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    Evolution Petroleum Reports Fiscal Fourth Quarter and Full Year Fiscal 2025 Results

    9/16/25 4:15:00 PM ET
    $EPM
    Oil & Gas Production
    Energy
    Get the next $EPM alert in real time by email

    – Fiscal Q4 Net Income up 176% to $3.4 million; Adjusted EBITDA up 7% to $8.6 million –

    HOUSTON, Sept. 16, 2025 (GLOBE NEWSWIRE) -- Evolution Petroleum Corporation (NYSE:EPM) ("Evolution" or the "Company") today announced its financial and operating results for its fiscal fourth quarter and full year ended June 30, 2025. On September 11, 2025, Evolution declared a cash dividend of $0.12 per common share for the fiscal 2026 first quarter.

    Financial & Operational Highlights

    ($ in thousands) Q4 2025 Q4 2024 Q3 2025 % Change Q4/Q4 % Change Q4/Q3
    Average BOEPD  7,198   7,209   6,667    8%
    Revenues $21,108  $21,227  $22,561  (1)% (6)%
    Net Income (Loss)(1) $3,412  $1,235  $(2,179) 176% NM 
    Adjusted Net Income (Loss)(2) $1,129  $1,093  $806  3% 40%
    Adjusted EBITDA(3) $8,572  $8,037  $7,421  7% 16%
    (1) "NM" means "Not Meaningful."

    (2) 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.

    (3) 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 Q4 production was 7,198 average barrels of oil equivalent per day ("BOEPD"), with oil accounting for 61% of revenue, natural gas accounting for 27%, and natural gas liquids ("NGLs") accounting for 12% of revenue during the quarter.
    • Amid commodity price volatility in fiscal Q4, the Company benefited from its diversified energy portfolio, as reflected by a 16% increase in Adjusted EBITDA(3) versus fiscal Q3.
    • Returned $4.1 million to shareholders in the form of cash dividends during fiscal Q4 and $16.3 million for fiscal year 2025. The Company also declared its 13th consecutive dividend of $0.12 per common share, payable September 30, 2025, marking its 48th consecutive payment of quarterly dividends.
    • Amended and restated senior secured reserve-based credit facility (effective June 30, 2025), establishing an initial $65 million borrowing base under a $200 million revolver maturing June 30, 2028.
    • Generated near-record total production in fiscal 2025, averaging 7,074 BOEPD, up 4% from fiscal 2024.
    • Natural gas revenue increased 9% to $23.5 million and NGL revenue increased 3% to $11.2 million in fiscal 2025.
    • Closed on $9 million TexMex acquisition of non-operated oil and natural gas assets located in New Mexico, Texas, and Louisiana on April 14th, adding ~440 net BOEPD (60% oil and 40% gas).



    Subsequent Events

    In August 2025, Evolution closed its largest minerals-only acquisition to date in the SCOOP/STACK for approximately $17 million, with an effective date of May 1, 2025, adding ~5,500 net royalty acres and ~420 net BOE per day at the effective date; funded with cash and borrowings of $15.0 million under the Company's Senior Secured Credit Facility.

    Management Comments

    Kelly Loyd, President and Chief Executive Officer, commented: "Fiscal 2025 was a defining year for Evolution. We approximated company records in total production and in liquids production, maintained our quarterly dividend at $0.12 per share, and returned $16.3 million to shareholders. We strengthened the balance sheet by amending and restating our credit facility to add liquidity and extend the maturity to June 30, 2028, and added another lender. We also continued to balance the portfolio—closing the largest minerals-only acquisition in our history and advancing high-return development at Chaveroo—positioning the Company to generate durable cash flow through future cycles."

    "Operationally, we continued to unlock value across our assets to enhance long-term profitability. At Chaveroo, four gross wells were brought online under budget, and early production is running ahead of plan. We added highly accretive, low decline assets with development and operational upside in the TexMex acquisition and, subsequent to quarter-end, also closed on our largest-ever minerals transaction in the SCOOP/STACK, adding royalty cash flows with no lifting costs and multi-year visibility on substantial continued development.

