In the latest trading session, Evolution Petroleum (EPM) closed at $5.75, marking a +1.41% move from the previous day. This move outpaced the S&P 500's daily gain of 0.76%. At the same time, the Dow added 0.59%, and the tech-heavy Nasdaq gained 1.12%.Prior to today's trading, shares of the oil and gas company had lost 2.41% over the past month. This has was narrower than the Oils-Energy sector's loss of 2.82% and lagged the S&P 500's gain of 2.5% in that time.The investment community will be paying close at ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-32942 EVOLUTION PETROLEUM CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdictio ...

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $60.1 million for fiscal 2023, a 14% increase from $52.8 million in the prior year [44] - Total liquidity as of June 30, 2023, was $61 million, representing a 65% increase since June 30, 2022 [46] - Cash dividends paid totaled $0.48 per common share for fiscal 2023, a 37% increase compared to fiscal 2022 [27] Business Line Data and Key Metrics Changes - Oil production decreased by 6% to 1,736 barrels per day in Q4 2023, primarily due to downtime at the Delhi Field [15] - NGL production decreased by 13% to 1,000 barrels per day in Q4 2023, attributed to maintenance at the Delhi Field [16] - Total production for fiscal 2023 was 7,104 net barrels of oil equivalent per day, with natural gas production increasing by 28% year-over-year [31][32] Market Data and Key Metrics Changes - Natural gas production decreased by 8% in Q4 2023, primarily due to extreme summer weather and maintenance issues [30] - NGL prices fell significantly from April to June 2023, impacting overall revenue [145] - The company expects improved cash flow in Q1 2024 due to rising oil and natural gas prices [161] Company Strategy and Development Direction - The company has entered a strategic partnership with PEDEVCO to develop the Chaveroo oil field, which is expected to support dividend payments for years to come [4][5] - The focus remains on acquiring long-life, low-decline assets to sustain and grow quarterly dividends [13] - The company plans to drill two new wells at the Delhi Field and expects to increase capital expenditures for fiscal 2024 [19][35] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges due to downtime and lower realized prices but emphasized record revenue and net income for fiscal 2023 [52] - The company remains committed to maintaining a conservative balance sheet while pursuing growth opportunities [48] - Management expressed optimism about the operational improvements expected from the partnership with PEDEVCO [50] Other Important Information - The company declared a cash dividend of $0.12 per share for fiscal Q1 2024, marking the 40th consecutive quarterly dividend [6] - The company exited fiscal 2023 with a debt-free balance sheet after repaying $21.5 million of debt [26] Q&A Session Summary Question: Is the work at Delhi completed? - Yes, the heat exchanger is installed and the plant turnaround is complete, with Delhi back to rated load [57] Question: What about the Barnett Shale issues? - The compressor issues have been resolved, and production is expected to improve as conditions stabilize [68] Question: Can you provide clarity on the initial three wells with PEDEVCO? - The expectation is to drill and complete the three wells back-to-back, with a focus on economic viability [76][77] Question: What is the expected impact of rising oil and gas prices on cash flow? - The company anticipates a material improvement in cash flow due to higher prices compared to the previous quarter [161] Question: How does the acquisition of Denbury by ExxonMobil affect the Delhi Field? - Management expects operational improvements and cost efficiencies due to Exxon's scale and capabilities [169]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-32942 EVOLUTION PETROLEUM CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorpor ...

