Key Highlights
- Announced the agreement to acquire non-operated oil and natural gas assets in the SCOOP/STACK plays in
Oklahoma .- Acquisitions expected to close in early
February 2024 with effective date ofNovember 1, 2023 . - Production of ~1,550 barrels of oil equivalent per day ("BOEPD”) as of effective date.
- 21 DUC’s (completions to be paid for by sellers) at effective date.
- 300 undeveloped locations with average WI of ~3%.
- Acquisitions expected to close in early
- Participated in the drilling and completion of the initial three wells in the Chaveroo Field.
- First production occurred in early
February 2024 . - One well cleaning up, two awaiting connection.
- First production occurred in early
- Reported current quarter revenue of
$21.0 million and net income of$1.1 million or$0.03 per diluted share and revenue of$41.6 million and net income of$2.6 million or$0.08 per diluted share for the six months endedDecember 31, 2023 . - 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.
- Paid quarterly dividends of
$0.12 per common share. - Maintained significant liquidity and balance sheet strength throughout the second quarter of fiscal 2024.
- Fully funded operations, capital expenditures, and dividends from operating cash flow and working capital.
- Maintained
$50 million available borrowing capacity under the senior secured credit facility.
(1) Adjusted EBITDA is Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization and is a non-GAAP financial measure; see the “Non-GAAP Reconciliation” tables later in this release for more information on the most comparable GAAP measures.
Cash Dividend on Common Stock
On
Financial and Operational Results for the Quarter Ended
($ in millions) | 2Q24 | 1Q24 | % Change vs 1Q24 | ||||||
Average BOEPD | 6,304 | 6,457 | (2 | )% | |||||
Revenues ($M) | $ | 21,024 | $ | 20,601 | 2 | % | |||
Net Income ($M) | $ | 1,082 | $ | 1,474 | (27 | )% | |||
Adjusted EBITDA(1) ($M) | $ | 6,832 | $ | 6,703 | 2 | % | |||
(1) 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 production for the second quarter of fiscal 2024 was 6,304 net BOEPD, including 1,728 barrels per day (“BOPD”) of crude oil; 21,207 thousand cubic feet per day (“MCFPD”), or 3,533 BOEPD, of natural gas; and 1,043 BOEPD of natural gas liquids (“NGLs”). The announced SCOOP/STACK acquisition will begin contributing to operating results beginning in the middle of the third fiscal quarter ending
- Oil decreased 1% from 1,750 BOPD in the prior quarter, primarily as a result of production downtime at
Williston Basin , partially offset by increased production in the Delhi Field attributable to lowered ambient surface temperatures, allowing for better recoveries. - Natural gas production decreased by 4% from 22,011 MCFPD, or 3,674 BOEPD, in the prior quarter. The decrease was primarily related to natural declines within the fields and continued midstream issues in the
Barnett Shale that carried over to the beginning of the second quarter before largely being resolved. - NGL production increased 1% from 1,033 BOEPD primarily due to better run times in the liquids-rich areas of the
Barnett Shale .
Evolution reported
Lease operating costs (“LOE”) increased
Depletion, depreciation, and accretion expense was
General and administrative expenses, including stock-based compensation, decreased slightly in the current quarter to
Net income for the current quarter was
Operations Update
In the Chaveroo Field, jointly developed with Pedevco, the Company drilled, fracked and modified existing facilities for our first three wells before the end of the second quarter. Completions on all three wells were performed in February, and one well has been brought online and is currently cleaning up. The other two wells are awaiting some minor facility modifications before being brought online very soon. Even though it is early in the clean-up process, the results have been encouraging.
On
At
During the quarter, the
At the Barnett Shale Asset, issues from the prior quarter related to EnLink operations with certain gathering facilities continued into the current quarter, but production was not significantly affected. Production from the Barnett Shale Asset has flattened back to its historical decline rate.
