Evolution Petroleum Corporation (NYSE American: EPM) ("Evolution"
or the "Company") today announced its financial and operating
results for its fiscal fourth quarter and full year ended June 30,
2024. Evolution also declared a quarterly cash dividend of $0.12
per common share for the fiscal 2025 first quarter.
Financial & Operational Highlights ($ in
thousands)
|
Q4 2024 |
Q4 2023 |
Q3 2024 |
% ChangeQ4/Q4 |
% ChangeQ4/Q3 |
Average
BOEPD |
7,209 |
6,484 |
7,209 |
11% |
—% |
Revenues |
$21,227 |
$18,174 |
$23,025 |
17% |
(8)% |
Net
Income |
$1,235 |
$166 |
$289 |
644% |
327% |
Adjusted Net
Income(1) |
$1,093 |
$166 |
$978 |
558% |
12% |
Adjusted
EBITDA(2) |
$8,037 |
$4,672 |
$8,476 |
72% |
(5)% |
Cash Flow from
Operations |
$7,987 |
$(447) |
3,364 |
NA |
137% |
(1) Adjusted Net Income is a non-GAAP
financial measure; see the “Non-GAAP Information” section later in
this release for more information, including reconciliations to the
most comparable GAAP measures.
(2) Adjusted EBITDA is Adjusted
Earnings Before Interest, Taxes, Depreciation, and Amortization and
is a non-GAAP financial measure; see the “Non-GAAP Information”
section later in this release for more information, including
reconciliations to the most comparable GAAP measures.
- Participated in 3 new producing
wells during the fiscal fourth quarter and 27 in fiscal 2024; 10
wells in progress subsequent to fiscal year-end.
- Returned $4.0 million to
shareholders in the form of cash dividends during the fiscal fourth
quarter of 2024 and $16.0 million for fiscal year 2024. The Company
also declared its 44th consecutive quarterly dividend of $0.12 per
common share, payable September 30th.
- Generated record oil revenues in
fiscal year 2024.
- Generated record liquids (oil +
NGLs1) revenue and production in fiscal year 2024.
- Proved oil reserves increased by
20% fiscal year-over-year.
Kelly Loyd, President and Chief Executive
Officer, commented, “Following our record year of natural gas
production and revenue in fiscal 2023, this fiscal year we
recognized the importance of balancing our portfolio. This helped
reduce exposure to natural gas price volatility while increasing
our ability to participate in organic growth of reserves and
production. As a result, we generated record liquids revenues and
production for the year and completed two transformative
transactions that added 6.6 MMBOE of proved reserves, with the
majority of the locations yet to be booked. We expect these
acquisitions to meaningfully contribute to cash flow and further
support our dividend-focused policy over the next ten years.
“In Fiscal 2024, we added 300+ drilling
locations in the SCOOP/STACK and 80+ drilling locations at
Chaveroo, fundamentally strengthening and diversifying our organic
growth portfolio. We participated in 22 SCOOP/STACK wells that, on
average, are performing well above our original type curve
projections. In Chaveroo, we partnered on our first 3 horizontal
San Andres wells with early results exceeding our estimates. At
Delhi, we worked with ExxonMobil to begin development of Test Site
V with the first of 3 initial wells scheduled to be drilled by
calendar year-end. This development drilling activity combined with
the acquisition of SCOOP/STACK producing reserves enabled us to
more than replace production despite the adverse impact of lower
natural gas prices during the year.”
_______________________
1) Natural Gas Liquids.
Mr. Loyd concluded, “Looking ahead, we plan to
continue executing our plans to deliver long-term shareholder
value. We have diversified our asset base of long-lived,
low-decline properties through acquisitions of proved developed
reserves, bolstered with additional drilling locations, at
attractive costs that were designed to support our dividend
program, we expect, well into the future.”
Fiscal Fourth Quarter 2024 Financial
Results
Total revenues increased 17% to $21.2 million
compared to $18.2 million in the year-ago period. The improvement
was driven by an increase in oil and NGL revenue, partially offset
by lower natural gas revenue.
Lease operating costs (“LOE”) decreased to $11.4
million compared to $11.8 million in the year-ago period. On a per
unit basis, total LOE decreased 13% to $17.39 per BOE compared to
$20.02 per BOE last year. The decrease was driven by suspended CO2
purchases for the quarter due to maintenance on the pipeline that
began in February 2024. CO2 purchases are expected to restart in
the early second quarter of fiscal 2025.
Depletion, depreciation, and accretion expense
was $5.3 million compared to $3.8 million in the year-ago
period. On a per BOE basis, the Company's current quarter
depletion rate increased to $7.51 per BOE compared to $6.01 per BOE
in the year-ago period due to an increase in depletable base
related to the Company’s SCOOP/STACK acquisitions and capital
development expenditures since the prior fiscal year, partially
offset by an increase in proved reserves.
General and administrative (“G&A”) expenses
decreased to $2.1 million compared to $2.3 million in the year-ago
period. On a per BOE basis, G&A expenses were $3.22 compared to
$3.84 in the year-ago period. The decrease was primarily due to a
reduction in third-party consulting fees.
Net income increased 644% to $1.2 million or
$0.04 per diluted share, compared to $0.2 million or $0.00 per
diluted share in the year-ago period.
Adjusted EBITDA increased 72% to $8.0 million
compared to $4.7 million in the year-ago period. The increase was
primarily due to increased revenue and reduced operating costs from
the year-ago period.
Production & Pricing
Total production for the fourth quarter of
fiscal 2024 increased 11% to 7,209 net BOEPD compared to 6,484 net
BOEPD in the year-ago period. Total production for the fourth
quarter of fiscal 2024 was comprised of 2,088 barrels per day
("BOPD") of crude oil, 3,945 BOEPD of natural gas, and 1,176 BOEPD
of NGLs. The increase in total production was driven by the closing
of the Company’s SCOOP/STACK acquisitions in February 2024 and
production from an initial three wells in the Chaveroo oilfield in
February 2024.
