Key Highlights
- Increased revenue 18% over the prior year to
$128.5 million , increased net income year-over-year ("YoY") by 8% to$35.2 million , and increased earnings per share 8% to$1.04 per diluted share. - Generated Adjusted EBITDA1 of
$60.1 million for fiscal 2023 – an increase of 14% YoY. - Produced 7,104 net barrels of oil equivalent per day ("BOEPD") in fiscal 2023 (19% increase YoY).
- Paid quarterly dividends totaling
$0.48 per common share for the current fiscal year – a 37% increase from fiscal 2022. - Repurchased
$3.9 million of common shares under our previously announced share repurchase plan, resulting in a total of$20 million returned to shareholders in fiscal year 2023 through dividends and repurchases. - Maintained significant liquidity and balance sheet strength at fiscal year-end:
- Paid down
$21.25 million in borrowings, ending the year with zero debt outstanding; - Increased cash and cash equivalents to from
$8.3 million to$11.0 million ; and, - Maintained
$50 million available borrowing capacity under the senior secured credit facility, increasing liquidity from$37.0 million to$61.0 million .
- Paid down
Cash Dividend on Common Stock
On
(1) Adjusted EBITDA is Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization and is a non-GAAP financial measure; see the “Non-GAAP Reconciliation” tables later in this release for more information on the most comparable GAAP measures.
Financial and Operational Results for the Year Ended
Years Ended | |||||||||||
($ in millions) | 2023 | 2022 | % Change | ||||||||
Average BOEPD | 7,104 | 5,953 | 19 | % | |||||||
Revenues ($M) | $ | 128,514 | $ | 108,926 | 18 | % | |||||
Net Income ($M) | $ | 35,217 | $ | 32,628 | 8 | % | |||||
Adjusted Net Income(1)($M) | $ | 33,992 | $ | 34,835 | (2 | ) | % | ||||
Adjusted EBITDA(2)($M) | $ | 60,084 | $ | 52,772 | 14 | % |
(1) Adjusted Net Income 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.
(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 revenues increased 18% to
Lease operating costs (“LOE”) increased to
Depletion, depreciation, and accretion ("DD&A") expense increased 77% to
General and administrative ("G&A") expenses increased 18% to
Stock-based compensation increased
Net income was
Adjusted EBITDA increased to
Financial and Operational Results for the Quarter Ended
Total production for the fourth quarter of fiscal 2023 was 6,484 net BOEPD, including 1,736 barrels per day (“BOPD”) of crude oil; 22,462 thousand cubic feet per day (“MCFPD”), or 3,748 BOEPD, of natural gas; and 1,000 BOEPD of natural gas liquids (“NGLs”).
- Oil decreased 6% from 1,856 BOPD in the prior quarter, primarily due to downtime at Delhi Field properties where production was shut in for approximately one week to upgrade the facilities and install a heat exchanger to increase plant efficiencies during extreme summer and winter temperatures.
- Natural gas production decreased 8% from 24,489 MCFPD, or 4,077 BOEPD, in the prior quarter primarily due to downtime in the
Barnett Shale properties associated with extreme summer weather conditions along with gathering line maintenance and compressor issues. - NGL production decreased 13% from 1,156 BOEPD in the prior quarter, primarily attributed to downtime at our Delhi Field properties to install the heat exchanger and also perform NGL plant maintenance. At our
Barnett Shale properties our NGL volumes were affected by the same factors that impacted our natural gas production.