At
At
Balance Sheet, Liquidity, and Capital Spending
On
During the second quarter of fiscal 2024, the Company fully funded operations, development capital expenditures, and cash dividends through cash generated from operations and working capital. For the quarter that ended
Conference Call
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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
Investor Relations
(713) 935-0122
info@evolutionpetroleum.com
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share amounts)
Three Months Ended | Six Months Ended | |||||||||||||||||||
2023 | 2022 | 2023 | 2023 | 2022 | ||||||||||||||||
Revenues | ||||||||||||||||||||
Crude oil | $ | 11,759 | $ | 13,100 | $ | 12,616 | $ | 24,375 | $ | 28,263 | ||||||||||
Natural gas | 6,531 | 17,370 | 5,552 | 12,083 | 37,218 | |||||||||||||||
Natural gas liquids | 2,734 | 3,206 | 2,433 | 5,167 | 7,992 | |||||||||||||||
Total revenues | 21,024 | 33,676 | 20,601 | 41,625 | 73,473 | |||||||||||||||
Operating costs | ||||||||||||||||||||
Lease operating costs | 12,358 | 15,041 | 11,883 | 24,241 | 34,157 | |||||||||||||||
Depletion, depreciation, and accretion | 4,598 | 3,458 | 4,262 | 8,860 | 7,056 | |||||||||||||||
General and administrative expenses | 2,502 | 2,581 | 2,603 | 5,105 | 5,053 | |||||||||||||||
Total operating costs | 19,458 | 21,080 | 18,748 | 38,206 | 46,266 | |||||||||||||||
Income (loss) from operations | 1,566 | 12,596 | 1,853 | 3,419 | 27,207 | |||||||||||||||
Other income (expense) | ||||||||||||||||||||
Net gain (loss) on derivative contracts | — | 846 | — | — | 243 | |||||||||||||||
Interest and other income | 104 | 7 | 116 | 220 | 13 | |||||||||||||||
Interest expense | (34 | ) | (129 | ) | (32 | ) | (66 | ) | (372 | ) | ||||||||||
Income (loss) before income taxes | 1,636 | 13,320 | 1,937 | 3,573 | 27,091 | |||||||||||||||
Income tax (expense) benefit | (554 | ) | (2,933 | ) | (463 | ) | (1,017 | ) | (5,997 | ) | ||||||||||
Net income (loss) | $ | 1,082 | $ | 10,387 | $ | 1,474 | $ | 2,556 | $ | 21,094 | ||||||||||
Net income (loss) per common share: | ||||||||||||||||||||
Basic | $ | 0.03 | $ | 0.31 | $ | 0.04 | $ | 0.08 | $ | 0.63 | ||||||||||
Diluted | $ | 0.03 | $ | 0.31 | $ | 0.04 | $ | 0.08 | $ | 0.62 | ||||||||||
Weighted average number of common shares outstanding: | ||||||||||||||||||||
Basic | 32,693 | 33,174 | 32,663 | 32,676 | 33,154 | |||||||||||||||
Diluted | 32,900 | 33,394 | 32,984 | 32,940 | 33,356 | |||||||||||||||
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except share and per share amounts)
Assets | ||||||
Current assets | ||||||
Cash and cash equivalents | $ | 8,460 | $ | 11,034 | ||
Receivables from crude oil, natural gas, and natural gas liquids revenues | 10,119 | 7,884 | ||||
Prepaid expenses and other current assets | 2,569 | 2,277 | ||||
Total current assets | 21,148 | 21,195 | ||||
Property and equipment, net of depletion, depreciation, and impairment | ||||||
Oil and natural gas properties—full-cost method of accounting: | ||||||