Average realized commodity price (excluding the
impact of derivative contracts) increased 5% to approximately
$32.36 per BOE compared to $30.80 per BOE in the year-ago period.
Realized oil and NGL prices increased approximately 10% and 20%,
respectively, over the prior year period. These increases were
partially offset by a decrease of approximately 32% in realized
natural gas prices compared to the year-ago period.
Operations Update
During the quarter, the Company’s operators
turned-in-line 3 gross wells in the SCOOP/STACK with 10 additional
gross wells in progress, and as of today, 7 of these 10 wells are
currently producing. Additionally, Evolution has agreed to
participate in 3 gross new horizontal wells across the acreage.
Since the effective date of the acquisitions, 22 gross wells have
been converted to Proved Developed Producing.
In the Chaveroo oilfield, Evolution plans to
participate in fiscal 2025 for its full 50% working interest in
four horizontal wells in Drilling Block 2. These operations are
expected to begin in fiscal Q2 2025. The Company has preliminarily
agreed to six additional horizontal wells in Drilling Block 3 that
are estimated to begin in fiscal Q4 2025. The Company also
purchased acreage in advance for Drilling Blocks 4 and 5, bringing
the total number of Proved Undeveloped locations to 18, and expects
to systematically participate in future development blocks. Future
acreage costs are fixed at $36,000 per additional net horizontal
well, spaced at approximately 160 gross acres per well.
Williston Basin production increased during the
fiscal quarter due to a full quarter of natural gas and NGL sales
from the ONEOK Grassland System, which came back online during the
prior quarter.
At Delhi, production was affected during the
quarter by field-wide power outages for 7 days combined with
downtime from one of the CO2 recycle compressors, reducing CO2
injection volumes for most of the quarter. The compressor was
replaced, and full CO2 recycling resumed in July 2024. The CO2
purchase pipeline was taken offline for preventative maintenance at
the end of February 2024 and remained down through this quarter.
The operator anticipates resuming CO2 purchases in the early second
quarter of fiscal 2025.
Balance Sheet, Liquidity, and Capital
Spending
On June 30, 2024, cash and cash equivalents
totaled $6.4 million and working capital was $5.9 million.
Evolution had $39.5 million of borrowings outstanding under its
revolving credit facility, which was used to fund the acquisitions
of SCOOP/STACK, and total liquidity of $16.9 million, including
cash and cash equivalents. In fiscal Q4, Evolution paid $4.0
million in common stock dividends, repaid $3.0 million of
borrowings under its revolving credit facility, and paid $2.5
million in capital expenditures.
During the quarter, the Company received cash
payments totaling $5.0 million related to purchase price reductions
from the SCOOP/STACK properties for net cash flows received during
the period between the effective date of November 1, 2023, and the
closing date.
Evolution believes its near-term capital
spending requirements will be funded from cash flows from
operations, current working capital, and borrowings as needed under
its revolving credit facility.
Cash Dividend on Common Stock
On September 9, 2024, Evolution’s Board of
Directors declared a cash dividend of $0.12 per share of common
stock, which will be paid on September 30, 2024, to common
stockholders of record on September 20, 2024. This will be the 44th
consecutive quarterly cash dividend on the Company’s common stock
since December 31, 2013. To date, Evolution has returned
approximately $118.4 million, or $3.57 per share, back to
stockholders in common stock dividends.
Conference Call
As previously announced, Evolution Petroleum
will host a conference call on Wednesday, September 11, 2024, at
10:00 a.m. Central Time to review its fiscal year-end 2024
financial and operating results. To join by phone, please dial
(844) 481-2813 (Toll-free) or (412) 317-0677 (International) and
ask to join the Evolution Petroleum Corporation call. To join
online, click the following link:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=782c79My.
A webcast replay will be available through September 11, 2025, via
the webcast link above and on Evolution's website at
www.ir.evolutionpetroleum.com.
About Evolution Petroleum
Evolution Petroleum Corporation is an
independent energy company focused on maximizing total shareholder
returns through the ownership of and investment in onshore oil and
natural gas properties in the U.S. The Company aims to build and
maintain a diversified portfolio of long-life oil and natural gas
properties through acquisitions, selective development
opportunities, production enhancements, and other exploitation
efforts. Properties include non-operated interests in the following
areas: the SCOOP/STACK plays of the Anadarko Basin in Oklahoma; the
Chaveroo Oilfield located in Chaves and Roosevelt Counties, New
Mexico; the Jonah Field in Sublette County, Wyoming; the Williston
Basin in North Dakota; the Barnett Shale located in North Texas;
the Hamilton Dome Field located in Hot Springs County, Wyoming; the
Delhi Holt-Bryant Unit in the Delhi Field in Northeast Louisiana;
as well as small overriding royalty interests in four onshore Texas
wells. Visit www.evolutionpetroleum.com for more
information.
Cautionary Statement
All forward-looking statements contained in this
press release regarding the Company's current expectations,
potential results, and future plans and objectives involve a wide
range of risks and uncertainties. Statements herein using words
such as "believe," "expect," "plans," "outlook," "should," "will,"
and words of similar meaning are forward-looking statements.
Although the Company’s expectations are based on business,
engineering, geological, financial, and operating assumptions that
it believes to be reasonable, many factors could cause actual
results to differ materially from its expectations. The Company
gives no assurance that its goals will be achieved. These factors
and others are detailed under the heading "Risk Factors" and
elsewhere in our periodic reports filed with the Securities and
Exchange Commission (“SEC”). The Company undertakes no obligation
to update any forward-looking statement.
