10-Q Filing

EVOLUTION PETROLEUM CORP CIK: 1006655 Q2 2023

Filing Information

Form Type	10-Q
Accession Number	`0001558370-23-001024`
Period End Date	20221231
Filing Date	20230208
Fiscal Year	2023
Fiscal Period	Q2
XBRL Instance	epm-20221231x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 62 Cash Flow Statement 51 Stockholders Equity 27

Balance Sheet 58 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`	$8.28M	USD	Point-in-time
Common stock, issued shares (in shares)	`CommonStockSharesIssued`	33.81M	shares	Point-in-time
Common stock, issued shares (in shares)	`CommonStockSharesIssued`	33.47M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.71M	USD	Point-in-time
Common stock, outstanding shares (in shares)	`CommonStockSharesOutstanding`	33.81M	shares	Point-in-time
Common stock, outstanding shares (in shares)	`CommonStockSharesOutstanding`	33.47M	shares	Point-in-time
Receivables from crude oil, natural gas, and natural gas liquids revenues	`AccountsReceivableNetCurrent`	$18.21M	USD	Point-in-time
Receivables from crude oil, natural gas, and natural gas liquids revenues	`AccountsReceivableNetCurrent`	$24.04M	USD	Point-in-time
Derivative contract assets	`DerivativeAssetsCurrent`	$244.00K	USD	Point-in-time
Derivative contract assets	`DerivativeAssetsCurrent`	$170.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.88M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.91M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$36.37M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$24.07M	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
Oil and natural gas properties, net-full-cost method of accounting, of which none were excluded from amortization	`OilAndGasPropertyFullCostMethodNet`	$106.23M	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$1.36M	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$1.17M	USD	Point-in-time
Total assets	`Assets`	$131.66M	USD	Point-in-time
Total assets	`Assets`	$148.05M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$10.09M	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`	$9.88M	USD	Point-in-time
Derivative contract liabilities	`DerivativeLiabilitiesCurrent`	$49.00K	USD	Point-in-time
Derivative contract liabilities	`DerivativeLiabilitiesCurrent`	$2.16M	USD	Point-in-time
State and federal taxes payable	`TaxesPayableCurrent`	$1.09M	USD	Point-in-time
State and federal taxes payable	`TaxesPayableCurrent`	$1.15M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$30.29M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$21.17M	USD	Point-in-time
Senior secured credit facility	`LongTermLineOfCredit`	$21.25M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$7.10M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$6.74M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$13.90M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$14.46M	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$149.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$42.52M	USD	Point-in-time
Total liabilities	`Liabilities`	$72.53M	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 33,808,233 and 33,470,710 shares as of December 31, 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 33,808,233 and 33,470,710 shares as of December 31, 2022 and June 30, 2022, respectively	`CommonStockValue`	$34.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$42.63M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$43.24M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$45.86M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$32.85M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$57.49M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$75.51M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$89.14M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$82.38M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$62.13M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$54.59M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$131.66M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$148.05M	USD	Point-in-time