    "Looking ahead, we will remain selective and returns-focused, opportunistically acquiring cash-generating, low-decline assets while pacing development to market conditions and using hedges to provide a solid base of returns. With an expanded credit facility, a resilient, diversified portfolio, and a sustained commitment to returning cash to shareholders, Evolution is well-positioned to continue executing, supporting our dividend policy, and compounding value for many years to come."

    Fiscal Fourth Quarter 2025 Financial Results

    Total revenues decreased 1% to $21.1 million compared to $21.2 million in the year-ago quarter. The change was driven primarily by 20% and 12% lower realized oil and NGL prices, respectively, partially offset by higher realized natural gas prices.

    Lease operating costs ("LOE") were $11.4 million, flat compared to the year-ago quarter. On a per-unit basis, LOE was $17.35 per BOE compared to $17.39 per BOE in the year-ago quarter. The fiscal fourth quarter included additional costs as a result of the TexMex acquisition, higher workover expenses at Chaveroo and Hamilton Dome, and plant maintenance costs at Delhi, offset by the benefit to LOE as a result of the Barnett joint-interest audit.

    Depletion, depreciation, and accretion expense was $5.8 million compared to $5.3 million in the year-ago period. On a per-BOE basis, the Company's depletion rate was $8.27 per BOE in the fiscal fourth quarter compared to $7.51 per BOE in the year-ago period, reflecting changes in the depletable base and asset mix.

    General and administrative ("G&A") expenses, excluding stock-based compensation, were $2.0 million compared to $1.6 million in the year-ago period. On a per-BOE basis, G&A (excluding stock-based compensation) was $2.99 compared to $2.38 in the year-ago period. The $0.4 million comparative increase is primarily a result of the prior year quarter having been adjusted downward for a decrease in full year accrued bonuses.

    The Company reported net income of $3.4 million, or $0.10 per diluted share, up from net income of $1.2 million, or $0.04 per diluted share, in the year-ago period. Excluding the impact of selected items, adjusted net income increased to $1.1 million, or $0.03 per diluted share, compared to $0.8 million, or $0.02 per diluted share, in the prior year.

    Adjusted EBITDA increased 7% to $8.6 million compared to $8.0 million in the year-ago period. The increase was due to higher realized pricing, including the cash benefit of hedges, in the current period compared to the prior year period.

    Production & Pricing

    Average price per unit: Q4 2025 Q4 2024 % Change Y/Y
    Crude oil (BBL) $60.82  $76.49  (20)%
    Natural gas (MCF)  2.76   1.66  66%
    Natural Gas Liquids (BBL)  25.50   29.08  (12)%
    Equivalent (BOE)  32.23   32.36  — 



    Total production for the fourth quarter of fiscal 2025 was essentially flat at 7,198 net BOEPD compared to 7,209 net BOEPD in the year-ago period. Total production for the fourth quarter of fiscal 2025 included approximately 2,319 barrels per day ("BOPD") of crude oil, 3,747 BOEPD of natural gas, and 1,132 BOEPD of NGLs. The change in total production was driven by downtime in the Delhi Field, pipeline balancing and allocation timing in the Jonah Field, as well as natural declines, partially offset by the TexMex acquisition and contributions from recently turned-in-line Chaveroo wells. Total oil and natural gas liquids production generated 73% of revenue for the quarter compared to 83% in the year-ago period.

    The Company's average realized commodity price (excluding the impact of derivative contracts) decreased slightly to $32.23 per BOE, compared to $32.36 per BOE in the year-ago period. These changes were primarily due to lower realized oil and NGL prices year over year, partially offset by an increase of approximately 66% in realized natural gas prices year over year.

    Operations Update

    At SCOOP/STACK, drilling activity on the Company's legacy position moderated during the quarter, with five wells remaining in progress from prior periods. Production from certain recently drilled wells began contributing in the fiscal fourth quarter. Activity is continuing across the newly acquired mineral acreage.

