Earnings call transcript Q3 2023

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Operator

Good afternoon and welcome to the Evolution Petroleum Fiscal Third Quarter 2023 Earnings Conference Call. [Operator Instructions].

I will now turn the call over to your host Brandi Hudson, Investor Relations Manager. Please go ahead.

Brandi Hudson

Thank you. fiscal earnings Petroleum's Evolution to third call. quarter Welcome Officer. President Executive Chief Officer, joined Chief Officer, by Stash, Chief Loyd, Kelly Operating Bunch, Mark President, I'm Ryan and Senior Treasurer, and and Financial Vice close We released our quarter financial yesterday. the results after third market

Please release additional these earnings information press our refer concerning to for results.

today's earnings XXXX, today's the note access Investor any statements any You speak that may accurate of as information section not XX, our at date. and can in date Relations time-sensitive information release a and provided and only of Please May our be website. later

Today's of forward-looking expected. Actual differ materially based statements obligation assumptions undertake contain forward-looking in and discussion These to results on may statements. no subject described will filings. assumptions risks forward-looking management's beliefs We to SEC those are information. from update uncertainties statements currently any available as and our

today's During adjusted non-GAAP measures and including may EBITDA adjusted certain call we income. financial net discuss

to our to our to Please for with opening refer these our review closing GAAP comments, Ryan today's COO, Bunch financials Stash, followed will release. turning operational a before and will earnings measures CFO our call few Mark by quarter measures over begin comparable the from Kelly results third the back reconciliations of comments. in Kelly

will prepared available After the to team our be management remarks, answer any questions.

reminder, a is conference this recorded. As being call

the section a listen relations to will of on today's available replay to webcast wish you If our investor website. it be of call,

With that to Kelly. I turn over will the call

Kelly Loyd

Good for joining us today's afternoon, call. you Randy. everyone. for Thanks, thank And

continued periods commodity diversified cash generate of assets to third flow, and ability free quarter of to our price long-life Our even natural XXXX portfolio oil fiscal excellent the during high results and gas were volatility. of in low strong decline, demonstrate

record of million of quarterly diluted A highlights million reported $X.XX record quarterly are income or from the $XX.X $XX net and revenue couple per we of quarter share.

we generated dividends via to cash $XX of reserves record debt cash million, And $XX.X share million adjusted zero to our while and roughly repurchases. $X We building shareholders maintaining EBITDA million. of cash returned and outstanding

meaningful We completed fund free acquisitions the our the continue couple from years generating last cash to strategic objectives. of flow over

ongoing our work is dedication and long-term team. shareholders. for the continued reflection to value evolution our and accomplishments want I every hard of and their each of contributions the our thank member course, near Of direct to success of a for team driving and

was clear growth During the we third a XXXX, XX% than and per the cash quarter, same for which the indicator of of This of common strength our a dividend as view paid $X.XX fiscal business. period share. higher we

recently board XXth. of record $X.XX our Our in declared our June XXth XXth the to of payment June a per the row at amount. share fiscal a cash dividend $X.XX per on payable Marking fourth of shareholders dividend consecutive quarterly for share and QX, on

Since $XX.X or in the per we to began $X.XX paying company December million share dividends XXXX, have shareholders. returned capital approximately of

price E&P As consistently we've they cycles. the that of commodity that several throughout few are can say time very dividend there discussed length for companies small-cap have paid past, that tumultuous a in

the the this to continue view that the a strategic prudently we believe acquisition quarterly We support targeted board reinforces sustainable solid, assets will and grow business the dividend as low-decline takes and long-life, our of for long-term. through immediate

for quarterly team. our dividend board and cash In and the management remains and of ultimately short, front a maintaining payment growing center

call operations. the now to turn over Mark to will discuss I

Mark Bunch

Kelly. Thanks,

end with In storm for the fiscal net XXXX BOE the QX. per severe at per fiscal production Barnett large was X,XXX quarter around to day Third of in the from winter extended the due gas QX. day part BOE recovery X% down production net of X,XXX associated

$XX.XX per with his pleased acquisition, at Field at and for performance. Field BOE day, was the price QX remain recent The for Jonah an per production detail, net with MCF X,XXX of quarter. we third most results quarter Looking is average in Jonah more our gas

field the long low flow. assets, by other to cash is life that highlighted Similar and generate decline significant reserves

to base In Western provides addition, attractive access markets. the asset

net was of to relative Basin oil. up production XX% BOE per XX% at quarter XXX approximately in the which quarter Third Williston day, was last

