Key Highlights
- Closed previously announced SCOOP/STACK acquisitions in February, adding production of ~1,550 barrels of oil equivalent per day (“BOEPD”) on a pro forma basis if the acquisitions had closed at the beginning of the current quarter, and increasing average production for the quarter by ~835 BOEPD.
- SCOOP/STACK acquisitions added ~300 gross undeveloped locations (average working interest of approximately 3%), 21 of which were drilled and uncompleted wells (“DUC") to be completed at the sellers’ expense. Evolution also elected to participate in 15 wells, 13 of which were spudded by quarter-end.
- 19 of the SCOOP/STACK DUC’s were completed by quarter-end with results meeting or exceeding expectations for the wells for which data is available, maintaining pro forma field production for the quarter roughly flat to the production rate as of the
11/1/2023 effective date.
- 19 of the SCOOP/STACK DUC’s were completed by quarter-end with results meeting or exceeding expectations for the wells for which data is available, maintaining pro forma field production for the quarter roughly flat to the production rate as of the
- Achieved results that met or exceeded expectations on the initial three wells, out of 82 gross locations, in the Chaveroo oilfield.
- All three wells achieved peak production rates at between approximately 300 and 375 gross barrels gross BOEPD per well (~80% oil).
- Flatter-than-expected declines have yielded an average of over 750 gross BOEPD for the last 30 days.
- Net to the Company's ownership, the wells contributed ~290 BOEPD on a pro forma basis if the wells had come online at the beginning of the quarter, increasing average production for the quarter by ~187 BOEPD.
- Achieved highest ever Company oil production of ~2,200 barrels of oil per day for the current quarter.
- Fiscal Q3 production increased 14% from the prior quarter to 7,209 net BOEPD with oil increasing 27% and natural gas and NGLs each increasing ~10%, with drilling results and the contribution of the acquisitions more than offsetting normal declines, maintenance and weather-related downtime.
- Reported current quarter revenue of
$23.0 million and net income of$0.3 million , or$0.01 per diluted share, and adjusted net income(1) of$1.0 million , or$0.03 per diluted share. - Generated adjusted EBITDA(2) of
$8.5 million for fiscal Q3 (up 24% from fiscal Q2). - Paid quarterly dividends of
$0.12 per common share and repurchased$0.8 million of common shares under previously announced share repurchase plan.
Cash Dividend on Common Stock
On
Financial and Operational Results for the Quarter Ended
($ in millions) | 3Q24 | 2Q24 | % Change vs 2Q24 | ||||||
Average BOEPD | 7,209 | 6,304 | 14 | % | |||||
Revenues ($M) | $ | 23,025 | $ | 21,024 | 10 | % | |||
Net Income ($M) | $ | 289 | $ | 1,082 | (73) | % | |||
Adjusted Net Income(1)($M) | $ | 978 | $ | 1,082 | (10) | % | |||
Adjusted EBITDA(2)($M) | $ | 8,476 | $ | 6,832 | 24 | % |
(1) | Adjusted net income is a non-GAAP financial measure, see “Non-GAAP Information” section later in this release for more information including reconciliations to the most comparable GAAP measures. |
(2) | Adjusted EBITDA is Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization and is a non-GAAP financial measure; see the “Non-GAAP Information” section later in this release for more information, including reconciliations to the most comparable GAAP measures. |
Total production for the third quarter of fiscal 2024 was 7,209 net BOEPD, including 2,187 barrels per day ("BOPD") of crude oil; 23,242 thousand cubic feet per day ("MCFPD"), or 3,879 BOEPD, of natural gas; and 1,143 BOEPD of natural gas liquids ("NGLs"). The closing of the SCOOP/STACK acquisitions in mid-February and the first production in early February from the initial three wells in the Chaveroo oilfield collectively contributed to operating results for the current quarter, increasing average production for the quarter by approximately 1,020 BOEPD.