    At Chaveroo, the Company's operator completed and brought online four new gross wells in the second development block on schedule and under budget. Although early in their productive life, these wells have exceeded pre-drill expectations to date. Permitting for the next pad remains underway; however, timing for additional drilling will be paced to commodity prices.

    At Delhi, operations experienced downtime related to shut-ins for facility safety upgrades and reduced CO₂ injections due to higher summer temperatures. The operator continues to inject only recycled CO₂.

    At Jonah, operations remained steady. Reported sales volumes during the quarter were negatively impacted by pipeline balancing and allocation timing, with make-up volumes expected to benefit the fiscal first quarter of 2026.

    Balance Sheet, Liquidity, and Capital Spending

    On June 30, 2025, the Company had cash and cash equivalents of $2.5 million, $37.5 million of borrowings outstanding under its Senior Secured Credit Facility, and total liquidity of $30.0 million, including cash and availability under the facility. In the fiscal fourth quarter, Evolution paid $4.1 million in common stock dividends and invested $4.7 million in capital expenditures. In the fiscal fourth quarter, Evolution received $0.4 million in proceeds from shares of common stock sold under its At-The-Market equity sales agreement, and net cash provided by operating activities was $10.5 million for the quarter.

    On June 30, 2025, the Company entered into a syndicated, amended, and restated senior secured reserve-based credit facility with MidFirst as the administrative agent, establishing a $200 million revolving credit facility with an initial borrowing base of $65 million, which matures June 30, 2028. The Company added a second lender in order to increase the borrowing base to $65 million and provide additional credit capacity for future acquisitions.

    Subsequent to fiscal year end, Evolution funded a portion of the acquisition of mineral and royalty interests in the SCOOP/STACK area of Oklahoma with $15.0 million in borrowings under its Senior Secured Credit Facility and issued a $0.8 million letter of credit in connection with its gathering and processing agreements at Jonah Field in exchange for the return of the Company's previously provided cash collateral. After the net effect of the additional borrowings and letter of credit issuance, the Company's current remaining availability under its Senior Secured Credit Facility is $11.7 million.

    Cash Dividend on Common Stock

    On September 11, 2025, Evolution's Board of Directors declared a cash dividend of $0.12 per share of common stock, which will be paid on September 30, 2025, to common stockholders of record on September 22, 2025. This will be the 48th consecutive quarterly cash dividend on the Company's common stock since December 31, 2013. To date, Evolution has returned approximately $134.8 million, or $4.05 per share, back to stockholders in common stock dividends.

    Conference Call

    As previously announced, Evolution Petroleum will host a conference call on Wednesday, September 17, 2025, at 10:00 a.m. Central Time to review its fourth quarter and fiscal year-end 2025 financial and operating results. Participants can join online at https://event.choruscall.com/mediaframe/webcast.html?webcastid=9zwNJLNF or by dialing (844) 481-2813. Dial-in participants should ask to join the Evolution Petroleum Corporation call. A replay will be available through September 16, 2026, via the webcast link provided 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. 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

    [email protected]

    Evolution Petroleum Corporation

    Proved Reserves as of June 30, 2025

    Our proved reserves as of June 30, 2025, were estimated by our independent reservoir engineers, Cawley, Gillespie and Associates, Inc. and DeGolyer and MacNaughton, both worldwide petroleum consultants.

    The SEC sets rules related to reserve estimation and disclosure requirements for oil and natural gas companies. These rules require disclosure of oil and natural gas proved reserves by significant geographic area, using the trailing 12-month average price, calculated as the unweighted arithmetic average of the first-day-of-the-month price for each month within the 12 month period prior to the end of the reporting period, rather than year-end prices, and allows the use of new technologies in the determination of proved reserves if those technologies have been demonstrated empirically to lead to reliable conclusions about reserve volumes. Subject to limited exceptions, the rules also require that proved undeveloped reserves may only be classified as such if a development plan has been adopted indicating that they are scheduled to be drilled within five years.

    For more information on the Company's reserves, see our Supplemental Disclosure about Oil and Natural Gas Properties included on Form 10-K filed with the SEC for the year ended June 30, 2025.

