10-K Filing

EVOLUTION PETROLEUM CORP CIK: 1006655 FY 2023

Filing Information

Form Type	10-K
Accession Number	`0001558370-23-015706`
Period End Date	20230630
Filing Date	20230913
Fiscal Year	2023
Fiscal Period	FY
XBRL Instance	epm-20230630x10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 53 Income Statement 32 Cash Flow Statement 58 Stockholders Equity 14

Balance Sheet 53 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`	$11.03M	USD	Point-in-time
Common stock, issued shares (in shares)	`CommonStockSharesIssued`	33.47M	shares	Point-in-time
Common stock, issued shares (in shares)	`CommonStockSharesIssued`	33.25M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.28M	USD	Point-in-time
Common stock, outstanding shares (in shares)	`CommonStockSharesOutstanding`	33.25M	shares	Point-in-time
Receivables from crude oil, natural gas, and natural gas liquids revenues	`AccountsReceivableNetCurrent`	$7.88M	USD	Point-in-time
Receivables from crude oil, natural gas, and natural gas liquids revenues	`AccountsReceivableNetCurrent`	$24.04M	USD	Point-in-time
Common stock, outstanding shares (in shares)	`CommonStockSharesOutstanding`	33.47M	shares	Point-in-time
Derivative contract assets	`DerivativeAssetsCurrent`	$170.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.28M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.88M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$21.20M	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`	$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`	$105.78M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.34M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.17M	USD	Point-in-time
Total assets	`Assets`	$148.05M	USD	Point-in-time
Total assets	`Assets`	$128.32M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$15.13M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.89M	USD	Point-in-time
Accrued liabilities and other	`AccruedLiabilitiesCurrent`	$6.03M	USD	Point-in-time
Accrued liabilities and other	`AccruedLiabilitiesCurrent`	$11.89M	USD	Point-in-time
Derivative contract liabilities	`DerivativeLiabilitiesCurrent`	$2.16M	USD	Point-in-time
State and federal taxes payable	`TaxesPayableCurrent`	$365.00K	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`	$12.28M	USD	Point-in-time
Senior secured credit facility	`LongTermLineOfCredit`	$21.25M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$6.80M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$7.10M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$13.90M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$17.01M	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$125.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$72.53M	USD	Point-in-time
Total liabilities	`Liabilities`	$36.22M	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 33,247,523 and 33,470,710 shares as of June 30, 2023 and 2022, respectively	`CommonStockValue`	$33.00K	USD	Point-in-time
Common stock; par value $0.001; 100,000,000 shares authorized: issued and outstanding 33,247,523 and 33,470,710 shares as of June 30, 2023 and 2022, respectively	`CommonStockValue`	$33.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$42.63M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$40.10M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$32.85M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$51.96M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$92.09M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$54.59M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$75.51M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$148.05M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$128.32M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$108.93M	USD	Annual
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$128.51M	USD	Annual
Lease operating costs	`CostOfGoodsAndServicesSold`	$59.55M	USD	Annual
Lease operating costs	`CostOfGoodsAndServicesSold`	$48.66M	USD	Annual
Depletion, depreciation, and accretion	`DepreciationDepletionAndAmortization`	$14.27M	USD	Annual
Depletion, depreciation, and accretion	`DepreciationDepletionAndAmortization`	$8.05M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$9.58M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$6.83M	USD	Annual
Total operating costs	`OperatingCostsAndExpenses`	$63.55M	USD	Annual
Total operating costs	`OperatingCostsAndExpenses`	$83.40M	USD	Annual
Income (loss) from operations	`OperatingIncomeLoss`	$45.11M	USD	Annual
Income (loss) from operations	`OperatingIncomeLoss`	$45.38M	USD	Annual
Net gain (loss) on derivative contracts	`GainLossOnDerivativeInstrumentsNetPretax`	$-3.76M	USD	Annual
Net gain (loss) on derivative contracts	`GainLossOnDerivativeInstrumentsNetPretax`	$513.00K	USD	Annual
Interest and other income	`InvestmentIncomeInterestandOther`	$95.00K	USD	Annual
Interest and other income	`InvestmentIncomeInterestandOther`	$121.00K	USD	Annual
Interest expense	`InterestExpense`	$572.00K	USD	Annual
Interest expense	`InterestExpense`	$458.00K	USD	Annual
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$41.14M	USD	Annual
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$45.29M	USD	Annual
Income tax (expense) benefit	`IncomeTaxExpenseBenefit`	$10.07M	USD	Annual
Income tax (expense) benefit	`IncomeTaxExpenseBenefit`	$8.51M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$35.22M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$32.63M	USD	Annual
Basic (in dollars per share)	`EarningsPerShareBasic`	$1.05	USD	Annual
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.97	USD	Annual
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$1.04	USD	Annual
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.96	USD	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	32.95M	shares	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	32.98M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	33.19M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	33.31M	shares	Annual

