– Fiscal Q1 Revenues Up 6% Y/Y to $21.9 Million, Driven by Record Oil Production –
– Fiscal Q1 Net Income Increases to $2.1 Million; Adjusted EBITDA up 21% Y/Y to $8.1 Million –
HOUSTON, Nov. 12, 2024 (GLOBE NEWSWIRE) — Evolution Petroleum Corporation (NYSE American: EPM) (“Evolution” or the “Company”) today announced its financial and operating results for its fiscal first quarter ended September 30, 2024. Evolution also declared its 45th consecutive quarterly cash dividend of $0.12 per common share for the fiscal 2025 second quarter.
Financial & Operational Highlights
($ in thousands)Q1 2025 Q1 2024 Q4 2024 % Change vs Q1/Q1 % Change vs Q1/Q4Average BOEPD 7,478 6,457 7,209 16% 4%Revenues$21,896 $20,601 $21,227 6% 3%Net Income$2,065 $1,474 $1,235 40% 67%Adjusted Net Income(1)$728 $1,474 $1,093 (51)% (33)%Adjusted EBITDA(2)$8,125 $6,703 $8,037 21% 1%
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(1) Adjusted Net Income is a non-GAAP financial measure; see the non-GAAP reconciliation schedules to the most comparable GAAP measures at the end of this release for more information.
(2) Adjusted EBITDA is Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization and is a non-GAAP financial measure; see the non-GAAP reconciliation schedules to the most comparable GAAP measures at the end of this release for more information.
Fiscal Q1 production increased 16% year-over-year to 7,478 average barrels of oil equivalent per day (“BOEPD”), with oil increasing 27%, natural gas increasing 10%, and natural gas liquids (“NGLs”) increasing 19%.$4.0 million returned to shareholders in the form of cash dividends during the fiscal first quarter of 2025.Seven SCOOP/STACK wells were brought online during the quarter.
Kelly Loyd, President and Chief Executive Officer, commented, “Building on the momentum from fiscal 2024, this quarter’s strong financial results reflect the effectiveness of our strategy of strengthening and diversifying our portfolio. In fiscal Q1, total production increased 16% year-over-year to 7,478 average BOEPD, which included record quarterly oil production, driven by contributions from our SCOOP/STACK acquisitions and new wells drilled both there and at Chaveroo. Despite continued softness in natural gas prices, our diversified portfolio generated a 6% increase in revenue.
In SCOOP/STACK, we brought seven gross wells online during the quarter with results that have exceeded our expectations, and company-wide, we expect to bring an additional 13 gross wells online throughout the rest of this fiscal year. We are pleased with the performance at Chaveroo, where we will begin drilling our next round of four gross wells in January 2025 to allow for warmer fracking conditions while continuing to position us for high-impact drilling in the upcoming quarters. At Delhi, we are proceeding as planned with ExxonMobil on the development of Test Site V, with the first of three initial producer wells on track to be drilled by fiscal year-end. In addition, the CO2 supply line to the field was recently placed back in service after eight months of maintenance, allowing an increase in injection volumes that we expect will yield a positive impact on oil production and revenue, partially offset by the CO2 purchase cost. These initiatives will continue to strengthen and further diversify our organic growth portfolio.”
Mr. Loyd concluded, “As we look to the future, we remain focused on executing our strategy to drive long-term shareholder value. Our asset base has been strengthened by acquiring high-quality, long-life, low-decline properties and by adding valuable drilling locations at favorable costs. We believe our track record of delivering both organic and inorganic growth at highly accretive valuations will support our dividend program for years to come.”
Fiscal First Quarter 2025 Financial Results
Total revenues increased 6% to $21.9 million compared to $20.6 million in the year-ago period. The improvement was driven by an increase in production volumes largely due to the Company’s SCOOP/STACK acquisitions in February 2024 and the ongoing drilling and completion activities occurring there, as well as our new wells at Chaveroo that came online at the same time. Decreases in commodity prices partially offset the increase in production volumes.
Lease operating costs (“LOE”) decreased to $11.8 million compared to $11.9 million in the year-ago period. On a per unit basis, total LOE decreased 14% to $17.14 per BOE compared to $20.01 per BOE last year. The overall decrease was driven by the suspension of CO2 purchases at Delhi Field for the quarter due to maintenance on the pipeline that began in February 2024. CO2 purchases restarted in October. The increase in production from our SCOOP/STACK properties and Chaveroo wells, which incur lower relative operating costs than our other areas, has also driven down our LOE on a per-unit basis.
