10-Q Filing

EVOLUTION PETROLEUM CORP CIK: 1006655 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001006655-20-000028`
Period End Date	20200930
Filing Date	20201109
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	epm-20200930_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 60 Income Statement 36 Cash Flow Statement 56 Stockholders Equity 25

Balance Sheet 60 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$19.66M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	32.96M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$19.83M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	32.95M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`SharesOutstanding`	32.96M	shares	Point-in-time
Receivables from oil and gas sales	`ReceivablesNetCurrent`	$2.11M	USD	Point-in-time
Receivables from oil and gas sales	`ReceivablesNetCurrent`	$1.92M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`SharesOutstanding`	32.95M	shares	Point-in-time
Receivables of federal and state income taxes	`IncomeTaxReceivable`	$3.24M	USD	Point-in-time
Receivables of federal and state income taxes	`IncomeTaxReceivable`	$3.11M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$491.69K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$408.54K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$25.45M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$25.32M	USD	Point-in-time
Oil and natural gas properties, netfull-cost method of accounting, of which none were excluded from amortization	`OilAndGasPropertyFullCostMethodNet`	$66.51M	USD	Point-in-time
Oil and natural gas properties, netfull-cost method of accounting, of which none were excluded from amortization	`OilAndGasPropertyFullCostMethodNet`	$55.74M	USD	Point-in-time
Other property and equipment, net	`PropertyPlantAndEquipmentOtherNet`	$17.64K	USD	Point-in-time
Other property and equipment, net	`PropertyPlantAndEquipmentOtherNet`	$15.83K	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$55.75M	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$66.53M	USD	Point-in-time
Other assets, net	`DeferredCostsAndOtherAssets`	$783.42K	USD	Point-in-time
Other assets, net	`DeferredCostsAndOtherAssets`	$291.62K	USD	Point-in-time
Total assets	`Assets`	$81.99M	USD	Point-in-time
Total assets	`Assets`	$92.14M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.47M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.54M	USD	Point-in-time
Accrued liabilities and other	`AccruedLiabilitiesCurrent`	$716.65K	USD	Point-in-time
Accrued liabilities and other	`AccruedLiabilitiesCurrent`	$1.02M	USD	Point-in-time
Derivative contract liabilities	`DerivativeLiabilitiesCurrent`	$1.09M	USD	Point-in-time
Derivative contract liabilities	`DerivativeLiabilitiesCurrent`	$1.91M	USD	Point-in-time
State and federal income taxes payable	`TaxesPayableCurrent`	$301.39K	USD	Point-in-time
State and federal income taxes payable	`TaxesPayableCurrent`	$179.19K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.96M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.28M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$11.06M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$8.90M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$2.59M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$2.60M	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$84.98K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$70.76K	USD	Point-in-time
Total liabilities	`Liabilities`	$15.53M	USD	Point-in-time
Total liabilities	`Liabilities`	$18.01M	USD	Point-in-time
Commitments and contingencies (Note 14)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 14)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock; par value $0.001; 100,000,000 shares authorized; 32,953,837 and 32,956,469 shares issued and outstanding, respectively	`CommonStockValue`	$32.95K	USD	Point-in-time
Common stock; par value $0.001; 100,000,000 shares authorized; 32,953,837 and 32,956,469 shares issued and outstanding, respectively	`CommonStockValue`	$32.96K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$41.58M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$41.29M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$32.80M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$24.84M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$78.58M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$66.46M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$74.12M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$80.13M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$92.14M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$81.99M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Stock-based compensation expense	`ShareBasedCompensation`	$332.01K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$300.35K	USD	1 Quarter