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`ProfitLoss`	$35.22M	USD	Annual
Net income (loss)	`ProfitLoss`	$32.63M	USD	Annual
Depletion, depreciation, and accretion	`DepreciationDepletionAndAmortization`	$14.27M	USD	Annual
Depletion, depreciation, and accretion	`DepreciationDepletionAndAmortization`	$8.05M	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$125.00K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$1.64M	USD	Annual
Settlement of asset retirement obligations	`AssetRetirementObligationCashPaidToSettle`	$174.00K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-296.00K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$1.14M	USD	Annual
Unrealized (gain) loss on derivative contracts	`UnrealizedGainLossOnDerivativesAndCommodityContracts`	$-1.99M	USD	Annual
Unrealized (gain) loss on derivative contracts	`UnrealizedGainLossOnDerivativesAndCommodityContracts`	$1.99M	USD	Annual
Accrued settlements on derivative contracts	`AccruedSettlementsOnDerivativeContracts`	$919.00K	USD	Annual
Accrued settlements on derivative contracts	`AccruedSettlementsOnDerivativeContracts`	$-919.00K	USD	Annual
Other	`OtherOperatingActivitiesCashFlowStatement`	$-4.00K	USD	Annual
Other	`OtherOperatingActivitiesCashFlowStatement`	$-10.00K	USD	Annual
Receivables	`IncreaseDecreaseInReceivables`	$11.43M	USD	Annual
Receivables	`IncreaseDecreaseInReceivables`	$-18.44M	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$692.00K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$538.00K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$18.52M	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-13.49M	USD	Annual
State and federal income taxes payable	`IncreaseDecreaseInAccruedTaxesPayable`	$-730.00K	USD	Annual
State and federal income taxes payable	`IncreaseDecreaseInAccruedTaxesPayable`	$1.06M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$51.27M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$52.46M	USD	Annual
Acquisition of oil and natural gas properties	`PaymentsToAcquireOilAndGasProperty`	$31.00K	USD	Annual
Acquisition of oil and natural gas properties	`PaymentsToAcquireOilAndGasProperty`	$53.34M	USD	Annual
Capital expenditures for oil and natural gas properties	`CapitalExpenditureOilAndGasProperty`	$6.96M	USD	Annual
Capital expenditures for oil and natural gas properties	`CapitalExpenditureOilAndGasProperty`	$1.53M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.99M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-54.87M	USD	Annual
Common stock dividends paid	`PaymentsOfDividendsCommonStock`	$16.11M	USD	Annual
Common stock dividends paid	`PaymentsOfDividendsCommonStock`	$11.80M	USD	Annual
Common stock dividends paid	`PaymentsOfDividendsCommonStock`	$102.40M	USD	38 Qtrs
Common stock repurchases, including stock surrendered for tax withholding	`PaymentsForRepurchaseOfCommonStock`	$38.00K	USD	Annual
Common stock repurchases, including stock surrendered for tax withholding	`PaymentsForRepurchaseOfCommonStock`	$4.17M	USD	Annual
Borrowings under senior secured credit facility	`ProceedsFromLinesOfCredit`	$34.00M	USD	Annual
Repayments of credit facility	`RepaymentsOfLinesOfCredit`	$16.75M	USD	Annual
Repayments of credit facility	`RepaymentsOfLinesOfCredit`	$21.25M	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$5.42M	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-41.53M	USD	Annual
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$3.00M	USD	Annual
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$2.75M	USD	Annual
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`	$11.03M	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`	$11.03M	USD	Point-in-time
Cash paid for interest on Senior secured credit facility	`InterestPaidNet`	$523.00K	USD	Annual
Cash paid for interest on Senior secured credit facility	`InterestPaidNet`	$498.00K	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaidNet`	$6.29M	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaidNet`	$11.88M	USD	Annual
Cash received from income tax refunds	`ProceedsFromIncomeTaxRefunds`	$3.22M	USD	Annual
Increase (decrease) in accrued purchases of property and equipment	`IncreaseDecreaseinAccountsPayableUsedtoAcquirePropertyandEquipment`	$766.00K	USD	Annual
Increase (decrease) in accrued purchases of property and equipment	`IncreaseDecreaseinAccountsPayableUsedtoAcquirePropertyandEquipment`	$1.09M	USD	Annual
Oil and natural gas property costs attributable to the recognition of asset retirement obligations	`OilAndNaturalGasPropertiesIncurredThroughRecognitionOfAssetRetirementObligations`	$2.02M	USD	Annual
Oil and natural gas property costs attributable to the recognition of asset retirement obligations	`OilAndNaturalGasPropertiesIncurredThroughRecognitionOfAssetRetirementObligations`	$7.81M	USD	Annual

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$92.09M	USD	Point-in-time
Balance	`StockholdersEquity`	$54.59M	USD	Point-in-time
Balance	`StockholdersEquity`	$75.51M	USD	Point-in-time
Common stock repurchases, including stock surrendered for tax withholding	`TreasuryStockValueAcquiredCostMethod`	$38.00K	USD	Annual
Common stock repurchases, including stock surrendered for tax withholding	`TreasuryStockValueAcquiredCostMethod`	$4.17M	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$125.00K	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.64M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$35.22M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$32.63M	USD	Annual
Common stock dividends paid	`DividendsCommonStock`	$16.11M	USD	Annual
Common stock dividends paid	`DividendsCommonStock`	$11.80M	USD	Annual
Balance	`StockholdersEquity`	$92.09M	USD	Point-in-time
Balance	`StockholdersEquity`	$54.59M	USD	Point-in-time
Balance	`StockholdersEquity`	$75.51M	USD	Point-in-time

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