Depletion, depreciation, and accretion expense was $5.7 million compared to $4.3 million in the year-ago period. On a per BOE basis, the Company’s current quarter depletion rate increased to $7.74 per BOE compared to $6.58 per BOE in the year-ago period due to an increase in depletable base related to the Company’s SCOOP/STACK acquisitions and capital development expenditures added since the prior fiscal year.
General and administrative (“G&A”) expenses, excluding stock-based compensation, decreased to $2.0 million compared to $2.1 million in the year-ago period. On a per BOE basis, G&A expenses were $2.86 compared to $3.59 in the year-ago period. The decrease was primarily due to a reduction in transaction and third-party consulting fees.
Net income increased 40% to $2.1 million or $0.06 per diluted share, compared to $1.5 million or $0.04 per diluted share in the year-ago period.
Adjusted EBITDA increased 21% to $8.1 million compared to $6.7 million in the year-ago period. The increase was primarily due to increased revenue and reduced operating costs from the year-ago period.
Production & Pricing
Total production for the first quarter of fiscal 2025 increased 16% to 7,478 net BOEPD compared to 6,457 net BOEPD in the year-ago period. Total production for the first quarter of fiscal 2025 included 2,217 barrels per day (“BOPD”) of crude oil, 4,033 BOEPD of natural gas, and 1,228 BOEPD of NGLs. The increase in total production was driven by the closing of the Company’s SCOOP/STACK acquisitions in February 2024 and production from the initial three wells in the Chaveroo oilfield coming online at the same time. Liquids production generated 80% of revenue for the quarter compared to 73% in the year-ago period.
The Company’s average realized commodity price (excluding the impact of derivative contracts) decreased 8% to $31.83 per BOE compared to $34.68 per BOE in the year-ago period. These decreases were primarily driven by a decrease of approximately 30% in realized natural gas prices year-over-year.
Operations Update
At SCOOP/STACK, the Company’s operators brought seven gross wells online during fiscal Q1 2025, and an additional three gross wells have been brought online since quarter-end. Additionally, Evolution has agreed to participate in five gross new horizontal wells across the acreage. Since the effective date of the acquisitions, a total of 32 gross wells (or 0.5 net wells) have commenced first production.
In the Chaveroo oilfield, Evolution plans to exercise its full 50% working interest in four horizontal wells located in Drilling Block 2 during fiscal 2025. These operations are expected to begin in early fiscal Q3 2025. The Company has preliminarily agreed to six additional horizontal wells in Drilling Block 3, which are anticipated to begin operations in early fiscal 2026.
In the Williston Basin, production was impacted by a few high-volume wells going offline. The production for these wells was quickly restored.
At Delhi, production was up quarter-over-quarter, attributed to the replacement of one of the CO2 recycle compressors that had limited CO2 injection in the prior quarter. Production was also affected by the CO2 purchase pipeline being down for preventative maintenance from the end of February 2024 through fiscal Q1 2025. CO2 purchases resumed in October 2024.
Balance Sheet, Liquidity, and Capital Spending
On September 30, 2024, cash and cash equivalents totaled $6.9 million, and working capital was $8.5 million. Evolution had $39.5 million of borrowings outstanding under its revolving credit facility, which was used to fund the acquisitions of SCOOP/STACK, and total liquidity of $17.4 million, including cash and cash equivalents. In fiscal Q1, Evolution paid $4.0 million in common stock dividends and $2.7 million in capital expenditures.
Cash Dividend on Common Stock
On November 11, 2024, Evolution’s Board of Directors declared a cash dividend of $0.12 per share of common stock, which will be paid on December 31, 2024, to common stockholders of record on December 13, 2024. This will be the 45th consecutive quarterly cash dividend on the Company’s common stock since December 31, 2013. To date, Evolution has returned approximately $122.5 million, or $3.69 per share, back to stockholders in common stock dividends.
Conference Call
As previously announced, Evolution Petroleum will host a conference call on Wednesday, November 13, 2024, at 10:00 a.m. CT to review its fiscal first quarter 2025 financial and operating results. Participants can join online at https://event.choruscall.com/mediaframe/webcast.html?webcastid=zEqrDXV4 or by dialing (844) 481-2813. Dial-in participants should ask to join the Evolution Petroleum Corporation call. A replay will be available through November 13, 2025, via the provided webcast link and on Evolution’s Investor Relations website at www.ir.evolutionpetroleum.com.
