Q4 2024 Evolution Petroleum Corp Earnings Call Transcript
Key Points
- Evolution Petroleum Corp (EPM) achieved record liquids revenue and production for fiscal year 2024, driven by strategic transactions and asset acquisitions.
- The company expanded its drilling inventory significantly, adding over 300 locations in the SCOOP/STACK regions and 80 plus locations at Chaveroo.
- Participation in 22 wells at SCOOP/STACK exceeded initial expectations, generating higher returns and stronger production.
- Delhi field has been certified as a carbon capture utilization and storage site, potentially driving further benefits.
- Evolution Petroleum Corp (EPM) maintained its dividend strategy, announcing a $0.12 dividend for the 44th consecutive quarter, supported by a diverse and low-decline asset portfolio.
- The company faced a challenging macro environment with historically low natural gas prices, impacting revenue from natural gas.
- Operational challenges at the Delhi field included power outages and downtime from CO2 recycle compressors, affecting production.
- Chaveroo wells experienced higher-than-expected drilling costs due to fluid losses, impacting overall cost efficiency.
- The company has significant debt, with $39.5 million in borrowings on its credit facility, which could limit financial flexibility.
- Future development plans, such as the Test Site V at Delhi, are still in early stages, with uncertainties around timelines and outcomes.
Good morning and welcome to the Evolution Petroleum fourth-quarter and fiscal year 2024 earnings release conference call. (Operator Instructions) Please note today's event is being recorded. I would now like to turn the conference over to Brandi Hudson Investor Relations Manager. Please go ahead.
Thank you. Welcome to Evolution Petroleum fiscal Q4 2024 earnings call. I'm joined by Kelly Loyd, President and Chief Executive Officer; Mark Bunch, Chief Operating Officer; and Ryan Stash, Senior Vice President, Chief Financial Officer and Treasurer.
We released our fiscal fourth quarter and full year 2024 financial results after the market closed yesterday, so please refer to our earnings press release for additional information containing these results. You can access our earnings release in the Investors section of our website.
Please note that any statements and information provided in today's call speak only as of today's date, September 11th, 2024, and any time-sensitive information may not be
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