Evolution Petroleum reports Q2 EPS 3c, consensus 9c

Reports Q revenue $21M, consensus $22.77M.Generated Adjusted EBITDA(1) of $6.8 million for the current quarter and $13.5 million for the first half of fiscal 2024. Produced 6,304 net BOEPD in the second quarter of fiscal 2024…Kelly Loyd, President and Chief Executive Officer, commented, “Evolution has taken steps to address crucial changes in our industry necessary to stay consistent with our strategy of maximizing total shareholder returns and returning capital to shareholders. We have added scale and economic efficiency. We have added diversification of both products and markets. We have added needed flexibility to our investment portfolio. Importantly, we have done all of this while maintaining a rock-solid balance sheet and avoiding dilution.” Mr. Loyd continued, “Nothing illustrates this better than our demonstrated track record of action. Beginning in October 2019 through today, with the expected close of our latest three acquisitions in Oklahoma we will have added 6 significant transactions, putting over $119 million to work for our shareholders, increasing production three-fold, and adding hundreds of gross undrilled locations to our portfolio. All of these have been strategically orchestrated to add to our cash flow producing base so that we can, over time, maintain or increase the runway of our dividend for years to come. We have also demonstrated our investment flexibility with the completion of two wells in the Delhi Field and three wells in the Chaveroo Field. ”