$EPM
EVOLUTION PETROLEUM CORP

2023 Q2 Form 10-Q Financial Statement

#000155837023009105 Filed on May 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $18.17M $36.87M
YoY Change -56.75% 43.51%
Cost Of Revenue $11.82M $13.57M
YoY Change -31.6% 12.3%
Gross Profit $6.356M $23.30M
YoY Change -74.31% 71.23%
Gross Profit Margin 34.97% 63.19%
Selling, General & Admin $2.263M $2.267M
YoY Change 45.38% 49.61%
% of Gross Profit 35.6% 9.73%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.834M $3.383M
YoY Change 7.57% 94.74%
% of Gross Profit 60.32% 14.52%
Operating Expenses $6.097M $5.650M
YoY Change 19.06% 73.71%
Operating Profit $259.0K $17.65M
YoY Change -98.68% 70.45%
Interest Expense $41.00K $32.00K
YoY Change -102.95% -81.21%
% of Operating Profit 15.83% 0.18%
Other Income/Expense, Net
YoY Change
Pretax Income $300.0K $17.90M
YoY Change -98.35% 135.71%
Income Tax $134.0K $3.941M
% Of Pretax Income 44.67% 22.02%
Net Earnings $166.0K $13.96M
YoY Change -98.88% 144.61%
Net Earnings / Revenue 0.91% 37.86%
Basic Earnings Per Share $0.42
Diluted Earnings Per Share $0.01 $0.41
COMMON SHARES
Basic Shares Outstanding 33.27M 33.72M
Diluted Shares Outstanding 33.16M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.03M $18.39M
YoY Change 33.26% 37.54%
Cash & Equivalents $11.03M $18.39M
Short-Term Investments
Other Short-Term Assets $1.912M $2.418M
YoY Change -47.77% 245.42%
Inventory
Prepaid Expenses
Receivables $7.884M $9.853M
Other Receivables $365.0K $347.0K
Total Short-Term Assets $21.20M $31.01M
YoY Change -41.72% -3.52%
LONG-TERM ASSETS
Property, Plant & Equipment $106.0M $105.5M
YoY Change -4.11% 27.79%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.341M $1.353M
YoY Change 14.52% -7.96%
Total Long-Term Assets $107.1M $106.7M
YoY Change -4.08% 26.88%
TOTAL ASSETS
Total Short-Term Assets $21.20M $31.01M
Total Long-Term Assets $107.1M $106.7M
Total Assets $128.3M $137.7M
YoY Change -13.33% 18.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.891M $8.735M
YoY Change -61.07% -34.29%
Accrued Expenses $6.027M $9.429M
YoY Change -49.32% 941.14%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.28M $20.32M
YoY Change -59.44% 21.13%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $17.14M $14.73M
YoY Change 23.3% 77.19%
Total Long-Term Liabilities $17.14M $14.73M
YoY Change -51.24% -47.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.28M $20.32M
Total Long-Term Liabilities $17.14M $14.73M
Total Liabilities $36.22M $42.05M
YoY Change -50.06% -18.27%
SHAREHOLDERS EQUITY
Retained Earnings $51.96M $55.79M
YoY Change 58.17% 161.25%
Common Stock $33.00K $33.00K
YoY Change 0.0% -2.13%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $92.09M $95.62M
YoY Change
Total Liabilities & Shareholders Equity $128.3M $137.7M
YoY Change -13.33% 18.47%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $166.0K $13.96M
YoY Change -98.88% 144.61%
Depreciation, Depletion And Amortization $3.834M $3.383M
YoY Change 7.57% 94.74%
Cash From Operating Activities -$447.0K $23.95M
YoY Change -101.88% 61.85%
INVESTING ACTIVITIES
Capital Expenditures $2.727M $1.348M
YoY Change -109.67% -105.16%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.727M -$1.348M
YoY Change -89.8% -95.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.179M -7.925M
YoY Change 96.67% -162.96%
NET CHANGE
Cash From Operating Activities -447.0K 23.95M
Cash From Investing Activities -2.727M -1.348M
Cash From Financing Activities -4.179M -7.925M
Net Change In Cash -7.353M 14.68M
YoY Change 44.49% -6520.1%
FREE CASH FLOW
Cash From Operating Activities -$447.0K $23.95M
Capital Expenditures $2.727M $1.348M
Free Cash Flow -$3.174M $22.60M
YoY Change -106.11% -44.79%