Our proved reserves as of June 30, 2024, were
estimated by Netherland, Sewell & Associates, Inc., DeGolyer
& MacNaughton, and Cawley, Gillespie and Associates, Inc., all
worldwide petroleum consultants. All reserve estimates are
continually subject to revisions based on production history,
results of additional exploration and development, price changes,
and other factors. Drilling locations are based on the Company’s
internal estimates, which may prove incorrect, and actual locations
drilled and quantities that may be ultimately recovered may differ
substantially from these estimates. Factors affecting the scope of
our drilling program will be directly affected by the decisions of
the operators of our properties, availability of capital, drilling
and production costs, availability of drilling and completion
services and equipment, drilling results, agreement terminations,
regulatory approvals and actual drilling results, including
geological and mechanical factors affecting recovery rates.
Estimates of reserves may change significantly as development of
our oil and gas properties provides additional data.
ContactInvestor Relations (713)
935-0122 ir@evolutionpetroleum.com
Evolution Petroleum
CorporationProved Reserves as of June 30,
2024
Our proved reserves as of
June 30, 2024, were estimated by our independent
reservoir engineers, Netherland, Sewell & Associates, Inc.,
DeGolyer and MacNaughton and Cawley, Gillespie and Associates,
Inc., all worldwide petroleum consultants.
The SEC sets rules related to reserve
estimation and disclosure requirements for oil and natural gas
companies. These rules require disclosure of oil and natural
gas proved reserves by significant geographic area, using the
trailing 12-month average price, calculated as the unweighted
arithmetic average of the first-day-of-the-month price for
each month within the 12-month period prior to the end of the
reporting period, rather than year-end prices, and allows the
use of new technologies in the determination of proved reserves if
those technologies have been demonstrated empirically to lead to
reliable conclusions about reserve volumes. Subject to limited
exceptions, the rules also require that proved undeveloped
reserves may only be classified as such if a development plan has
been adopted indicating that they are scheduled to be drilled
within five years.
|
|
|
|
|
|
|
|
|
|
|
Oil |
|
Natural Gas |
|
NGLs |
|
Total Proved Reserves |
Reserve Category |
|
(MBbls) |
|
(MMcf) |
|
(MBbls) |
|
(MBOE) |
Proved Developed Producing |
|
7,746 |
|
66,627 |
|
5,065 |
|
23,917 |
Proved Non-Producing |
|
108 |
|
33 |
|
9 |
|
123 |
Proved Undeveloped |
|
3,956 |
|
11,249 |
|
1,914 |
|
7,745 |
Total
Proved |
|
11,810 |
|
77,909 |
|
6,988 |
|
31,785 |
|
|
|
|
|
|
|
|
|
|
|
Oil |
|
Natural Gas |
|
NGLs |
|
Total Proved Reserves |
Asset |
|
(MBbls) |
|
(MMcf) |
|
(MBbls) |
|
(MBOE) |
SCOOP/STACK |
|
1,277 |
|
12,314 |
|
787 |
|
4,116 |
Chaveroo Field |
|
2,218 |
|
636 |
|
137 |
|
2,461 |
Jonah Field |
|
239 |
|
25,113 |
|
318 |
|
4,744 |
Williston Basin |
|
2,798 |
|
7,135 |
|
1,653 |
|
5,640 |
Barnett Shale |
|
78 |
|
32,711 |
|
2,452 |
|
7,983 |
Hamilton Dome Field |
|
2,182 |
|
— |
|
— |
|
2,182 |
Delhi Field |
|
3,018 |
|
— |
|
1,641 |
|
4,659 |
Total
Proved |
|
11,810 |
|
77,909 |
|
6,988 |
|
31,785 |
Evolution Petroleum Corporation |
Condensed Consolidated Statements of Operations
(Unaudited) |
(In thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Years Ended |
|
June 30, |
|
March 31, |
|
June 30, |
|
2024 |
|
2023 |
|
2024 |
|
2024 |
|
2023 |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil |
$ |
14,533 |
|
|
$ |
10,982 |
|
|
$ |
14,538 |
|
|
$ |
53,446 |
|
|
$ |
51,044 |
|
Natural gas |
|
3,582 |
|
|
|
4,984 |
|
|
|
5,860 |
|
|
|
21,525 |
|
|
|
63,800 |
|
Natural gas liquids |
|
3,112 |
|
|
|
2,208 |
|
|
|
2,627 |
|
|
|
10,906 |
|
|
|
13,670 |
|
Total revenues |
|
21,227 |
|
|
|
18,174 |
|
|
|
23,025 |
|
|
|
85,877 |
|
|
|
128,514 |
|
Operating costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease operating costs |
|
11,408 |
|
|
|
11,818 |
|
|
|
12,624 |
|
|
|
48,273 |
|
|
|
59,545 |
|
Depletion, depreciation, and accretion |
|
5,302 |
|
|
|
3,834 |
|
|
|
5,900 |
|
|
|
20,062 |
|
|
|
14,273 |
|
General and administrative expenses |
|
2,114 |
|
|
|
2,263 |
|
|
|
2,417 |
|
|
|
9,636 |
|
|
|
9,583 |
|
Total operating costs |
|
18,824 |
|
|
|
17,915 |
|
|
|
20,941 |
|
|
|
77,971 |
|
|
|
83,401 |
|
Income (loss) from
operations |
|
2,403 |
|
|
|
259 |
|
|
|
2,084 |