- Oil increased 27% from 1,728 BOPD in fiscal Q2, attributable to production from the Chaveroo oilfield and SCOOP/STACK acquisitions, which increased production by ~500 BOPD combined. This increase was partially offset by decreased production at
Delhi and theWilliston Basin , primarily due to cold weather downtime inJanuary 2024 . - Natural gas production increased by 10% from 21,207 MCFPD, or 3,533 BOEPD, in the prior quarter, primarily due to the addition of ~2,350 MCFPD from the SCOOP/STACK acquisitions. This increase was partially offset by natural decline in production and from downtime at the
Barnett Shale , which was impacted by the winter storm inJanuary 2024 . - NGL production increased 10% from 1,043 BOEPD, primarily due to ~110 BOEPD of additional production from the SCOOP/STACK acquisitions.
Evolution reported
Lease operating costs ("LOE") increased marginally to
Depletion, depreciation, and accretion expense was
General and administrative (“G&A”) expenses, including stock-based compensation, decreased slightly in the current quarter to
Net income for the current quarter was
Operations Update
As previously stated, the Company closed the acquisitions of non-operated working interests in the SCOOP/STACK on
In the Chaveroo oilfield, the first production on the initial three wells in the first development block began in early February with production ramping up as frack fluid was recovered. Based on the results to date, the wells have met or exceeded the pre-drill production estimates and contributed 17 MBOE for a portion of fiscal Q3, including 15 MBBL of oil. Evolution plans to participate for its full 50% working interest in four horizontal well locations in Drilling Block 2. These operations are expected to begin in fiscal Q1 of 2025. The Company has preliminarily agreed to six additional horizontal well locations in Drilling Block 3 that are estimated to begin in fiscal Q4 of 2025. The Company also expects to systematically participate in future development blocks, holding rights to over 69 additional horizontal well locations in aggregate. Future acreage costs are fixed at
At
Production from the
Production at Hamilton Dome during the current quarter was slightly impacted by workover projects at the beginning of the quarter. Overall,
At
Balance Sheet, Liquidity, and Capital Spending
On
In fiscal Q3, Evolution paid
For fiscal year 2024, the Company expects capital expenditures to be in the range of
Conference Call
As previously announced,
A webcast replay will be available through
About
Cautionary Statement
All forward-looking statements contained in this press release regarding the Company's current expectations, potential results, and future plans and objectives involve a wide range of risks and uncertainties. Statements herein using words such as "believe," "expect," "plans," "outlook," "anticipate,” "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 and can give no assurance that its goals will be achieved. These factors and others are detailed under the heading "Risk Factors" and elsewhere in our periodic documents filed with the
Investor Relations
(713) 935-0122
info@evolutionpetroleum.com
Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except per share amounts) | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