    Reserve Category Oil

    (MBbls)

     Natural Gas

    (MMcf)

     NGLs

    (MBbls)

     Total Proved Reserves (MBOE)

    Proved Developed Producing 8,349  57,149  4,311  22,185 
    Proved Non-Producing 378  757  5  509 
    Proved Undeveloped 3,401  3,599  412  4,413 
    Total Proved 12,128  61,505  4,728  27,107 



    Asset Oil

    (MBbls)

     Natural Gas

    (MMcf)

     NGLs

    (MBbls)

     Total Proved Reserves (MBOE)

    TexMex 1,925  6,429  —  2,997 
    SCOOP/STACK 1,268  11,498  716  3,900 
    Chaveroo Field 2,889  841  179  3,208 
    Jonah Field 167  16,915  228  3,214 
    Williston Basin 1,841  1,120  275  2,303 
    Barnett Shale 74  24,702  1,903  6,094 
    Hamilton Dome Field 1,831  —  —  1,831 
    Delhi Field 2,133  —  1,427  3,560 
    Total Proved 12,128  61,505  4,728  27,107 



    Evolution Petroleum Corporation

    Condensed Consolidated Statements of Operations (Unaudited)

    (In thousands, except per share amounts)



      Three Months Ended Years Ended
      June 30, March 31, June 30,
      2025

     2024

     2025

     2025

     2024

    Revenues               
    Crude oil $12,833  $14,533  $11,769  $51,102  $53,446 
    Natural gas  5,648   3,582   7,790   23,516   21,525 
    Natural gas liquids  2,627   3,112   3,002   11,222   10,906 
    Total revenues  21,108   21,227   22,561   85,840   85,877 
    Operating costs               
    Lease operating costs  11,367   11,408   13,388   49,338   48,273 
    Depletion, depreciation, and accretion  5,821   5,302   5,014   21,993   20,062 
    General and administrative expenses  2,580   2,114   2,573   10,334   9,636 
    Total operating costs  19,768   18,824   20,975   81,665   77,971 
    Income (loss) from operations  1,340   2,403   1,586   4,175   7,906 
    Other income (expense)               
    Net gain (loss) on derivative contracts  3,696   (109)  (3,802)  473   (1,292)
    Interest and other income  27   59   55   191   342 
    Interest expense  (678)  (875)  (705)  (2,970)  (1,459)
    Income (loss) before income taxes  4,385   1,478   (2,866)  1,869   5,497 
    Income tax (expense) benefit  (973)  (243)  687   (396)  (1,417)
    Net income (loss) $3,412  $1,235  $(2,179) $1,473  $4,080 
    Net income (loss) per common share:               
    Basic $0.10  $0.04  $(0.07) $0.03  $0.12 
    Diluted $0.10  $0.04  $(0.07) $0.03  $0.12 
    Weighted average number of common shares outstanding:               
    Basic  33,553   32,679   33,433   33,158   32,691 
    Diluted  33,723   32,835   33,433   33,323   32,901 



    Evolution Petroleum Corporation

    Condensed Consolidated Balance Sheets (Unaudited)

    (In thousands, except share and per share amounts)



      June 30, 2025 June 30, 2024
    Assets        
    Current assets        
    Cash and cash equivalents $2,507  $6,446 
    Receivables from crude oil, natural gas, and natural gas liquids revenues  10,804   10,826 
    Derivative contract assets  1,777   596 
    Prepaid expenses and other current assets  2,287   3,855 
    Total current assets  17,375   21,723 
    Property and equipment, net of depletion, depreciation, and impairment        
    Oil and natural gas properties, net—full-cost method of accounting, of which none were excluded from amortization  142,248   139,685 
             