About Evolution Petroleum
Evolution Petroleum Corporation is an independent energy company focused on maximizing total shareholder returns through the ownership of and investment in onshore oil and natural gas properties in the U.S. The Company aims to build and maintain a diversified portfolio of long-life oil and natural gas properties through acquisitions, selective development opportunities, production enhancements, and other exploitation efforts. Properties include non-operated interests in the following areas: the SCOOP/STACK plays of the Anadarko Basin in Oklahoma; the Chaveroo Oilfield located in Chaves and Roosevelt Counties, New Mexico; the Jonah Field in Sublette County, Wyoming; the Williston Basin in North Dakota; the Barnett Shale located in North Texas; the Hamilton Dome Field located in Hot Springs County, Wyoming; the Delhi Holt-Bryant Unit in the Delhi Field in Northeast Louisiana; as well as small overriding royalty interests in four onshore Texas wells. Visit www.evolutionpetroleum.com for more information.
Cautionary Statement
All forward-looking statements contained in this press release regarding the Company’s current and future expectations, potential results, and plans and objectives involve a wide range of risks and uncertainties. Statements herein using words such as “believe,” “expect,” “may,” “plans,” “outlook,” “should,” “will,” and words of similar meaning are forward-looking statements. Although the Company’s expectations are based on business, engineering, geological, financial, and operating assumptions that it believes to be reasonable, many factors could cause actual results to differ materially from its expectations. The Company gives no assurance that its goals will be achieved. These factors and others are detailed under the heading “Risk Factors” and elsewhere in our periodic reports filed with the Securities and Exchange Commission (“SEC”). The Company undertakes no obligation to update any forward-looking statement.
Contact
Investor Relations
(713) 935-0122
ir@evolutionpetroleum.com
Evolution Petroleum Corporation
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share amounts) Three Months Ended September 30, June 30, 2024 2023 2024 Revenues Crude oil$14,737 $12,616 $14,533 Natural gas 4,285 5,552 3,582 Natural gas liquids 2,874 2,433 3,112 Total revenues 21,896 20,601 21,227 Operating costs Lease operating costs 11,790 11,883 11,408 Depletion, depreciation, and accretion 5,725 4,262 5,302 General and administrative expenses 2,527 2,603 2,114 Total operating costs 20,042 18,748 18,824 Income (loss) from operations 1,854 1,853 2,403 Other income (expense) Net gain (loss) on derivative contracts 1,798 — (109)Interest and other income 57 116 59 Interest expense (823) (32) (875)Income (loss) before income taxes 2,886 1,937 1,478 Income tax (expense) benefit (821) (463) (243)Net income (loss)$2,065 $1,474 $1,235 Net income (loss) per common share: Basic$0.06 $0.04 $0.04 Diluted$0.06 $0.04 $0.04 Weighted average number of common shares outstanding: Basic 32,722 32,663 32,679 Diluted 32,868 32,984 32,835
Evolution Petroleum Corporation
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except share and per share amounts) September 30, 2024 June 30, 2024Assets Current assets Cash and cash equivalents$6,937 $6,446 Receivables from crude oil, natural gas, and natural gas liquids revenues 10,797 10,826 Derivative contract assets 1,253 596 Prepaid expenses and other current assets 1,998 3,855 Total current assets 20,985 21,723 Property and equipment, net of depletion, depreciation, and impairment Oil and natural gas properties—full-cost method of accounting: Oil and natural gas properties, net—full-cost method of accounting, of which none were excluded from amortization 135,477 139,685 Derivative contract assets 202 171 Other assets 1,278 1,298 Total assets$157,942 $162,877 Liabilities and Stockholders’ Equity Current liabilities Accounts payable$7,538 $8,308 Accrued liabilities and other 4,728 6,239 Derivative contract liabilities 173 1,192 State and federal taxes payable — 74 Total current liabilities 12,439 15,813 Long term liabilities Senior secured credit facility 39,500 39,500 Deferred income taxes 6,421 6,702 Asset retirement obligations 19,610 19,209 Derivative contract liabilities 307 468 Operating lease liability 35 58 Total liabilities 78,312 81,750 Commitments and contingencies Stockholders’ equity Common stock; par value $0.001; 100,000,000 shares authorized; issued and outstanding 33,606,532 and 33,339,535 shares as of September 30, 2024
and June 30, 2024, respectively 34 33 Additional paid-in capital 41,561 41,091 Retained earnings 38,035 40,003 Total stockholders’ equity 79,630 81,127 Total liabilities and stockholders’ equity$157,942 $162,877
