Form 8-K

8-K — EVOLUTION PETROLEUM CORP

Accession: 0001104659-26-059493

Filed: 2026-05-12

Period: 2026-05-11

CIK: 0001006655

SIC: 1311 (CRUDE PETROLEUM & NATURAL GAS)

Item: Results of Operations and Financial Condition

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — epm-20260511x8k.htm (Primary)

EX-99.1 (epm-20260511xex99d1.htm)

GRAPHIC (epm-20260511xex99d1001.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: epm-20260511x8k.htm · Sequence: 1

Evolution Petroleum Corp_May 11, 2026

0001006655false00010066552026-05-112026-05-11

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): May 11, 2026

Evolution Petroleum Corporation

(Exact name of registrant as specified in its charter)

001-32942

(Commission File Number)

Nevada

41-1781991

(State or Other Jurisdiction of Incorporation)

(I.R.S. Employer Identification No.)

1155 Dairy Ashford Road, Suite 425, Houston, Texas

77079

(Address of Principal Executive Offices)

(Zip Code)

(713) 935-0122

(Registrant’s Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange On Which Registered

Common Stock, $0.001 par value

EPM

NYSE American

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Item 2.02Results of Operations and Financial Condition.

On May 12, 2026, Evolution Petroleum Corporation (the “Company”) issued a press release reporting its financial and operating results for the third quarter ended March 31, 2026. A copy of the press release, dated May 12, 2026, regarding the Company’s financial and operating results, is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

This information is furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, unless specifically incorporated by reference in a document filed under the Securities Act of 1933, as amended, or the Exchange Act. By filing this report on Form 8-K and furnishing this information, the Company makes no admission as to the materiality of any information in this report that is required to be disclosed solely by Item 2.02.

Occasionally our management discloses net income (loss) and net earnings (loss) per common share excluding selected items as well as Adjusted EBITDA. These measures are presented by our management as supplemental financial measures to allow external users of our financial statements, such as investors, commercial banks, and others, to assess our operating performance as compared to that of other companies in our industry, without regard to financing methods, capital structure, or historical costs basis. We use these measures to assess our ability to incur and service debt and fund capital expenditures. These measures are not measures of financial performance performed under GAAP and should not be considered alternatives to net income (loss), operating income (loss), cash flows provided by (used in) operating activities, or any other measure of financial performance or liquidity presented in accordance with GAAP. These measures may not be comparable to similarly titled non-GAAP measures of another company and may not be useful in comparing our performance to the performance of other companies.

Item 8.01Other Events.

On May 11, 2026, the Company approved the declaration of a $0.12 per common share dividend for the fourth quarter of 2026 to shareholders of record on June 15, 2026 and payable on June 30, 2026.

Item 9.01Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.

Description

99.1

Evolution Petroleum Corporation Press Release dated May 12, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Evolution Petroleum Corporation (Registrant)

Date: May 12, 2026

By:

/s/ RYAN STASH

Name:

Ryan Stash

Title:

Senior Vice President and Chief Financial Officer

EX-99.1

Filename: epm-20260511xex99d1.htm · Sequence: 2

EPM FQ1 2026 Earnings PR

EXHIBIT 99.1

Evolution Petroleum Reports Fiscal Third Quarter 2026 Results and Declares $0.12 per Share Cash Dividend for the Fiscal Fourth Quarter

HOUSTON, TX — May 12, 2026 (GLOBE NEWSWIRE) — Evolution Petroleum Corporation (NYSE American: EPM) ("Evolution" or the "Company") today announced its financial and operating results for its fiscal third quarter ended March 31, 2026. Evolution also declared its 16th consecutive $0.12 cash dividend per common share, payable on June 30, 2026, marking its 51st consecutive quarterly cash dividend payment.