2024 | 2023 | 2023 | 2024 | 2023 | ||||||||||||||||
Revenues | ||||||||||||||||||||
Crude oil | $ | 14,538 | $ | 11,799 | $ | 11,759 | $ | 38,913 | $ | 40,062 | ||||||||||
Natural gas | 5,860 | 21,598 | 6,531 | 17,943 | 58,816 | |||||||||||||||
Natural gas liquids | 2,627 | 3,470 | 2,734 | 7,794 | 11,462 | |||||||||||||||
Total revenues | 23,025 | 36,867 | 21,024 | 64,650 | 110,340 | |||||||||||||||
Operating costs | ||||||||||||||||||||
Lease operating costs | 12,624 | 13,570 | 12,358 | 36,865 | 47,727 | |||||||||||||||
Depletion, depreciation, and accretion | 5,900 | 3,383 | 4,598 | 14,760 | 10,439 | |||||||||||||||
General and administrative expenses | 2,417 | 2,267 | 2,502 | 7,522 | 7,320 | |||||||||||||||
Total operating costs | 20,941 | 19,220 | 19,458 | 59,147 | 65,486 | |||||||||||||||
Income (loss) from operations | 2,084 | 17,647 | 1,566 | 5,503 | 44,854 | |||||||||||||||
Other income (expense) | ||||||||||||||||||||
Net gain (loss) on derivative contracts | (1,183 | ) | 270 | — | (1,183 | ) | 513 | |||||||||||||
Interest and other income | 63 | 13 | 104 | 283 | 26 | |||||||||||||||
Interest expense | (518 | ) | (32 | ) | (34 | ) | (584 | ) | (404 | ) | ||||||||||
Income (loss) before income taxes | 446 | 17,898 | 1,636 | 4,019 | 44,989 | |||||||||||||||
Income tax (expense) benefit | (157 | ) | (3,941 | ) | (554 | ) | (1,174 | ) | (9,938 | ) | ||||||||||
Net income (loss) | $ | 289 | $ | 13,957 | $ | 1,082 | $ | 2,845 | $ | 35,051 | ||||||||||
Net income (loss) per common share: | ||||||||||||||||||||
Basic | $ | 0.01 | $ | 0.42 | $ | 0.03 | $ | 0.09 | $ | 1.04 | ||||||||||
Diluted | $ | 0.01 | $ | 0.41 | $ | 0.03 | $ | 0.08 | $ | 1.04 | ||||||||||
Weighted average number of common shares outstanding: | ||||||||||||||||||||
Basic | 32,702 | 33,013 | 32,693 | 32,692 | 33,108 | |||||||||||||||
Diluted | 32,854 | 33,156 | 32,900 | 32,920 | 33,291 |
Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except share and per share amounts) | ||||||
Assets | ||||||
Current assets | ||||||
Cash and cash equivalents | $ | 3,067 | $ | 11,034 | ||
Receivables from crude oil, natural gas, and natural gas liquids revenues | 13,368 | 7,884 | ||||
Derivative contract assets | 347 | — | ||||
Prepaid expenses and other current assets | 6,275 | 2,277 | ||||
Total current assets | 23,057 | 21,195 | ||||
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 | 142,157 | 105,781 | ||||
Other assets | 1,318 | 1,341 | ||||
Total assets | $ | 166,532 | $ | 128,317 | ||
Liabilities and Stockholders' Equity | ||||||
Current liabilities | ||||||
Accounts payable | $ | 8,096 | $ | 5,891 | ||
Accrued liabilities and other | 5,985 | 6,027 | ||||
Derivative contract liabilities | 1,410 | — | ||||
State and federal taxes payable | — | 365 | ||||
Total current liabilities | 15,491 | 12,283 | ||||
Long term liabilities | ||||||
Senior secured credit facility | 42,500 | — | ||||
Deferred income taxes | 6,927 | 6,803 | ||||
Asset retirement obligations | 18,079 | 17,012 | ||||
Operating lease liability | 79 | 125 | ||||
Total liabilities | 83,076 | 36,223 | ||||
Commitments and contingencies | ||||||
Stockholders' equity | ||||||