Facts In Submission

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EVOLUTION PETROLEUM CORP
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CY2023Q1 epm Number Of Wells With Overriding Royalty Interest
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us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates. </span>  The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities, if any, at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the respective reporting periods. Significant estimates include (a) reserve quantities and estimated future cash flows associated with proved reserves, which may significantly impact depletion expense and potential impairments of oil and natural gas properties, (b) asset retirement obligations, (c) stock-based compensation, (d) fair values of derivative contract assets and liabilities, (e) income taxes and the valuation of deferred income tax assets, (f) commitments and contingencies, and (g) accruals of crude oil, natural </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">gas, and natural gas liquids (“NGL”) revenues and expenses. The Company analyzes estimates and judgements based on historical experience and various other assumptions and information that are believed to be reasonable. Estimates and assumptions about future events and their effects cannot be predicted with certainty and, accordingly, these estimates may change as additional information is obtained, as new events occur, and as the Company’s environment changes. Actual results may differ from the estimates and assumptions used in the preparation of the Company’s unaudited condensed consolidated financial statements.</p>
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Depletion
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2023Q1 us-gaap Unrecognized Tax Benefits
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CY2022Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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CY2023Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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IncomeTaxExpenseBenefit
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us-gaap Effective Income Tax Rate Continuing Operations
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CY2023Q1 us-gaap Gain Loss On Sale Of Derivatives
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us-gaap Gain Loss On Sale Of Derivatives
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CY2022Q1 us-gaap Unrealized Gain Loss On Derivatives
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CY2023Q1 us-gaap Gain Loss On Derivative Instruments Net Pretax
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513000
us-gaap Gain Loss On Derivative Instruments Net Pretax
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CY2022Q2 us-gaap Derivative Assets
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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us-gaap Net Income Loss
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CY2022Q1 epm Distributed And Undistributed Earnings Allocated To Participating Securities
DistributedAndUndistributedEarningsAllocatedToParticipatingSecurities
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epm Distributed And Undistributed Earnings Allocated To Participating Securities
DistributedAndUndistributedEarningsAllocatedToParticipatingSecurities
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epm Distributed And Undistributed Earnings Allocated To Participating Securities
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CY2022Q1 us-gaap Undistributed Earnings Loss Available To Common Shareholders Basic
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us-gaap Undistributed Earnings Loss Available To Common Shareholders Basic
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us-gaap Undistributed Earnings Loss Available To Common Shareholders Basic
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33013000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33009000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33108000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2023Q1 epm Incremental Common Shares Attributable To Dilutive Effect Of Unvested Restricted Stock
IncrementalCommonSharesAttributableToDilutiveEffectOfUnvestedRestrictedStock
143000
CY2022Q1 epm Incremental Common Shares Attributable To Dilutive Effect Of Unvested Restricted Stock
IncrementalCommonSharesAttributableToDilutiveEffectOfUnvestedRestrictedStock
379000
epm Incremental Common Shares Attributable To Dilutive Effect Of Unvested Restricted Stock
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epm Incremental Common Shares Attributable To Dilutive Effect Of Unvested Restricted Stock
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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33388000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33258000
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.42
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.17
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.04
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.53
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.41
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.17
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.04
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.52
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AcquisitionSettlementProceedsReceivableCurrent
2263000
CY2023Q1 us-gaap Nontrade Receivables Current
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211000
CY2023Q1 us-gaap Accounts And Other Receivables Net Current
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CY2023Q1 us-gaap Prepaid Insurance
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CY2022Q2 us-gaap Prepaid Insurance
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CY2023Q1 us-gaap Prepaid Taxes
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CY2022Q2 us-gaap Prepaid Taxes
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CY2023Q1 epm Prepaid Subscription And Licenses
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CY2022Q2 epm Prepaid Subscription And Licenses
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38000
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CY2023Q1 us-gaap Prepaid Expense And Other Assets Current
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3875000
CY2023Q1 epm Acquisition Deposit
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CY2022Q2 epm Acquisition Deposit
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CY2023Q1 us-gaap Operating Lease Right Of Use Asset
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694000
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CY2023Q1 us-gaap Accrual For Taxes Other Than Income Taxes Current
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163000
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332000
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CY2023Q1 us-gaap Operating Lease Liability Current
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us-gaap Lease Expiration Date1
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2026-09-30
epm Lessee Finance Lease Or Short Term Lease Number Of Contracts
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0
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us-gaap Operating Lease Cost
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P3Y5M1D
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CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2023Q1 us-gaap Operating Lease Right Of Use Asset
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CY2022Q2 us-gaap Operating Lease Right Of Use Asset
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CY2023Q1 us-gaap Operating Lease Liability Current
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59000
CY2022Q2 us-gaap Operating Lease Liability Current
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26000
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
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137000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
15000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
61000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
62000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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64000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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16000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
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22000
CY2023Q1 us-gaap Operating Lease Liability
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CY2023Q1 us-gaap Operating Lease Liability Noncurrent
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137000

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