Evolution Petroleum Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands) Three Months Ended September 30, June 30, 2024 2023 2024 Cash flows from operating activities: Net income (loss)$2,065 $1,474 $1,235 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depletion, depreciation, and accretion 5,725 4,262 5,302 Stock-based compensation 559 472 552 Settlement of asset retirement obligations (98) — (1)Deferred income taxes (281) (75) (225)Unrealized (gain) loss on derivative contracts (1,868) — (170)Accrued settlements on derivative contracts (66) — (27)Other (2) — — Changes in operating assets and liabilities: Receivables from crude oil, natural gas, and natural gas liquids revenues (37) (2,686) 1,824 Prepaid expenses and other current assets 1,929 169 (137)Accounts payable and accrued liabilities (238) 320 (440)State and federal income taxes payable (74) 388 74 Net cash provided by operating activities 7,614 4,324 7,987 Cash flows from investing activities: Acquisition of oil and natural gas properties (262) — 5,054 Capital expenditures for oil and natural gas properties (2,740) (1,827) (2,546)Net cash used in investing activities (3,002) (1,827) 2,508 Cash flows from financing activities: Common stock dividends paid (4,033) (4,013) (4,003)Common stock repurchases, including stock surrendered for tax withholding (88) (105) (113)Repayments of senior secured credit facility — — (3,000)Net cash used in financing activities (4,121) (4,118) (7,116)Net increase (decrease) in cash and cash equivalents 491 (1,621) 3,379 Cash and cash equivalents, beginning of period 6,446 11,034 3,067 Cash and cash equivalents, end of period$6,937 $9,413 $6,446
Evolution Petroleum Corporation
Non-GAAP Reconciliation – Adjusted EBITDA (Unaudited)
(In thousands)
Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items are non-GAAP financial measures that are used as supplemental financial measures by our management and by external users of our financial statements, such as investors, commercial banks, and others, to assess our operating performance as compared to that of other companies in our industry, without regard to financing methods, capital structure, or historical costs basis. We use these measures to assess our ability to incur and service debt and fund capital expenditures. Our Adjusted EBITDA and Net income (loss) and earnings per share, excluding selected items, should not be considered alternatives to net income (loss), operating income (loss), cash flows provided by (used in) operating activities, or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Our Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items in the same manner.
We define Adjusted EBITDA as net income (loss) plus interest expense, income tax expense (benefit), depreciation, depletion, and accretion (DD&A), stock-based compensation, ceiling test impairment, and other impairments, unrealized loss (gain) on change in fair value of derivatives, and other non-recurring or non-cash expense (income) items.
Three Months Ended September 30, June 30, 2024 2023 2024 Net income (loss)$2,065 $1,474 $1,235 Adjusted by: Interest expense 823 32 875 Income tax expense (benefit) 821 463 243 Depletion, depreciation, and accretion 5,725 4,262 5,302 Stock-based compensation 559 472 552 Unrealized loss (gain) on derivative contracts (1,868) — (170)Adjusted EBITDA$8,125 $6,703 $8,037
Evolution Petroleum Corporation
Non-GAAP Reconciliation – Adjusted Net Income (Unaudited)
(In thousands, except per share amounts) Three Months Ended September 30, June 30, 2024 2023 2024 As Reported: Net income (loss), as reported$2,065 $1,474 $1,235 Impact of Selected Items: Unrealized loss (gain) on commodity contracts (1,868) — (170)Selected items, before income taxes$(1,868) $— $(170)Income tax effect of selected items(1) (531) — (28)Selected items, net of tax$(1,337) $— $(142) As Adjusted: Net income (loss), excluding selected items(2)$728 $1,474 $1,093 Undistributed earnings allocated to unvested restricted stock (14) (26) (22)Net income (loss), excluding selected items for earnings per share calculation$714 $1,448 $1,071 Net income (loss) per common share — Basic, as reported$0.06 $0.04 $0.04 Impact of selected items (0.04) — (0.01)Net income (loss) per common share — Basic, excluding selected items(2)$0.02 $0.04 $0.03 Net income (loss) per common share — Diluted, as reported$0.06 $0.04 $0.04 Impact of selected items (0.04) — (0.01)Net income (loss) per common share — Diluted, excluding selected items(2)(3)$0.02 $0.04 $0.03
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(1) The tax impact for the three months ended September 30, 2024, and June 30, 2024, is represented using estimated tax rates of 28.4% and 16.4%, respectively. The effective tax rate increased year-over-year as projected state income taxes have become a larger component of our overall income tax expense during the current quarter.