|
|
|
7,906 |
|
|
|
45,113 |
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gain (loss) on derivative contracts |
|
(109 |
) |
|
|
— |
|
|
|
(1,183 |
) |
|
|
(1,292 |
) |
|
|
513 |
|
Interest and other income |
|
59 |
|
|
|
95 |
|
|
|
63 |
|
|
|
342 |
|
|
|
121 |
|
Interest expense |
|
(875 |
) |
|
|
(54 |
) |
|
|
(518 |
) |
|
|
(1,459 |
) |
|
|
(458 |
) |
Income (loss) before income
taxes |
|
1,478 |
|
|
|
300 |
|
|
|
446 |
|
|
|
5,497 |
|
|
|
45,289 |
|
Income tax (expense)
benefit |
|
(243 |
) |
|
|
(134 |
) |
|
|
(157 |
) |
|
|
(1,417 |
) |
|
|
(10,072 |
) |
Net income (loss) |
$ |
1,235 |
|
|
$ |
166 |
|
|
$ |
289 |
|
|
$ |
4,080 |
|
|
$ |
35,217 |
|
Net income (loss) per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.04 |
|
|
$ |
— |
|
|
$ |
0.01 |
|
|
$ |
0.12 |
|
|
$ |
1.05 |
|
Diluted |
$ |
0.04 |
|
|
$ |
— |
|
|
$ |
0.01 |
|
|
$ |
0.12 |
|
|
$ |
1.04 |
|
Weighted average number of
common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
32,679 |
|
|
|
32,618 |
|
|
|
32,702 |
|
|
|
32,691 |
|
|
|
32,985 |
|
Diluted |
|
32,835 |
|
|
|
32,891 |
|
|
|
32,854 |
|
|
|
32,901 |
|
|
|
33,190 |
|
Evolution Petroleum Corporation |
Condensed Consolidated Balance Sheets
(Unaudited) |
(In thousands, except share and per share
amounts) |
|
|
|
|
|
|
|
|
June 30, 2024 |
|
June 30, 2023 |
Assets |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash and cash equivalents |
$ |
6,446 |
|
$ |
11,034 |
Receivables from crude oil, natural gas, and natural gas liquids
revenues |
|
10,826 |
|
|
7,884 |
Derivative contract assets |
|
596 |
|
|
— |
Prepaid expenses and other current assets |
|
3,855 |
|
|
2,277 |
Total current assets |
|
21,723 |
|
|
21,195 |
Property and equipment, net of
depletion, depreciation, and impairment |
|
|
|
|
|
Oil and natural gas properties, net—full-cost method of accounting,
of |
|
|
|
|
|
which none were excluded from amortization |
|
139,685 |
|
|
105,781 |
|
|
|
|
|
|
Other noncurrent assets |
|
|
|
|
|
Derivative contract assets |
|
171 |
|
|
— |
Other assets |
|
1,298 |
|
|
1,341 |
Total assets |
$ |
162,877 |
|
$ |
128,317 |
Liabilities and Stockholders' Equity |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Accounts payable |
$ |
8,308 |
|
$ |
5,891 |
Accrued liabilities and other |
|
6,239 |
|
|
6,027 |
Derivative contract liabilities |
|
1,192 |
|
|
— |
State and federal taxes payable |
|
74 |
|
|
365 |
Total current liabilities |
|
15,813 |
|
|
12,283 |
Long term liabilities |
|
|
|
|
|
Senior secured credit facility |
|
39,500 |
|
|
— |
Deferred income taxes |
|
6,702 |
|
|
6,803 |
Asset retirement obligations |
|
19,209 |
|
|
17,012 |
Derivative contract liabilities |
|
468 |
|
|
— |
Operating lease liability |
|
58 |
|
|
125 |
Total liabilities |
|
81,750 |
|
|
36,223 |
Commitments and
contingencies |
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
Common stock; par value $0.001; 100,000,000 shares authorized:
issued and |
|
|
|
|
|
outstanding 33,339,535 and 33,247,523 shares as of
June 30, 2024 |
|
|
|
|
|
and 2023, respectively |
|
33 |
|
|
33 |
Additional paid-in capital |
|
41,091 |
|
|
40,098 |
Retained earnings |
|
40,003 |
|
|
51,963 |
Total stockholders' equity |
|
81,127 |
|
|
92,094 |
Total liabilities and stockholders' equity |
$ |
162,877 |
|
$ |
128,317 |
Evolution Petroleum Corporation |
Condensed Consolidated Statements of Cash Flows
(Unaudited) |
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Years Ended |
|
June 30, |
|
March 31, |
|
June 30, |
|
2024 |
|
2023 |
|
2024 |
|
2024 |
|
2023 |
Cash flows from operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
1,235 |
|
|
$ |
166 |
|
|
$ |
289 |
|
|
$ |
4,080 |
|
|
$ |
35,217 |
|
Adjustments to reconcile net income (loss) to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depletion, depreciation, and accretion |
|
5,302 |
|
|
|
3,834 |
|
|
|
5,900 |
|
|
|
20,062 |
|
|
|
14,273 |
|
Stock-based compensation |
|
552 |
|
|
|
484 |
|
|
|
549 |
|
|
|
2,137 |
|
|
|
1,639 |
|
Settlement of asset retirement obligations |
|
(1 |
) |
|
|
(55 |
) |
|
|
(19 |
) |
|
|
(20 |
) |
|
|
(174 |
) |
Deferred income taxes |
|
(225 |
) |
|
|
(196 |
) |
|
|
766 |
|
|
|
(101 |
) |
|
|
(296 |
) |
Unrealized (gain) loss on derivative contracts |
|
(170 |
) |
|
|
— |
|
|
|
1,063 |
|
|
|
893 |
|
|
|
(1,994 |
) |
Accrued settlements on derivative contracts |
|
(27 |
) |
|
|
211 |
|
|
|
94 |
|
|
|
67 |
|
|
|
(919 |
) |
Other |
|
— |
|
|
|
(1 |
) |
|
|
(3 |
) |
|
|
— |
|
|
|
