10-Q Filing

EVOLUTION PETROLEUM CORP CIK: 1006655 Q2 2024

Filing Information

Form Type	10-Q
Accession Number	`0001558370-24-000857`
Period End Date	20231231
Filing Date	20240207
Fiscal Year	2024
Fiscal Period	Q2
XBRL Instance	epm-20231231x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 56 Income Statement 62 Cash Flow Statement 50 Stockholders Equity 28

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`	$8.46M	USD	Point-in-time
Common stock, issued shares (in shares)	`CommonStockSharesIssued`	33.25M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$11.03M	USD	Point-in-time
Common stock, issued shares (in shares)	`CommonStockSharesIssued`	33.51M	shares	Point-in-time
Common stock, outstanding shares (in shares)	`CommonStockSharesOutstanding`	33.51M	shares	Point-in-time
Receivables from crude oil, natural gas, and natural gas liquids revenues	`AccountsReceivableNetCurrent`	$10.12M	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`	33.25M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.28M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.57M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$21.15M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$21.20M	USD	Point-in-time
Oil and natural gas properties, subject to amortization, net	`OilAndNaturalGasPropertiesSubjectToAmortizationNet`	$100.11M	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`	$3.37M	USD	Point-in-time
Total property and equipment, net	`OilAndGasPropertyFullCostMethodNet`	$105.78M	USD	Point-in-time
Total property and equipment, net	`OilAndGasPropertyFullCostMethodNet`	$103.48M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.34M	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`	$125.97M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.23M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.89M	USD	Point-in-time
Accrued liabilities and other	`AccruedLiabilitiesCurrent`	$6.29M	USD	Point-in-time
Accrued liabilities and other	`AccruedLiabilitiesCurrent`	$6.03M	USD	Point-in-time
State and federal taxes payable	`TaxesPayableCurrent`	$365.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$12.28M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$14.53M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$6.16M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$6.80M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$17.74M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$17.01M	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$125.00K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$101.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$36.22M	USD	Point-in-time
Total liabilities	`Liabilities`	$38.53M	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 33,506,794 and 33,247,523 shares as of December 31, 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 33,506,794 and 33,247,523 shares as of December 31, 2023 and June 30, 2023, respectively	`CommonStockValue`	$34.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$40.10M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$40.92M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$51.96M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$46.48M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$75.51M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$87.44M	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`	$92.09M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$89.92M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$125.97M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$128.32M	USD	Point-in-time

Income Statement 62 line items

Line Item	Tag	Value	Unit	Period
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$73.47M	USD	2 Qtrs
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$33.68M	USD	1 Quarter
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$21.02M	USD	1 Quarter
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$41.62M	USD	2 Qtrs
Lease operating costs	`CostOfGoodsAndServicesSold`	$12.36M	USD	1 Quarter
Lease operating costs	`CostOfGoodsAndServicesSold`	$15.04M	USD	1 Quarter
Lease operating costs	`CostOfGoodsAndServicesSold`	$34.16M	USD	2 Qtrs
Lease operating costs	`CostOfGoodsAndServicesSold`	$24.24M	USD	2 Qtrs
Depletion, depreciation, and accretion	`DepreciationDepletionAndAmortization`	$4.60M	USD	1 Quarter
Depletion, depreciation, and accretion	`DepreciationDepletionAndAmortization`	$7.06M	USD	2 Qtrs
Depletion, depreciation, and accretion	`DepreciationDepletionAndAmortization`	$8.86M	USD	2 Qtrs
Depletion, depreciation, and accretion	`DepreciationDepletionAndAmortization`	$3.46M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.58M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.50M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$5.11M	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$5.05M	USD	2 Qtrs
Total operating costs	`OperatingCostsAndExpenses`	$38.21M	USD	2 Qtrs
Total operating costs	`OperatingCostsAndExpenses`	$46.27M	USD	2 Qtrs
Total operating costs	`OperatingCostsAndExpenses`	$21.08M	USD	1 Quarter
Total operating costs	`OperatingCostsAndExpenses`	$19.46M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$3.42M	USD	2 Qtrs
Income (loss) from operations	`OperatingIncomeLoss`	$12.60M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$27.21M	USD	2 Qtrs
Income (loss) from operations	`OperatingIncomeLoss`	$1.57M	USD	1 Quarter
Net gain (loss) on derivative contracts	`GainLossOnDerivativeInstrumentsNetPretax`	$243.00K	USD	2 Qtrs
Net gain (loss) on derivative contracts	`GainLossOnDerivativeInstrumentsNetPretax`	$846.00K	USD	1 Quarter
Interest and other income	`InvestmentIncomeInterestandOther`	$13.00K	USD	2 Qtrs
Interest and other income	`InvestmentIncomeInterestandOther`	$7.00K	USD	1 Quarter
Interest and other income	`InvestmentIncomeInterestandOther`	$220.00K	USD	2 Qtrs
Interest and other income	`InvestmentIncomeInterestandOther`	$104.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$34.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$372.00K	USD	2 Qtrs
Interest expense	`InterestExpense`	$129.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$66.00K	USD	2 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$27.09M	USD	2 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.64M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$13.32M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$3.57M	USD	2 Qtrs
Income tax (expense) benefit	`IncomeTaxExpenseBenefit`	$1.02M	USD	2 Qtrs
Income tax (expense) benefit	`IncomeTaxExpenseBenefit`	$6.00M	USD	2 Qtrs
Income tax (expense) benefit	`IncomeTaxExpenseBenefit`	$554.00K	USD	1 Quarter
Income tax (expense) benefit	`IncomeTaxExpenseBenefit`	$2.93M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$21.09M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$1.08M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$2.56M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$10.39M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.08	USD	2 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.31	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.03	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.63	USD	2 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.31	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.08	USD	2 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.62	USD	2 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.03	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	32.69M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	33.17M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	33.15M	shares	2 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	32.68M	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	32.90M	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`	32.94M	shares	2 Qtrs