(2) Net income (loss) and earnings per share excluding selected items are non-GAAP financial measures presented as supplemental financial measures to enable a user of the financial information to understand the impact of these items on reported results. These financial measures should not be considered an alternative to net income (loss), operating income (loss), cash flows provided by (used in) operating activities, or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Our Adjusted Net Income (Loss) and earnings per share may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted Net Income (Loss) and earnings per share in the same manner.
(3) The impact of selected items for the three months ended September 30, 2024, and 2023, was calculated based upon weighted average diluted shares of 32.9 million and 33.0 million, respectively, due to the net income (loss), excluding selected items. The impact of selected items for the three months ended June 30, 2024, was calculated based upon weighted average diluted shares of 32.8 million due to the net income (loss), excluding selected items.
Evolution Petroleum Corporation
Supplemental Information on Oil and Natural Gas Operations (Unaudited)
(In thousands, except per unit and per BOE amounts) Three Months Ended
September 30, June 30,
2024
2023
2024
Revenues: Crude oil$14,737 $12,616 $14,533 Natural gas 4,285 5,552 3,582 Natural gas liquids 2,874 2,433 3,112 Total revenues$21,896 $20,601 $21,227 Lease operating costs: Ad valorem and production taxes$1,414 $1,278 $1,273 Gathering, transportation, and other costs 2,675 1,833 2,644 Other lease operating costs 7,701 8,772 7,491 Total lease operating costs$11,790 $11,883 $11,408 Depletion of full cost proved oil and natural gas properties$5,325 $3,910 $4,925 Production: Crude oil (MBBL) 204 161 190 Natural gas (MMCF) 2,228 2,025 2,152 Natural gas liquids (MBBL) 113 95 107 Equivalent (MBOE)(1) 688 594 656 Average daily production (BOEPD)(1) 7,478 6,457 7,209 Average price per unit:(2) Crude oil (BBL)$72.24 $78.36 $76.49 Natural gas (MCF) 1.92 2.74 1.66 Natural Gas Liquids (BBL) 25.43 25.61 29.08 Equivalent (BOE)(1)$31.83 $34.68 $32.36 Average cost per unit: Ad valorem and production taxes$2.06 $2.15 $1.94 Gathering, transportation, and other costs 3.89 3.09 4.03 Other lease operating costs 11.19 14.77 11.42 Total lease operating costs$17.14 $20.01 $17.39 Depletion of full cost proved oil and natural gas properties$7.74 $6.58 $7.51
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(1) Equivalent oil reserves are defined as six MCF of natural gas and 42 gallons of NGLs to one barrel of oil conversion ratio, which reflects energy equivalence and not price equivalence. Natural gas prices per MCF and NGL prices per barrel often differ significantly from the equivalent amount of oil.
(2) Amounts exclude the impact of cash paid or received on the settlement of derivative contracts since we did not elect to apply hedge accounting.