Financial & Operational Highlights

($ in thousands)

Q3 2026

Q3 2025

Q2 2026

% Change vs Q3/Q3

% Change vs Q3/Q2

2026 YTD

2025 YTD

% Change vs YTD'25

Average BOEPD

6,700

6,667

7,380

—

(9)

7,135

7,033

Revenues

20,168

22,561

20,679

(11)

(2)

62,135

64,732

(4)

Net Income (Loss) (1)

(8,932)

(2,179)

1,065

310

(7,043)

(1,939)

263

Adjusted Net Income (Loss) (1)(2)

(2,941)

806

257

(2,892)

701

Adjusted EBITDA(3)

3,107

7,421

7,994

(58)

(61)

18,402

21,234

(13)

(1) "NM" means "Not Meaningful."

(2) Adjusted Net Income is a non-GAAP financial measure; see the non-GAAP reconciliation schedules to the most comparable GAAP measures at the end of this release for more information.

(3) Adjusted EBITDA is Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization and is a non-GAAP financial measure; see the non-GAAP reconciliation schedules to the most comparable GAAP measures at the end of this release for more information.

● Fiscal Q3 production increased slightly year-over-year to 6,700 barrels of oil equivalent per day (“BOEPD”) from 6,667 BOEPD in the prior year period.

● Production remained stable during the quarter, as contributions from recent acquisitions partially offset weather-related disruptions and downtime.

● Adjusted Net Income (Loss) and Adjusted EBITDA were impacted by:

o $3.2 million in departure from the prior-year period differentials, including $1.2 million related to prior period adjustments at Delhi Field.

o $2.2 million in realized hedge losses.

o Downtime of over 300 BOEPD related to extreme weather conditions in January, optimization activities at certain facilities and unexpected equipment failures. With these issues resolved, production is substantially restored.

● Returned approximately $4.3 million to shareholders in the form of cash dividends during fiscal Q3.

● Evolution expects 23 wells tied to its Louisiana royalty acquisitions to begin producing in the near term, meaningfully driving revenue and cash flow contributions in fiscal Q4 2026 and onward.

M&A Highlights

● Acquired mineral and royalty interests across multiple Louisiana parishes from December 2025 through March 2026, for a total consideration of approximately $5.0 million, primarily consisting of proved producing wells, drilled but not yet producing wells, and permitted locations.

● These transactions added approximately 350 net royalty acres (“NRA”), including 17 gross PDP locations as of quarter-end, and over 50 gross future locations, most of which is expected to begin producing in the near term, enhancing the Company’s inventory of capital-light assets.

● Subsequent to quarter-end, Evolution high-graded its minerals and royalties portfolio by agreeing to sell longer-dated locations and acquiring cash-flowing properties with near-term upside.

o Agreed to divest a portion of non-core, unproved, mineral acres from its SCOOP/STACK portfolio for total consideration of approximately $3.3 million.

o Acquired an additional 50 NRA in the heart of the Haynesville and Bossier Shales, consisting of PDP’s, DUCs, and near-term locations for approximately $0.5 million.

Management Comments

Kelly Loyd, President and Chief Executive Officer, commented: “We continued to make steady progress during the fiscal third quarter, with contributions from recent acquisitions supporting overall volumes across our diversified portfolio. The quarter included the effects of a combination of items that were either isolated, temporary, or one-time. As these have rolled off, we can already see the powerful effects of combining our long-life, low-decline legacy properties, our higher-margin portfolio additions, and our high-return, low-cost workover projects. As we look to the fiscal 4th quarter and beyond, we expect our underlying performance to reflect the portfolio's true earnings power.

“Operationally, we made encouraging progress across our asset base, identifying impactful opportunities. For example, the TexMex assets offer meaningful near-term upside, with more than 100 net BOEPD of incremental production to be added by the end of our fiscal 4th quarter as ongoing optimization work is completed. At Chaveroo, since quarter-end, we have completed conversion of all but one of our wells from electric submersible pumps ("ESP") to rod pumps, as water production declined as projected, which should reduce operating costs and allow for longer run-times. These are just two of the many impactful optimization projects we are working on with our operators across the portfolio.

