10-Q Filing

EVOLUTION PETROLEUM CORP CIK: 1006655 Q1 2024

Filing Information

Form Type	10-Q
Accession Number	`0001558370-23-018272`
Period End Date	20230930
Filing Date	20231108
Fiscal Year	2024
Fiscal Period	Q1
XBRL Instance	epm-20230930x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 55 Income Statement 31 Cash Flow Statement 47 Stockholders Equity 16

Balance Sheet 55 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
Common stock, issued shares (in shares)	`CommonStockSharesIssued`	33.44M	shares	Point-in-time
Common stock, issued shares (in shares)	`CommonStockSharesIssued`	33.25M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.41M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$11.03M	USD	Point-in-time
Receivables from crude oil, natural gas, and natural gas liquids revenues	`AccountsReceivableNetCurrent`	$7.88M	USD	Point-in-time
Common stock, outstanding shares (in shares)	`CommonStockSharesOutstanding`	33.44M	shares	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`	$10.55M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.28M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.12M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$22.09M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$21.20M	USD	Point-in-time
Oil and natural gas properties, subject to amortization, net	`OilAndNaturalGasPropertiesSubjectToAmortizationNet`	$103.38M	USD	Point-in-time
Oil and natural gas properties, subject to amortization, net	`OilAndNaturalGasPropertiesSubjectToAmortizationNet`	$105.78M	USD	Point-in-time
Property costs not subject to amortization	`CapitalizedCostsOfUnprovedPropertiesExcludedFromAmortizationCumulative`	$398.00K	USD	Point-in-time
Total property and equipment, net	`OilAndGasPropertyFullCostMethodNet`	$105.78M	USD	Point-in-time
Total property and equipment, net	`OilAndGasPropertyFullCostMethodNet`	$103.78M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.33M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.34M	USD	Point-in-time
Total assets	`Assets`	$128.32M	USD	Point-in-time
Total assets	`Assets`	$127.20M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.89M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$7.12M	USD	Point-in-time
Accrued liabilities and other	`AccruedLiabilitiesCurrent`	$6.03M	USD	Point-in-time
Accrued liabilities and other	`AccruedLiabilitiesCurrent`	$5.20M	USD	Point-in-time
State and federal taxes payable	`TaxesPayableCurrent`	$365.00K	USD	Point-in-time
State and federal taxes payable	`TaxesPayableCurrent`	$753.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$12.28M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$13.07M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$6.80M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$6.73M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$17.01M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$17.36M	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$125.00K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$112.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$36.22M	USD	Point-in-time
Total liabilities	`Liabilities`	$37.28M	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 33,440,195 and 33,247,523 shares as of September 30, 2023 and June 30, 2023, respectively	`CommonStockValue`	$33.00K	USD	Point-in-time
Common stock; par value $0.001; 100,000,000 shares authorized: issued and outstanding 33,440,195 and 33,247,523 shares as of September 30, 2023 and June 30, 2023, respectively	`CommonStockValue`	$33.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$40.47M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$40.10M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$49.42M	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`	$75.51M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$82.38M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$89.92M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$128.32M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$127.20M	USD	Point-in-time

Income Statement 31 line items

Line Item	Tag	Value	Unit	Period
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$20.60M	USD	1 Quarter
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$39.80M	USD	1 Quarter
Lease operating costs	`CostOfGoodsAndServicesSold`	$11.88M	USD	1 Quarter
Lease operating costs	`CostOfGoodsAndServicesSold`	$19.12M	USD	1 Quarter
Depletion, depreciation, and accretion	`DepreciationDepletionAndAmortization`	$4.26M	USD	1 Quarter
Depletion, depreciation, and accretion	`DepreciationDepletionAndAmortization`	$3.60M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.60M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.47M	USD	1 Quarter
Total operating costs	`OperatingCostsAndExpenses`	$25.19M	USD	1 Quarter
Total operating costs	`OperatingCostsAndExpenses`	$18.75M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$1.85M	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`	$116.00K	USD	1 Quarter
Interest and other income	`InvestmentIncomeInterestandOther`	$6.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$243.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$32.00K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.94M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$13.77M	USD	1 Quarter
Income tax (expense) benefit	`IncomeTaxExpenseBenefit`	$463.00K	USD	1 Quarter
Income tax (expense) benefit	`IncomeTaxExpenseBenefit`	$3.06M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$1.47M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$10.71M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.32	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.04	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.32	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.04	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	33.13M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	32.66M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	33.32M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	32.98M	shares	1 Quarter

