Evolution Petroleum grows revenue but posts an adjusted quarterly loss

Evolution Petroleum ($EPM) reported fiscal fourth-quarter revenue of $24.2 million, up 15% from a year earlier and 20% from the preceding quarter. Production averaged 6,901 barrels of oil equivalent per day, down 4% year over year but up 3% sequentially. Higher realized prices helped support the revenue increase despite lower annual-comparison production.

Reported net income was approximately $4.6 million, while adjusted net income was a loss of about $587,000. Adjusted EBITDA reached $6.5 million, improving sharply from the previous quarter but falling 24% year over year. These measures show that the headline statutory profit and sequential recovery should not be confused with broad-based annual growth in underlying profitability. The company reported proved reserves of approximately 27.2 million barrels of oil equivalent.

Sources:

• Evolution Petroleum — fiscal results announcement