Welcome to earnings September Evolution Petroleum’s XX, quarter fiscal XXXX. ended first presentation for our
are statements with forward-looking to These I financial results information. quarter We available later operating that currently date. at forward-looking and results the described any provided expected. contains filings on Evolution uncertainties of results and may our may am information note those for XXXX. Randy are strong three statements and the This subject beliefs that are reported for Petroleum. will presentation from based Please risks Actual Keys, and and another months of a the Evolution today discuss financial XX, statements not of differ CEO ended in accurate assumptions quarter. materially SEC. management’s time-sensitive September be
industry net Our us total of the year ago, look gave point downturn. come of low $X.X $X.X had per which we quarter range prices below in of If from a back million, $X.XX are recovering was share. barrel. levels on we Oil per income was up from $XX common same the to of revenues $XX its the earnings barrel million per just and the
positive quarter Sweet we’ve same in and natural for Light quarter, of this premium redemption our Our all for we or direction. reported Toward million final dividend end liquids after LLS, move prices that $X.X of gas revenues earnings in the $X.XX, crude and preferred were for Louisiana per share the and adjustment of seen the oil, stock.
the X.X%. very announced yield $X.XXX and this in revenues this price quarterly payable our an the favorable our We’ve announced dividend share of at dividends we to dividend have the Last outlook Our consecutive same point. quarterly meaningful for in at common yesterday, At closing we dividend cash our and increase quarter, XX per flows now increases XXth, stock was and paid quarter. end for authorized December. appears
very of are solid opportunities. remains on Field Our development new and balance and to continue well-positioned Delhi we sheet also to growth capitalize the
During $X.X just million oil barrel. of $XX of average price under recorded per the quarter, at we revenues an
total costs operations from $X of in Our was million. stock-based our $X.X expense resulting these million. million, million costs, DD&A were operating and non-cash income compensation Of $X.X $X.X was out
So, DD&A was earnings $X.X taxes our interest, and million. before
projections from receive tax year the for state $X.X benefit quarter Our expense for fiscal rate taxable to our depletion we for which expect up XXXX, benefit XX% We and excess book to equal combined reduces current Based carryovers for based our XX% was federal a of on any the expected income our tax million, income taxable year. given of of They in in of XX.X%. received our both to cash an basis. of income on significant taxes. these and a deductions offset percentage
base, carry we At asset new accumulating per approximately depletion benefits entered million. prices been and of also current the years million several generate of fiscal past have We percentage $X.X our with oil year a with $XX over these year. forward the $X.X current benefits
in $X.X rate current and in of a reported year. common deductions the carry We cash these the ending $X.X share $X.X net quarter. year Our utilizing shows fiscal in was XXXX, of per forward the favorable tax with million us income current very forecast in fiscal which approximately approximately a This million, of lower $X.XX million. taxes results
per was quarter was the for virtually the price flat $XX.XX oil average barrel, quarter. with prior Our which
from The past $X.XX or NYMEX majority was quarters realized on Sweet per two results WTI Our LLS price increase over $XX.XX WTI the improving Louisiana a net in realized which Light has Field pricing. only our pricing the was improvement premium quoted price significant of Delhi been the the barrel. the below in as of and this over
this around fiscal barrel. a During September this $X benefit premium has small It was to XXXX, We $X.XX part most in to now per of range. the saw of the quarter. widened $X dramatically
costs purchased prior quarter our the price quarter, our about of quarter, and the the $XX levels October, $XX at we price line substantial relatively costs actually saw per any LOE net in to we nice from commodity XX% prices crude of a majority production WTI discount feet operating of more the are in of pricing levels dropped Even production Field And move directly in cubic our in and range a WTI. accounted premium barrel, barrel our in next a day. lower back After pricing million purchased our a with in $X to revenues. revenues field part almost XX a per COX quarter. recent in closer very per equivalent with million barrel, large $XXX,XXX increase barrel However, $XX.XX margin our to and our below dropped million a we in increases also Delhi COX the consistent the $X.X to barrel from to improvement the realized per prior per operating XX quarters poised seeing cubic WTI reduction brings June operating to results in profitable. the the for feet now for quarter. barrel. And per to see us fixed, will our $XX day, solidly spike to our in $XX.XX almost This this Despite drop margin per of trend relative with cost remains field. at This of is per of in
to was operating full less the lower was And run this the turbine it of rate. a prior to of that the line to turbine. difference. required us the costs, gas power, chemicals current the Since and third-party costs $X.X optimum quarters. quarter, was plant at than of an methane to to over regard fuel saw NGL in at for capacity, million gas each which to costs make buy purchased was With enough in also producing maintenance the electric one We compared up incremental trend June increase not the component