Common stock; par value | ||||||
outstanding 33,359,854 and 33,247,523 shares as of | ||||||
and | 33 | 33 | ||||
Additional paid-in capital | 40,652 | 40,098 | ||||
Retained earnings | 42,771 | 51,963 | ||||
Total stockholders' equity | 83,456 | 92,094 | ||||
Total liabilities and stockholders' equity | $ | 166,532 | $ | 128,317 |
Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
2024 | 2023 | 2023 | 2024 | 2023 | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income (loss) | $ | 289 | $ | 13,957 | $ | 1,082 | $ | 2,845 | $ | 35,051 | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||||||
Depletion, depreciation, and accretion | 5,900 | 3,383 | 4,598 | 14,760 | 10,439 | |||||||||||||||
Stock-based compensation | 549 | 453 | 564 | 1,585 | 1,155 | |||||||||||||||
Settlement of asset retirement obligations | (19 | ) | (48 | ) | — | (19 | ) | (119 | ) | |||||||||||
Deferred income taxes | 766 | 255 | (567 | ) | 124 | (100 | ) | |||||||||||||
Unrealized (gain) loss on derivative contracts | 1,063 | 195 | — | 1,063 | (1,994 | ) | ||||||||||||||
Accrued settlements on derivative contracts | 94 | (211 | ) | — | 94 | (1,130 | ) | |||||||||||||
Other | (3 | ) | 1 | 3 | — | (3 | ) | |||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||
Receivables from crude oil, natural gas, and natural gas liquids revenues | (2,495 | ) | 8,370 | 447 | (4,734 | ) | 16,483 | |||||||||||||
Prepaid expenses and other current assets | (1,151 | ) | (664 | ) | (443 | ) | (1,425 | ) | (980 | ) | ||||||||||
Accounts payable and accrued liabilities | (1,629 | ) | (2,748 | ) | 2,123 | 814 | (8,146 | ) | ||||||||||||
State and federal income taxes payable | — | 1,007 | (753 | ) | (365 | ) | 1,063 | |||||||||||||
Net cash provided by operating activities | 3,364 | 23,950 | 7,054 | 14,742 | 51,719 | |||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Acquisition of oil and natural gas properties | (43,788 | ) | — | — | (43,788 | ) | (31 | ) | ||||||||||||
Capital expenditures for oil and natural gas properties | (2,648 | ) | (1,348 | ) | (3,878 | ) | (8,353 | ) | (4,234 | ) | ||||||||||
Net cash used in investing activities | (46,436 | ) | (1,348 | ) | (3,878 | ) | (52,141 | ) | (4,265 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Common stock dividends paid | (4,003 | ) | (4,029 | ) | (4,021 | ) | (12,037 | ) | (12,114 | ) | ||||||||||
Common stock repurchases, including stock surrendered for tax withholding | (818 | ) | (3,896 | ) | (108 | ) | (1,031 | ) | (3,983 | ) | ||||||||||
Borrowings under senior secured credit facility | 42,500 | — | — | 42,500 | — | |||||||||||||||
Repayments of senior secured credit facility | — | — | — | — | (21,250 | ) | ||||||||||||||
Net cash (used in) provided by financing activities | 37,679 | (7,925 | ) | (4,129 | ) | 29,432 | (37,347 | ) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | (5,393 | ) | 14,677 | (953 | ) | (7,967 | ) | 10,107 | ||||||||||||
Cash and cash equivalents, beginning of period | 8,460 | 3,710 | 9,413 | 11,034 | 8,280 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 3,067 | $ | 18,387 | $ | 8,460 | $ | 3,067 | $ | 18,387 |
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
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 | Nine Months Ended | |||||||||||||||