    Other noncurrent assets        
    Derivative contract assets  198   171 
    Other assets  431   1,298 
    Total assets $160,252  $162,877 
    Liabilities and Stockholders' Equity        
    Current liabilities        
    Accounts payable $12,901  $8,308 
    Accrued liabilities and other  6,909   6,239 
    Derivative contract liabilities  1,577   1,192 
    State and federal taxes payable  —   74 
    Total current liabilities  21,387   15,813 
    Long term liabilities        
    Senior secured credit facility  37,500   39,500 
    Deferred income taxes  6,234   6,702 
    Asset retirement obligations  21,535   19,209 
    Derivative contract liabilities  1,783   468 
    Operating lease liability  —   58 
    Total liabilities  88,439   81,750 
    Commitments and contingencies        
    Stockholders' equity        
    Common stock; par value $0.001; 100,000,000 shares authorized: issued and outstanding 34,337,188 and 33,339,535 shares as of June 30, 2025 and 2024, respectively  34   33 
    Additional paid-in capital  46,650   41,091 
    Retained earnings  25,129   40,003 
    Total stockholders' equity  71,813   81,127 
    Total liabilities and stockholders' equity $160,252  $162,877 



    Evolution Petroleum Corporation

    Condensed Consolidated Statements of Cash Flows (Unaudited)

    (In thousands)



      Three Months Ended Years Ended
      June 30, March 31, June 30,
      2025

     2024

     2025

     2025

     2024

    Cash flows from operating activities:               
    Net income (loss) $3,412  $1,235  $(2,179) $1,473  $4,080 
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:               
    Depletion, depreciation, and accretion  5,821   5,302   5,014   21,993   20,062 
    Stock-based compensation  622   552   642   2,482   2,137 
    Settlement of asset retirement obligations  (39)  (1)  (66)  (385)  (20)
    Deferred income taxes  1,662   (225)  (2,101)  (468)  (101)
    Unrealized (gain) loss on derivative contracts  (2,934)  (170)  3,926   492   893 
    Accrued settlements on derivative contracts  (137)  (27)  (57)  (251)  67 
    Other  (1)  —   (4)  (8)  — 
    Changes in operating assets and liabilities:               
    Receivables from crude oil, natural gas, and natural gas liquids revenues  109   1,824   (26)  75   (2,910)
    Prepaid expenses and other current assets  1,525   (137)  965   2,925   (1,562)
    Accounts payable and accrued liabilities and other  416   (440)  1,149   4,798   374 
    State and federal taxes payable  —   74   —   (74)  (291)
        Net cash provided by operating activities  10,456   7,987   7,263   33,052   22,729 
    Cash flows from investing activities:               
    Acquisition deposits  —   —   (1,800)  —   — 
    Acquisition of oil and natural gas properties  (6,868)  5,054   (20)  (9,019)  (38,734)
    Capital expenditures for oil and natural gas properties  (4,721)  (2,546)  (4,404)  (12,623)  (10,899)
    Net cash used in investing activities  (11,589)  2,508   (6,224)  (21,642)  (49,633)
    Cash flows from financing activities:               
    Common stock dividends paid  (4,123)  (4,003)  (4,109)  (16,347)  (16,040)
    Common stock repurchases, including stock surrendered for tax withholding  (180)  (113)  (71)  (442)  (1,144)
    Borrowings under senior secured credit facility  2,000   —   —   2,000   42,500 
    Repayments of senior secured credit facility  —   (3,000)  (4,000)  (4,000)  (3,000)
    Debt issuance costs  (90)  —   —   (90)  — 
    Issuance of common stock  436   —   1,145   3,840   — 
    Offering costs  (4)  —   (70)  (310)  — 
    Net cash provided by (used in) financing activities  (1,961)  (7,116)  (7,105)  (15,349)  22,316 
    Net increase (decrease) in cash and cash equivalents  (3,094)  3,379   (6,066)  (3,939)  (4,588)
    Cash and cash equivalents, beginning of period  5,601   3,067   11,667   6,446   11,034 
    Cash and cash equivalents, end of period $2,507  $6,446  $5,601  $2,507  $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 Years Ended
      June 30, March 31, June 30,
       2025   2024   2025   2025   2024 
    Net income (loss) $3,412  $1,235  $(2,179) $1,473  $4,080 
    Adjusted by:          
    Interest expense  678   875   705   2,970   1,459 
    Income tax expense (benefit)  973   243   (687)  396   1,417 
    Depletion, depreciation, and accretion  5,821   5,302   5,014   21,993   20,062 
    Stock-based compensation  622   552   642   2,482   2,137 
    Unrealized loss (gain) on derivative contracts  (2,934)  (170)  3,926   492   893 
    Adjusted EBITDA $8,572  $8,037  $7,421  $29,806  $30,048 



