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Evolution Petroleum (EPM)

Evolution Petroleum Corporation is an oil and gas company focused on delivering a sustainable dividend yield to its shareholders through the ownership, management, and development of producing oil and gas properties onshore in the United States. The Company's long-term goal is to build a diversified portfolio of oil and gas assets primarily through acquisition, while seeking opportunities to maintain and increase production through selective development, production enhancement and other exploitation efforts on its properties. Its largest assets are its interest in a CO2 enhanced oil recovery project in Louisiana's Delhi field and its interest in a secondary recovery project in Wyoming's Hamilton Dome field.

Company profile

Ticker
EPM
Exchange
CEO
Robert Herlin
Employees
Incorporated
Location
Fiscal year end
Former names
NATURAL GAS SYSTEMS INC/NEW, REALITY INTERACTIVE INC
SEC CIK
Subsidiaries
Evolution Royalties, Inc. • Evolution Petroleum West, Inc. • NGS Sub Corp. • NGS Technologies, Inc. • Evolution Operating Co., Inc. • Evolution Petroleum OK, Inc. • Tertiaire Resources Company ...
IRS number
411781991

EPM stock data

Analyst ratings and price targets

Last 3 months

Calendar

11 May 22
12 Aug 22
30 Jun 23
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Jun 21 Jun 20 Jun 19 Jun 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 13.37M 13.37M 13.37M 13.37M 13.37M 13.37M
Cash burn (monthly) 76.21K 305.92K (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 337.13K 1.35M n/a n/a n/a n/a
Cash remaining 13.03M 12.02M n/a n/a n/a n/a
Runway (months of cash) 171.0 39.3 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
24 Mar 22 Ryan Stash Common Stock Sell Dispose S No No 5.54 4,870 26.98K 209,383
9 Dec 21 Kelly William Loyd Common Stock Grant Acquire A No No 5.27 11,386 60K 96,826
9 Dec 21 William Dozier Common Stock Grant Acquire A No No 5.27 11,386 60K 190,861
9 Dec 21 Edward John DiPaolo Common Stock Grant Acquire A No No 5.27 11,386 60K 265,474
9 Dec 21 Marjorie Anne Hargrave Common Stock Grant Acquire A No No 5.27 11,386 60K 28,288
64.3% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 87 77 +13.0%
Opened positions 18 9 +100.0%
Closed positions 8 12 -33.3%
Increased positions 27 30 -10.0%
Reduced positions 23 20 +15.0%
13F shares Current Prev Q Change
Total value 148.28M 106.94M +38.6%
Total shares 21.69M 21.18M +2.4%
Total puts 25.4K 51.3K -50.5%
Total calls 91.4K 69.9K +30.8%
Total put/call ratio 0.3 0.7 -62.1%
Largest owners Shares Value Change
Wasatch Advisors 2.34M $15.9M +10.2%
BLK Blackrock 2.24M $15.2M +0.0%
Renaissance Technologies 2.08M $14.15M -0.2%
WealthTrust Axiom 1.52M $10.34M +2.4%
Vanguard 1.3M $8.81M +1.2%
River Road Asset Management 1.24M $8.42M -0.6%
Dimensional Fund Advisors 933.86K $6.34M +3.8%
Deprince Race & Zollo 821.49K $5.58M -4.9%
Amica Mutual Insurance 707.24K $4.8M -31.8%
North Star Investment Management 704.65K $4.79M -28.5%
Largest transactions Shares Bought/sold Change
FMR 6.63K -913.46K -99.3%
Acadian Asset Management 560.78K +368.95K +192.3%
Friess Associates 364.94K +364.94K NEW
Amica Mutual Insurance 707.24K -329.69K -31.8%
North Star Investment Management 704.65K -281K -28.5%
IVZ Invesco 271.37K +271.37K NEW
Wasatch Advisors 2.34M +217.03K +10.2%
Marshall Wace 236.31K +203.9K +629.0%
Two Sigma Investments 248.02K +117.01K +89.3%
Foundry Partners 636.45K +98.73K +18.4%