Evolution reported
LOE decreased by 13% to
DD&A expense was
The Company's G&A expenses, including stock-based compensation, remained flat at
Net income for the current quarter was
Adjusted EBITDA was
Fiscal Year-End 2023 Reserves
Summary of Reserves as of | ||||||||
Oil | Natural Gas | NGLs | Total Reserves | |||||
Reserve Category | (MBbls) | (MMcf) | (MBbls) | (MBOE) | ||||
Proved Developed Producing | 7,062 | 90,103 | 5,263 | 27,343 | ||||
Proved Non-Producing | 122 | 29 | 9 | 136 | ||||
Proved Undeveloped | 2,687 | 2,431 | 605 | 3,697 | ||||
Total Proved | 9,871 | 92,563 | 5,877 | 31,176 | ||||
Probable Developed(1) | 1,568 | — | 904 | 2,472 | ||||
Probable Undeveloped(2) | 4,730 | 2,450 | 613 | 5,751 | ||||
Total Probable | 6,298 | 2,450 | 1,517 | 8,223 | ||||
Possible Developed(1) | 1,501 | — | 1,105 | 2,606 | ||||
Possible Undeveloped(2) | 9,941 | 8,976 | 2,148 | 13,585 | ||||
Total Possible | 11,442 | 8,976 | 3,253 | 16,191 |
(1) Probable and Possible Developed Reserves are associated with Delhi Field only.
(2) Probable and Possible Undeveloped Reserves are associated with
Total Proved Reserves by Asset | ||||||||
Oil | Natural Gas | NGLs | Total Proved Reserves | |||||
Asset | (MBbls) | (MMcf) | (MBbls) | (MBOE) | ||||
346 | 34,743 | 417 | 6,554 | |||||
4,219 | 3,655 | 886 | 5,714 | |||||
90 | 54,165 | 3,380 | 12,498 | |||||
2,331 | — | — | 2,331 | |||||
Delhi Field | 2,885 | — | 1,194 | 4,079 | ||||
Total Proved | 9,871 | 92,563 | 5,877 | 31,176 |
Proved Reserves
For the Company’s fiscal year ended
As of
The
Our proved reserves consist of 32% oil, 49% natural gas, and 19% NGLs; 88% are classified as proved developed producing and 12% are proved undeveloped. Proved undeveloped reserves are primarily attributable to the
Probable and Possible Reserves
The Company's fiscal year ended
Developed probable and possible categories at Delhi Field represent greater potential recoveries from the CO2 flood than those included in the proved reserves. Consequently, while both the probable and possible reserves are 100% developed and require de minimus capital expenditures, they remain less certain of attainment and have more risk of recovery than proved reserves and should not be aggregated with other categories. These categories of reserves reflect the incremental reserves associated with different engineering assumptions with respect to the percentage of original oil in place that can be recovered through CO2 enhanced oil recovery. The undeveloped probable and possible categories at Delhi Field consist of Test Site 5 development which is technically proven, however currently not scheduled.
Operations Update
At Delhi Field, the heat exchanger project was successfully installed and operational during the fiscal fourth quarter. This project is expected to reduce expenses and improve operational efficiency. During this quarter we approved authorization for expenditure elections to drill two vertical wells in the Delhi Field. These wells were recently drilled and completed during the first quarter of fiscal 2024 and are awaiting results.