    Evolution Petroleum Corporation

    Non-GAAP Reconciliation – Adjusted Net Income (Unaudited)

    (In thousands, except per share amounts)



      Three Months Ended Years Ended
      June 30, March 31, June 30,
      2025

     2024

     2025

     2025

     2024

    As Reported:               
    Net income (loss), as reported $3,412  $1,235  $(2,179) $1,473  $4,080 
                    
    Impact of Selected Items:               
    Unrealized loss (gain) on commodity contracts  (2,934)  (170)  3,926   492   893 
    Selected items, before income taxes $(2,934) $(170) $3,926  $492  $893 
    Income tax effect of selected items(1)  (651)  (28)  941   104   230 
    Selected items, net of tax $(2,283) $(142) $2,985  $388  $663 
                    
    As Adjusted:               
    Net income (loss), excluding selected items(2) $1,129  $1,093  $806  $1,861  $4,743 
                    
    Undistributed earnings allocated to unvested restricted stock  (93)  (22)  (96)  (367)  (96)
    Net income (loss), excluding selected items for earnings per share calculation $1,036  $1,071  $710  $1,494  $4,647 
                    
    Net income (loss) per common share — Basic, as reported $0.10  $0.04  $(0.07) $0.03  $0.12 
    Impact of selected items  (0.07)  (0.01)  0.09   0.02   0.02 
    Net income (loss) per common share — Basic, excluding selected items(2) $0.03  $0.03  $0.02  $0.05  $0.14 
                    
                    
    Net income (loss) per common share — Diluted, as reported $0.10  $0.04  $(0.07) $0.03  $0.12 
    Impact of selected items  (0.07)  (0.01)  0.09   0.01   0.02 
    Net income (loss) per common share — Diluted, excluding selected items(2)(3) $0.03  $0.03  $0.02  $0.04  $0.14 
    _____________________________________

    (1) The tax impact for the three months ended June 30, 2025, and 2024, is represented using estimated tax rates of 22.2% and 16.4%, respectively. The tax impact for the three months ended March 31, 2025, is represented using estimated tax rates of 24.0%. The tax impact for the years ended June 30, 2025, and 2024, is represented using estimated tax rates of 21.2% and 25.8%, respectively.

    (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 June 30, 2025, and 2024, were each calculated based upon weighted average diluted shares of 33.7 million and 32.8 million, respectively, due to the net income (loss), excluding selected items. The impact of selected items for the three months ended March 31, 2025, was calculated based upon weighted average diluted shares of 33.6 million due to the net income (loss), excluding selected items. The impact of selected items for the years ended June 30, 2025, and 2024, was each calculated based upon weighted average diluted shares of 33.3 million and 32.9 million, respectively, 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  Years Ended
      June 30,  March 31,  June 30, 
      2025 2024 2025 2025 2024
    Revenues:                    
    Crude oil $12,833  $14,533  $11,769  $51,102  $53,446 
    Natural gas  5,648   3,582   7,790   23,516   21,525 
    Natural gas liquids  2,627   3,112   3,002   11,222   10,906 
    Total revenues $21,108  $21,227  $22,561  $85,840  $85,877 
                         
    Lease operating costs:                     
    Ad valorem and production taxes $1,381  $1,276  $1,473  $5,709  $5,285 
    Gathering, transportation, and other costs  2,765   2,730   2,913   11,357   9,656 
    Other lease operating costs  7,221   7,402   9,002   32,272   33,332 
    Total lease operating costs $11,367  $11,408  $13,388  $49,338  $48,273 
                         
    Depletion of full cost proved oil and natural gas properties $5,418  $4,925  $4,607  $20,374  $18,605 
                         
