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Epsilon Energy Ltd. (EPSN+1.05%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total estimated net proved reserves of 69,401 million cubic feet of natural gas, 876,808 barrels of natural gas liquids, and 1,572,465 barrels of oil and other liquids. Epsilon holds leasehold rights to approximately 102,506 gross (23,602 net) acres.
Epsilon operates in the Marcellus Shale in Pennsylvania, the Permian Basin in Texas and New Mexico, the NW Anadarko Basin in Oklahoma, and the Western Canadian Sedimentary Basin in Alberta, Canada.
During 2024, Epsilon's realized natural gas price was $1.80 per Mcf, a 4% increase from 2023. Total natural gas sales were 5.7 Bcf, a 28% decrease from the previous year due to curtailed production volumes.
In the Permian Basin, the realized price for all production was $53.52 per BOE, with total sales of 259 MBOE, a 242% increase from the previous year.
Epsilon participated in the drilling and completion of wells in various regions, including 3 gross (0.04 net) wells in Pennsylvania and 2 gross (0.5 net) wells in Texas.
The company reported a net income of $1.9 million for 2024, compared to $6.9 million in 2023. The decrease was attributed to losses on derivative contracts and higher intangible drilling cost deductions.
Epsilon's cash flow from operations was $16.8 million, a decrease from $18.2 million in 2023. The company used $16.7 million for investing activities, primarily for the acquisition and development of upstream properties.
Epsilon's senior secured reserve-based revolving credit facility with Frost Bank has a current borrowing base of $45 million, with no borrowings under the facility as of the filing date.
The company repurchased 373,700 shares during 2024, spending $1.8 million at an average price of $4.88 per share under its share repurchase programs.
Epsilon continues to evaluate new opportunities in North American natural gas and oil basins and remains committed to disciplined capital allocation, including shareholder returns in the form of dividends and share buybacks.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Epsilon Energy Ltd. annual 10-K report dated March 19, 2025. To report an error, please email earnings@qz.com.