The by oil been the production Williston in which restored winter QX was QX. storm Basin impacted during has

During waiting the on quarter balk and our we participated in re-completion a vertical results.

work workovers, opportunities grading to such a on expense We discovery high drilling continue operator completions, as sidetrack the closely opportunities. field, with in and our

Shale Barnett gas. which of for XX% production day, net per approximately was BOE was natural QX X,XXX

X.X% production Production production As essentially storm. to BOE previously, QX due this at Net down flat last Hamilton lowered by relative quarter. was was XXX and the per was for to severe winter mentioned day. effects of down

their support water We energy in adjust and on and to other restore projects injection efforts both volumes the operator and maintenance production, merit targeted to improvement. execute locations continue

X,XXX quarter approximately and at Third production Field net per essentially Delhi BOE flat was day.

facilities. We that, Ryan to over our With operator to continue highlights. turn will work perform to with conformance upgrades financial to I the and workovers, to it discuss our

Ryan Stash

Thanks Mark.

mentioned million. from for highlight was QX a of was quarter. per which of focused the today earlier, results basis, our primarily the My on increase between generation second QX. continued an The and third of please was cash $XX.XX flow, quarter key to adjusted XX As BOE yesterday's release were including information quarter This highlights our EBITDA financial concerning earnings results. comments fiscal strong on third refer comparative additional and

year-to-date. now $XX.X adjusted for XXXX million have generated We and fiscal EBITDA

Supported cash operational and of during quarter, June June flow as share fund third QX, repurchases fiscal paid of continued the share our a for we zero while capital share in Kelly per declared XXth dividend operations, also continue payable our of expenditures, dividend out we quarter, to operating of shareholders on a the cash flow, development per XXth. and record $X.XX $X.XX As cash third dividends, strong and debt. discussed by maintaining to outlook, of

importance the returning to dividend cash recognize be continue to our Our has value we strategic been of program as priority, shareholders. top clearly will and a

and third of result XX, million couple ended was since This focus the balance is $XX.X targeted XXXX. years, and June cash acquisitions control. XX% During immediately maintained quarter cash million, accretive of the with on result of debt-free and million. continued $XX.X of of working our equivalents a $XX.X capital quarter, the we and increased sheet cost our direct The as up as past well over liquidity our

the We our LIBOR are April the terms ideally to execution opportunities targeted future rate tougher, date positioned growth XXXX. facility our the In was of that vision. XXth And that existing all into for also the we the to benchmark as strategic continued entered same. amendment meet a interest extended substantially replace maturity credit remained May,

in quarter third the at more looking financials detail. Now

$XX.X realized last from including to decrease a higher due realized X% combination partially of by revenue a million was production, revenue due NGL increase total pricing. in to XX% higher a gas X% up in to daily offset XX% pricing Our natural revenue due quarter, factors of increase

with Lease offset revenue XX% associated XX% XX% realized On The of quarter. was decrease to quarter, operating per compared expenses third operating oil third in primarily the sequentially by were the to for quarter, in lower in $XX.XX BOE lower This LOE pricing. increase the the expenses the to an to lease price was cost of $XX.XX the were basis, result $XX.X decreased Shale. in decreased $XX.XX. realized per average contributing second Barnett a BOE million

reduced Jonah higher the were with costs was taxes Field. higher crude Also Delhi associated oil at production gas the The prices contributing to a costs from with decrease by associated at natural COX prior quarter. decrease offset partially in prices Field

oil Therefore, by As lower price directly are a prices result costs costs. COX impacted at COX of the reminder, our oil. Delhi in lower Field

share $X.X versus million or quarter expenses third million diluted or share, the income diluted or in and decrease $X.XX per compared $XX for General lower was The the in were versus associated audit share third the administrative income prior with or per $X.X for quarter $X.XX primarily $XX.X and million quarter. per net fees. Net Adjusted $X.XX million to $X.X million was consulting quarter. was QX. share second the million diluted $X.XX for quarter the $XX.X per for diluted

and we million During the development third expenditures. quarter, in capital invested maintenance $X.X

workovers total vertical Jonah expect a expenditures and $X Williston re-completion, For the Barnett Basin. capital Shale, development estimate central and to million the facility of upgrades Hamilton Field, the fiscal to continue includes Delhi the at Field million. $X XXXX, we Field This and to Dome

to spending capital properties from our expect on capital. and existing continue met cash be flows will We working from current operations

may depending conversations outlook change operating pricing, with and on spending our commodity course, considerations. our partners, Of other