PART I. FINANCIAL INFORMATION [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) The unaudited condensed consolidated financial statements for the period ended March 31, 2023, show increased net income and operating cash flow, with total assets at **$137.7 million** and liabilities reduced to **$42.1 million** due to credit facility repayment, boosting stockholders' equity to **$95.6 million** [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2023, the balance sheet reflects a stronger financial position with cash and cash equivalents more than doubled to **$18.4 million** and total liabilities significantly reduced to **$42.1 million** due to the full repayment of the **$21.25 million** senior secured credit facility, leading to an increase in total stockholders' equity to **$95.6 million** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2023 | June 30, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $18,387 | $8,280 | | Total current assets | $31,005 | $36,368 | | Total assets | $137,673 | $148,047 | | **Liabilities & Equity** | | | | Total current liabilities | $20,322 | $30,285 | | Senior secured credit facility | $0 | $21,250 | | Total liabilities | $42,050 | $72,533 | | Total stockholders' equity | $95,623 | $75,514 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the three and nine months ended March 31, 2023, the company reported significant growth in revenue and net income, with total revenues increasing by **64.9%** to **$110.3 million** for the nine-month period and net income nearly doubling to **$35.1 million**, driven by higher natural gas revenues Statement of Operations Summary (in thousands, except per share data) | Metric | Three Months Ended Mar 31, 2023 | Three Months Ended Mar 31, 2022 | Nine Months Ended Mar 31, 2023 | Nine Months Ended Mar 31, 2022 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $36,867 | $25,688 | $110,340 | $66,906 | | Income from Operations | $17,647 | $10,352 | $44,854 | $25,759 | | Net Income | $13,957 | $5,705 | $35,051 | $17,756 | | Diluted EPS | $0.41 | $0.17 | $1.04 | $0.52 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended March 31, 2023, net cash provided by operating activities significantly increased to **$51.7 million** from **$28.7 million** in the prior-year period, while financing activities used **$37.3 million** for debt repayment, dividends, and share repurchases, resulting in a net increase in cash of **$10.1 million** Cash Flow Summary (in thousands) | Cash Flow Activity | Nine Months Ended Mar 31, 2023 | Nine Months Ended Mar 31, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $51,719 | $28,691 | | Net cash used in investing activities | ($4,265) | ($28,140) | | Net cash (used in) provided by financing activities | ($37,347) | $7,541 | | **Net increase in cash and cash equivalents** | **$10,107** | **$8,092** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed information on the company's accounting policies and financial activities, including operations across various U.S. basins, revenue recognition, recent acquisitions, property and equipment accounting, credit facility terms, derivative activities, and stockholder equity matters - The company's producing properties consist of non-operated interests in the Jonah Field (Wyoming), Williston Basin (North Dakota), Barnett Shale (Texas), Hamilton Dome Field (Wyoming), and Delhi Field (Louisiana)[25](index=25&type=chunk) - The company uses the full cost method of accounting for its oil and natural gas properties, with capitalized costs below the cost center ceiling as of March 31, 2023, requiring no write-down[48](index=48&type=chunk)[49](index=49&type=chunk) - On May 5, 2023, the company amended its Senior Secured Credit Facility, extending maturity to April 2026 and replacing LIBOR with SOFR, with **$50.0 million** of available capacity and no outstanding borrowings as of March 31, 2023[52](index=52&type=chunk)[54](index=54&type=chunk) - A share repurchase program approved in September 2022 authorized up to **$25.0 million** in repurchases, with **0.6 million shares** repurchased for approximately **$3.9 million** during the three months ended March 31, 2023[86](index=86&type=chunk)[89](index=89&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's discussion highlights strong operational and financial performance, driven by acquisitions and higher natural gas prices, resulting in **$36.9 million** in revenue and **$14.0 million** in net income for Q3 FY2023, alongside full credit facility repayment, **$18.4 million** in cash, continued dividends, and a new share repurchase program [Executive Overview](index=37&type=section&id=Executive%20Overview) The company focuses on maximizing shareholder returns from a diversified portfolio of non-operated, long-life onshore U.S. oil and gas properties, marked by recent credit facility extension, new executive appointments, and a **$25.0 million** share repurchase program, all funded by operating cash flow - Recent corporate actions include the appointment of **Kelly W. Loyd** as CEO and **J. Mark Bunch** as COO[126](index=126&type=chunk)[127](index=127&type=chunk) - A