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`ProfitLoss`	$21.09M	USD	2 Qtrs
Net income (loss)	`ProfitLoss`	$2.56M	USD	2 Qtrs
Depletion, depreciation, and accretion	`DepreciationDepletionAndAmortization`	$4.60M	USD	1 Quarter
Depletion, depreciation, and accretion	`DepreciationDepletionAndAmortization`	$7.06M	USD	2 Qtrs
Depletion, depreciation, and accretion	`DepreciationDepletionAndAmortization`	$8.86M	USD	2 Qtrs
Depletion, depreciation, and accretion	`DepreciationDepletionAndAmortization`	$3.46M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.04M	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`	$-642.00K	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-355.00K	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`	$-4.00K	USD	2 Qtrs
Other	`OtherOperatingActivitiesCashFlowStatement`	$3.00K	USD	2 Qtrs
Receivables from crude oil, natural gas, and natural gas liquids revenues	`IncreaseDecreaseInReceivables`	$2.24M	USD	2 Qtrs
Receivables from crude oil, natural gas, and natural gas liquids revenues	`IncreaseDecreaseInReceivables`	$-8.11M	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$274.00K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$316.00K	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$2.44M	USD	2 Qtrs
Accounts payable and accrued liabilities	`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`	$-365.00K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$27.77M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$11.38M	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`	$5.71M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.92M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.71M	USD	2 Qtrs
Common stock dividends paid	`PaymentsOfDividendsCommonStock`	$8.03M	USD	2 Qtrs
Common stock dividends paid	`PaymentsOfDividendsCommonStock`	$110.40M	USD	40 Qtrs
Common stock dividends paid	`PaymentsOfDividendsCommonStock`	$8.09M	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`	$213.00K	USD	2 Qtrs
Repayments of senior secured credit facility	`RepaymentsOfLinesOfCredit`	$21.25M	USD	2 Qtrs
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-29.42M	USD	2 Qtrs
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-8.25M	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-2.57M	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`	$8.46M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.71M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.03M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.28M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.46M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.71M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.03M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.28M	USD	Point-in-time
Increase (decrease) in accrued capital expenditures for oil and natural gas properties	`IncreaseDecreaseInAccruedExpenditureForOilAndNaturalGasProperties`	$-142.00K	USD	2 Qtrs
Increase (decrease) in accrued capital expenditures for oil and natural gas properties	`IncreaseDecreaseInAccruedExpenditureForOilAndNaturalGasProperties`	$-768.00K	USD	2 Qtrs

Stockholders Equity 28 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$75.51M	USD	Point-in-time
Balance	`StockholdersEquity`	$87.44M	USD	Point-in-time
Balance	`StockholdersEquity`	$89.14M	USD	Point-in-time
Balance	`StockholdersEquity`	$82.38M	USD	Point-in-time
Balance	`StockholdersEquity`	$92.09M	USD	Point-in-time
Balance	`StockholdersEquity`	$89.92M	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`	$213.01K	USD	2 Qtrs
Common stock repurchases, including stock surrendered for tax withholding	`TreasuryStockValueAcquiredCostMethod`	$108.00K	USD	1 Quarter
Common stock repurchases, including stock surrendered for tax withholding	`TreasuryStockValueAcquiredCostMethod`	$86.69K	USD	2 Qtrs
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$564.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.04M	USD	2 Qtrs
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$702.00K	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`	$1.08M	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$2.56M	USD	2 Qtrs
Net Income (Loss)	`NetIncomeLoss`	$10.39M	USD	1 Quarter
Common stock dividends paid	`DividendsCommonStock`	$4.06M	USD	1 Quarter
Common stock dividends paid	`DividendsCommonStock`	$4.02M	USD	1 Quarter
Common stock dividends paid	`DividendsCommonStock`	$8.09M	USD	2 Qtrs
Common stock dividends paid	`DividendsCommonStock`	$8.03M	USD	2 Qtrs
Balance	`StockholdersEquity`	$75.51M	USD	Point-in-time
Balance	`StockholdersEquity`	$87.44M	USD	Point-in-time
Balance	`StockholdersEquity`	$89.14M	USD	Point-in-time
Balance	`StockholdersEquity`	$82.38M	USD	Point-in-time
Balance	`StockholdersEquity`	$92.09M	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.