Financial report summary

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Risks
  • A substantial or extended decline in oil and natural gas prices may adversely affect our business, financial condition or results of operations and our ability to meet our capital expenditure obligations and financial commitments.
  • Our revenues are concentrated in three assets and related declines in production or other events beyond our control could have a material adverse effect on our results of operations and financial results.
  • Operating results from oil and natural gas production may decline; we may be unable to acquire and develop the additional oil and natural gas reserves that are required in order to sustain our business operations.
  • We have limited control over the activities on properties we do not operate.
  • We are materially dependent upon our operators with respect to the successful operation of our principal assets, which consist of our interests in Delhi field, Hamilton Dome field, and the Barnett Shale. A materially negative change in any of our operator’s financial condition could negatively affect operations (or timing thereof) in these assets, and consequently our income (or timing thereof) from these assets as well as the value of our interests in these assets.
  • The types of resources we focus on have substantial operational risks.
  • Oil and natural gas development, re-completion of wells from one reservoir to another reservoir, restoring wells to production, and drilling and completing new wells are speculative activities which involve numerous risks and substantial uncertain costs.
  • The loss of a large single purchaser of our oil and natural gas could reduce the competition of our production.
  • Our oil and natural gas reserves are only estimates and may prove to be inaccurate.
  • Regulatory and accounting requirements may require substantial reductions in reporting proven reserves.
  • Our derivative activities could result in financial losses or could reduce our income.
  • We may have difficulty managing future growth and the related demands on our resources and may have difficulty in achieving future growth.
  • Our operations may require significant amounts of capital and additional financing may be necessary in order for us to continue our exploitation activities.
  • Government regulation and liability for oil and natural gas operations and environmental matters may adversely affect our business and results of operations.
  • Our business could be negatively affected by security threats. A cyber-attack or similar incident could occur and result in information theft, data corruption, operational disruption, damage to our reputation, and/or financial loss.
  • Our insurance may not protect us against all of the operating risks to which our business is exposed.
  • The loss of key personnel could adversely affect us.
  • Oil field service and materials prices may increase, and the availability of such services and materials may be inadequate to meet our needs.
  • We cannot market the oil and natural gas that we produce without the assistance of third-parties.
  • We face strong competition from larger oil and gas companies.
  • We have been, and in the future may become, involved in legal proceedings related to our properties or operations and, as a result, may incur substantial costs in connection with those proceedings.
  • Ownership of our oil, gas, and mineral production depends on good title to our property.
  • Events outside of our control, including a pandemic or broad outbreak of an infectious disease, such as the ongoing global outbreak of a novel strain of the coronavirus identified in late 2019 (“COVID-19”) and subsequent variants, may materially adversely affect our business.
  • Poor general economic, business, or industry conditions may have a material adverse effect on our results of operations, liquidity, and financial condition.
  • Our stock price has been and may continue to be volatile.
  • Significant ownership of our common stock is concentrated in a small number of shareholders who may be able to affect the outcome of the election of our directors and all other matters submitted to our stockholders for approval.
  • The market for our common stock is limited and may not provide adequate liquidity.
  • If securities or industry analysts do not publish research reports about our business, or if they downgrade our stock, the price of our common stock could decline.
  • The issuance of additional common stock and preferred stock could dilute existing stockholders.
  • Payment of dividends on our common stock has been in the past, and could be in the future, reduced or eliminated.
Management Discussion
  • Compared to the corresponding year-ago quarter, current quarter revenues increased 236.4% primarily due to an increase in production and an overall increase in average realized prices for our production. Total production increased due to volumes received from our Williston Basin Acquisition in January 2022 and the acquisition of our Barnett Shale properties in May 2021. Oil and natural gas prices are inherently volatile and began to stabilize in 2021 and continuing into 2022. Our average realized oil price and average realized NGL price increased primarily due to the recovery of West Texas Intermediate ("WTI") pricing in 2022, as the demand for oil has begun to recover as a result of the roll-out of the COVID-19 vaccine, lessening of pandemic related government restrictions on individuals and businesses and sanctions affecting Russian oil and natural gas supplies.

Content analysis

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