share repurchase program for up to **$25.0 million** was approved in September 2022, with **0.6 million shares** repurchased for approximately **$3.9 million** in Q3 FY2023[128](index=128&type=chunk)[131](index=131&type=chunk) Q3 FY2023 Highlights | Metric | Value | | :--- | :--- | | Revenue | $36.9 million | | Net Income | $14.0 million | | Average Production | 7,089 BOEPD | | Cash & Equivalents (End of Qtr) | $18.4 million | | Outstanding Borrowings (End of Qtr) | $0 | [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2023, the company maintained a strong liquidity position with **$18.4 million** in cash and no outstanding debt after fully repaying its **$21.3 million** credit facility, with primary liquidity sources from operations funding debt repayment, dividends, share repurchases, and capital expenditures, and no impairment indicated by the full cost pool ceiling test - As of March 31, 2023, the company had **$18.4 million** in cash and no borrowings outstanding under its **$50.0 million** Senior Secured Credit Facility[141](index=141&type=chunk) - The company paid **38 consecutive quarterly dividends**, with the latest declared at **$0.12 per share**, and an active share repurchase program with **$3.9 million** in shares repurchased in Q3 FY2023[151](index=151&type=chunk)[153](index=153&type=chunk) - The fiscal year 2023 capital expenditure budget is projected to be between **$6.0 million** and **$7.0 million**, funded by cash from operations[155](index=155&type=chunk) - The capitalized costs of oil and natural gas properties were below the full cost valuation ceiling as of March 31, 2023, requiring no impairment charge[159](index=159&type=chunk) [Results of Operations](index=48&type=section&id=Results%20of%20Operations) The company's results of operations showed significant improvement for both the three and nine months ended March 31, 2023, driven by increased production from acquisitions and higher realized natural gas prices, leading to a **43.5%** increase in quarterly revenue and a **144.6%** increase in quarterly net income to **$14.0 million**, alongside increased operating costs Three-Month Performance vs. Year-Ago Quarter | Metric | Q3 FY2023 | Q3 FY2022 | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $36.9M | $25.7M | +43.5% | | Net Income | $14.0M | $5.7M | +144.6% | | Avg. Daily Production (BOEPD) | 7,089 | 5,567 | +27.3% | | Avg. Realized Price per BOE | $57.79 | $51.27 | +12.7% | Nine-Month Performance vs. Prior Year | Metric | 9M FY2023 | 9M FY2022 | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $110.3M | $66.9M | +64.9% | | Net Income | $35.1M | $17.8M | +97.4% | | Avg. Daily Production (BOEPD) | 7,314 | 5,456 | +34.1% | | Avg. Realized Price per BOE | $55.06 | $44.75 | +23.0% | - The increase in revenue was primarily driven by a **27.3%** increase in average daily production for the quarter and a **130.6%** increase in realized natural gas prices, largely due to strong differentials at the Jonah Field[166](index=166&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risks](index=58&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risks) The company is exposed to market risks primarily from volatile energy commodity prices and interest rate fluctuations, potentially mitigated by derivative financial instruments for hedging, though no contracts were open as of March 31, 2023, and interest rate risk on cash and SOFR-based credit facility borrowings is not currently hedged - The company's primary market risks are energy commodity price volatility and interest rate changes[199](index=199&type=chunk)[201](index=201&type=chunk) - The company may use derivative instruments to hedge against commodity price declines but does not use them for speculative purposes, with no open derivative contracts as of the report date[199](index=199&type=chunk)[176](index=176&type=chunk) - Interest rate risk exists for cash balances and potential borrowings under the Senior Secured Credit Facility, which is tied to the SOFR rate[201](index=201&type=chunk) [Item 4. Controls and Procedures](index=60&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level as of March 31, 2023, with no material changes to internal control over financial reporting during the quarter - Management concluded that as of March 31, 2023, the company's disclosure controls and procedures were effective[204](index=204&type=chunk) - No material changes to the company's internal control over financial reporting occurred during the quarter ended March 31, 2023[205](index=205&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=60&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to various claims and contingencies in the normal course of business, with further details incorporated by reference from Note 10 of the unaudited condensed consolidated financial statements regarding accruals for probable and estimable material losses - Information regarding legal proceedings is incorporated by reference from Note 10, "Commitments and Contingencies" in the financial statements[206](index=206&type=chunk)[84](index=84&type=chunk) [Item 1A. Risk Factors](index=61&type=section&id=Item%201A.