In the
At
Balance Sheet, Liquidity, and Capital Spending
On
During fiscal 2023, the Company fully funded operations, development capital expenditures, cash dividends, and share repurchases through cash generated from operations and working capital. For the year ended
Based on discussions with our operators, we expect capital workover projects to continue in all the fields. Overall, for fiscal year 2024, we expect budgeted capital expenditures to be in the range of
Conference Call
As previously announced,
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," "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
Our reserves as of
Investor Relations
(713) 935-0122
info@evolutionpetroleum.com
Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except per share amounts) | ||||||||||||||||||||
Three Months Ended | Years Ended | |||||||||||||||||||
2023 | 2022 | 2023 | 2023 | 2022 | ||||||||||||||||
Revenues | ||||||||||||||||||||
Crude oil | $ | 10,982 | $ | 18,374 | $ | 11,799 | $ | 51,044 | $ | 52,683 | ||||||||||
Natural gas | 4,984 | 18,475 | 21,598 | 63,800 | 39,174 | |||||||||||||||
Natural gas liquids | 2,208 | 5,171 | 3,470 | 13,670 | 17,069 | |||||||||||||||
Total revenues | 18,174 | 42,020 | 36,867 | 128,514 | 108,926 | |||||||||||||||
Operating costs | ||||||||||||||||||||
Lease operating costs | 11,818 | 17,277 | 13,570 | 59,545 | 48,657 | |||||||||||||||
Depletion, depreciation, and accretion | 3,834 | 3,564 | 3,383 | 14,273 | 8,053 | |||||||||||||||
General and administrative expenses | 2,263 | 1,557 | 2,267 | 9,583 | 6,835 | |||||||||||||||
Total operating costs | 17,915 | 22,398 | 19,220 | 83,401 | 63,545 | |||||||||||||||
Income (loss) from operations | 259 | 19,622 | 17,647 | 45,113 | 45,381 | |||||||||||||||
Other income (expense) | ||||||||||||||||||||
Net gain (loss) on derivative contracts | — | (1,172 | ) | 270 | 513 | (3,763 | ) | |||||||||||||
Interest and other income | 95 | 83 | 13 | 121 | 95 | |||||||||||||||
Interest expense | (54 | ) | (300 | ) | (32 | ) | (458 | ) | (572 | ) | ||||||||||
Income (loss) before income taxes | 300 | 18,233 | 17,898 | 45,289 | 41,141 | |||||||||||||||
Income tax (expense) benefit | (134 | ) | (3,361 | ) | (3,941 | ) | (10,072 | ) | (8,513 | ) | ||||||||||
Net income (loss) | $ | 166 | $ | 14,872 | $ | 13,957 | $ | 35,217 | $ | 32,628 | ||||||||||
Net income (loss) per common share: | ||||||||||||||||||||
Basic | $ | - | $ | 0.44 | $ | 0.42 | $ | 1.05 | $ | 0.97 | ||||||||||
Diluted | $ | - | $ | 0.44 | $ | 0.41 | $ | 1.04 | $ | 0.96 | ||||||||||
Weighted average number of common shares outstanding: | ||||||||||||||||||||
Basic | 32,618 | 33,010 | 33,013 | 32,985 | 32,952 | |||||||||||||||
Diluted | 32,891 | 33,450 | 33,156 | 33,190 | 33,306 |
Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except share and per share amounts) | ||||||
Assets | ||||||
Current assets | ||||||
Cash and cash equivalents | $ | 11,034 | $ | 8,280 | ||
Receivables from crude oil, natural gas, and natural gas liquids revenues | 7,884 | 24,043 | ||||
Derivative contract assets | — | 170 | ||||
Prepaid expenses and other current assets | 2,277 | 3,875 | ||||