Cash Flow Statement 47 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`ProfitLoss`	$10.71M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$1.47M	USD	1 Quarter
Depletion, depreciation, and accretion	`DepreciationDepletionAndAmortization`	$4.26M	USD	1 Quarter
Depletion, depreciation, and accretion	`DepreciationDepletionAndAmortization`	$3.60M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$472.00K	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`	$-75.00K	USD	1 Quarter
Unrealized (gain) 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
Receivables from crude oil, natural gas, and natural gas liquids revenues	`IncreaseDecreaseInReceivables`	$-6.80M	USD	1 Quarter
Receivables from crude oil, natural gas, and natural gas liquids revenues	`IncreaseDecreaseInReceivables`	$2.69M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-33.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-169.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-5.17M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$320.00K	USD	1 Quarter
State and federal income taxes payable	`IncreaseDecreaseInAccruedTaxesPayable`	$2.58M	USD	1 Quarter
State and federal income taxes payable	`IncreaseDecreaseInAccruedTaxesPayable`	$388.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$4.32M	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`	$1.83M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.88M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.83M	USD	1 Quarter
Common stock dividends paid	`PaymentsOfDividendsCommonStock`	$4.01M	USD	1 Quarter
Common stock dividends paid	`PaymentsOfDividendsCommonStock`	$106.40M	USD	39 Qtrs
Common stock dividends paid	`PaymentsOfDividendsCommonStock`	$4.03M	USD	1 Quarter
Common stock repurchases, including stock surrendered for tax withholding	`PaymentsForRepurchaseOfCommonStock`	$26.00K	USD	1 Quarter
Common stock repurchases, including stock surrendered for tax withholding	`PaymentsForRepurchaseOfCommonStock`	$105.00K	USD	1 Quarter
Repayments of senior secured credit facility	`RepaymentsOfLinesOfCredit`	$9.00M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-13.05M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.12M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.62M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$2.43M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.28M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.41M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.71M	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`	$9.41M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.71M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.03M	USD	Point-in-time
Increase (decrease) in accrued capital expenditures for oil and natural gas properties	`IncreaseDecreaseInAccruedExpenditureForOilAndNaturalGasProperties`	$-83.00K	USD	1 Quarter
Increase (decrease) in accrued capital expenditures for oil and natural gas properties	`IncreaseDecreaseInAccruedExpenditureForOilAndNaturalGasProperties`	$-872.00K	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$92.09M	USD	Point-in-time
Balance	`StockholdersEquity`	$75.51M	USD	Point-in-time
Balance	`StockholdersEquity`	$82.38M	USD	Point-in-time
Balance	`StockholdersEquity`	$89.92M	USD	Point-in-time
Common stock repurchases, including stock surrendered for tax withholding	`TreasuryStockValueAcquiredCostMethod`	$104.90K	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`	$472.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$1.47M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$10.71M	USD	1 Quarter
Common stock dividends paid	`DividendsCommonStock`	$4.03M	USD	1 Quarter
Common stock dividends paid	`DividendsCommonStock`	$4.01M	USD	1 Quarter
Balance	`StockholdersEquity`	$92.09M	USD	Point-in-time
Balance	`StockholdersEquity`	$75.51M	USD	Point-in-time
Balance	`StockholdersEquity`	$82.38M	USD	Point-in-time
Balance	`StockholdersEquity`	$89.92M	USD	Point-in-time

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