%20Risk%20Factors) This section refers to the detailed description of risk factors included in the company's Annual Report on Form 10-K for the fiscal year ended June 30, 2022, with no new or updated risk factors presented in this quarterly report - The report directs readers to the risk factors detailed in the Annual Report on Form 10-K for the year ended June 30, 2022[208](index=208&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=61&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the three months ended March 31, 2023, the company repurchased a total of **638,386 shares**, primarily under the publicly announced share repurchase program authorized in September 2022, with approximately **$21.2 million** remaining available for future repurchases through December 31, 2024 Issuer Purchases of Equity Securities (Q3 FY2023) | Period | Total Shares Purchased | Avg. Price Paid per Share | Shares Purchased Under Program | Max Value Remaining Under Program (in thousands) | | :--- | :--- | :--- | :--- | :--- | | January 2023 | 80,733 | $6.46 | 80,733 | $24,479 | | February 2023 | 255,981 | $6.32 | 252,125 | $22,885 | | March 2023 | 301,672 | $5.76 | 300,931 | $21,152 | - The Board of Directors approved a share repurchase program on September 8, 2022, authorizing up to **$25.0 million** of its common stock through December 31, 2024[210](index=210&type=chunk) [Item 6. Exhibits](index=63&type=section&id=Item%206.%20Exhibits) This section lists the documents filed as exhibits with the Form 10-Q, including the Tenth Amendment to the Credit Agreement, an employment offer letter for the COO, and various officer certifications required by the Sarbanes-Oxley Act - Filed exhibits include the Tenth Amendment to the Credit Agreement with MidFirst Bank and certifications from the Principal Executive Officer and Principal Financial Officer[216](index=216&type=chunk)

Evolution Petroleum Corp (NYSE:EPM) Q2 2023 Earnings Conference Call February 8, 2023 2:00 PM ET Company Participants Ryan Stash - SVP, CFO, Secretary, Compliance Officer & Treasurer Kelly Loyd - CEO, President & Director Conference Call Participants Jeffrey Robertson - Water Tower Research John Bair - Ascend Wealth Advisors Donovan Schafer - Northland Capital Markets John White - ROTH MKM Partners Operator Good day, everyone, and welcome to the Evolution Petroleum Second Quarter Fiscal Year 2023 Earnings R ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-32942 EVOLUTION PETROLEUM CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction ...

Evolution Petroleum Corporation (NYSE:EPM) Q1 2023 Earnings Conference Call November 9, 2022 2:00 PM ET Company Participants Ryan Stash - Senior VP, CFO, Secretary, Principal Accounting Officer & Treasurer Kelly Loyd - CEO, President & Director Conference Call Participants Donovan Schafer - Northland Capital Markets John White - ROTH Capital Partners Jeffrey Robertson - Water Tower Research John Bair - Ascend Wealth Advisors Operator Good day, and welcome to the Evolution Petroleum First Quarter Fiscal Year ...

Financial Performance - Generated revenue of $39.8 million and net income of $10.7 million for the first quarter of fiscal year 2023[139] - For the three months ended September 30, 2022, the company reported net income of $10.7 million, a 105.2% increase from $5.2 million in the same period of 2021[170] - Total revenues for the current quarter were $39.8 million, up 110.8% from $18.9 million in the prior year, driven by a 29.9% increase in average daily equivalent production[173] - Cash flows provided by operating activities rose by $11.8 million to $17.4 million, primarily due to increased revenues[165] - Income tax expense for the quarter was $3.1 million on net income before taxes of $13.8 million, compared to $1.5 million on $6.7 million in the prior year[189] Production and Operations - Production averaged 7,598 net BOEPD during the same period[140] - Average daily production increased from 5,848 BOEPD in the year-ago quarter to 7,598 BOEPD, primarily due to acquisitions in the Williston Basin and Jonah Field[173] - The company experienced a 27.2% decrease in NGL production, primarily due to ethane rejection at the Barnett Shale properties[173] Expenses and Costs - CO2 costs per BOE rose to $3.15, a significant increase from $1.70 in the prior year, driven by higher purchased CO2 volumes and costs[176] - Ad valorem and production taxes increased to $3.3 million from $1.2 million, reflecting higher oil and natural gas prices and increased production volumes[174] - Depletion expense rose by 133.0% from $1.4 million to $3.3 million due to increased production, with a per unit cost of $4.75 per BOE[180] - General and administrative expenses increased by 30.0% from $1.7 million to $2.3 million, primarily due to salary and consulting fees[184] - Interest expense increased by $0.2 million due to higher borrowings on the Senior Secured Credit Facility[186] Capital and Financing - Returned $4.0 million in cash dividends to shareholders, totaling over $90.3 million