(4 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receivables from crude oil, natural gas, and natural gas liquids
revenues |
|
1,824 |
|
|
|
1,958 |
|
|
|
(2,495 |
) |
|
|
(2,910 |
) |
|
|
18,441 |
|
Prepaid expenses and other current assets |
|
(137 |
) |
|
|
288 |
|
|
|
(1,151 |
) |
|
|
(1,562 |
) |
|
|
(692 |
) |
Accounts payable and accrued liabilities and other |
|
(440 |
) |
|
|
(5,343 |
) |
|
|
(1,629 |
) |
|
|
374 |
|
|
|
(13,489 |
) |
State and federal taxes payable |
|
74 |
|
|
|
(1,793 |
) |
|
|
— |
|
|
|
(291 |
) |
|
|
(730 |
) |
Net cash provided by operating activities |
|
7,987 |
|
|
|
(447 |
) |
|
|
3,364 |
|
|
|
22,729 |
|
|
|
51,272 |
|
Cash flows from investing
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of oil and natural gas properties |
|
5,054 |
|
|
|
— |
|
|
|
(43,788 |
) |
|
|
(38,734 |
) |
|
|
(31 |
) |
Capital expenditures for oil and natural gas properties |
|
(2,546 |
) |
|
|
(2,727 |
) |
|
|
(2,648 |
) |
|
|
(10,899 |
) |
|
|
(6,961 |
) |
Net cash used in investing activities |
|
2,508 |
|
|
|
(2,727 |
) |
|
|
(46,436 |
) |
|
|
(49,633 |
) |
|
|
(6,992 |
) |
Cash flows from financing
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock dividends paid |
|
(4,003 |
) |
|
|
(3,992 |
) |
|
|
(4,003 |
) |
|
|
(16,040 |
) |
|
|
(16,106 |
) |
Common stock repurchases, including stock surrendered for tax
withholding |
|
(113 |
) |
|
|
(187 |
) |
|
|
(818 |
) |
|
|
(1,144 |
) |
|
|
(4,170 |
) |
Borrowings under senior secured credit facility |
|
— |
|
|
|
— |
|
|
|
42,500 |
|
|
|
42,500 |
|
|
|
— |
|
Repayments of senior secured credit facility |
|
(3,000 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,000 |
) |
|
|
(21,250 |
) |
Net cash provided by (used in) financing activities |
|
(7,116 |
) |
|
|
(4,179 |
) |
|
|
37,679 |
|
|
|
22,316 |
|
|
|
(41,526 |
) |
Net increase (decrease) in cash and cash equivalents |
|
3,379 |
|
|
|
(7,353 |
) |
|
|
(5,393 |
) |
|
|
(4,588 |
) |
|
|
2,754 |
|
Cash and cash equivalents, beginning of period |
|
3,067 |
|
|
|
18,387 |
|
|
|
8,460 |
|
|
|
11,034 |
|
|
|
8,280 |
|
Cash and cash equivalents, end of period |
$ |
6,446 |
|
|
$ |
11,034 |
|
|
$ |
3,067 |
|
|
$ |
6,446 |
|
|
$ |
11,034 |
|
Evolution Petroleum
Corporation Non-GAAP Reconciliation –
Adjusted EBITDA (Unaudited) (In
thousands)
Adjusted EBITDA and Net income (loss) and
earnings per share excluding selected items are non-GAAP financial
measures that are used as supplemental financial measures by our
management and by external users of our financial statements, such
as investors, commercial banks, and others, to assess our operating
performance as compared to that of other companies in our industry,
without regard to financing methods, capital structure, or
historical costs basis. We use these measures to assess our ability
to incur and service debt and fund capital expenditures. Our
Adjusted EBITDA and Net income (loss) and earnings per share,
excluding selected items, should not be considered alternatives to
net income (loss), operating income (loss), cash flows provided by
(used in) operating activities, or any other measure of financial
performance or liquidity presented in accordance with U.S. GAAP.
Our Adjusted EBITDA and Net income (loss) and earnings per share
excluding selected items may not be comparable to similarly titled
measures of another company because all companies may not calculate
Adjusted EBITDA and Net income (loss) and earnings per share
excluding selected items in the same manner.
We define Adjusted EBITDA as net income (loss)
plus interest expense, income tax expense (benefit), depreciation,
depletion, and accretion (DD&A), stock-based compensation,
ceiling test impairment, and other impairments, unrealized loss
(gain) on change in fair value of derivatives, and other
non-recurring or non-cash expense (income) items.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Years Ended |
|
June 30, |
|
March 31, |
|
June 30, |
|
2024 |
|
2023 |
|
2024 |
|
2024 |
|
2023 |
Net income (loss) |
$ |
1,235 |
|
|
$ |
166 |
|
$ |
289 |
|
$ |
4,080 |
|
$ |
35,217 |
|
Adjusted by: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
875 |
|
|
|
54 |
|
|
518 |
|
|
1,459 |
|
|
458 |
|
Income tax expense
(benefit) |
|
243 |
|
|
|
134 |
|
|
157 |
|
|
1,417 |
|
|
10,072 |
|
Depletion, depreciation, and
accretion |
|
5,302 |
|
|
|
3,834 |
|
|
5,900 |
|
|
20,062 |
|
|
14,273 |
|
Stock-based compensation |
|
552 |
|
|
|
484 |
|
|
549 |
|
|
2,137 |
|
|
1,639 |
|
Unrealized loss (gain) on
derivative contracts |
|
(170 |
) |
|
|
— |
|
|
1,063 |
|
|
893 |