Oil and natural gas properties, subject to amortization, net | 100,111 | 105,781 | ||||
Oil and natural gas properties, not subject to amortization | 3,370 | — | ||||
Total property and equipment, net | 103,481 | 105,781 | ||||
Other assets | 1,337 | 1,341 | ||||
Total assets | $ | 125,966 | $ | 128,317 | ||
Liabilities and Stockholders' Equity | ||||||
Current liabilities | ||||||
Accounts payable | $ | 8,233 | $ | 5,891 | ||
Accrued liabilities and other | 6,294 | 6,027 | ||||
State and federal taxes payable | — | 365 | ||||
Total current liabilities | 14,527 | 12,283 | ||||
Long term liabilities | ||||||
Deferred income taxes | 6,161 | 6,803 | ||||
Asset retirement obligations | 17,738 | 17,012 | ||||
Operating lease liability | 101 | 125 | ||||
Total liabilities | 38,527 | 36,223 | ||||
Commitments and contingencies | ||||||
Stockholders' equity | ||||||
Common stock; par value | ||||||
outstanding 33,506,794 and 33,247,523 shares as of | ||||||
and | 34 | 33 | ||||
Additional paid-in capital | 40,920 | 40,098 | ||||
Retained earnings | 46,485 | 51,963 | ||||
Total stockholders' equity | 87,439 | 92,094 | ||||
Total liabilities and stockholders' equity | $ | 125,966 | $ | 128,317 | ||
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
Three Months Ended | Six Months Ended | |||||||||||||||||||
2023 | 2022 | 2023 | 2023 | 2022 | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income (loss) | $ | 1,082 | $ | 10,387 | $ | 1,474 | $ | 2,556 | $ | 21,094 | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||||||
Depletion, depreciation, and accretion | 4,598 | 3,458 | 4,262 | 8,860 | 7,056 | |||||||||||||||
Stock-based compensation | 564 | 494 | 472 | 1,036 | 702 | |||||||||||||||
Settlement of asset retirement obligations | — | (64 | ) | — | — | (71 | ) | |||||||||||||
Deferred income taxes | (567 | ) | (319 | ) | (75 | ) | (642 | ) | (355 | ) | ||||||||||
Unrealized (gain) loss on derivative contracts | — | (1,070 | ) | — | — | (2,189 | ) | |||||||||||||
Accrued settlements on derivative contracts | — | (699 | ) | — | — | (919 | ) | |||||||||||||
Other | 3 | 4 | — | 3 | (4 | ) | ||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||
Receivables from crude oil, natural gas, and natural gas liquids revenues | 447 | 1,309 | (2,686 | ) | (2,239 | ) | 8,113 | |||||||||||||
Prepaid expenses and other current assets | (443 | ) | (349 | ) | 169 | (274 | ) | (316 | ) | |||||||||||
Accounts payable and accrued liabilities | 2,123 | (225 | ) | 320 | 2,443 | (5,398 | ) | |||||||||||||
State and federal income taxes payable | (753 | ) | (2,522 | ) | 388 | (365 | ) | 56 | ||||||||||||
Net cash provided by operating activities | 7,054 | 10,404 | 4,324 | 11,378 | 27,769 | |||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Acquisition of oil and natural gas properties | — | — | — | — | (31 | ) | ||||||||||||||
Capital expenditures for oil and natural gas properties | (3,878 | ) | (1,038 | ) | (1,827 | ) | (5,705 | ) | (2,886 | ) | ||||||||||