$X.X worth During we of the million plan. common XXBX-X quarter, our re-purchase under shares

remarks. now for over closing call to his turn I will the back Kelly

Kelly Loyd

Ryan. Thanks,

have from benefit acquisitions to past few continue the we over completed years. targeted We the

our well-established and will flow use base diverse As geographically capital us mix. program. generation solid to return platform result, commodity more enjoy we a we and This a and support to enhance a continue provides for significant cash larger with that shareholder asset

we pay-out over on Our and and maintaining and committed remain meaningful to appropriate, shareholders as their cash expect and consistent dividend a increasing return our investment time.

of shares our time return after us the in means time component other transactions, share began in to program or with repurchase the is of we Another capital place accordance This by from the privately the provides repurchase end on fiscal purchases through and securities negotiated optionality making laws. put quarter. transactions, second opportunistically strategy federal our open to market

business. maintain as we management in recognize the and conservative we balance capital disciplined will remain fully past, a our our of of As in the sheet cyclicality

quarter's end. zero-debt is commitment ongoing meaningful prudent evidenced Our our balance to remaining in at by reserves cash fiscally

result, as a high to rate accretive positioned return appropriate. of opportunities we're targeted execute well immediately the As on growth in

risk-adjusted shareholder in designed every are pursue on a dollar the where to value basis, we cycle. total initiatives return will depending on invest maximize of we optimizing the We by

continue of has capable of base Our cash to will of a us over come. and shareholders well served approach decade, and payments many benefit to past years building gas supporting our natural the targeted asset reserves for oil shareholders to

and the production strategically we not in that any closely dilution. on past, opportunities of will material provide and acquisition execute have our base long-live discussed result targeted enhance As in only do assets, evaluate we and

our must transaction a for providing clearly long-standing total our also Any significant return thesis support shareholders. of

ready to take With Operator? that, questions. we're

Operator

Donovan Markets. time, Please Northland will question take your first Instructions] will from go our we At Schafer which with question. [Operator to have this come Capital

Donovan Schafer

there quarter kind next into what In the from had is question. weather it I the my And taking could want see impacts to at so and the quarter production where this of quarter we two? between some of bounce this of for the reversal it then back similar start production a bounce is you we something numbers. looking a to the fundamentally there from like of kind kind with getting kind is Wilson Barnett's the Willesden different impact. a for looks quarter more saw also nature nice Thanks, this the similar saw back there's

Kelly Loyd

at quarter, thank Donovan, it last Look, winter quarter, calling. very much a the all, was, just affected of it. and for the of end my, was which appreciate didn't back First storm, you the we come as there Barnett really it I immediately. mentioned,

bit due take So, declined. of know. you fields just look should want But there? from a the to that. at you Mark, recovery, see to if I a don't it

Mark Bunch

good The Well, Barnett water. talk Donovan, you. of lot units to a makes to

shut what is sometimes water So, kind as builds wealth. the you is smaller even areas on the when or in large up even, of

while than a other slower just unloaded, get takes to Just them they production. of a it back types of lot come

So, what Kelly's is. on spot I think deal the and

But oil So, and field. that see upward. adjustment on can there's you should an things always go an other gas

Donovan Schafer

the job flowing. out to with shut-in go the And the was the putting and build hydrostatic that the stops to a My and slob you it with in while would fluid college first then love Marcellus rigs. around unfamiliar for that. ray, gas shuts know up I I'm pressure of

lag me crazy really November north or I'm it for but think it's quarter, have like December, Jonah, prices. But timing. of And [ph] just lag $XX just there's prices Or Unless January. last sort we maybe Because in might it wrong, of this and a the natural before. Fantastic over this forgetting out. I blew that so, Correct and when was of also of then and of a sort quarter. then if or month was And first was, think I day it's see like it gone I'm and $XX gas something? if pricing think we there.

last versus the why quarter higher price this So natural gas China, in quarter?

