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HOUSTON - Evolution Petroleum Corporation (NYSE American:EPM), a $158 million market cap energy company with annual revenues of $86 million, announced Tuesday it has identified approximately $1.8 million in overcharges from its Barnett Shale properties joint interest audit.
The audit, which examined expenses charged by Diversified Energy Company, the largest operator of Evolution’s Barnett Shale properties, covered the period from September 2021 through December 2023. The recovered amount will be recognized as a reduction to lease operating expenses and accounts payable in the company’s fiscal fourth quarter and full-year 2025 results.
"We have preliminarily agreed on a subset of discrepancies, totaling an approximate $1.8 million in expenses that are owed back to Evolution," said Kelly Loyd, President and Chief Executive Officer, according to the press release. The company plans to continue auditing future periods under its rights in the joint operating agreement.
Evolution also provided an update on its Chaveroo drilling operations, reporting that its four recently completed wells continue to outperform expectations after more than 50 days of production data. The company had previously noted these wells were completed under budget. According to InvestingPro data, Evolution maintains a "GOOD" Financial Health score and offers a notable 10.2% dividend yield, having maintained dividend payments for 13 consecutive years.
Evolution Petroleum describes itself as an independent energy company focused on maximizing shareholder returns through ownership of and investment in onshore oil and natural gas properties in the U.S. InvestingPro analysis indicates the stock is currently trading near its Fair Value, with analysts projecting a return to profitability this year. Get access to 8 more exclusive InvestingPro Tips and a comprehensive Pro Research Report for deeper insights into EPM’s financial outlook.
The information in this article is based on a company press release statement issued Tuesday.
In other recent news, Evolution Petroleum Corporation reported a challenging first quarter of 2025, with financial results missing market expectations. The company announced a net loss of $2.2 million, translating to an EPS of -$0.07, which fell short of the forecasted EPS of $0.09. Revenue also missed expectations, coming in at $22.6 million compared to the anticipated $23.88 million. Despite a 33% year-over-year increase in natural gas revenue, oil revenue saw a decline of 19%, contributing to the overall financial shortfall. The company completed the acquisition of Tex Mex and brought online new wells in Chabaroo, which are expected to enhance future production. Evolution Petroleum is focusing on gas-weighted opportunities and has expanded its credit facility to $65 million, with an extended maturity to April 2028. The company maintained its dividend of $0.12 per share, reflecting confidence in its long-term financial strategy. Analysts have noted Evolution Petroleum’s commitment to disciplined capital allocation and strategic execution, as highlighted by firms like Northland Capital Markets and Alliance Global Partners.
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