The following is a summary of the Evolution Petroleum Corporation (EPM) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Evolution Petroleum reported Q2 total revenues of $21 million, an adjusted EBITDA of $6.8 million, and a net income of $1 million.

• There were $500,000 adjustments related to ownership updates over the Barnett properties, impacting revenue, net income, and EBITDA.

• Earnings per share were decreased by $0.01.

• The company concluded the quarter with liquidity of $58.5 million.

• $3.9 million of capital expenditure was primarily directed to drilling and completion of three wells at Chaveroo.

• Over the past five years, Evolution executed six major transactions amounting to $119 million, returning over $3.33 per share to shareholders in dividends, and paid off over $41 million in debt.

Business Progress:

• Evolution Petroleum initiated share repurchase programs and diversified its portfolio via multiple transactions, including oil, natural gas, and NGLs, entering uncorrelated markets.

• The company successfully drilled wells in various fields such as the Chaveroo and the Delhi fields.

• Performance after winter storms was more efficient due to preventive measures like the installation of a new heat exchanger at Delhi.

• The company started reviewing other drilling proposals, and the acquisition of working interest in the SCOOP/STACK provides opportunities for scaling and economic efficiency.

• The company is planning further hedges to comply with credit facility terms and to capitalize on natural gas market opportunities.

• Future prospects include potential acquisitions and capitalizing on developed sites.

More details: Evolution Petroleum IR

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