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$9.15M	USD	1 Quarter
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$5.60M	USD	1 Quarter
Depreciation, depletion, and amortization	`DepreciationDepletionAndAmortization`	$1.45M	USD	1 Quarter
Depreciation, depletion, and amortization	`DepreciationDepletionAndAmortization`	$1.41M	USD	1 Quarter
Proved property impairment	`ImpairmentOfOilAndGasProperties`	-	USD	1 Quarter
Proved property impairment	`ImpairmentOfOilAndGasProperties`	$9.60M	USD	1 Quarter
Net loss on derivative contracts	`GainLossOnDerivativeInstrumentsNetPretax`	-	USD	1 Quarter
Net loss on derivative contracts	`GainLossOnDerivativeInstrumentsNetPretax`	$-334.97K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.28M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.34M	USD	1 Quarter
Total operating costs	`OperatingCostsAndExpenses`	$15.03M	USD	1 Quarter
Total operating costs	`OperatingCostsAndExpenses`	$5.88M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-9.43M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$3.27M	USD	1 Quarter
Interest and other income	`InvestmentIncomeInterestandOther`	$66.13K	USD	1 Quarter
Interest and other income	`InvestmentIncomeInterestandOther`	$14.43K	USD	1 Quarter
Interest expense	`InterestExpense`	$29.34K	USD	1 Quarter
Interest expense	`InterestExpense`	$22.03K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$3.31M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-9.44M	USD	1 Quarter
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$517.98K	USD	1 Quarter
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$-2.30M	USD	1 Quarter
Net income (loss) attributable to common stockholders	`NetIncomeLoss`	$2.79M	USD	1 Quarter
Net income (loss) attributable to common stockholders	`NetIncomeLoss`	$-7.14M	USD	1 Quarter
Net income (loss) attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-7.14M	USD	1 Quarter
Net income (loss) attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$2.79M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.22	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.08	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.08	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.22	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	33.13M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	32.96M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	33.13M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	32.96M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income (loss) attributable to the Company	`NetIncomeLoss`	$2.79M	USD	1 Quarter
Net income (loss) attributable to the Company	`NetIncomeLoss`	$-7.14M	USD	1 Quarter
Depreciation, depletion, and amortization	`DepreciationDepletionAndAmortizationCashFlowsImpact`	$1.41M	USD	1 Quarter
Depreciation, depletion, and amortization	`DepreciationDepletionAndAmortizationCashFlowsImpact`	$1.45M	USD	1 Quarter
Proved property impairment	`ImpairmentOfOilAndGasProperties`	-	USD	1 Quarter
Proved property impairment	`ImpairmentOfOilAndGasProperties`	$9.60M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$332.01K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$300.35K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-2.16M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-29.08K	USD	1 Quarter
Net loss on derivative contracts	`GainLossOnDerivativeInstrumentsNetPretax`	-	USD	1 Quarter
Net loss on derivative contracts	`GainLossOnDerivativeInstrumentsNetPretax`	$-334.97K	USD	1 Quarter
Payments made for derivative settlements	`ProceedsFromPaymentsForDerivativeSettlements`	-	USD	1 Quarter
Payments made for derivative settlements	`ProceedsFromPaymentsForDerivativeSettlements`	$1.10M	USD	1 Quarter
Other	`OtherOperatingActivitiesCashFlowStatement`	$3.82K	USD	1 Quarter
Other	`OtherOperatingActivitiesCashFlowStatement`	$18.53K	USD	1 Quarter
Receivables	`IncreaseDecreaseInReceivables`	$57.17K	USD	1 Quarter
Receivables	`IncreaseDecreaseInReceivables`	$-199.06K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-83.15K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-95.22K	USD	1 Quarter
Net operating loss carryback	`OperatingLossCarrybackNoncurrent`	$512.04K	USD	1 Quarter
Net operating loss carryback	`OperatingLossCarrybackNoncurrent`	-	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-276.86K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$250.42K	USD	1 Quarter
State and federal income taxes payable	`IncreaseDecreaseInAccruedTaxesPayable`	$462.07K	USD	1 Quarter
