10-Q Filing

EVOLUTION PETROLEUM CORP CIK: 1006655 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001558370-22-017173`
Period End Date	20220930
Filing Date	20221109
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	epm-20220930x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 56 Income Statement 31 Cash Flow Statement 50 Stockholders Equity 16

Balance Sheet 56 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`	$10.71M	USD	Point-in-time
Common stock, issued shares (in shares)	`CommonStockSharesIssued`	33.55M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.28M	USD	Point-in-time
Common stock, issued shares (in shares)	`CommonStockSharesIssued`	33.47M	shares	Point-in-time
Receivables from crude oil, natural gas, and natural gas liquids sales	`AccountsReceivableNetCurrent`	$18.85M	USD	Point-in-time
Common stock, outstanding shares (in shares)	`CommonStockSharesOutstanding`	33.47M	shares	Point-in-time
Common stock, outstanding shares (in shares)	`CommonStockSharesOutstanding`	33.55M	shares	Point-in-time
Receivables from crude oil, natural gas, and natural gas liquids sales	`AccountsReceivableNetCurrent`	$24.04M	USD	Point-in-time
Derivative contract assets	`DerivativeAssetsCurrent`	$49.00K	USD	Point-in-time
Derivative contract assets	`DerivativeAssetsCurrent`	$170.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.23M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.88M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$31.84M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$36.37M	USD	Point-in-time
Oil and natural gas properties, net-full-cost method of accounting, of which none were excluded from amortization	`OilAndGasPropertyFullCostMethodNet`	$108.20M	USD	Point-in-time
Oil and natural gas properties, net-full-cost method of accounting, of which none were excluded from amortization	`OilAndGasPropertyFullCostMethodNet`	$110.51M	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$1.16M	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$1.17M	USD	Point-in-time
Total assets	`Assets`	$141.20M	USD	Point-in-time
Total assets	`Assets`	$148.05M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$10.04M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$15.13M	USD	Point-in-time
Accrued liabilities and other	`AccruedLiabilitiesCurrent`	$11.89M	USD	Point-in-time
Accrued liabilities and other	`AccruedLiabilitiesCurrent`	$10.70M	USD	Point-in-time
Derivative contract liabilities	`DerivativeLiabilitiesCurrent`	$2.16M	USD	Point-in-time
Derivative contract liabilities	`DerivativeLiabilitiesCurrent`	$924.00K	USD	Point-in-time
State and federal taxes payable	`TaxesPayableCurrent`	$3.67M	USD	Point-in-time
State and federal taxes payable	`TaxesPayableCurrent`	$1.09M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$30.29M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$25.34M	USD	Point-in-time
Senior secured credit facility	`LongTermLineOfCredit`	$21.25M	USD	Point-in-time
Senior secured credit facility	`LongTermLineOfCredit`	$12.25M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$7.10M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$7.06M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$14.18M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$13.90M	USD	Point-in-time
Total liabilities	`Liabilities`	$72.53M	USD	Point-in-time
Total liabilities	`Liabilities`	$58.83M	USD	Point-in-time
Commitments and contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock; par value $0.001; 100,000,000 shares authorized: issued and outstanding 33,546,236 and 33,470,710 shares as of September 30, 2022 and June 30, 2022, respectively	`CommonStockValue`	$33.00K	USD	Point-in-time
Common stock; par value $0.001; 100,000,000 shares authorized: issued and outstanding 33,546,236 and 33,470,710 shares as of September 30, 2022 and June 30, 2022, respectively	`CommonStockValue`	$33.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$42.81M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$42.63M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$39.53M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$32.85M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$82.38M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$75.51M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$54.59M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$57.49M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$141.20M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$148.05M	USD	Point-in-time