Total current assets | 21,195 | 36,368 | ||||
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 | 105,781 | 110,508 | ||||
Other assets | 1,341 | 1,171 | ||||
Total assets | $ | 128,317 | $ | 148,047 | ||
Liabilities and Stockholders' Equity | ||||||
Current liabilities | ||||||
Accounts payable | $ | 5,891 | $ | 15,133 | ||
Accrued liabilities and other | 6,027 | 11,893 | ||||
Derivative contract liabilities | — | 2,164 | ||||
State and federal taxes payable | 365 | 1,095 | ||||
Total current liabilities | 12,283 | 30,285 | ||||
Long term liabilities | ||||||
Senior secured credit facility | — | 21,250 | ||||
Deferred income taxes | 6,803 | 7,099 | ||||
Asset retirement obligations | 17,012 | 13,899 | ||||
Operating lease liability | 125 | — | ||||
Total liabilities | 36,223 | 72,533 | ||||
Commitments and contingencies | ||||||
Stockholders' equity | ||||||
Common stock; par value | ||||||
outstanding 33,247,523 and 33,470,710 shares as of | ||||||
and 2022, respectively | 33 | 33 | ||||
Additional paid-in capital | 40,098 | 42,629 | ||||
Retained earnings | 51,963 | 32,852 | ||||
Total stockholders' equity | 92,094 | 75,514 | ||||
Total liabilities and stockholders' equity | $ | 128,317 | $ | 148,047 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
Three Months Ended | Years Ended | |||||||||||||||||||
2023 | 2022 | 2023 | 2023 | 2022 | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income (loss) | $ | 166 | $ | 14,872 | $ | 13,957 | $ | 35,217 | $ | 32,628 | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||||||
Depletion, depreciation, and accretion | 3,834 | 3,564 | 3,383 | 14,273 | 8,053 | |||||||||||||||
Stock-based compensation | 484 | (743 | ) | 453 | 1,639 | 125 | ||||||||||||||
Settlement of asset retirement obligations | (55 | ) | — | (48 | ) | (174 | ) | — | ||||||||||||
Deferred income taxes | (196 | ) | 742 | 255 | (296 | ) | 1,142 | |||||||||||||
Unrealized (gain) loss on derivative contracts | — | (404 | ) | 195 | (1,994 | ) | 1,994 | |||||||||||||
Accrued settlements on derivative contracts | 211 | 726 | (211 | ) | (919 | ) | 919 | |||||||||||||
Other | (1 | ) | (3 | ) | 1 | (4 | ) | (10 | ) | |||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||
Receivables from crude oil, natural gas, and natural gas liquids revenues | 1,958 | (6,428 | ) | 8,370 | 18,441 | (11,427 | ) | |||||||||||||
Prepaid expenses and other current assets | 288 | (459 | ) | (664 | ) | (692 | ) | (538 | ) | |||||||||||
Accounts payable and accrued liabilities and other | (5,343 | ) | 10,987 | (2,748 | ) | (13,489 | ) | 18,516 | ||||||||||||
State and federal taxes payable | (1,793 | ) | 915 | 1,007 | (730 | ) | 1,058 | |||||||||||||
Net cash provided by operating activities | (447 | ) | 23,769 | 23,950 | 51,272 | 52,460 | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Acquisition of oil and natural gas properties | — | (27,498 | ) | — | (31 | ) | (53,342 | ) | ||||||||||||
Capital expenditures for oil and natural gas properties | (2,727 | ) | (705 | ) | (1,348 | ) | (6,961 | ) | (1,531 | ) | ||||||||||
Acquisition deposit | — | 1,470 | — | — | — | |||||||||||||||