State and federal income taxes payable	`IncreaseDecreaseInAccruedTaxesPayable`	$122.21K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.15M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$5.04M	USD	1 Quarter
Capital expenditures for oil and natural gas properties	`CapitalExpenditureOilAndGasProperty`	$153.21K	USD	1 Quarter
Capital expenditures for oil and natural gas properties	`CapitalExpenditureOilAndGasProperty`	$522.41K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-522.41K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-153.21K	USD	1 Quarter
Common stock dividends paid	`PaymentsOfDividendsCommonStock`	$3.31M	USD	1 Quarter
Common stock dividends paid	`PaymentsOfDividendsCommonStock`	$823.85K	USD	1 Quarter
Common share repurchases, including shares surrendered for tax withholding	`PaymentsForRepurchaseOfCommonStock`	$7.35K	USD	1 Quarter
Common share repurchases, including shares surrendered for tax withholding	`PaymentsForRepurchaseOfCommonStock`	$1.36M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-831.19K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.67M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-147.73K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$162.84K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$19.66M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$19.83M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$31.40M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$31.55M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$19.66M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$19.83M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$31.40M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$31.55M	USD	Point-in-time
Income taxes paid	`IncomeTaxesPaid`	$85.00K	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	$248.00K	USD	1 Quarter
Income tax refunds received	`ProceedsFromIncomeTaxRefunds`	$130.50K	USD	1 Quarter
Income tax refunds received	`ProceedsFromIncomeTaxRefunds`	-	USD	1 Quarter
(Decrease) increase in accrued purchases of property and equipment	`IncreaseDecreaseinAccountsPayableUsedtoAcquirePropertyandEquipment`	$102.98K	USD	1 Quarter
(Decrease) increase in accrued purchases of property and equipment	`IncreaseDecreaseinAccountsPayableUsedtoAcquirePropertyandEquipment`	$-55.31K	USD	1 Quarter
Oil and natural gas property costs attributable to the recognition of asset retirement obligations	`OilAndNaturalGasPropertiesIncurredThroughRecognitionOfAssetRetirementObligations`	$91.61K	USD	1 Quarter
Oil and natural gas property costs attributable to the recognition of asset retirement obligations	`OilAndNaturalGasPropertiesIncurredThroughRecognitionOfAssetRetirementObligations`	-	USD	1 Quarter

Stockholders Equity 25 line items

Line Item	Tag	Value	Unit	Period
Cash dividend (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$0.03	USD	1 Quarter
Cash dividend (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$0.10	USD	1 Quarter
Beginning Balance (in shares)	`SharesOutstanding`	32.96M	shares	Point-in-time
Beginning Balance (in shares)	`SharesOutstanding`	32.95M	shares	Point-in-time
Beginning Balance	`StockholdersEquity`	$78.58M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$66.46M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$74.12M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$80.13M	USD	Point-in-time
Forfeitures of restricted stock	`StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures`	-	USD	1 Quarter
Common share repurchases, including shares surrendered for tax withholding	`StockRepurchasedDuringPeriodValue`	$7.35K	USD	1 Quarter
Common share repurchases, including shares surrendered for tax withholding	`StockRepurchasedDuringPeriodValue`	$1.36M	USD	1 Quarter
Retirements of treasury stock	`TreasuryStockRetiredCostMethodAmount`	-	USD	1 Quarter
Retirements of treasury stock	`TreasuryStockRetiredCostMethodAmount`	-	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$332.01K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$300.35K	USD	1 Quarter
Net income (loss) attributable to common stockholders	`NetIncomeLoss`	$2.79M	USD	1 Quarter
Net income (loss) attributable to common stockholders	`NetIncomeLoss`	$-7.14M	USD	1 Quarter
Common stock cash dividends	`DividendsCommonStock`	$3.31M	USD	1 Quarter
Common stock cash dividends	`DividendsCommonStock`	$823.85K	USD	1 Quarter
Ending Balance (in shares)	`SharesOutstanding`	32.96M	shares	Point-in-time
Ending Balance (in shares)	`SharesOutstanding`	32.95M	shares	Point-in-time
Ending Balance	`StockholdersEquity`	$78.58M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$66.46M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$74.12M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$80.13M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.