Evolution Petroleum sees strong financial performance in Q4 and full year, declares cash dividend.

From GlobeNewswire: 2024-09-10 16:15:00

Evolution Petroleum Corporation reported fiscal Q4 revenues up 17% year-over-year to $21.2 million, with fiscal Q4 net income increasing to $1.2 million and adjusted EBITDA up 72% Y/Y to $8.0 million. The company also announced a quarterly cash dividend of $0.12 per common share for the fiscal 2025 first quarter.

Key financial and operational highlights include participating in 3 new producing wells during the fiscal fourth quarter and 27 in fiscal 2024. The company returned $4.0 million to shareholders in cash dividends during the fiscal fourth quarter of 2024 and $16.0 million for fiscal year 2024. Evolution Petroleum generated record oil revenues and liquids production in fiscal year 2024.

Evolution Petroleum’s total revenues increased 17% to $21.2 million in fiscal Q4 compared to $18.2 million in the year-ago period. Production for the Q4 of fiscal 2024 increased 11% to 7,209 net BOEPD compared to 6,484 net BOEPD in the year-ago period. Average realized commodity prices increased, with oil prices up 10% and NGL prices up 20% over the prior year period. Net income increased 644% to $1.2 million in fiscal Q4.



Read more at GlobeNewswire:: Evolution Petroleum Reports Fourth Quarter and Full Year