Kelly Loyd

why about don't talk you that. Ryan,

Ryan Stash

well. good to you talk Donovan as

If you last did quarter. call, that talk yes, we about

on the more a inside our for sell we of than first-month we probably so, sell half call pricing. Jonah, what And little of what we gas

the And price happened so, end if really is what of quarter the this in at spiked December.

end and up pricing of quite which bumped really December, there, which in January. During December obviously at that a for bit the first-month January, for benefited

maybe until throughout high January, stayed coming and February start pretty even it and honestly, then didn't more And down March. in

we're there revenue a we do what month, of our it first more production vote and call booked going our get. of sell do is do little pricing. in necessarily most one we wouldn't So, on know, we half than that but We lag or I to a because more

in that this happening So past for was quarter. January at least

Mark Bunch

people nationally And you in then, pricing natural focus Europe. But or for Coast or a some lot I'm this for are bit, because the natural being on talking the of future about, West of sort out of other calls, on outlook gas course, gas exposure. what's really people guys great a stand pricing,

have things bit. So, changed a

just run there's they heat a of a lot supposed and down saw this I be weekend don't but think most to the recently, AC. I northwest,

levels. this reservoir stuff, of then, I electricity that burn. had a and And raised all outages also flooding So, don't creates the and but if you know lot that

hot we get extremely say an So, summer.

natural the operating, be again could but west side, hand On raise keep reservoir flip Rockies, prices your that on plants then the of should higher. gas of the one hydroelectric the because

the Just where of special or the Or, curious, might any terms of gas you have to you go. hubs Rockies if perspective less anything sell? watching, of kind prices where natural you're in

Ryan Stash

lot Sure. markets. in isn't Western of the There this. I'll say a storage

the bigger they storage gas had natural of down. facilities they One shut

create it think can leaves some of driven these where weathers a So, continue more I see us events position in more volatility. you to

to predict I we markets Hub. sort to they're think can't were this uncorrelated exposed of to happy be we to we be. are, But and relative largely volatile what going Henry

El it is at opportunity but to any there's I right. memering gas, up, getting this market a mini know, much time natural So coming supposed sort versus continue feel could from And oil. place, at real think like, you time, sell an difficult, we more could where to it's deal a it's of regionalized be as natural happen yeah, we Nino gas

where the So that bulk in this southeast, demand can electrical mean in driven country. the a natural is hot from summer of gas

up, think do point exposed of them. is whether sure the play prices, not Donovan, I'm out, we're So, but play driven exactly will happily to kinds pricing events we that intentionally they'll these continue. how

Donovan Schafer

weather, Okay, you so the you good predict the about feel but can't exposure?

Kelly Loyd

you that that outside to we could this. think me markets we sure mean, exposed I I know, but write and want see felt demands. some make were be what we let could Yeah, uncorrelated to And

Donovan Schafer

like I of mean, the results the the show no, Yeah, strength clearly strategy.

there. [indiscernible] So,

it the like, positions. me my this capital it's asking so day Okay, business hates pardon more of your allocation. every capital last timeout allocation. of about are non-op question, is, of course, is And, what And because this part kind is of question with non-op so you're you thinking case a basically job these model in even

return to that then an commit it That's your potential and you dividend. And the that and of something as board's kind something, the you so, to have. something be can't is and flexibility be just to have update option. an within It beholden get in me thinking power talked any you something, guys always where of approval need and tell driven. dividend on that, good the But you would there's about your can you raise the, terms you the the just

with But you all that then, have to then opportunities around perhaps and kind money there's a as and are acquisitions, have of also the to that M&A. up. base And return buybacks the And you volatility, shareholders of some keep want course, risk price thing, way. there that opened to

know. maybe that's maybe not don't opportunities, across things, desk? come at So much considering seeing, looking you're more your or I there's

we if guys? current just to are of update, looking state kind So, things curious you get can how an of affairs

Ryan Stash

a changing. our our on to to negotiated we're It's acquisitions. track company. hit head, deal more a it's little nail maybe see front. And deals, highly it you think this And marketed price of evaluating things looking the mean, situation. we And source I our starting that a continue we're environment, always grow of constantly on lower bit leveraging around can to dynamic we accretive has we're shaken sort And record Sure. in context the few And the when we're deals.

sheet having being to pristine as and time, balance nature our life as is, it and climb. as low mentioned the assets But last long of our I

have the financial that something, don't position. deal. a have We We we're for security to in wait to not do

little flow as to anything. than say deal. months No to bad our deals look, haven't starting We're crossing kind we better I calendar deal done get pick is up a ask, of this will bit evolution obviously, little But three is bit to compared like final desk. deal a the The bid a of starting the more 'XX.

is and But would And out I there some going forward. off. getting pushing a exciting we're bid say we're there. I there's little opportunities So, keep the to ask still think

Operator

from ROTH And our next John Capital. White question will come with

John White

Let me to my that. see start offering to on Mr. his Glad appointment. Bunch by congratulations

Kelly Loyd

Thanks, John.