“On the acquisition front, we continued executing on our mineral and royalty strategy. During the quarter, we expanded our Louisiana position in the Haynesville and Bossier Shales. These assets are being actively developed by operators in the area and provide capital-light exposure to substantial future development. We continue to see highly accretive bolt-on opportunities to build scale and expect contributions from these high-margin positions to grow over time as completion activity progresses with no additional development cost to the Company. We also agreed to divest non-core mineral acreage having more distant future development plans and reinvest into near-term opportunities with clearer visibility of revenue and cash flow contributions beginning in fiscal 2027.

“Looking ahead, we remain committed to our long-standing capital allocation framework and believe we are well positioned to protect the balance sheet, support a dividend that we have maintained for more than 50 consecutive quarters, which we believe is durable through cycles, deploy capital where we see compelling risk-adjusted returns, and continue compounding long-term value for our shareholders.”

Fiscal Third Quarter 2026 Financial Results

Total revenues decreased 11% to $20.2 million compared to $22.6 million in the year-ago quarter. The change was driven primarily by an 11% decrease in average realized equivalent prices, partially offset by a slight increase in average daily production. The current quarter oil revenue at Delhi Field was materially impacted by a one-time $1.2 million prior-period adjustment for transportation charges, due to a new marketing contract entered into by the operator in December 2024 and not communicated to the Company until the current quarter. The Company is reviewing responses to these actions and is evaluating alternative marketing options going forward. During the current quarter, decreases in natural gas revenues were driven by unfavorable natural gas field differentials. At Jonah Field in particular, the historically warm winter on the West Coast led to differentials declining by $1.96 per Mcf on average compared to the year-ago period. Barnett Shale also experienced more unfavorable differentials than last year, declining by $0.90 per Mcf below the year-ago period.

Lease operating costs (“LOE”) improved to $13.0 million compared to $13.4 million in the year-ago quarter. The decrease was primarily driven by the cessation of CO2 purchases at Delhi Field, partially offset by the addition of TexMex properties and initial workover and facility upgrades in the field. On a per-unit basis, LOE was $21.49 per BOE compared to $22.32 per BOE in the year-ago quarter. The addition of our recently acquired Oklahoma and Louisiana Minerals properties contributed to the lower per-unit LOE as they provide a higher-margin asset base with no lifting costs.

Depletion, depreciation, and accretion expense was $5.3 million compared to $5.0 million in the year-ago period. On a per-BOE basis, the Company’s current quarter depletion rate was $8.13 per BOE, compared to $7.68 per BOE in the year-ago period.

General and administrative (“G&A”) expenses (excluding stock-based compensation) remained flat at $1.9 million for each period. On a per-BOE basis, G&A (excluding stock-based compensation) was $3.11 compared to $3.22 in the year-ago period.

The Company reported net loss of $8.9 million, or ($0.26) per diluted share, compared to net loss of $2.2 million, or $(0.07) per diluted share, in the year-ago period, primarily driven by unrealized losses on future period hedges extending into calendar 2027. Excluding the impact of selected items, which include losses on the unrealized portion of hedges, the Company reported adjusted net loss of $2.9 million, compared to adjusted net income of $0.8 million in the year-ago period.(1)

Adjusted EBITDA was $3.1 million compared to $7.4 million in the year-ago quarter. The decrease was primarily due to historically high unfavorable natural gas field differentials, the aforementioned prior-period adjustments at Delhi, and realized losses on derivative contracts, compared to the prior-year period.(2)

(1)

Adjusted net income (loss) is a non-GAAP financial measure; see the non-GAAP reconciliation schedules to the most comparable GAAP measures at the end of this release for more information.

(2)

Adjusted EBITDA is Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization and is a non-GAAP financial measure; see the non-GAAP reconciliation schedules to the most comparable GAAP measures at the end of this release for more information.