Net cash used in investing activities | (2,727 | ) | (26,733 | ) | (1,348 | ) | (6,992 | ) | (54,873 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Common stock dividends paid | (3,992 | ) | (3,375 | ) | (4,029 | ) | (16,106 | ) | (11,796 | ) | ||||||||||
Common stock repurchases, including stock surrendered for tax withholding | (187 | ) | — | (3,896 | ) | (4,170 | ) | (38 | ) | |||||||||||
Borrowings under senior secured credit facility | — | 17,000 | — | — | 34,000 | |||||||||||||||
Repayments of senior secured credit facility | — | (15,750 | ) | — | (21,250 | ) | (16,750 | ) | ||||||||||||
Net cash (used in) provided by financing activities | (4,179 | ) | (2,125 | ) | (7,925 | ) | (41,526 | ) | 5,416 | |||||||||||
Net increase (decrease) in cash and cash equivalents | (7,353 | ) | (5,089 | ) | 14,677 | 2,754 | 3,003 | |||||||||||||
Cash and cash equivalents, beginning of period | 18,387 | 13,369 | 3,710 | 8,280 | 5,277 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 11,034 | $ | 8,280 | $ | 18,387 | $ | 11,034 | $ | 8,280 |
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 | Years Ended | ||||||||||||||||
2023 | 2022 | 2023 | 2023 | 2022 | |||||||||||||
Net income (loss) | $ | 166 | $ | 14,872 | $ | 13,957 | $ | 35,217 | $ | 32,628 | |||||||
Adjusted by: | |||||||||||||||||
Interest expense | 54 | 300 | 32 | 458 | 572 | ||||||||||||
Income tax expense (benefit) | 134 | 3,361 | 3,941 | 10,072 | 8,513 | ||||||||||||
Depletion, depreciation, and accretion | 3,834 | 3,564 | 3,383 | 14,273 | 8,053 | ||||||||||||
Stock-based compensation | 484 | (743 | ) | 453 | 1,639 | 125 | |||||||||||
Unrealized loss (gain) on derivative contracts | — | (404 | ) | 195 | (1,994 | ) | 1,994 | ||||||||||
Severance | — | 325 | — | 74 | 325 | ||||||||||||
Transaction costs | — | 394 | — | 345 | 562 | ||||||||||||
Adjusted EBITDA | $ | 4,672 | $ | 21,669 | $ | 21,961 | $ | 60,084 | $ | 52,772 |
Non-GAAP Reconciliation – Adjusted Net Income (Unaudited) (In thousands, except per share amounts) | |||||||||||||||||||||
Three Months Ended | Years Ended | ||||||||||||||||||||
2023 | 2022 | 2023 | 2023 | 2022 | |||||||||||||||||
As Reported: | |||||||||||||||||||||
Net income (loss), as reported | $ | 166 | $ | 14,872 | $ | 13,957 | $ | 35,217 | $ | 32,628 | |||||||||||
Impact of Selected Items: | |||||||||||||||||||||
Unrealized loss (gain) on commodity contracts | — | (404 | ) | 195 | (1,994 | ) | 1,994 | ||||||||||||||
Severance | — | 325 | — | 74 | 325 | ||||||||||||||||
Transaction costs | — | 394 | — | 345 | 562 | ||||||||||||||||
Selected items, before income taxes | $ | — | $ | 315 | $ | 195 | $ | (1,575 | ) | $ | 2,881 | ||||||||||
Income tax effect of selected items(1) | — | 74 | 40 | (350 | ) | 674 | |||||||||||||||
Selected items, net of tax | $ | — | $ | 241 | $ | 155 | $ | (1,225 | ) | $ | 2,207 | ||||||||||
As Adjusted: | |||||||||||||||||||||
Net income (loss), excluding selected items(2) | $ | 166 | $ | 15,113 | $ | 14,112 | $ | 33,992 | $ | 34,835 | |||||||||||
Undistributed earnings allocated to unvested restricted stock | (3 | ) | (326 | ) | (256 | ) | (540 | ) | (718 | ) | |||||||||||