Income Statement 62 line items

Line Item	Tag	Value	Unit	Period
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$22.34M	USD	1 Quarter
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$73.47M	USD	2 Qtrs
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$33.68M	USD	1 Quarter
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$41.22M	USD	2 Qtrs
Lease operating costs	`CostOfGoodsAndServicesSold`	$34.16M	USD	2 Qtrs
Lease operating costs	`CostOfGoodsAndServicesSold`	$15.04M	USD	1 Quarter
Lease operating costs	`CostOfGoodsAndServicesSold`	$10.67M	USD	1 Quarter
Lease operating costs	`CostOfGoodsAndServicesSold`	$19.30M	USD	2 Qtrs
Depletion, depreciation, and accretion	`DepreciationDepletionAndAmortization`	$3.46M	USD	1 Quarter
Depletion, depreciation, and accretion	`DepreciationDepletionAndAmortization`	$7.06M	USD	2 Qtrs
Depletion, depreciation, and accretion	`DepreciationDepletionAndAmortization`	$1.22M	USD	1 Quarter
Depletion, depreciation, and accretion	`DepreciationDepletionAndAmortization`	$2.75M	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$5.05M	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.58M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$3.76M	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.82M	USD	1 Quarter
Total operating costs	`OperatingCostsAndExpenses`	$21.08M	USD	1 Quarter
Total operating costs	`OperatingCostsAndExpenses`	$46.27M	USD	2 Qtrs
Total operating costs	`OperatingCostsAndExpenses`	$13.72M	USD	1 Quarter
Total operating costs	`OperatingCostsAndExpenses`	$25.81M	USD	2 Qtrs
Income (loss) from operations	`OperatingIncomeLoss`	$15.41M	USD	2 Qtrs
Income (loss) from operations	`OperatingIncomeLoss`	$12.60M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$8.62M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$27.21M	USD	2 Qtrs
Net gain (loss) on derivative contracts	`GainLossOnDerivativeInstrumentsNetPretax`	$846.00K	USD	1 Quarter
Net gain (loss) on derivative contracts	`GainLossOnDerivativeInstrumentsNetPretax`	$243.00K	USD	2 Qtrs
Interest and other income	`InvestmentIncomeInterestandOther`	$10.00K	USD	2 Qtrs
Interest and other income	`InvestmentIncomeInterestandOther`	$7.00K	USD	1 Quarter
Interest and other income	`InvestmentIncomeInterestandOther`	$7.00K	USD	1 Quarter
Interest and other income	`InvestmentIncomeInterestandOther`	$13.00K	USD	2 Qtrs
Interest expense	`InterestExpense`	$51.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$372.00K	USD	2 Qtrs
Interest expense	`InterestExpense`	$102.00K	USD	2 Qtrs
Interest expense	`InterestExpense`	$129.00K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$13.32M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$15.31M	USD	2 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$27.09M	USD	2 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$8.58M	USD	1 Quarter
Income tax (expense) benefit	`IncomeTaxExpenseBenefit`	$3.26M	USD	2 Qtrs
Income tax (expense) benefit	`IncomeTaxExpenseBenefit`	$2.93M	USD	1 Quarter
Income tax (expense) benefit	`IncomeTaxExpenseBenefit`	$1.74M	USD	1 Quarter
Income tax (expense) benefit	`IncomeTaxExpenseBenefit`	$6.00M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$21.09M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$6.83M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$10.39M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$12.05M	USD	2 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.20	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.36	USD	2 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.63	USD	2 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.31	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.62	USD	2 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.31	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.20	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.36	USD	2 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	33.17M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	33.15M	shares	2 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	32.90M	shares	2 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	32.93M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	33.36M	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	33.39M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	33.26M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	33.19M	shares	2 Qtrs