2024 | 2023 | 2023 | 2024 | 2023 | ||||||||||||
Net income (loss) | $ | 289 | $ | 13,957 | $ | 1,082 | $ | 2,845 | $ | 35,051 | ||||||
Adjusted by: | ||||||||||||||||
Interest expense | 518 | 32 | 34 | 584 | 404 | |||||||||||
Income tax expense (benefit) | 157 | 3,941 | 554 | 1,174 | 9,938 | |||||||||||
Depletion, depreciation, and accretion | 5,900 | 3,383 | 4,598 | 14,760 | 10,439 | |||||||||||
Stock-based compensation | 549 | 453 | 564 | 1,585 | 1,155 | |||||||||||
Unrealized loss (gain) on derivative contracts | 1,063 | 195 | — | 1,063 | (1,994 | ) | ||||||||||
Severance | — | — | — | — | 74 | |||||||||||
Transaction costs | — | — | — | — | 345 | |||||||||||
Adjusted EBITDA | $ | 8,476 | $ | 21,961 | $ | 6,832 | $ | 22,011 | $ | 55,412 |
Non-GAAP Reconciliation – Adjusted Net Income (Unaudited) (In thousands, except per share amounts) | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
2024 | 2023 | 2023 | 2024 | 2023 | ||||||||||||||||
As Reported: | ||||||||||||||||||||
Net income (loss), as reported | $ | 289 | $ | 13,957 | $ | 1,082 | $ | 2,845 | $ | 35,051 | ||||||||||
Impact of Selected Items: | ||||||||||||||||||||
Unrealized loss (gain) on commodity contracts | 1,063 | 195 | — | 1,063 | (1,994 | ) | ||||||||||||||
Severance | — | — | — | — | 74 | |||||||||||||||
Transaction costs | — | — | — | — | 345 | |||||||||||||||
Selected items, before income taxes | $ | 1,063 | $ | 195 | $ | — | $ | 1,063 | $ | (1,575 | ) | |||||||||
Income tax effect of selected items(1) | 374 | 40 | — | 311 | (343 | ) | ||||||||||||||
Selected items, net of tax | $ | 689 | $ | 155 | $ | — | $ | 752 | $ | (1,232 | ) | |||||||||
As Adjusted: | ||||||||||||||||||||
Net income (loss), excluding selected items(2) | $ | 978 | $ | 14,112 | $ | 1,082 | $ | 3,597 | $ | 33,819 | ||||||||||
Undistributed earnings allocated to unvested restricted stock | (21 | ) | (256 | ) | (24 | ) | (73 | ) | (497 | ) | ||||||||||
Net income (loss), excluding selected items for earnings per share calculation | $ | 957 | $ | 13,856 | $ | 1,058 | $ | 3,524 | $ | 33,322 | ||||||||||
Net income (loss) per common share — Basic, as reported | $ | 0.01 | $ | 0.42 | $ | 0.03 | $ | 0.09 | $ | 1.04 | ||||||||||
Impact of selected items | 0.02 | — | — | 0.02 | (0.03 | ) | ||||||||||||||
Net income (loss) per common share — Basic, excluding selected items(2) | $ | 0.03 | $ | 0.42 | $ | 0.03 | $ | 0.11 | $ | 1.01 | ||||||||||
Net income (loss) per common share — Diluted, as reported | $ | 0.01 | $ | 0.41 | $ | 0.03 | $ | 0.08 | $ | 1.04 | ||||||||||
Impact of selected items | 0.02 | 0.01 | — | 0.03 | (0.04 | ) | ||||||||||||||
Net income (loss) per common share — Diluted, excluding selected items(2)(3) | $ | 0.03 | $ | 0.42 | $ | 0.03 | $ | 0.11 | $ | 1.00 |
(1) | The tax impact for the three months ended |
(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 |
(3) | The impact of selected items for the three months ended |
Supplemental Information on Oil and Natural Gas Operations (Unaudited) (In thousands, except per unit and per BOE amounts) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
2024 | 2023 | 2023 | 2024 | 2023 | |||||||||||
Revenues: | |||||||||||||||