Evolution Petroleum Corporation
Summary of Production Volumes and Average Sales Price (Unaudited) Three Months Ended
September 30, June 30, 2024 2023 2024 Volume Price Volume Price Volume PriceProduction: Crude oil (MBBL) SCOOP/STACK 49 $75.38 — $— 41 $80.55 Chaveroo Field 16 73.69 — — 12 79.82 Jonah Field 7 65.77 9 88.41 8 72.14 Williston Basin 33 68.87 40 78.94 35 74.20 Barnett Shale 2 70.30 1 74.96 2 75.70 Hamilton Dome Field 35 62.37 37 69.46 35 67.85 Delhi Field 61 77.22 73 81.54 57 80.46 Other 1 78.32 1 81.80 — — Total 204 $72.24 161 $78.36 190 $76.49 Natural gas (MMCF) SCOOP/STACK 354 $2.48 — $— 319 $2.70 Chaveroo Field — — — — 5 2.02 Jonah Field 830 2.08 904 3.69 818 1.59 Williston Basin 27 1.43 21 2.04 31 1.65 Barnett Shale 1,017 1.62 1,100 1.98 979 1.39 Total 2,228 $1.92 2,025 $2.74 2,152 $1.66 Natural gas liquids (MBBL) SCOOP/STACK 19 $21.67 — $— 20 $22.16 Chaveroo Field — — — — — — Jonah Field 9 28.15 10 27.06 8 30.35 Williston Basin 7 17.93 4 17.66 8 23.94 Barnett Shale 56 26.03 59 26.45 54 31.29 Delhi Field 20 29.48 22 23.64 17 31.83 Other 2 13.06 — — — — Total 113 $25.43 95 $25.61 107 $29.08 Equivalent (MBOE)(1) SCOOP/STACK 127 $39.20 — $— 115 $40.29 Chaveroo Field 16 73.69 — — 13 77.49 Jonah Field 154 15.85 170 25.91 152 13.98 Williston Basin 45 54.62 48 68.56 48 59.33 Barnett Shale 227 14.21 243 15.77 219 14.86 Hamilton Dome Field 35 62.37 37 69.46 35 67.85 Delhi Field 81 65.28 95 68.24 74 69.34 Other 3 61.15 1 81.80 — — Total 688 $31.83 594 $34.68 656 $32.36 Average daily production (BOEPD)(1) SCOOP/STACK 1,380 — 1,264 Chaveroo Field 174 — 143 Jonah Field 1,674 1,848 1,670 Williston Basin 489 522 527 Barnett Shale 2,467 2,641 2,407 Hamilton Dome Field 380 402 385 Delhi Field 880 1,033 813 Other 34 11 — Total 7,478 6,457 7,209
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(1) Equivalent oil reserves are defined as six MCF of natural gas and 42 gallons of NGLs to one barrel of oil conversion ratio, which reflects energy equivalence and not price equivalence. Natural gas prices per MCF and NGL prices per barrel often differ significantly from the equivalent amount of oil.
Evolution Petroleum Corporation
Summary of Average Production Costs (Unaudited) Three Months Ended September 30, June 30, 2024 2023 2024 Amount Price Amount Price Amount
PriceProduction costs (in thousands, except per BOE): Lease operating costs SCOOP/STACK$1,156 $3.20 $— $— $1,028 $9.06 Chaveroo Field 118 1.60 — — 301 24.42 Jonah Field 2,162 13.95 2,562 15.07 1,834 11.99 Williston Basin 1,238 27.51 1,390 28.96 1,227 25.53 Barnett Shale 3,598 15.83 3,192 13.09 3,853 17.47 Hamilton Dome Field 1,531 43.48 1,337 36.55 1,415 40.40 Delhi Field 1,987 24.30 3,402 35.83 1,750 23.96 Total$11,790 $17.14 $11,883 $20.01 $11,408 $17.39
Evolution Petroleum Corporation
Summary of Open Derivative Contracts (Unaudited)
For more information on the Company’s hedging practices, see Note 7 to its financial statements included on Form 10-Q filed with the SEC for the quarter ended September 30, 2024.
The Company had the following open crude oil and natural gas derivative contracts as of November 12, 2024:
Volumes Weighted Average Price (MMBTU/BBL)Period Instrument Commodity (MMBTU/BBL) Swap Price Floor Price Ceiling PriceOctober 2024 – December 2024 Fixed-Price Swap Crude Oil 35,962 $74.20 October 2024 – December 2024 Collar Crude Oil 35,962 $70.00 $77.40January 2025 – March 2025 Collar Crude Oil 42,566 68.00 73.77January 2025 – February 2025 Fixed-Price Swap Natural Gas 312,286 3.56 April 2025 – June 2025 Collar Crude Oil 41,601 65.00 84.00March 2025 – December 2026 Fixed-Price Swap Natural Gas 3,170,705 3.60 January 2025 – June 2025 Fixed-Price Swap Crude Oil 51,992 73.49 July 2025 – December 2025 Fixed-Price Swap Crude Oil 81,335 71.40
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