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Evolution Petroleum Corporation Inc. (EPM-2.29%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing total revenues of $20.3 million, a decrease from $21.0 million in the same quarter the previous year. The decrease is attributed to a decline in average realized prices despite an increase in production volumes.
Operating costs for the quarter were $20.9 million, up from $19.5 million in the previous year. This increase is due to higher gathering, transportation, and other costs.
The company reported a net loss of $1.8 million for the quarter, compared to a net income of $1.1 million in the previous year. The loss is attributed to lower revenues and increased operating costs.
Cash provided by operating activities was $15.3 million, while cash used in investing and financing activities was $3.8 million and $6.3 million, respectively.
Evolution had a working capital of $10.5 million as of December 31, 2024. The company maintains a Senior Secured Credit Facility with a borrowing base of $50.0 million, with $39.5 million drawn as of the end of the quarter.
The filing details various financial agreements, including the company's hedging activities under its Senior Secured Credit Facility.
Evolution declared a quarterly cash dividend of $0.12 per share, payable on March 31, 2025.
The company continues to focus on maximizing shareholder returns through acquisitions and development of its oil and natural gas properties.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Evolution Petroleum Corporation Inc. quarterly 10-Q report dated February 12, 2025. To report an error, please email earnings@qz.com.