Production & Pricing

Average price per unit:

Q3 2026

Q3 2025

% Change vs Q3/Q3

Crude oil (BBL)

59.18

68.42

(14)

Natural gas (MCF)

3.70

3.87

(4)

Natural Gas Liquids (BBL)

24.59

32.28

(24)

Equivalent (BOE)

33.45

37.60

(11)

Total production for the third quarter of fiscal 2026 increased slightly to 6,700 net BOEPD compared to 6,667 net BOEPD in the year-ago period. Total production for the third quarter of fiscal 2026 included approximately 1,967 barrels per day (“BOPD”) of crude oil, 3,644 BOEPD of natural gas, and 1,089 BOEPD of NGLs. The change in total production was primarily driven by production adds from the Company’s SCOOP/STACK Minerals Acquisition in August 2025 and TexMex Acquisition in April 2025, partially offset by downtime at other fields. In January 2026, multiple fields were impacted by heavy ice storms and power outages, resulting in production shutdowns for multiple days.

The Company’s average realized commodity price (excluding the impact of derivative contracts) decreased to $33.45 per BOE in fiscal Q3, compared to $37.60 per BOE in the year-ago period. The aforementioned Delhi prior-period adjustments reduced the Company’s average realized equivalent price for the quarter by approximately $1.90 per BOE. Compared with the prior-year period, unfavorable gas differentials at Jonah and Barnett reduced the Company’s average realized equivalent price for the quarter by approximately $3.39 per BOE.

Operations Update

The Company continued to expand its mineral and royalty position, completing two mineral acreage acquisitions in the Haynesville and Bossier Shales in Louisiana during fiscal Q3, following two similar acquisitions completed in fiscal Q2. The Company’s mineral acquisitions prioritize placing value on wells that are either currently producing or are expected to be producing within one year of purchase. We expect 23 wells to be brought online and meaningfully contribute to revenue and cash flow in the fiscal fourth quarter.

At SCOOP/STACK, quarterly production was impacted by 64 BOEPD due to the winter storm in January. Additionally, there are 7 gross wells in progress and 12 gross wells on production that we are still waiting for first production data and revenue. Production from mineral and royalty interests acquired in August 2025 continued to contribute to overall volumes during the quarter, leading to a material increase of 27% in production and 24% decrease in LOE per BOE during the current fiscal quarter compared to the prior-year quarter.

At Chaveroo, the January winter storm and gas interference on an ESP affected production by 30 net BOEPD for the quarter. Subsequent to quarter-end, we converted that well from ESP to a rod pump, and all but one of our 7 wells have now been converted to rod pumps. The Company expects to secure permits for its next drilling block, comprising six gross wells, before the end of the 4th fiscal quarter.

At TexMex, oil production increased quarter over quarter due to a successful workover program at the end of the prior quarter. However, January winter storms not only impacted production but also caused

power outages and surface equipment damage that required repairs. This led to higher expenses in the quarter. We expect TexMex to continue to improve substantially. Subsequent to quarter-end, we began a new workover program, which we expect will increase production by an additional 100 net BOEPD by the end of fiscal Q4.

At the Williston Basin, production was down 32 BOEPD, due to downtime caused by the January winter storm and delays in crude oil trucking. Operations were quickly restored, and the field runtimes remain strong.

At Barnett, quarterly production was heavily impacted by the winter storm, resulting in a decline of approximately 160 BOEPD. The impacts carried into February and were restored by March.

At Delhi, the January winter storm outages impacted production for 6 days during the quarter. The CO₂ recycle compressor, which was down for most of the prior quarter, remained down for 40 days during fiscal Q3, negatively affecting production. These issues were resolved during the quarter, and we expect to see the benefits of a return to normal run times and restoring full CO₂ recycle capacity moving forward.