Crude oil | $ | 14,538 | $ | 11,799 | $ | 11,759 | $ | 38,913 | $ | 40,062 | |||||
Natural gas | 5,860 | 21,598 | 6,531 | 17,943 | 58,816 | ||||||||||
Natural gas liquids | 2,627 | 3,470 | 2,734 | 7,794 | 11,462 | ||||||||||
Total revenues | $ | 23,025 | $ | 36,867 | $ | 21,024 | $ | 64,650 | $ | 110,340 | |||||
Lease operating costs: | |||||||||||||||
CO2costs | $ | 1,035 | $ | 1,821 | $ | 1,628 | $ | 4,241 | $ | 6,027 | |||||
Ad valorem and production taxes | 1,458 | 1,642 | 1,272 | 4,008 | 7,001 | ||||||||||
Other lease operating costs | 10,131 | 10,107 | 9,458 | 28,616 | 34,699 | ||||||||||
Total lease operating costs | $ | 12,624 | $ | 13,570 | $ | 12,358 | $ | 36,865 | $ | 47,727 | |||||
Depletion of full cost proved oil and natural gas properties | $ | 5,532 | $ | 3,098 | $ | 4,238 | $ | 13,680 | $ | 9,598 | |||||
Production: | |||||||||||||||
Crude oil (MBBL) | 199 | 167 | 159 | 519 | 501 | ||||||||||
Natural gas (MMCF) | 2,115 | 2,204 | 1,951 | 6,091 | 7,065 | ||||||||||
Natural gas liquids (MBBL) | 104 | 104 | 96 | 295 | 325 | ||||||||||
Equivalent (MBOE)(1) | 656 | 638 | 580 | 1,829 | 2,004 | ||||||||||
Average daily production (BOEPD)(1) | 7,209 | 7,089 | 6,304 | 6,651 | 7,314 | ||||||||||
Average price per unit(2): | |||||||||||||||
Crude oil (BBL) | $ | 73.06 | $ | 70.65 | $ | 73.96 | $ | 74.98 | $ | 79.96 | |||||
Natural gas (MCF) | 2.77 | 9.80 | 3.35 | 2.95 | 8.32 | ||||||||||
Natural Gas Liquids (BBL) | 25.26 | 33.37 | 28.48 | 26.42 | 35.27 | ||||||||||
Equivalent (BOE)(1) | $ | 35.10 | $ | 57.79 | $ | 36.25 | $ | 35.35 | $ | 55.06 | |||||
Average cost per unit: | |||||||||||||||
CO2costs | $ | 1.58 | $ | 2.85 | $ | 2.81 | $ | 2.32 | $ | 3.01 | |||||
Ad valorem and production taxes | 2.22 | 2.57 | 2.19 | 2.19 | 3.49 | ||||||||||
Other lease operating costs | 15.44 | 15.84 | 16.31 | 15.65 | 17.31 | ||||||||||
Total lease operating costs | $ | 19.24 | $ | 21.26 | $ | 21.31 | $ | 20.16 | $ | 23.81 | |||||
Depletion of full cost proved oil and natural gas properties | $ | 8.43 | $ | 4.86 | $ | 7.31 | $ | 7.48 | $ | 4.79 | |||||
CO2costs per MCF | $ | 0.92 | $ | 0.92 | $ | 0.97 | $ | 0.97 | $ | 1.01 | |||||
CO2volumes (MMCF per day, gross) | 52.1 | 91.7 | 76.4 | 67.0 | 90.8 |
(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. |
Summary of Production Volumes and Average Sales Price (Unaudited) | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||
2024 | 2023 | 2023 | ||||||||||||||||
Volume | Price | Volume | Price | Volume | Price | |||||||||||||
Production: | ||||||||||||||||||
Crude oil (MBBL) | ||||||||||||||||||
SCOOP/STACK | 30 | $ | 78.71 | — | $ | — | — | $ | — | |||||||||
Chaveroo Field | 15 | 76.39 | — | — | — | — | ||||||||||||
8 | 72.25 | 9 | 80.17 | 8 | 80.25 | |||||||||||||
35 | 70.29 | 39 | 73.32 | 35 | 71.71 | |||||||||||||
3 | 73.05 | 2 | 73.40 | 2 | 76.77 | |||||||||||||
35 | 61.21 | 36 | 55.40 | 36 | 62.03 | |||||||||||||
Delhi Field | 73 | 77.08 | 80 | 75.23 | 78 | 79.02 | ||||||||||||
Other | — | — | 1 | 80.76 | — | — | ||||||||||||
Total | 199 | $ | 73.06 | 167 | $ | 70.65 | 159 | $ | 73.96 | |||||||||
Natural gas (MMCF) | ||||||||||||||||||
SCOOP/STACK | 214 | $ | 2.11 | — | $ | — | — | $ | — | |||||||||
Chaveroo Field | 7 | 2.29 | — | — | — | — | ||||||||||||
