The company reported that in Q4/22, it produced an average of 7,451 boe/d, including 1,890 bpd (barrels per day) of oil, 1,142 boe of NGLs (natural gas liquids), and 26.516 Mcf (million cubic feet), or 4,419 boe of natural gas. In addition, the board granted authorization for a share repurchase program for up to $25 million of its coon stock through December 31, 2024. The company advised that its board of directors approved an increase in the cash dividend from $0.10 to $0.12 per share, payable to stockholders of record as of September 21, 2022.
Our decision to diversify our product mix into natural gas was timely as natural gas prices have risen dramatically since those acquisitions and natural gas revenues grew to 44% of our Q4/24 revenue."
Loyd added, "We have a positive outlook for FY/23, supported by our diverse portfolio of oil and natural gas properties located in key onshore regions of the U.S.
On the strength of two completed, accretive acquisitions and disciplined capital management, we enter FY/23 with a much larger and diversified asset base, a balance sheet that remains very conservative with minimal net debt, and a strategic plan which continues to focus on maximizing total shareholder returns … During FY/22 and Q4/22, there were substantial increases in production, revenue, net income, and adjusted EBITDA." The company's Interim President and CEO, Loyd, stated, "FY/22 was an exceptional year for Evolution. The firm noted that during FY/22, it increased year-end proved reserves by 55% to 36.2 Mboe (million barrels of oil equivalent) and was successful in replacing reserves by greater than 550% of FY/22 production. The company listed that in Q4/22, production increased by 34% sequentially to 7,451 net boe/d (barrels of oil equivalent per day), and for FY/22 rose 145% to 5,953 boe/d, compared to 2,430 boe/d in FY/21. (EPM:NYSE), which is engaged in the development and production of onshore oil and natural gas in the U.S., announced financial and operating results for its fourth quarter and full-year of 2022 ended June 30, 2022. markets closed for trading yesterday, independent energy firm Evolution Petroleum Corp.
0 kommentar(er)