Balance Sheet, Liquidity, and Capital Spending

On March 31, 2026, the Company had cash and cash equivalents of $2.6 million, outstanding borrowings of $56.5 million, and $0.8 million in letters of credit outstanding under its Senior Secured Credit Facility, and a weighted average interest rate of 6.78%. Availability under the facility was $7.7 million, bringing total liquidity to $10.4 million. In the third quarter of fiscal 2026, Evolution paid $4.3 million in common stock dividends and incurred $1.6 million in capital expenditures. Evolution also deployed capital on royalty and minerals acquisitions in Louisiana. These cash outlays were partially offset by cash received from its SCOOP/STACK Minerals Acquisition due to purchase price adjustments associated with net cash flows between the effective date and closing date. Evolution also received net proceeds of $3.6 million, net of $0.1 million of offering costs paid, from the sale of shares of common stock under its At-The-Market equity sales agreement. The Company had total net cash provided by operating activities of $3.5 million for the quarter.

Cash Dividend on Common Stock

On May 11, 2026, Evolution's Board of Directors declared a cash dividend of $0.12 per share of common stock, payable on June 30, 2026, to common stockholders of record on June 15, 2026. This will be the 51st consecutive quarterly cash dividend on the Company's common stock since December 31, 2013. To date, Evolution has returned approximately $147.4 million, or $4.41 per share, back to stockholders in common stock dividends.

Conference Call

As previously announced, Evolution Petroleum will host a conference call on Wednesday, May 13, 2026, at 10:00 a.m. CT to review its fiscal third quarter 2026 financial and operating results. Participants can join online at https://event.choruscall.com/mediaframe/webcast.html?webcastid=wK31ZL1A or by dialing (844) 481-2813. Dial-in participants should ask to join the Evolution Petroleum Corporation call. A replay will be available through May 13, 2027, via the provided webcast link and on Evolution's Investor Relations website at www.ir.evolutionpetroleum.com.

About Evolution Petroleum

Evolution Petroleum Corporation is an independent energy company focused on maximizing total shareholder returns through the ownership of and investment in onshore oil and natural gas properties in the U.S. The Company aims to build and maintain a diversified portfolio of long-life oil and natural gas properties through acquisitions, selective development opportunities, production enhancements, and other exploitation efforts. Visit www.evolutionpetroleum.com for more information.

Cautionary Statement

All forward-looking statements contained in this press release regarding the Company's current and future expectations, potential results, and plans and objectives involve a wide range of risks and uncertainties. Statements herein using words such as "anticipate," "believe," "expect," "may," "plans," "outlook," "should," "will," and words of similar meaning are forward-looking statements. Although the Company's expectations are based on business, engineering, geological, financial, and operating assumptions that it believes to be reasonable, many factors could cause actual results to differ materially from its expectations. The Company gives no assurance that its goals will be achieved. These factors and others are detailed under the heading "Risk Factors" and elsewhere in our periodic reports filed with the Securities and Exchange Commission ("SEC"). The Company undertakes no obligation to update any forward-looking statement.

Contact

Investor Relations

(713) 935-0122

ir@evolutionpetroleum.com

Evolution Petroleum Corporation

Condensed Consolidated Statements of Operations (Unaudited)

(In thousands, except per share amounts)

Three Months Ended

Nine Months Ended

March 31,

December 31,

March 31,

2026

2025

2026

2025

Revenues

Crude oil

10,474

11,769

10,696

34,042

38,269

Natural gas

7,284

7,790

7,441

20,625

17,868

Natural gas liquids

2,410

3,002

2,542

7,468

8,595

Total revenues

20,168

22,561

20,679

62,135

64,732

Operating costs

Lease operating costs

12,959

13,388

11,510

37,556

37,971

Depletion, depreciation, and accretion

5,294

5,014

5,919

17,174

16,172

General and administrative expenses

2,473

2,573

2,592

7,390

7,754

Total operating costs

20,726

20,975

20,021

62,120

61,897

Income (loss) from operations

(558)

1,586

658

2,835

Other income (expense)