|
|
(1,994 |
) |
Severance |
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
74 |
|
Transaction costs |
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
345 |
|
Adjusted
EBITDA |
$ |
8,037 |
|
|
$ |
4,672 |
|
$ |
8,476 |
|
$ |
30,048 |
|
$ |
60,084 |
|
Evolution Petroleum Corporation |
Non-GAAP Reconciliation – Adjusted Net Income
(Unaudited) |
(In thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Years Ended |
|
June 30, |
|
March 31, |
|
June 30, |
|
2024 |
|
2023 |
|
2024 |
|
2024 |
|
2023 |
As
Reported: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss), as reported |
$ |
1,235 |
|
|
$ |
166 |
|
|
$ |
289 |
|
|
$ |
4,080 |
|
|
$ |
35,217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact of Selected
Items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized loss (gain) on
commodity contracts |
|
(170 |
) |
|
|
— |
|
|
|
1,063 |
|
|
|
893 |
|
|
|
(1,994 |
) |
Severance |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
74 |
|
Transaction costs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
345 |
|
Selected items, before income
taxes |
$ |
(170 |
) |
|
$ |
— |
|
|
$ |
1,063 |
|
|
$ |
893 |
|
|
$ |
(1,575 |
) |
Income tax effect of selected
items(1) |
|
(28 |
) |
|
|
— |
|
|
|
374 |
|
|
|
230 |
|
|
|
(350 |
) |
Selected items, net of
tax |
$ |
(142 |
) |
|
$ |
— |
|
|
$ |
689 |
|
|
$ |
663 |
|
|
$ |
(1,225 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Adjusted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss), excluding
selected items(2) |
$ |
1,093 |
|
|
$ |
166 |
|
|
$ |
978 |
|
|
$ |
4,743 |
|
|
$ |
33,992 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Undistributed earnings
allocated to unvested restricted stock |
|
(22 |
) |
|
|
(3 |
) |
|
|
(21 |
) |
|
|
(96 |
) |
|
|
(540 |
) |
Net income (loss), excluding
selected items for earnings per share calculation |
$ |
1,071 |
|
|
$ |
163 |
|
|
$ |
957 |
|
|
$ |
4,647 |
|
|
$ |
33,452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per common
share — Basic, as reported |
$ |
0.04 |
|
|
$ |
— |
|
|
$ |
0.01 |
|
|
$ |
0.12 |
|
|
$ |
1.05 |
|
Impact of selected items |
|
(0.01 |
) |
|
|
— |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
|
(0.04 |
) |
Net income (loss) per common
share — Basic, excluding selected items(2) |
$ |
0.03 |
|
|
$ |
— |
|
|
$ |
0.03 |
|
|
$ |
0.14 |
|
|
$ |
1.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per common
share — Diluted, as reported |
$ |
0.04 |
|
|
$ |
— |
|
|
$ |
0.01 |
|
|
$ |
0.12 |
|
|
$ |
1.04 |
|
Impact of selected items |
|
(0.01 |
) |
|
|
— |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
|
(0.03 |
) |
Net income (loss) per common
share — Diluted, excluding selected items(2)(3) |
$ |
0.03 |
|
|
$ |
— |
|
|
$ |
0.03 |
|
|
$ |
0.14 |
|
|
$ |
1.01 |
|
_____________________________
(1) The tax impact for the three months ended
June 30, 2024 and March 31, 2024, is represented using estimated
tax rates of 16.4% and 35.2%, respectively. The tax impact for
years ended June 30, 2024, and 2023, is represented using estimated
tax rates of 25.8% and 22.2%, respectively.
(2) Net income (loss) and earnings per share
excluding selected items are non-GAAP financial measures presented
as supplemental financial measures to enable a user of the
financial information to understand the impact of these items on
reported results. These financial measures should not be considered
an alternative to net income (loss), operating income (loss), cash
flows provided by (used in) operating activities, or any other
measure of financial performance or liquidity presented in
accordance with U.S. GAAP. Our Adjusted Net Income (Loss) and
earnings per share may not be comparable to similarly titled
measures of another company because all companies may not calculate
Adjusted Net Income (Loss) and earnings per share in the same
manner. (3) The impact of selected items for the
three months ended June 30, 2024, and 2023 was calculated based
upon weighted average diluted shares of 32.8 million and 32.9
million, respectively, due to the net income (loss), excluding
selected items. The impact of selected items for the three months
ended March 31, 2024, was calculated based upon weighted average
diluted shares of 32.9 million due to the net income (loss),
excluding selected items. The impact of selected items for the
years ended June 30, 2024, and 2023 was calculated based upon
weighted average diluted shares of 32.9 million and 33.2 million,
respectively, due to the net income (loss), excluding selected
items.