Net cash used in investing activities | (3,878 | ) | (1,038 | ) | (1,827 | ) | (5,705 | ) | (2,917 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Common stock dividends paid | (4,021 | ) | (4,059 | ) | (4,013 | ) | (8,034 | ) | (8,085 | ) | ||||||||||
Common stock repurchases, including stock surrendered for tax withholding | (108 | ) | (61 | ) | (105 | ) | (213 | ) | (87 | ) | ||||||||||
Repayments of senior secured credit facility | — | (12,250 | ) | — | — | (21,250 | ) | |||||||||||||
Net cash (used in) provided by financing activities | (4,129 | ) | (16,370 | ) | (4,118 | ) | (8,247 | ) | (29,422 | ) | ||||||||||
Net increase (decrease) in cash and cash equivalents | (953 | ) | (7,004 | ) | (1,621 | ) | (2,574 | ) | (4,570 | ) | ||||||||||
Cash and cash equivalents, beginning of period | 9,413 | 10,714 | 11,034 | 11,034 | 8,280 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 8,460 | $ | 3,710 | $ | 9,413 | $ | 8,460 | $ | 3,710 | ||||||||||
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 | Six Months Ended | ||||||||||||||||
2023 | 2022 | 2023 | 2023 | 2022 | |||||||||||||
Net income (loss) | $ | 1,082 | $ | 10,387 | $ | 1,474 | $ | 2,556 | $ | 21,094 | |||||||
Adjusted by: | |||||||||||||||||
Interest expense | 34 | 129 | 32 | 66 | 372 | ||||||||||||
Income tax expense (benefit) | 554 | 2,933 | 463 | 1,017 | 5,997 | ||||||||||||
Depletion, depreciation, and accretion | 4,598 | 3,458 | 4,262 | 8,860 | 7,056 | ||||||||||||
Stock-based compensation | 564 | 494 | 472 | 1,036 | 702 | ||||||||||||
Unrealized loss (gain) on derivative contracts | — | (1,070 | ) | — | — | (2,189 | ) | ||||||||||
Severance | — | — | — | — | 74 | ||||||||||||
Transaction costs | — | 115 | — | — | 345 | ||||||||||||
Adjusted EBITDA | $ | 6,832 | $ | 16,446 | $ | 6,703 | $ | 13,535 | $ | 33,451 | |||||||
Non-GAAP Reconciliation – Adjusted Net Income (Unaudited)
(In thousands, except per share amounts)
Three Months Ended | Six Months Ended | |||||||||||||||||||
2023 | 2022 | 2023 | 2023 | 2022 | ||||||||||||||||
As Reported: | ||||||||||||||||||||
Net income (loss), as reported | $ | 1,082 | $ | 10,387 | $ | 1,474 | $ | 2,556 | $ | 21,094 | ||||||||||
Impact of Selected Items: | ||||||||||||||||||||
Unrealized loss (gain) on commodity contracts | — | (1,070 | ) | — | — | (2,189 | ) | |||||||||||||
Severance | — | — | — | — | 74 | |||||||||||||||
Transaction costs | — | 115 | — | — | 345 | |||||||||||||||
Selected items, before income taxes | $ | — | $ | (955 | ) | $ | — | $ | — | $ | (1,770 | ) | ||||||||
Income tax effect of selected items(1) | — | (214 | ) | — | — | (397 | ) | |||||||||||||
Selected items, net of tax | $ | — | $ | (741 | ) | $ | — | $ | — | $ | (1,373 | ) | ||||||||
As Adjusted: | ||||||||||||||||||||
Net income (loss), excluding selected items(2) | $ | 1,082 | $ | 9,646 | $ | 1,474 | $ | 2,556 | $ | 19,721 | ||||||||||
Undistributed earnings allocated to unvested restricted stock | (24 | ) | (151 | ) | (26 | ) | (51 | ) | (256 | ) | ||||||||||
