Water Tower Research Publishes Initiation of Coverage Report on Evolution Petroleum Corporation (NYSE: EPM) Titled “Acquisitions Add Scale to Support Growth“
April 29, 2022, ST. PETERSBURG, FL – Water Tower Research (www.watertowerresearch.com) published an Initiation of Coverage report on Evolution Petroleum Corporation (NYSE: EPM). Evolution Petroleum is an independent oil and natural gas company focused on delivering a sustainable dividend yield to its shareholders through the ownership, management, and development of producing oil and natural gas properties onshore the United States. Management’s long-term goal is to build a diversified portfolio of producing assets primarily through acquisitions, while seeking opportunities to maintain and increase production through selective development, production enhancement, and other exploitation efforts on its properties.
During 2022, Evolution has closed asset acquisitions in the Williston Basin of North Dakota and in the Jonah Field in southwest Wyoming. The company’s portfolio now includes five operating areas. Pro forma for latest acquisitions, proved reserves, as of fiscal year-end June 30, 2021 (FY2021), were 37.3 MMBOE, up 67% from the historical figure as of that date. Pro forma production for the six months ended December 31, 2021 was ~8.0 MBOE/d. Importantly, the Williston Basin acquisition adds exposure to an identified inventory of ~440 gross potential drilling locations. Evolution can draw on the inventory to augment the company’s long-term goal of maintaining a stable production base to support the dividend.
The dividend paid on March 31, 2022 for the fiscal third quarter was $0.10 per share ($0.40/share annualized). Evolution has paid a dividend since its second fiscal quarter in 2014. The company has returned ~$88 million to shareholders through dividends and buybacks since then. The current dividend yield is 6.0%. Evolution’s market capitalization is $223 million.
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