Evolution Petroleum Corporation |
Supplemental Information on Oil and Natural Gas Operations
(Unaudited) |
(In thousands, except per unit and per BOE
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Years Ended |
|
June 30, |
|
March 31, |
|
June 30, |
|
2024 |
|
2023 |
|
2024 |
|
2024 |
|
2023 |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil |
$ |
14,533 |
|
$ |
10,982 |
|
$ |
14,538 |
|
$ |
53,446 |
|
$ |
51,044 |
Natural gas |
|
3,582 |
|
|
4,984 |
|
|
5,860 |
|
|
21,525 |
|
|
63,800 |
Natural gas liquids |
|
3,112 |
|
|
2,208 |
|
|
2,627 |
|
|
10,906 |
|
|
13,670 |
Total revenues |
$ |
21,227 |
|
$ |
18,174 |
|
$ |
23,025 |
|
$ |
85,877 |
|
$ |
128,514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease operating
costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CO2costs |
$ |
1 |
|
$ |
1,348 |
|
$ |
1,035 |
|
$ |
4,242 |
|
$ |
7,375 |
Ad valorem and production
taxes |
|
1,273 |
|
|
1,158 |
|
|
1,458 |
|
|
5,281 |
|
|
8,158 |
Other lease operating
costs |
|
10,134 |
|
|
9,312 |
|
|
10,131 |
|
|
38,750 |
|
|
44,012 |
Total lease operating
costs |
$ |
11,408 |
|
$ |
11,818 |
|
$ |
12,624 |
|
$ |
48,273 |
|
$ |
59,545 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depletion of full cost proved
oil and natural gas properties |
$ |
4,925 |
|
$ |
3,544 |
|
$ |
5,532 |
|
$ |
18,605 |
|
$ |
13,142 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil (MBBL) |
|
190 |
|
|
158 |
|
|
199 |
|
|
709 |
|
|
659 |
Natural gas (MMCF) |
|
2,152 |
|
|
2,044 |
|
|
2,115 |
|
|
8,243 |
|
|
9,109 |
Natural gas liquids
(MBBL) |
|
107 |
|
|
91 |
|
|
104 |
|
|
402 |
|
|
416 |
Equivalent (MBOE)(1) |
|
656 |
|
|
590 |
|
|
656 |
|
|
2,485 |
|
|
2,593 |
Average daily production
(BOEPD)(1) |
|
7,209 |
|
|
6,484 |
|
|
7,209 |
|
|
6,790 |
|
|
7,104 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average price per
unit(2): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil (BBL) |
$ |
76.49 |
|
$ |
69.51 |
|
$ |
73.06 |
|
$ |
75.38 |
|
$ |
77.46 |
Natural gas (MCF) |
|
1.66 |
|
|
2.44 |
|
|
2.77 |
|
|
2.61 |
|
|
7.00 |
Natural Gas Liquids (BBL) |
|
29.08 |
|
|
24.26 |
|
|
25.26 |
|
|
27.13 |
|
|
32.86 |
Equivalent (BOE)(1) |
$ |
32.36 |
|
$ |
30.80 |
|
$ |
35.10 |
|
$ |
34.56 |
|
$ |
49.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average cost per
unit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CO2costs |
$ |
— |
|
$ |
2.28 |
|
$ |
1.58 |
|
$ |
1.71 |
|
$ |
2.84 |
Ad valorem and production
taxes |
|
1.94 |
|
|
1.96 |
|
|
2.22 |
|
|
2.13 |
|
|
3.15 |
Other lease operating
costs |
|
15.45 |
|
|
15.78 |
|
|
15.44 |
|
|
15.59 |
|
|
16.97 |
Total lease operating
costs |
$ |
17.39 |
|
$ |
20.02 |
|
$ |
19.24 |
|
$ |
19.43 |
|
$ |
22.96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depletion of full cost proved
oil and natural gas properties |
$ |
7.51 |
|
$ |
6.01 |
|
$ |
8.43 |
|
$ |
7.49 |
|
$ |
5.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CO2costs per MCF |
$ |
0.87 |
|
$ |
0.91 |
|
$ |
0.92 |
|
$ |
0.97 |
|
$ |
0.99 |
CO2volumes (MMCF per day,
gross) |
|
0.1 |
|
|
68.2 |
|
|
52.1 |
|
|
50.3 |
|
|
85.2 |
_____________________________
(1) Equivalent oil reserves are defined as six
MCF of natural gas and 42 gallons of NGLs to one barrel of oil
conversion ratio which reflects energy equivalence and not price
equivalence. Natural gas prices per MCF and NGL prices per barrel
often differ significantly from the equivalent amount of oil.
(2) Amounts exclude the impact of cash paid or
received on the settlement of derivative contracts since we did not
elect to apply hedge accounting.
Evolution Petroleum Corporation |
Summary of Production Volumes, Average Sales Price, and
Average Production Costs (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
June 30, |
|
March 31, |
|
2024 |
|
2023 |
|
2024 |
|
Volume |
|
Price |
|
Volume |
|
Price |
|
Volume |
|
Price |
Production: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil (MBBL) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SCOOP/STACK |
|
41 |
|
$ |
80.55 |
|
|
— |
|
$ |
— |
|
|
30 |
|
$ |
78.71 |
Chaveroo Field |
|
12 |
|
|
79.82 |
|
|
— |
|
|
— |
|
|
15 |
|
|
76.39 |
Jonah Field |
|
8 |
|
|
72.14 |
|
|
9 |
|
|
77.87 |
|
|
8 |
|
|
72.25 |
Williston Basin |
|
35 |
|
|
74.20 |
|
|
34 |
|
|
70.31 |
|
|
35 |
|
|
70.29 |
Barnett Shale |
|
2 |
|
|
75.70 |
|
|
3 |
|
|
69.37 |
|
|
3 |
|
|
73.05 |
Hamilton Dome Field |
|
35 |
|
|
67.85 |
|
|