since the inception of the dividend program in December 2013[140] - The company has a share repurchase program authorized for up to $25 million through December 31, 2024[138] - The Senior Secured Credit Facility has a maximum capacity of $50.0 million, with $12.3 million drawn as of September 30, 2022[149] - Net cash flows used in financing activities increased by $10.5 million, primarily due to a $9.0 million repayment of borrowings[167] Price Realization - The average realized price per BOE increased by approximately $21.84, or 62.2%, compared to the previous year, reflecting higher oil and natural gas prices[173] - Average realized crude oil price per Bbl increased by 36.5% from $66.11 to $90.26[187] - Average realized natural gas price per Mcf increased by 115.1% from $3.70 to $7.96[187] Future Outlook - Anticipated capital expenditures for fiscal year 2023 are projected to be between $6.5 million and $9.5 million, excluding potential acquisitions[161] - The company expects energy prices to remain volatile and is monitoring commodity prices for potential derivative financial instrument usage[192]

Financial Data and Key Metrics Changes - For the fiscal year ended June 30, 2022, the company reported a production growth of 145%, revenue that was 233% higher, and an increase of 550% in adjusted EBITDA compared to the previous year [6][19] - Fourth quarter adjusted EBITDA reached $21.7 million, a 76% increase from $12.3 million in the third quarter [19][25] - Net income for the fourth quarter was $14.9 million or $0.44 per diluted share, compared to $5.7 million or $0.17 per diluted share in the third quarter [25][26] Business Line Data and Key Metrics Changes - The company produced 7,451 net BOE per day in the fourth quarter, a 34% increase from 5,578 net BOE per day in the third quarter [11] - Net production at the Delhi field declined by 9% from the third quarter, while Hamilton Dome's production increased slightly [13][14] - The Barnett Shale assets saw a 1% decrease in net production, while Williston Basin assets increased by 2% [15][16] Market Data and Key Metrics Changes - The company experienced higher commodity pricing, with oil revenue increasing to $18.4 million due to a 6% rise in sales volumes and a 17% increase in realized pricing [23] - Natural gas revenue surged to $18.5 million from $6.1 million in the third quarter, primarily due to the Jonah Field acquisition and an 80% increase in realized commodity pricing [23] - The company reported a premium pricing for natural gas at the Jonah Field, which was expected to continue into the winter months [44][47] Company Strategy and Development Direction - The company is focused on maximizing total shareholder return and optimizing investments, with a commitment to paying dividends and a newly authorized share repurchase program of up to $25 million [7][12] - The acquisitions in the Williston Basin and Jonah Field are aimed at diversifying the product mix and expanding the operating footprint [28][30] - The company aims to maintain leverage below 1x annualized EBITDA and expects to be debt-free by the end of the second quarter of fiscal 2023 [31] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the inherent volatility in the oil and gas industry but emphasized a long-term view and maintaining a strong balance sheet [30] - The company is optimistic about the future cash flow generation and the potential for further acquisitions, while also being cautious about the current market conditions [30][78] - Management noted that the current M&A environment is challenging due to elevated commodity prices, leading to a wide bid-ask spread [76] Other Important Information - The company declared a fiscal first quarter 2023 dividend of $0.12 per common share, marking the 36th consecutive quarter of dividend payments [12][20] - The company invested approximately $1.8 million in development and maintenance capital expenditures during the fourth quarter [26] Q&A Session Summary Question: Have acquisitions been put on hold until a permanent CEO is found? - Management indicated that the timing of acquisitions would depend on the availability of suitable deals, and they would act if an accretive opportunity arises [34][35] Question: How did production headwinds affect results? - Management acknowledged production headwinds but noted that improved pricing differentials helped offset these challenges [40][42] Question: What is the outlook for pricing differentials in the West Coast? - Management expressed optimism about continued premium pricing for natural gas in the Jonah Field, especially during winter months [47] Question: How does the company view the M&A environment? - Management noted that while there are many deals available, sellers are currently less inclined to sell due to favorable cash flows from high commodity prices [76][78] Question: What is the company's approach to share repurchase and capital allocation? - Management stated that the share repurchase program is a tool to enhance shareholder returns, and they will adjust based on market conditions and cash flow generation [54][55]