    Production:                     
    Crude oil (MBBL)  211   190   172   766   709 
    Natural gas (MMCF)  2,045   2,152   2,011   8,409   8,243 
    Natural gas liquids (MBBL)  103   107   93   414   402 
    Equivalent (MBOE)(1)  655   656   600   2,582   2,485 
    Average daily production (BOEPD)(1)  7,198   7,209   6,667   7,074   6,790 
                         
    Average price per unit(2):                    
    Crude oil (BBL) $60.82  $76.49  $68.42  $66.71  $75.38 
    Natural gas (MCF)  2.76   1.66   3.87   2.80   2.61 
    Natural Gas Liquids (BBL)  25.50   29.08   32.28   27.11   27.13 
    Equivalent (BOE)(1) $32.23  $32.36  $37.60  $33.25  $34.56 
                         
    Average cost per unit:                    
    Ad valorem and production taxes $2.11  $1.95  $2.46  $2.21  $2.13 
    Gathering, transportation, and other costs  4.22   4.16   4.86   4.40   3.89 
    Other lease operating costs  11.02   11.28   15.00   12.50   13.41 
    Total lease operating costs $17.35  $17.39  $22.32  $19.11  $19.43 
                         
    Depletion of full cost proved oil and natural gas properties $8.27  $7.51  $7.68  $7.89  $7.49 
    _____________________________________

    (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
      June 30, March 31,
      2025 2024 2025
      Volume Price Volume Price Volume Price
    Production:                  
    Crude oil (MBBL)                  
    TexMex  17 $63.68  — $—  — $—
    SCOOP/STACK  32  64.15  41  80.55  28  71.36
    Chaveroo Field  30  58.47  12  79.82  8  56.78
    Jonah Field  6  59.83  8  72.14  7  67.69
    Williston Basin  33  56.39  35  74.20  34  64.35
    Barnett Shale  2  59.14  2  75.70  3  68.03
    Hamilton Dome Field  34  52.99  35  67.85  34  58.88
    Delhi Field  56  67.03  57  80.46  58  76.04
    Other  1  61.70  —  —  —  —
    Total  211 $60.82  190 $76.49  172 $68.42
    Natural gas (MMCF)                  
    TexMex  71 $2.64  — $—  — $—
    SCOOP/STACK  312  3.20  319  2.70  317  4.91
    Chaveroo Field  —  —  5  2.02  —  —
    Jonah Field  691  2.49  818  1.59  758  4.02
    Williston Basin  26  2.17  31  1.65  32  3.89
    Barnett Shale  945  2.84  979  1.39  904  3.39
    Total  2,045 $2.76  2,152 $1.66  2,011 $3.87
    Natural gas liquids (MBBL)                  
    TexMex  — $—  — $—  — $—
    SCOOP/STACK  18  23.27  20  22.16  13  27.84
    Chaveroo Field  —  —  —  —  —  —
    Jonah Field  8  26.84  8  30.35  8  32.14
    Williston Basin  7  18.34  8  23.94  8  23.74
    Barnett Shale  53  26.77  54  31.29  49  33.48
    Delhi Field  17  25.66  17  31.83  15  37.20
    Total  103 $25.50  107 $29.08  93 $32.28
                       
    Equivalent (MBOE)(1)                  
    TexMex  29 $44.02  — $—  — $—
    SCOOP/STACK  102  34.10  115  40.29  94  41.90
    Chaveroo Field  30  58.47  13  77.49  8  56.78
    Jonah Field  129  17.91  152  13.98  141  26.63
    Williston Basin  44  46.33  48  59.33  47  53.08
    Barnett Shale  213  19.95  219  14.86  203  24.13
    Hamilton Dome Field  34  52.99  35  67.85  34  58.88
    Delhi Field  73  57.27  74  69.34  73  68.19
    Other  1  61.70  —  —  —  —
    Total  655 $32.23  656 $32.36  600 $37.60
                       