John White

put what a not pin I you of saw could the you numbers. about year? specific out the I'm Look, know you're you what thinking Sure. and seeing But guidance down you about talk lot year. push you're the to in you're and just kind for CapEx your don't non-operator. wells And I later of to trying to of Williston a remainder to

of to want just might about the unfolding be on what over You the rest year? going talk

Ryan Stash

Sure.

at it's can company a Williston. more the and foundation we So, talked I as get we multi-part then specifics question. assume about into on a CapEx

I So, CapEx release, press during our or if know announced don't noticed not, we you guidance. the but in

reasons Mark why it and do it And down. we year been I maybe to be and think X $X.X. there'll for for to to move that let certain go that full had reduced $X.X X I'll

books. Correct? in. over That's because let want say, some the on base. then about exchanger still we the Williston really the fully still front, say Delhi to the I have things will take I'll the him coming look, on I And heat of Mark rest

Mark Bunch

thanks for to And great while So, nothing is pushed of has trying really the really kind permits question, the there done went was the really, get the reason of on session, slow. NDRC the and because process holiday passed. But a get the North permitting in the the they're sidetracks pushed job XXXX in was into basically, got John, so through. is Dakota way. things it foundation out by was And, kind legislature

that's cause things of And so pushing the really, out. total

getting Nothing up at to started them. Birdbear of locations about finishing one represent We're think of actually the and on really what excited we all. that

So of is have help the operations of about us Delhi we us like excited should more remember if to wintertime summer should hot the getting the in it improve also exchanger lower to to be that of COX. missed. this during to month. on about cold really And Birdbear. in the Allow in We're times we which that installed And the the be answer will at trying your and anything we should to able there's end question inject is else then everything operating costs. stuff, by rest really the able the have out then And in heat put our else faces be stay and up also running there.

John White

we a complete? really push Did

Mark Bunch

even permits Yeah, we getting did permitting push it, actually a that issue, simple through. Williston fairly same as And was That really of was a completions complete the sillier so. back because in permit it issue re two. the the getting

So a kind really, regulatory it's problem. of

John White

it Okay, back to I'll the operator. I additional there And the the pass detail. appreciate recap and

Mark Bunch

and you, always John, you our calling on us appreciate keeping you, thank in right, All toes.

Operator

Brown Management. Brown next with question come from Bruce will Capital our And

Bruce Brown

shares was number And you. I was repurchase, you around weather was just quarter, it a well-performed you in thank and had given of fields. the assuming of Hey, couple impediments as I'm XXX,XXX. curious a impediments

Kelly Loyd

We'll quarter. program repurchase that's queue that's, XXX,XXX on the we Bruce. for share a for Yeah, over little per in our this average, a $X throughout little just right it over out put shares,

Bruce Brown

Well, that's good.

lot oh, just that cash rest me that give yet? month field your strip can the Jonah the you you maintained the current also that a Have Currently, some run you pricing to prices at net etc. the those of if think know gas for What today, the Or of first you would is. do quarter? gas, though I for and flow? fresh pricing, I look the what idea? a even of are Assuming that have

Kelly Loyd

on with typically pipelines much come So, in the more pricing does season. Hub, today up, it Henry back line during shoulder coming the as Paul has

little May, So, aid. again, be guidance. want I any careful. today, we're give April, kind don't differential of a I in go there to that's here in sitting was to a

see that XX think definitely get I will honest to to those it bucks these But be to but getting subscription not to are, if come your about listen, find, I the So, almost have they're what are. and with say pricing, available a is, semi-publicly well, have I pipelines don't affect the off to hard know, you Platts pricing cash that. MCF flow. you're can it to

Mark Bunch

it's we going yeah, mean, to quarter, Henry I of Yeah, this around would think be we for Hub, we would, probably roughly. kind think somewhere

Hub at gonna end the you're out obviously to shakes $XX go So Henry from wherever this quarter. of

gas the On side.

Bruce Brown

I right. you. All hear

just So, The the like one reported? than flow cash quarter bit flow. possibly current the a the little it will for sounds be less cash

Kelly Loyd

If you possibly say said I'll yes.