Net income (loss), excluding selected items for earnings per share calculation | $ | 1,058 | $ | 9,495 | $ | 1,448 | $ | 2,505 | $ | 19,465 | ||||||||||
Net income (loss) per common share — Basic, as reported | $ | 0.03 | $ | 0.31 | $ | 0.04 | $ | 0.08 | $ | 0.63 | ||||||||||
Impact of selected items | — | (0.02 | ) | — | — | (0.04 | ) | |||||||||||||
Net income (loss) per common share — Basic, excluding selected items(2) | $ | 0.03 | $ | 0.29 | $ | 0.04 | $ | 0.08 | $ | 0.59 | ||||||||||
Net income (loss) per common share — Diluted, as reported | $ | 0.03 | $ | 0.31 | $ | 0.04 | $ | 0.08 | $ | 0.62 | ||||||||||
Impact of selected items | — | (0.03 | ) | — | — | (0.04 | ) | |||||||||||||
Net income (loss) per common share — Diluted, excluding selected items(2)(3) | $ | 0.03 | $ | 0.28 | $ | 0.04 | $ | 0.08 | $ | 0.58 |
(1) For the three and six 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 | Six Months Ended | ||||||||||||||
2023 | 2022 | 2023 | 2023 | 2022 | |||||||||||
Revenues: | |||||||||||||||
Crude oil | $ | 11,759 | $ | 13,100 | $ | 12,616 | $ | 24,375 | $ | 28,263 | |||||
Natural gas | 6,531 | 17,370 | 5,552 | 12,083 | 37,218 | ||||||||||
Natural gas liquids | 2,734 | 3,206 | 2,433 | 5,167 | 7,992 | ||||||||||
Total revenues | $ | 21,024 | $ | 33,676 | $ | 20,601 | $ | 41,625 | $ | 73,473 | |||||
Lease operating costs: | |||||||||||||||
CO2 costs | $ | 1,628 | $ | 2,007 | $ | 1,578 | $ | 3,206 | $ | 4,206 | |||||
Ad valorem and production taxes | 1,272 | 2,096 | 1,278 | 2,550 | 5,359 | ||||||||||
Other lease operating costs | 9,458 | 10,938 | 9,027 | 18,485 | 24,592 | ||||||||||
Total lease operating costs | $ | 12,358 | $ | 15,041 | $ | 11,883 | $ | 24,241 | $ | 34,157 | |||||
Depletion of full cost proved oil and natural gas properties | $ | 4,238 | $ | 3,178 | $ | 3,910 | $ | 8,148 | $ | 6,500 | |||||
Production: | |||||||||||||||
Crude oil (MBBL) | 159 | 166 | 161 | 320 | 334 | ||||||||||
Natural gas (MMCF) | 1,951 | 2,367 | 2,025 | 3,976 | 4,861 | ||||||||||
Natural gas liquids (MBBL) | 96 | 106 | 95 | 191 | 221 | ||||||||||
Equivalent (MBOE)(1) | 580 | 667 | 594 | 1,174 | 1,365 | ||||||||||
Average daily production (BOEPD)(1) | 6,304 | 7,250 | 6,457 | 6,380 | 7,418 | ||||||||||
Average price per unit(2): | |||||||||||||||
Crude oil (BBL) | $ | 73.96 | $ | 78.92 | $ | 78.36 | $ | 76.17 | $ | 84.62 | |||||
Natural gas (MCF) | 3.35 | 7.34 | 2.74 | 3.04 | 7.66 | ||||||||||
Natural Gas Liquids (BBL) | 28.48 | 30.25 | 25.61 | 27.05 | 36.16 | ||||||||||
Equivalent (BOE)(1) | $ | 36.25 | $ | 50.49 | $ | 34.68 | $ | 35.46 | $ | 53.83 | |||||
Average cost per unit: | |||||||||||||||
CO2 costs | $ | 2.81 | $ | 3.01 | $ | 2.66 | $ | 2.73 | $ | 3.08 | |||||
Ad valorem and production taxes | 2.19 | 3.14 | 2.15 | 2.17 | 3.93 | ||||||||||
Other lease operating costs | 16.31 | 16.40 | 15.20 | 15.75 | 18.02 | ||||||||||
Total lease operating costs | $ | 21.31 | $ | 22.55 | $ | 20.01 | $ | 20.65 | $ | 25.03 | |||||