    Average daily production (BOEPD)(1)                  
    TexMex  319     —     —   
    SCOOP/STACK  1,121     1,264     1,044   
    Chaveroo Field  330     143     89   
    Jonah Field  1,418     1,670     1,567   
    Williston Basin  484     527     522   
    Barnett Shale  2,341     2,407     2,256   
    Hamilton Dome Field  374     385     378   
    Delhi Field  802     813     811   
    Other  9     —     —   
    Total  7,198     7,209     6,667   
    _____________________________________

    (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
      June 30, March 31,
    Production costs (in thousands, except per BOE): 2025 2024 2025
    Total lease operating costs(1) Amount per BOE Amount per BOE Amount per BOE
    TexMex $1,189 $41.47 $— $— $— $—
    SCOOP/STACK  1,130  11.05  1,028  9.06  1,106  11.74
    Chaveroo Field  501  16.65  301  24.42  128  15.77
    Jonah Field  1,928  14.91  1,834  11.99  2,184  15.51
    Williston Basin  1,159  26.48  1,227  25.53  1,476  31.45
    Barnett Shale(2)  1,850  8.67  3,853  17.47  3,739  18.47
    Hamilton Dome Field  1,523  44.36  1,415  40.40  1,237  36.36
    Delhi Field  2,087  28.73  1,750  23.96  3,518  48.04
    Total $11,367 $17.35 $11,408 $17.39 $13,388 $22.32
    _____________________________________

    (1) Total lease operating costs include lifting costs, workover expenses, and gathering, transportation, processing, and other expenses.



    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-K filed with the SEC for the year ended June 30, 2025.

    The Company has the following open crude oil and natural gas derivative contracts:

          Volumes in Swap Price per Sub Floor Price per Floor Price per Ceiling Price per
    Period Commodity Instrument MMBTU/BBL MMBTU/BBL MMBTU/BBL MMBTU/BBL MMBTU/BBL
    July 2025 - September 2025 Crude Oil Fixed-Price Swap 9,591 $60.50         
    July 2025 - December 2025 Crude Oil Fixed-Price Swap 11,880  72.00         
    July 2025 - December 2025 Crude Oil Fixed-Price Swap 81,335  71.40         
    July 2025 - December 2025 Crude Oil Fixed-Price Swap 18,748  61.02         
    August 2025 - August 2026 Crude Oil Two-Way Collar 83,458       $60.00 $65.55
    September 2025 - December 2025 Crude Oil Two-Way Collar 13,742        60.00  63.00
    September 2025 - December 2025 Crude Oil Two-Way Collar 3,798        60.00  63.50
    September 2026 - December 2026 Crude Oil Three-Way Collar 40,872    $50.00  60.00  70.45
    October 2025 - June 2026 Crude Oil Fixed-Price Swap 43,656  61.00         
    January 2026 - March 2026 Crude Oil Two-Way Collar 43,493        60.00  75.80
    April 2026 - June 2026 Crude Oil Fixed-Price Swap 17,106  60.40         
    April 2026 - September 2026 Crude Oil Fixed-Price Swap 25,412  62.00         
    July 2025 - December 2025 Natural Gas Two-Way Collar 450,550        4.00  4.95
    July 2025 - December 2026 Natural Gas Fixed-Price Swap 2,546,138  3.60         
    July 2025 - December 2027 Natural Gas Fixed-Price Swap 3,323,035  3.57         
    September 2025 - December 2025 Natural Gas Two-Way Collar 34,224        2.90  3.50
    January 2026 - March 2026 Natural Gas Two-Way Collar 76,177        3.50  4.66
    January 2026 - March 2026 Natural Gas Two-Way Collar 213,251        4.00  5.39
    January 2026 - March 2026 Natural Gas Two-Way Collar 375,481        3.60  5.00
    April 2026 - October 2026 Natural Gas Two-Way Collar 952,588        3.50  4.55
    July 2026 - December 2026 Natural Gas Fixed-Price Swap 207,366  3.98         
    September 2026 - December 2026 Natural Gas Two-Way Collar 318,964        3.75  4.94

    This press release was published by a CLEAR® Verified individual.



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