plant essentially at the volumes purchase any capacity, natural operating no to a now need significant of XXX% of With gas. we longer NGL
expect this to be in We reflected savings quarters. in cost future
come Our past G&A dramatically five over expenses settlement litigation now the the have down has resolved. that been quarters,
mentioned above moved base. cash quarter Our our our operation for our of that rate streamline million on declared continuing at in below press reduction but next G&A of a normalized costs is quarter. our headcount stock quarter, $X continue slightly per release $X cost our Evolution is to has We cash cash we dividend we our to the the and those had XXXX target target. our now G&A light in a paying which current Today, December XX we in in XXth as per quarterly common expect paid share. we the of This consecutive current asset below come dividends. began down $X.XXX quarterly million
share. return cumulative or now million Our common shareholders to totals $XX $X.XX over per
annual plant the a form in Over of western facility the a cash of its is also facility per recycled at side very a to stream. COX processing new common feet the the field. process per from of handles on for full operation injection is per This of NGL on XXX NGL The basis. and field $X.XX COX The to The the while an and Management of per this central cubic level central located with $X.XXX cubic XXX COX the Board into designed dividend feet over dividend. almost we million day stock produced four of large past $X.XX the Delhi feet compression reinjection cubic the the have share. water capacity current of share oil facility. shareholders committed share the to the returning from recycle to XXX returning is million increased remain and processing million and plant quarters,
with goals NGL plant threefold. Our the were
removes gas-powered electricity methane for field with and generate First, to ethane the use a turbine. plant
efficiency and will reinjection the increase the cleans increase we COX stream, it the Second, believe field purifies production. flood the ultimately into the oil COX and of which
Lastly, sale. natural liquids the the revenue an gas production of plant for from additional stream generates higher valued
program the will in Our XXXX. we next early field step infill expect which off kick be to drilling eight-well an in
release, original plan. we of the constraints may which capital plant see operations in to of The in reduced program about we technical mentioned early capacity. The this the press February, eight By was producing NGL year. on late than and this was and operator based it at XX wells more or As had year commissioned to the was December January keep plant increase in XX% last economic commenced considerations.
plant to uncommon processing full to this complexity. identified we is certain next level in the Over This of order with the issues be with needed fixed couple for capacity. not which plants new of months, reach
capital involved inlet a During the solution a main recycle modification which summer, and to was the of conceived facility. the engineered
We processing The a This also increased been that NGL capacity. above have were current successful to which appears executed The the plant to this X,XXX volume. limiting production to NGL of has has per throughput rate bringing that has very liquids are pleased liquids. been was mix in producing report of day. rich of August, barrels to at or in plant operation XXX% resolved issues the
natural heavier liquids referred products of CX NGL to WTI, pentanes These This close the seen our sometimes of the other we XX% and to called a saw or was as that generally pricing have we approximately price XX% very gasoline, WTI. sell price at quarter, yield improvement current and in In And we higher value increase which the quarter, also of components. better. dramatically.
made reduction net led product had we a in quality progress in addition, that pricing. a our In issue resolving to
August, from all continuing September in our our from prices, resulted on value cash operating stock purchaser’s Since plant quality to operations products, Our efficiency. share This combination flows, and and the XXXX rate common a from review the well significant and encouraging reported revenues in positive a dividends factors; barrel annual over financial higher early an successful challenges income completed future with environment the our the substantially barrel. by that three $X.XX bodes This per price we’ve $XX.XX of of we yield the NGL improvement results increases net increased cash basis, prior the common plant. is specifications. many the In an per at for commodity for and of quarter, upgrade capacity plant at and full of XX% per $XX.XX of net concludes share, the meeting summary, in on now improving $X.XX resolution the progress on NGL of of per quarter. the NGL pricing market
common in million working was the the $XX.X million Our cash. balance quarter, the position retired preferred stock end on of of paid quarter. for sheet. all capital our liquidity of and dividends which at remains all We debt strong have the of out We very with stock substantially $X.X no
your to an opportunities. look growth We very are for in you Thank much in Evolution position interest Petroleum. new enviable at