843 | 3.94 | 886 | 20.31 | 883 | $ | 4.87 | ||||||||||||
20 | 1.36 | 29 | 3.30 | 14 | 1.91 | |||||||||||||
1,031 | 1.98 | 1,289 | 2.73 | 1,054 | 2.10 | |||||||||||||
Other | — | — | — | — | — | — | ||||||||||||
Total | 2,115 | $ | 2.77 | 2,204 | $ | 9.80 | 1,951 | $ | 3.35 | |||||||||
Natural gas liquids (MBBL) | 21,440 | 3,573.26 | ||||||||||||||||
SCOOP/STACK | 10 | $ | 25.14 | — | $ | — | — | $ | — | |||||||||
Chaveroo Field | 1 | 22.86 | — | — | — | — | ||||||||||||
9 | 31.93 | 9 | 33.22 | 10 | 25.88 | |||||||||||||
4 | 23.96 | 7 | 25.54 | 4 | 20.41 | |||||||||||||
59 | 22.85 | 67 | 33.30 | 60 | 30.07 | |||||||||||||
Delhi Field | 20 | 30.48 | 21 | 38.09 | 22 | 26.90 | ||||||||||||
Other | 1 | 25.87 | — | — | — | — | ||||||||||||
Total | 104 | $ | 25.26 | 104 | $ | 33.37 | 96 | $ | 28.48 | |||||||||
1,055 | ||||||||||||||||||
Equivalent (MBOE)(1) | ||||||||||||||||||
SCOOP/STACK | 76 | $ | 40.56 | — | $ | — | — | $ | — | |||||||||
Chaveroo Field | 17 | 68.40 | — | — | — | — | ||||||||||||
158 | 26.72 | 166 | 114.97 | 165 | 31.60 | |||||||||||||
42 | 61.15 | 51 | 62.01 | 41 | 63.22 | |||||||||||||
234 | 15.41 | 284 | 20.80 | 238 | 17.61 | |||||||||||||
35 | 61.21 | 36 | 55.40 | 36 | 62.03 | |||||||||||||
Delhi Field | 93 | 67.21 | 100 | 67.62 | 100 | 67.63 | ||||||||||||
Other | 1 | 25.87 | 1 | 80.76 | — | — | ||||||||||||
Total | 656 | $ | 35.10 | 638 | $ | 57.79 | 580 | $ | 36.25 | |||||||||
Average daily production (BOEPD)(1) | ||||||||||||||||||
SCOOP/STACK | 835 | — | — | |||||||||||||||
Chaveroo Field | 187 | — | — | |||||||||||||||
1,736 | 1,844 | 1,793 | ||||||||||||||||
462 | 567 | 446 | ||||||||||||||||
2,571 | 3,156 | 2,587 | ||||||||||||||||
385 | 400 | 391 | ||||||||||||||||
Delhi Field | 1,022 | 1,111 | 1,087 | |||||||||||||||
Other | 11 | 11 | — | |||||||||||||||
Total | 7,209 | 7,089 | 6,304 |
(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. |
Summary of Average Production Costs (Unaudited) | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||
2024 | 2023 | 2023 | ||||||||||||||||
Amount | Price | Amount | Price | Amount | Price | |||||||||||||
Production costs (in thousands, except per BOE): | ||||||||||||||||||
Lease operating costs | ||||||||||||||||||
SCOOP/STACK | $ | 619 | $ | 8.18 | $ | — | $ | — | $ | — | $ | — | ||||||
Chaveroo Field | 161 | 9.12 | — | — | — | — | ||||||||||||
2,313 | 14.63 | 4,227 | 25.59 | 2,392 | 14.45 | |||||||||||||
1,413 | 33.69 | 1,636 | 32.40 | 1,205 | 28.74 | |||||||||||||
3,767 | 16.07 | 2,806 | 9.88 | 3,883 | 16.31 | |||||||||||||
1,566 | 45.34 | 1,351 | 37.11 | 1,404 | 39.43 | |||||||||||||
Delhi Field | 2,785 | 30.19 | 3,550 | 35.42 | 3,474 | 35.00 | ||||||||||||
Total | $ | 12,624 | $ | 19.24 | $ | 13,570 | $ | 21.26 | $ | 12,358 | $ | 21.31 |
(1) | Adjusted net income is a non-GAAP financial measure, see “Non-GAAP Information” section later in this release for more information including reconciliations to the most comparable GAAP measures. |
(2) | Adjusted EBITDA is Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization and is a non-GAAP financial measure; see the “Non-GAAP Reconciliation” tables later in this release for more information on the most comparable GAAP measures. |
Source:
2024 GlobeNewswire, Inc., source