Operator

next our from Wealth will with John Bair question Advisors. Ascend come And

John Bair

in quarter, what's CapEx current And afternoon, to six Thank the realized dependent to say, Not of to operators the you, going that some John what might XX is, question commodity a I'm is and probably but kind just your you. gentlemen. Good activity your but increase prices, way. for And potentially of months? sense I propose upon ask to the there? the is sense do that as generally be different spending. over speaking, next need just from what White's that going

Kelly Loyd

I'm this. going take Mark let to

Mark Bunch

Kelly, the trying always Well, we operators development, in us. we melding the just we're because And John. company. operators payments, and, share the yes, thing, time, helps said, to all whole kind it's assets, the potential for our at what to to then really telling of with of risk-reward sort are investors the that current our dividend, best look purchase, get we're acquisitions, talked And

pushing that them, Foundation to really and which we at Basin. I Birdbear work of existing really, bunch We kind of is is, looking activity, Williston one because currently, sidetracks like of of we're And at look of operators rise we position. deals forward, all they they of the the closely, value these heap and our And each these we in all, the top the the current opportunities, just with the and of operators good that for and one we re-completions and all value, work guess, you relationship like in them. can of is tell in that, with I that's with, add we're that the sidetracks a Williston, wellbores. have And constantly that Birdbear also things

John Bair

the perspectives So, those. some that hasn't properties horizons to or want evaluation to of attempt, uncovered might new they or whatnot, different give develop

So, it? as it's that go to a thing of at steady we much of look pretty kind is way kind

Mark Bunch

an before, argue have we produced the about of opportunity but, of a is people newer a an going idea. some extension kind kind existing kind I I'd there. new zone Birdbear of of way It's of that probably and it, think that have there's doing

have we'll think legs, just see but has what happens. you'd that to like that to So,

I pretty think field steady a expect little don't has Field than Shale, a be you it well. wells lot seen Fact we workovers of the been we've historically. since by think the If honestly different already. Jonah as lighter about the may so field, Barnett much put they see to

some potential Williston, we're in more sorting So there's we're is expansion CapEx out. it's where lot really, that about what that the a talking for really of

Kelly Loyd

economic with hopefully some Field, that'll this there. doing Denver think excellent is all us through think operator, we it to has, And Delhi come with There's it working projects that allow on plenty can an happen of listen, that too. it. with together capital our of we there we And has potential and a some them working spend up We're productively. job plan all

John Bair

to on been whether it or progress utilization that, COX COX getting We'll able any speak as be industrial some used into shed that? it light curious Is the any get could on use, for produced there green you're gas new green, in injection. categorized and that's [ph] as Danbury there's whether to

Mark Bunch

Again, the you. thing to and I I use same told hate

not we us. say early. confirmed is little goal. to still towards work a have it's will I done that by that this, And progress So, end being it But just

I'm get in where And forward. So, positive. timeline should I'm we have we news optimistic a that mind going and some

early little to a too anything it's but say So, definitive.

Operator

[Operator here Robertson Instructions] Our from will Tower next Water Jeff come Research. with question

Jeff Robertson

natural that Good apples-to-apples the on quarters. in Can base, an handful decline you As fiscal 'XX? afternoon. asset just base for the a on not talk think have just the Mark, you now whether base? you production asset had all we see question about an or there's of And acquisition? about

Mark Bunch

there's whether not an acquisition? And

Jeff Robertson

it was Whether acquisitions?

Mark Bunch

was. right. got Yeah, All Okay. what misunderstood sorry, your I question

I were high. think, last of up saw prices because, we like, in the actually assets bump year, some

to lot extra things we So, were doing a work get extra on.

still I whole. think be will decline is company relatively, expect we're evolution, be the very have I with the as more sub a a normalized, would what decline. prices seen that going to what which seeing that typically flat now back, for you've XX% And that's

Jeff Robertson

that's decline, right? an annual So

Mark Bunch

daily. Not Yes.

Jeff Robertson

Okay, thank you.

Kelly Loyd

at what we're Really very appreciate our really have And this like, line, of a of sort We flat. to we the so. And as least Jeff. yeah, in are that follow-up company. have think Mark rest to Thanks, XX-plus-year world reserve Yeah. things lies to just are, relative with proud said. back declines

Operator

session closing I And to conference over the Mr. our like today. back would remarks. this Loyd turn question-and-answer concludes for Kelly to any

Kelly Loyd

Thank you. in listen. today's your taking And time thanks And again, do appreciate everyone, for call. the really we to participating

you questions. fourth look results September. you ongoing Thanks when and us report our your if free on any please efforts support fiscal again. in updating to and We XXXX additional our have we As quarter contact forward always, to continued appreciate feel

Operator

The attending very conference has you Thank concluded. today's for much now presentation.

You may now disconnect your lines.

Evolution Petroleum (EPM) 10 May 232023 Q3 Earnings call transcript