Income Statement 31 line items

Line Item	Tag	Value	Unit	Period
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$18.88M	USD	1 Quarter
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$39.80M	USD	1 Quarter
Lease operating costs	`CostOfGoodsAndServicesSold`	$19.12M	USD	1 Quarter
Lease operating costs	`CostOfGoodsAndServicesSold`	$8.62M	USD	1 Quarter
Depletion, depreciation, and accretion	`DepreciationDepletionAndAmortization`	$1.53M	USD	1 Quarter
Depletion, depreciation, and accretion	`DepreciationDepletionAndAmortization`	$3.60M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.47M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.94M	USD	1 Quarter
Total operating costs	`OperatingCostsAndExpenses`	$25.19M	USD	1 Quarter
Total operating costs	`OperatingCostsAndExpenses`	$12.09M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$6.79M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$14.61M	USD	1 Quarter
Net gain (loss) on derivative contracts	`GainLossOnDerivativeInstrumentsNetPretax`	$-603.00K	USD	1 Quarter
Interest and other income	`InvestmentIncomeInterestandOther`	$6.00K	USD	1 Quarter
Interest and other income	`InvestmentIncomeInterestandOther`	$3.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$243.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$51.00K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$13.77M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$6.74M	USD	1 Quarter
Income tax (expense) benefit	`IncomeTaxExpenseBenefit`	$1.52M	USD	1 Quarter
Income tax (expense) benefit	`IncomeTaxExpenseBenefit`	$3.06M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$5.22M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$10.71M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.16	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.32	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.15	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.32	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	33.13M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	32.86M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	33.13M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	33.32M	shares	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`ProfitLoss`	$5.22M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$10.71M	USD	1 Quarter
Depletion, depreciation, and accretion	`DepreciationDepletionAndAmortization`	$1.53M	USD	1 Quarter
Depletion, depreciation, and accretion	`DepreciationDepletionAndAmortization`	$3.60M	USD	1 Quarter
Impairment of proved property	`ImpairmentOfOilAndGasProperties`	-	USD	1 Quarter
Impairment of proved property	`ImpairmentOfOilAndGasProperties`	-	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$198.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$208.00K	USD	1 Quarter
Settlement of asset retirement obligations	`AssetRetirementObligationCashPaidToSettle`	$7.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-36.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-119.00K	USD	1 Quarter
Unrealized loss on derivative contracts	`UnrealizedGainLossOnDerivativesAndCommodityContracts`	$1.12M	USD	1 Quarter
Accrued settlements on derivative contracts	`AccruedSettlementsOnDerivativeContracts`	$220.00K	USD	1 Quarter
Other	`OtherOperatingActivitiesCashFlowStatement`	$-8.00K	USD	1 Quarter
Other	`OtherOperatingActivitiesCashFlowStatement`	$-4.00K	USD	1 Quarter
Receivables	`IncreaseDecreaseInReceivables`	$7.62M	USD	1 Quarter
Receivables	`IncreaseDecreaseInReceivables`	$-6.80M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-33.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-109.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-5.17M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$4.64M	USD	1 Quarter
State and federal income taxes payable	`IncreaseDecreaseInAccruedTaxesPayable`	$1.64M	USD	1 Quarter
State and federal income taxes payable	`IncreaseDecreaseInAccruedTaxesPayable`	$2.58M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$5.59M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$17.36M	USD	1 Quarter
Acquisition of oil and natural gas properties	`PaymentsToAcquireOilAndGasProperty`	$31.00K	USD	1 Quarter
Capital expenditures for oil and natural gas properties	`CapitalExpenditureOilAndGasProperty`	$1.85M	USD	1 Quarter
Capital expenditures for oil and natural gas properties	`CapitalExpenditureOilAndGasProperty`	$390.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-390.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.88M	USD	1 Quarter
Common stock dividends paid	`PaymentsOfDividendsCommonStock`	$4.03M	USD	1 Quarter
Common stock dividends paid	`PaymentsOfDividendsCommonStock`	$2.52M	USD	1 Quarter
Common stock dividends paid	`PaymentsOfDividendsCommonStock`	$90.30M	USD	35 Qtrs
Common stock repurchases, including stock surrendered for tax withholding	`PaymentsForRepurchaseOfCommonStock`	$2.00K	USD	1 Quarter
Common stock repurchases, including stock surrendered for tax withholding	`PaymentsForRepurchaseOfCommonStock`	$26.00K	USD	1 Quarter
Repayments of credit facility	`RepaymentsOfLinesOfCredit`	$9.00M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.52M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-13.05M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$2.68M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$2.43M	USD	1 Quarter
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.96M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.28M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.71M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.28M	USD	Point-in-time
Cash and cash equivalents, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.96M	USD	Point-in-time
Cash and cash equivalents, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.28M	USD	Point-in-time
Cash and cash equivalents, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.71M	USD	Point-in-time
Cash and cash equivalents, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.28M	USD	Point-in-time
Increase (decrease) in accrued expenditure for oil and natural gas properties	`IncreaseDecreaseInAccruedExpenditureForOilAndNaturalGasProperties`	$-872.00K	USD	1 Quarter
Increase (decrease) in accrued expenditure for oil and natural gas properties	`IncreaseDecreaseInAccruedExpenditureForOilAndNaturalGasProperties`	$-111.00K	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$82.38M	USD	Point-in-time
Balance	`StockholdersEquity`	$75.51M	USD	Point-in-time
Balance	`StockholdersEquity`	$54.59M	USD	Point-in-time
Balance	`StockholdersEquity`	$57.49M	USD	Point-in-time
Common stock repurchases, including stock surrendered for tax withholding	`TreasuryStockValueAcquiredCostMethod`	$1.60K	USD	1 Quarter
Common stock repurchases, including stock surrendered for tax withholding	`TreasuryStockValueAcquiredCostMethod`	$26.41K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$208.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$198.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$5.22M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$10.71M	USD	1 Quarter
Common stock dividends paid	`DividendsCommonStock`	$2.52M	USD	1 Quarter
Common stock dividends paid	`DividendsCommonStock`	$4.03M	USD	1 Quarter
Balance	`StockholdersEquity`	$82.38M	USD	Point-in-time
Balance	`StockholdersEquity`	$75.51M	USD	Point-in-time
Balance	`StockholdersEquity`	$54.59M	USD	Point-in-time
Balance	`StockholdersEquity`	$57.49M	USD	Point-in-time

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