Cash Flow Statement 51 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`ProfitLoss`	$12.05M	USD	2 Qtrs
Net income (loss)	`ProfitLoss`	$21.09M	USD	2 Qtrs
Depletion, depreciation, and accretion	`DepreciationDepletionAndAmortization`	$3.46M	USD	1 Quarter
Depletion, depreciation, and accretion	`DepreciationDepletionAndAmortization`	$7.06M	USD	2 Qtrs
Depletion, depreciation, and accretion	`DepreciationDepletionAndAmortization`	$1.22M	USD	1 Quarter
Depletion, depreciation, and accretion	`DepreciationDepletionAndAmortization`	$2.75M	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$528.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$702.00K	USD	2 Qtrs
Settlement of asset retirement obligations	`AssetRetirementObligationCashPaidToSettle`	$71.00K	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-355.00K	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-54.00K	USD	2 Qtrs
Unrealized (gain) loss on derivative contracts	`UnrealizedGainLossOnDerivativesAndCommodityContracts`	$2.19M	USD	2 Qtrs
Accrued settlements on derivative contracts	`AccruedSettlementsOnDerivativeContracts`	$919.00K	USD	2 Qtrs
Other	`OtherOperatingActivitiesCashFlowStatement`	$-7.00K	USD	2 Qtrs
Other	`OtherOperatingActivitiesCashFlowStatement`	$-4.00K	USD	2 Qtrs
Receivables	`IncreaseDecreaseInReceivables`	$4.25M	USD	2 Qtrs
Receivables	`IncreaseDecreaseInReceivables`	$-8.11M	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$316.00K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-185.00K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$2.12M	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-5.40M	USD	2 Qtrs
State and federal income taxes payable	`IncreaseDecreaseInAccruedTaxesPayable`	$56.00K	USD	2 Qtrs
State and federal income taxes payable	`IncreaseDecreaseInAccruedTaxesPayable`	$569.00K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$27.77M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$13.89M	USD	2 Qtrs
Acquisition of oil and natural gas properties	`PaymentsToAcquireOilAndGasProperty`	$31.00K	USD	2 Qtrs
Capital expenditures for oil and natural gas properties	`CapitalExpenditureOilAndGasProperty`	$2.89M	USD	2 Qtrs
Capital expenditures for oil and natural gas properties	`CapitalExpenditureOilAndGasProperty`	$526.00K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.92M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-526.00K	USD	2 Qtrs
Common stock dividends paid	`PaymentsOfDividendsCommonStock`	$8.09M	USD	2 Qtrs
Common stock dividends paid	`PaymentsOfDividendsCommonStock`	$94.40M	USD	36 Qtrs
Common stock dividends paid	`PaymentsOfDividendsCommonStock`	$5.04M	USD	2 Qtrs
Common stock repurchases, including stock surrendered for tax withholding	`PaymentsForRepurchaseOfCommonStock`	$87.00K	USD	2 Qtrs
Common stock repurchases, including stock surrendered for tax withholding	`PaymentsForRepurchaseOfCommonStock`	$2.00K	USD	2 Qtrs
Repayments of credit facility	`RepaymentsOfLinesOfCredit`	$21.25M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-5.05M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-29.42M	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$8.32M	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-4.57M	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.28M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.28M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.60M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.71M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.28M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.28M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.60M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.71M	USD	Point-in-time
Settlement proceeds receivable attributable to acquired Barnett Shale oil and gas property costs	`Settlementproceedsreceivableattributabletoacquiredoilandgaspropertycosts`	$858.00K	USD	2 Qtrs
Increase (decrease) in accrued expenditures for oil and natural gas properties	`IncreaseDecreaseInAccruedExpenditureForOilAndNaturalGasProperties`	$-768.00K	USD	2 Qtrs
Increase (decrease) in accrued expenditures for oil and natural gas properties	`IncreaseDecreaseInAccruedExpenditureForOilAndNaturalGasProperties`	$112.00K	USD	2 Qtrs

Stockholders Equity 27 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$57.49M	USD	Point-in-time
Balance	`StockholdersEquity`	$75.51M	USD	Point-in-time
Balance	`StockholdersEquity`	$89.14M	USD	Point-in-time
Balance	`StockholdersEquity`	$82.38M	USD	Point-in-time
Balance	`StockholdersEquity`	$62.13M	USD	Point-in-time
Balance	`StockholdersEquity`	$54.59M	USD	Point-in-time
Common stock repurchases, including stock surrendered for tax withholding	`TreasuryStockValueAcquiredCostMethod`	$61.00K	USD	1 Quarter
Common stock repurchases, including stock surrendered for tax withholding	`TreasuryStockValueAcquiredCostMethod`	$86.69K	USD	2 Qtrs
Common stock repurchases, including stock surrendered for tax withholding	`TreasuryStockValueAcquiredCostMethod`	$1.60K	USD	2 Qtrs
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$330.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$702.00K	USD	2 Qtrs
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$528.00K	USD	2 Qtrs
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$494.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$21.09M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$6.83M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$10.39M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$12.05M	USD	2 Qtrs
Common stock dividends paid	`DividendsCommonStock`	$2.52M	USD	1 Quarter
Common stock dividends paid	`DividendsCommonStock`	$8.09M	USD	2 Qtrs
Common stock dividends paid	`DividendsCommonStock`	$4.06M	USD	1 Quarter
Common stock dividends paid	`DividendsCommonStock`	$5.04M	USD	2 Qtrs
Balance	`StockholdersEquity`	$57.49M	USD	Point-in-time
Balance	`StockholdersEquity`	$75.51M	USD	Point-in-time
Balance	`StockholdersEquity`	$89.14M	USD	Point-in-time
Balance	`StockholdersEquity`	$82.38M	USD	Point-in-time
Balance	`StockholdersEquity`	$62.13M	USD	Point-in-time
Balance	`StockholdersEquity`	$54.59M	USD	Point-in-time

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