increased net income 161% to $14.9 million, and increased earnings per share 159% to $0.44 per diluted share;
oGenerated $108.9 million in revenue in fiscal year 2022, up 233% from fiscal 2021, and net income of $32.6 million, or $0.96 per diluted share, compared to a net loss of $16.4 million, or $0.50 loss per diluted share in fiscal 2021;
Increased Adjusted EBITDA(1) by 76% over the prior quarter to $21.7 million;
oReported fiscal year 2022 Adjusted EBITDA of $52.8 million, an increase of 550% from the prior fiscal year;
Announced a $25 million share repurchase program to be funded from operating cash flow;
Declared a quarterly dividend of $0.12 per common share payable September 30, 2022, a 20% increase over the $0.10 per common share dividend paid in the current quarter;
During the current quarter, closed the Jonah Field Acquisition, adding 42.8 Bcfe of proved natural gas and gas liquids reserves;
Made $15.8 million of debt payments during the current quarter.

(1)Adjusted EBITDA is Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization and is a non-GAAP financial measure; see "Non-GAAP Information" section later in this release for more information including reconciliations to the most comparable GAAP measures.

Kelly Loyd, Interim President and Chief Executive Officer, commented, “Fiscal 2022 was an exceptional year for Evolution.  On the strength of two completed, accretive acquisitions and disciplined capital management, we enter fiscal 2023 with a much larger and diversified asset base, a balance sheet that remains very conservative with minimal net debt, and a strategic plan which continues to focus on maximizing total shareholder returns. We are pleased to report that we were able to make these accomplishments without any dilution or material increase in corporate overhead. During fiscal 2022 and the current quarter there were substantial increases in production, revenue, net income, and Adjusted EBITDA. We maintained our commitment to rapidly reduce the debt we incurred


The following information was filed by Evolution Petroleum Corp (EPM) on Tuesday, September 13, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Evolution Petroleum Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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Inside Evolution Petroleum Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Operations
Acquisitions
Acquisitions (Details)
Additional Financial Statement Information
Additional Financial Statement Information (Details)
Additional Financial Statement Information (Tables)
Additional Financial Statement Information - Consolidated Balance Sheets (Details)
Asset Retirement Obligations
Asset Retirement Obligations (Tables)
Asset Retirement Obligations - Summary Of Asset Retirement Obligations (Details)
Commitments And Contingencies
Derivatives
Derivatives (Tables)
Derivatives - Consolidated Balance Sheets (Details)
Derivatives - Crude Oil Derivative Positions (Details)
Derivatives - Derivative Contracts (Details)
Derivatives - Gain And Loss On Derivatives (Details)
Earnings (Loss) Per Common Share
Earnings (Loss) Per Common Share (Tables)
Earnings (Loss) Per Common Share - Schedule Of Basic And Diluted Earnings (Loss) Per Share (Details)
Earnings (Loss) Per Common Share - Schedule Of Outstanding Potentially Dilutive Securities (Details)
Fair Value Measurement
Fair Value Measurement (Tables)
Fair Value Measurement - Financial Assets And Liabilities (Details)
Income Taxes
Income Taxes (Details)
Income Taxes (Tables)
Income Taxes - Components Of Income Tax (Expense) Benefit (Details)
Income Taxes - Reconciliation Of Statutory And Income Tax Expense (Details)
Income Taxes - Schedule Of Deferred Income Taxes (Details)
Leases
Leases (Details)
Leases (Tables)
Leases - Future Minimum Lease Payments (Details)
Leases - Supplemental Information (Details)
Property And Equipment
Property And Equipment (Details)
Property And Equipment (Tables)
Property And Equipment - Other (Details)
Revenue Recognition
Revenue Recognition (Details)
Revenue Recognition (Tables)
Revenue Recognition - Revenues By Major Product (Details)
Senior Secured Credit Facility
Senior Secured Credit Facility (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Dividends (Details)
Stockholders' Equity - Fair Value Assumptions (Details)
Stockholders' Equity - Narrative (Details)
Stockholders' Equity - Schedule Of Restricted Stock And Contingent Restricted Stock (Details)
Stockholders' Equity - Stock-Based Incentive Plan Narrative (Details)
Stockholders' Equity - Treasury Shares (Details)
Stockholders' Equity - Vesting Date Restricted Stock (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Events And Accounting Policies
Summary Of Significant Events And Accounting Policies (Details)
Summary Of Significant Events And Accounting Policies (Policies)
Summary Of Significant Events And Accounting Policies (Tables)
Summary Of Significant Events And Accounting Policies - Concentrations Of Credit Risk (Details)
Summary Of Significant Events And Accounting Policies - Correction Of Immaterial Error (Details)
Summary Of Significant Events And Accounting Policies - Nature Of Operations (Details)
Ticker: EPM
CIK: 1006655
Form Type: 10-K Annual Report
Accession Number: 0001558370-22-014404
Submitted to the SEC: Wed Sep 14 2022 5:08:39 PM EST
Accepted by the SEC: Wed Sep 14 2022
Period: Thursday, June 30, 2022
Industry: Crude Petroleum And Natural Gas

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