Net income (loss), excluding selected items for earnings per share calculation | $ | 163 | $ | 14,787 | $ | 13,856 | $ | 33,452 | $ | 34,117 | |||||||||||
Net income (loss) per common share — Basic, as reported | $ | — | $ | 0.44 | $ | 0.42 | $ | 1.05 | $ | 0.97 | |||||||||||
Impact of selected items | — | 0.01 | — | (0.04 | ) | 0.07 | |||||||||||||||
Net income (loss) per common share — Basic, excluding selected items(2) | $ | — | $ | 0.45 | $ | 0.42 | $ | 1.01 | $ | 1.04 | |||||||||||
Net income (loss) per common share — Diluted, as reported | $ | — | $ | 0.44 | $ | 0.41 | $ | 1.04 | $ | 0.96 | |||||||||||
Impact of selected items | — | — | 0.01 | (0.03 | ) | 0.06 | |||||||||||||||
Net income (loss) per common share — Diluted, excluding selected items(2)(3) | $ | — | $ | 0.44 | $ | 0.42 | $ | 1.01 | $ | 1.02 |
(1) 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 | Years Ended | ||||||||||||||
2023 | 2022 | 2023 | 2023 | 2022 | |||||||||||
Revenues: | |||||||||||||||
Crude oil | $ | 10,982 | $ | 18,374 | $ | 11,799 | $ | 51,044 | $ | 52,683 | |||||
Natural gas | 4,984 | 18,475 | 21,598 | 63,800 | 39,174 | ||||||||||
Natural gas liquids | 2,208 | 5,171 | 3,470 | 13,670 | 17,069 | ||||||||||
Total revenues | $ | 18,174 | $ | 42,020 | $ | 36,867 | $ | 128,514 | $ | 108,926 | |||||
Lease operating costs: | |||||||||||||||
CO2costs | $ | 1,348 | $ | 2,573 | $ | 1,821 | $ | 7,375 | $ | 7,708 | |||||
Ad valorem and production taxes | 1,157 | 2,993 | 1,642 | 8,158 | 6,960 | ||||||||||
Other lease operating costs | 9,313 | 11,711 | 10,107 | 44,012 | 33,989 | ||||||||||
Total lease operating costs | $ | 11,818 | $ | 17,277 | $ | 13,570 | $ | 59,545 | $ | 48,657 | |||||
Depletion of full cost proved oil and natural gas properties | $ | 3,544 | $ | 3,372 | $ | 3,098 | $ | 13,142 | $ | 7,518 | |||||
Production: | |||||||||||||||
Crude oil (MBBL) | 158 | 172 | 167 | 659 | 619 | ||||||||||
Natural gas (MMCF) | 2,044 | 2,413 | 2,204 | 9,109 | 7,141 | ||||||||||
Natural gas liquids (MBBL) | 91 | 104 | 104 | 416 | 364 | ||||||||||
Equivalent (MBOE)(1) | 590 | 678 | 638 | 2,593 | 2,173 | ||||||||||
Average daily production (BOEPD)(1) | 6,484 | 7,451 | 7,089 | 7,104 | 5,953 | ||||||||||
Average price per unit(2): | |||||||||||||||
Crude oil (BBL) | $ | 69.51 | $ | 106.83 | $ | 70.65 | $ | 77.46 | $ | 85.11 | |||||
Natural gas (MCF) | 2.44 | 7.66 | 9.80 | 7.00 | 5.49 | ||||||||||
Natural Gas Liquids (BBL) | 24.26 | 49.72 | 33.37 | 32.86 | 46.89 | ||||||||||
Equivalent (BOE)(1) | $ | 30.80 | $ | 61.98 | $ | 57.79 | $ | 49.56 | $ | 50.13 | |||||
Average cost per unit: | |||||||||||||||
CO2costs | $ | 2.28 | $ | 3.79 | $ | 2.85 | $ | 2.84 | $ | 3.55 | |||||
Ad valorem and production taxes | 1.96 | 4.41 | 2.57 | 3.15 | 3.20 | ||||||||||
Other lease operating costs | 15.78 | 17.27 | 15.84 | 16.97 | 15.64 | ||||||||||
Total lease operating costs | $ | 20.02 | $ | 25.47 | $ | 21.26 | $ | 22.96 | $ | 22.39 | |||||
Depletion of full cost proved oil and natural gas properties | $ | 6.01 | $ | 4.97 | $ | 4.86 | $ | 5.07 | $ | 3.46 | |||||