Depletion of full cost proved oil and natural gas properties | $ | 7.31 | $ | 4.76 | $ | 6.58 | $ | 6.94 | $ | 4.76 | |||||
CO2 costs per MCF | $ | 0.97 | $ | 1.01 | $ | 0.90 | $ | 0.98 | $ | 1.06 | |||||
CO2 volumes (MMCF per day, gross) | 76.4 | 90.7 | 72.4 | 74.4 | 90.4 |
(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) | ||||||||||||||||||
8 | $ | 80.25 | 9 | $ | 85.21 | 9 | $ | 88.41 | ||||||||||
35 | 71.71 | 34 | 82.31 | 40 | 78.94 | |||||||||||||
2 | 76.77 | 2 | 78.11 | 1 | 74.96 | |||||||||||||
36 | 62.03 | 38 | 66.49 | 37 | 69.46 | |||||||||||||
Delhi Field | 78 | 79.02 | 82 | 83.50 | 73 | 81.54 | ||||||||||||
Other | — | — | 1 | 84.31 | 1 | 81.80 | ||||||||||||
Total | 159 | $ | 73.96 | 166 | $ | 78.92 | 161 | $ | 78.36 | |||||||||
Natural gas (MMCF) | ||||||||||||||||||
883 | $ | 4.87 | 950 | $ | 11.00 | 904 | $ | 3.69 | ||||||||||
14 | 1.91 | 26 | 5.15 | 21 | 2.04 | |||||||||||||
1,054 | 2.10 | 1,390 | 4.88 | 1,100 | 1.98 | |||||||||||||
Other | — | — | 1 | 5.95 | — | — | ||||||||||||
Total | 1,951 | $ | 3.35 | 2,367 | $ | 7.34 | 2,025 | $ | 2.74 | |||||||||
Natural gas liquids (MBBL) | ||||||||||||||||||
10 | $ | 25.88 | 7 | $ | 34.31 | 10 | $ | 27.06 | ||||||||||
4 | 20.41 | 7 | 28.54 | 4 | 17.66 | |||||||||||||
60 | 30.07 | 70 | 29.40 | 59 | 26.45 | |||||||||||||
Delhi Field | 22 | 26.90 | 22 | 32.15 | 22 | 23.64 | ||||||||||||
Other | — | — | — | — | — | — | ||||||||||||
Total | 96 | $ | 28.48 | 106 | $ | 30.25 | 95 | $ | 25.61 | |||||||||
Equivalent (MBOE)(1) | ||||||||||||||||||
165 | $ | 31.60 | 175 | $ | 65.75 | 170 | $ | 25.91 | ||||||||||
41 | 63.22 | 45 | 69.36 | 48 | 68.56 | |||||||||||||
238 | 17.61 | 304 | 29.62 | 243 | 15.77 | |||||||||||||
36 | 62.03 | 38 | 66.49 | 37 | 69.46 | |||||||||||||
Delhi Field | 100 | 67.63 | 104 | 72.38 | 95 | 68.24 | ||||||||||||
Other | — | — | 1 | — | 1 | 81.80 | ||||||||||||
Total | 580 | $ | 36.25 | 667 | $ | 50.49 | 594 | $ | 34.68 | |||||||||
Average daily production (BOEPD)(1) | ||||||||||||||||||
1,793 | 1,902 | 1,848 | ||||||||||||||||
446 | 489 | 522 | ||||||||||||||||
2,587 | 3,304 | 2,641 | ||||||||||||||||
391 | 413 | 402 | ||||||||||||||||
Delhi Field | 1,087 | 1,131 | 1,033 | |||||||||||||||
Other | — | 11 | 11 | |||||||||||||||
Total | 6,304 | 7,250 | 6,457 | |||||||||||||||
Production costs (in thousands, except per BOE) | ||||||||||||||||||
Lease operating costs | Amount | per BOE | Amount | per BOE | Amount | per BOE | ||||||||||||
$ | 2,392 | $ | 14.45 | $ | 3,042 | $ | 17.41 | $ | 2,562 | $ | 15.07 | |||||||
1,205 | 28.74 | 1,306 | 29.11 | 1,390 | 28.96 | |||||||||||||
3,883 | 16.31 | 5,196 | 17.13 | 3,192 | 13.09 | |||||||||||||
1,404 | 39.43 | 1,344 | 35.82 | 1,337 | 36.55 | |||||||||||||
Delhi Field | 3,474 | 35.00 | 4,153 | 39.79 | 3,402 | 35.83 | ||||||||||||
Total | $ | 12,358 | $ | 21.31 | $ | 15,041 | $ | 22.55 | $ | 11,883 | $ | 20.01 |
(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:
2024 GlobeNewswire, Inc., source