Evolution Petroleum Corp. (NYSE: EPM) tanked in trading on Wednesday after the energy company’s Q4 revenues more than halved year-over-year to $18.2 million and came in below analysts’ forecasts of $21.64 million. The company’s oil revenues declined by 7% to $11 million from the previous quarter, driven by a 5% drop in sales volumes coupled with a 2% decrease in realized commodity pricing.
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More worryingly, Evolution just about broke even in the fourth quarter as compared to earnings of $0.44 in the same quarter last year. Analysts were projecting earnings of $0.06 in the fourth quarter.
The company’s Board of Directors declared a cash dividend of $0.12 per share of common stock, which will be paid on September 29 to common stockholders of record on September 22, 2023.
Kelly Loyd, President and CEO commented, “Despite a challenging fiscal fourth quarter that was impacted by a much lower quarter over quarter price realizations and extended downtime and maintenance across multiple fields, we are pleased to announce our 2023 fiscal full-year results, in which we recorded our highest ever levels of revenue, production, and net income.”
Today’s price crash aside, EPM stock has gone up by more than 12% in the past year.