CO2costs per MCF | $ | 0.91 | $ | 1.29 | $ | 0.92 | $ | 0.99 | $ | 1.07 | |||||
CO2volumes (MMCF per day, gross) | 68.2 | 91.6 | 91.7 | 85.2 | 82.6 |
(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, Average Sales Price, and Average Production Costs (Unaudited) | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||
2023 | 2022 | 2023 | ||||||||||||||||
Volume | Price | Volume | Price | Volume | Price | |||||||||||||
Production: | ||||||||||||||||||
Crude oil (MBBL) | ||||||||||||||||||
9 | $ | 77.87 | 10 | $ | 108.06 | 9 | $ | 80.17 | ||||||||||
34 | 70.31 | 35 | 108.03 | 39 | 73.32 | |||||||||||||
3 | 69.37 | 3 | 102.58 | 2 | 73.40 | |||||||||||||
37 | 60.53 | 37 | 98.82 | 36 | 55.40 | |||||||||||||
Delhi Field | 74 | 73.01 | 86 | 109.93 | 80 | 75.23 | ||||||||||||
Other | 1 | 75.07 | 1 | 101.52 | 1 | 80.76 | ||||||||||||
Total | 158 | $ | 69.51 | 172 | $ | 106.83 | 167 | $ | 70.65 | |||||||||
Natural gas (MMCF) | ||||||||||||||||||
881 | $ | 3.16 | 1,000 | $ | 7.80 | 886 | $ | 20.31 | ||||||||||
23 | 2.99 | 21 | 7.97 | 29 | 3.30 | |||||||||||||
1,140 | 1.87 | 1,392 | 7.56 | 1,289 | 2.73 | |||||||||||||
Other | — | — | — | — | — | — | ||||||||||||
Total | 2,044 | $ | 2.44 | 2,413 | $ | 7.66 | 2,204 | $ | 9.80 | |||||||||
Natural gas liquids (MBBL) | ||||||||||||||||||
9 | $ | 25.80 | 12 | $ | 53.20 | 9 | $ | 33.22 | ||||||||||
5 | 15.00 | 6 | 39.16 | 7 | 25.54 | |||||||||||||
61 | 24.52 | 69 | 49.41 | 67 | 33.30 | |||||||||||||
Delhi Field | 16 | 24.65 | 17 | 53.45 | 21 | 38.09 | ||||||||||||
Other | — | — | — | — | — | — | ||||||||||||
Total | 91 | $ | 24.26 | 104 | $ | 49.72 | 104 | $ | 33.37 | |||||||||
Equivalent (MBOE)(1) | ||||||||||||||||||
165 | $ | 22.60 | 189 | $ | 50.55 | 166 | $ | 114.97 | ||||||||||
43 | 59.57 | 45 | 94.61 | 51 | 62.01 | |||||||||||||
254 | 15.15 | 304 | 46.81 | 284 | 20.80 | |||||||||||||
37 | 60.53 | 37 | 98.82 | 36 | 55.40 | |||||||||||||
Delhi Field | 90 | 64.69 | 102 | 100.64 | 100 | 67.62 | ||||||||||||
Other | 1 | 75.07 | 1 | 101.52 | 1 | 80.76 | ||||||||||||
Total | 590 | $ | 30.80 | 678 | $ | 61.98 | 638 | $ | 57.79 | |||||||||
Average daily production (BOEPD)(1) | ||||||||||||||||||
1,813 | 2,077 | 1,844 | ||||||||||||||||
473 | 495 | 567 | ||||||||||||||||
2,791 | 3,341 | 3,156 | ||||||||||||||||
407 | 407 | 400 | ||||||||||||||||
Delhi Field | 989 | 1,120 | 1,111 | |||||||||||||||
Other | 11 | 11 | 11 | |||||||||||||||
Total | 6,484 | 7,451 | 7,089 | |||||||||||||||
Production costs (in thousands, except per BOE) | ||||||||||||||||||
Lease operating costs | Amount | per BOE | Amount | per BOE | Amount | per BOE | ||||||||||||
$ | 2,218 | $ | 13.45 | $ | 2,990 | $ | 15.82 | $ | 4,227 | $ | 25.59 | |||||||
1,149 | 26.83 | 1,307 | 29.42 | 1,636 | 32.40 | |||||||||||||
3,902 | 15.28 | 7,288 | 23.98 | 2,806 | 9.88 | |||||||||||||
1,417 | 38.76 | 1,169 | 31.26 | 1,351 | 37.11 | |||||||||||||
Delhi Field | 3,132 | 35.06 | 4,523 | 44.24 | 3,550 | 35.42 | ||||||||||||
Total | $ | 11,818 | $ | 20.02 | $ | 17,277 | $ | 25.47 | $ | 13,570 | $ | 21.26 |
(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.
Source:
2023 GlobeNewswire, Inc., source