Evolution Petroleum Corp (NYSE American: EPM) is an oil and gas company that acquires and holds non-operated working interests in onshore U.S. oil, natural gas, and natural gas liquids properties. Revenue comes entirely from the sale of crude oil, natural gas, and NGLs produced from those interests, with the company relying on third-party operators to drill, complete, and manage field operations. For the fiscal year ended June 30, 2025, crude oil revenue was $51.1 million and the company reported average daily production of 7,074 BOEPD, up 4.2% from 6,790 BOEPD in FY2024. Realized prices averaged $66.71 per barrel of crude oil, $2.80 per MCF of natural gas, and $27.11 per barrel of NGLs in FY2025. Proved reserves stood at 27.1 MMBOE as of June 30, 2025, with 83.7% developed. The company operates as a pure non-operator, meaning it holds no operated assets, bears no direct drilling decision authority, and is structurally dependent on third-party operators for production outcomes. Cash flow from operations was $33.1 million in FY2025.

Revenue model

Transactional commodity sales. Evolution Petroleum sells its working interest share of crude oil, natural gas, and NGLs to third-party purchasers at prices set by field operators' sales contracts. In the Jonah Field, the company takes natural gas and NGL production in-kind and markets separately, including NGL sales to Enterprise Products Partners L.P. under direct contract. All other fields sell production through the operator.

Products and services

Crude oil, natural gas, and natural gas liquids (NGLs) produced from non-operated working interests across multiple U.S. onshore fields including Jonah Field (Wyoming), SCOOP/STACK (Oklahoma), Chaveroo Field, Williston Basin (North Dakota), Delhi Field (Louisiana), Barnett Shale, and Hamilton Dome Field. Proved undeveloped reserves of 4.4 MMBOE as of June 30, 2025 are primarily associated with Chaveroo Field and Williston Basin.

Customers and end markets

Production is marketed to third-party purchasers in the U.S. domestic market. For most fields, the company does not know the identity of end buyers, as sales flow through operator contracts. Jonah Field NGLs are sold directly to Enterprise Products Partners L.P. End markets are commodity oil and gas markets; demand is driven by U.S. energy consumption and commodity prices.

Value-chain role

Non-operator working interest owner. Evolution Petroleum provides capital to acquire interests but does not operate any of its oil and gas properties. All drilling, completion, and production decisions are made by third-party operators. The company receives its proportionate share of production revenues net of operating costs.

Geographic exposure

Exclusively U.S. onshore. Properties are located in Wyoming (Jonah Field), Oklahoma (SCOOP/STACK), New Mexico (Chaveroo Field), North Dakota (Williston Basin), Louisiana (Delhi Field), Texas (Barnett Shale), and Wyoming (Hamilton Dome Field).

Source: SEC 10-K, filed 2025-09-17

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