37 |
|
|
60.53 |
|
|
35 |
|
|
61.21 |
Delhi Field |
|
57 |
|
|
80.46 |
|
|
74 |
|
|
73.01 |
|
|
73 |
|
|
77.08 |
Other |
|
— |
|
|
— |
|
|
1 |
|
|
75.07 |
|
|
— |
|
|
— |
Total |
|
190 |
|
$ |
76.49 |
|
|
158 |
|
$ |
69.51 |
|
|
199 |
|
$ |
73.06 |
Natural gas (MMCF) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SCOOP/STACK |
|
319 |
|
$ |
2.70 |
|
|
— |
|
$ |
— |
|
|
214 |
|
$ |
2.11 |
Chaveroo Field |
|
5 |
|
|
2.02 |
|
|
— |
|
|
— |
|
|
7 |
|
|
2.29 |
Jonah Field |
|
818 |
|
|
1.59 |
|
|
881 |
|
|
3.16 |
|
|
843 |
|
|
3.94 |
Williston Basin |
|
31 |
|
|
1.65 |
|
|
23 |
|
|
2.99 |
|
|
20 |
|
|
1.36 |
Barnett Shale |
|
979 |
|
|
1.39 |
|
|
1,140 |
|
|
1.87 |
|
|
1,031 |
|
|
1.98 |
Total |
|
2,152 |
|
$ |
1.66 |
|
|
2,044 |
|
$ |
2.44 |
|
|
2,115 |
|
$ |
2.77 |
Natural gas liquids (MBBL) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SCOOP/STACK |
|
20 |
|
$ |
22.16 |
|
|
— |
|
$ |
— |
|
|
10 |
|
$ |
25.14 |
Chaveroo Field |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1 |
|
|
22.86 |
Jonah Field |
|
8 |
|
|
30.35 |
|
|
9 |
|
|
25.80 |
|
|
9 |
|
|
31.93 |
Williston Basin |
|
8 |
|
|
23.94 |
|
|
5 |
|
|
15.00 |
|
|
4 |
|
|
23.96 |
Barnett Shale |
|
54 |
|
|
31.29 |
|
|
61 |
|
|
24.52 |
|
|
59 |
|
|
22.85 |
Delhi Field |
|
17 |
|
|
31.83 |
|
|
16 |
|
|
24.65 |
|
|
20 |
|
|
30.48 |
Other |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1 |
|
|
25.87 |
Total |
|
107 |
|
$ |
29.08 |
|
|
91 |
|
$ |
24.26 |
|
|
104 |
|
$ |
25.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equivalent (MBOE)(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SCOOP/STACK |
|
115 |
|
$ |
40.29 |
|
|
— |
|
$ |
— |
|
|
76 |
|
$ |
40.56 |
Chaveroo Field |
|
13 |
|
|
77.49 |
|
|
— |
|
|
— |
|
|
17 |
|
|
68.40 |
Jonah Field |
|
152 |
|
|
13.98 |
|
|
165 |
|
|
22.60 |
|
|
158 |
|
|
26.72 |
Williston Basin |
|
48 |
|
|
59.33 |
|
|
43 |
|
|
59.57 |
|
|
42 |
|
|
61.15 |
Barnett Shale |
|
219 |
|
|
14.86 |
|
|
254 |
|
|
15.15 |
|
|
234 |
|
|
15.41 |
Hamilton Dome Field |
|
35 |
|
|
67.85 |
|
|
37 |
|
|
60.53 |
|
|
35 |
|
|
61.21 |
Delhi Field |
|
74 |
|
|
69.34 |
|
|
90 |
|
|
64.69 |
|
|
93 |
|
|
67.21 |
Other |
|
— |
|
|
— |
|
|
1 |
|
|
75.07 |
|
|
1 |
|
|
25.87 |
Total |
|
656 |
|
$ |
32.36 |
|
|
590 |
|
$ |
30.80 |
|
|
656 |
|
$ |
35.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily production
(BOEPD)(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SCOOP/STACK |
|
1,264 |
|
|
|
|
|
— |
|
|
|
|
|
835 |
|
|
|
Chaveroo Field |
|
143 |
|
|
|
|
|
— |
|
|
|
|
|
187 |
|
|
|
Jonah Field |
|
1,670 |
|
|
|
|
|
1,813 |
|
|
|
|
|
1,736 |
|
|
|
Williston Basin |
|
527 |
|
|
|
|
|
473 |
|
|
|
|
|
462 |
|
|
|
Barnett Shale |
|
2,407 |
|
|
|
|
|
2,791 |
|
|
|
|
|
2,571 |
|
|
|
Hamilton Dome Field |
|
385 |
|
|
|
|
|
407 |
|
|
|
|
|
385 |
|
|
|
Delhi Field |
|
813 |
|
|
|
|
|
989 |
|
|
|
|
|
1,022 |
|
|
|
Other |
|
— |
|
|
|
|
|
11 |
|
|
|
|
|
11 |
|
|
|
Total |
|
7,209 |
|
|
|
|
|
6,484 |
|
|
|
|
|
7,209 |
|
|
|
_____________________________
(1) Equivalent oil reserves are defined as six
MCF of natural gas and 42 gallons of NGLs to one barrel of oil
conversion ratio which reflects energy equivalence and not price
equivalence. Natural gas prices per MCF and NGL prices per barrel
often differ significantly from the equivalent amount of oil.
Evolution Petroleum Corporation |
Summary of Average Production Costs
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
June 30, |
|
March 31, |
Production costs (in
thousands, except per BOE): |
2024 |
|
2023 |
|
2024 |
Lease operating costs |
Amount |
|
per BOE |
|
Amount |
|
per BOE |
|
Amount |
|
per BOE |
SCOOP/STACK |
$ |
1,028 |
|
$ |
9.06 |
|
$ |
— |
|
$ |
— |
|
$ |
619 |
|
$ |
8.18 |
Chaveroo Field |
|
301 |
|
|
24.42 |
|
|
— |
|
|
— |
|
|
161 |
|
|
9.12 |
Jonah Field |
|
1,834 |
|
|
11.99 |
|
|
2,218 |
|
|
13.45 |
|
|
2,313 |
|
|
14.63 |
Williston Basin |
|
1,227 |
|
|
25.53 |
|
|
1,149 |
|
|
26.83 |
|
|
1,413 |
|
|
33.69 |
Barnett Shale |
|
3,853 |
|
|
17.47 |
|
|
3,902 |
|
|
15.28 |
|
|
3,767 |
|
|
16.07 |
Hamilton Dome Field |
|
1,415 |
|
|
40.40 |
|
|
1,417 |
|
|
38.76 |
|
|
1,566 |
|
|
45.34 |
Delhi Field |
|
1,750 |
|
|
23.96 |
|
|
3,132 |
|
|
35.06 |
|
|
2,785 |
|
|
30.19 |
Total |
$ |
11,408 |
|
$ |
17.39 |
|
$ |
11,818 |
|
$ |
20.02 |
|
$ |
12,624 |
|
$ |
19.24 |
This press release was published by a CLEAR® Verified
individual.
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