Net gain (loss) on derivative contracts

(9,869)

(3,802)

2,235

(5,453)

(3,223)

Interest and other income

164

Interest expense

(960)

(705)

(1,003)

(2,880)

(2,292)

Income (loss) before income taxes

(11,363)

(2,866)

1,902

(8,272)

(2,516)

Income tax (expense) benefit

2,431

687

(837)

1,229

577

Net income (loss)

(8,932)

(2,179)

1,065

(7,043)

(1,939)

Net income (loss) per common share:

Basic

(0.26)

(0.07)

0.03

(0.22)

(0.07)

Diluted

(0.26)

(0.07)

0.03

(0.22)

(0.07)

Weighted average number of common shares outstanding:

Basic

34,315

33,433

33,904

33,979

33,027

Diluted

34,315

33,433

34,025

33,979

33,027

Evolution Petroleum Corporation

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands, except share and per share amounts)

March 31, 2026

June 30, 2025

Assets

Current assets

Cash and cash equivalents

2,616

2,507

Receivables from crude oil, natural gas, and natural gas liquids revenues

9,506

10,804

Derivative contract assets

2,428

1,777

Prepaid expenses and other current assets

1,983

2,287

Total current assets

16,533

17,375

Property and equipment, net of depletion, depreciation, and impairment

Oil and natural gas properties—full-cost method of accounting:

Oil and natural gas properties, subject to amortization, net

147,998

142,248

Oil and natural gas properties, not subject to amortization

3,804

—

Total property and equipment, net

151,802

142,248

Other noncurrent assets

Derivative contract assets

634

198

Other assets, net

791

431

Total assets

169,760

160,252

Liabilities and Stockholders' Equity

Current liabilities

Accounts payable

12,588

12,901

Accrued liabilities and other

5,619

6,909

Derivative contract liabilities

8,514

1,577

State and federal taxes payable

425

—

Total current liabilities

27,146

21,387

Long term liabilities

Senior secured credit facility

56,500

37,500

Deferred income taxes

3,829

6,234

Asset retirement obligations

22,700

21,535

Derivative contract liabilities

808

1,783

Operating lease liability

369

—

Total liabilities

111,352

88,439

Commitments and contingencies

Stockholders' equity

Common stock; par value $0.001; 100,000,000 shares authorized: issued and

outstanding 35,821,410 and 34,337,188 shares as of March 31, 2026

and June 30, 2025, respectively

Additional paid-in capital

52,899

46,650

Retained earnings

5,473

25,129

Total stockholders' equity

58,408

71,813

Total liabilities and stockholders' equity

169,760

160,252

Evolution Petroleum Corporation

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

Three Months Ended

Nine Months Ended

March 31,

December 31,

March 31,

2026

2025

2026

2025

Cash flows from operating activities:

Net income (loss)

(8,932)

(2,179)

1,065

(7,043)

(1,939)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depletion, depreciation, and accretion

5,294

5,014

5,919

17,174

16,172

Stock-based compensation

595

642

613

1,745

1,860

Settlement of asset retirement obligations

(51)

(66)

(161)

(231)

(346)

Deferred income taxes

(1,106)

(2,101)

(913)

(2,405)

(2,130)

Unrealized (gain) loss on derivative contracts

7,621

3,926

(1,443)

4,875

3,426

Accrued settlements on derivative contracts

688

(57)

375

678

(114)

Amortization of debt issuance costs

—

117

—

Other

(4)

(5)

(1)

(7)

Changes in operating assets and liabilities:

Receivables from crude oil, natural gas, and natural gas liquids revenues

(26)

(1,046)

1,583

(34)

Prepaid expenses and other current assets

(1,120)

965

157

239

1,400

Accounts payable, accrued liabilities and other

1,227

1,149

(392)

(437)

4,382

State and federal taxes payable

(847)

—

1,217

425

(74)

Net cash provided by operating activities

3,489

7,263

5,425

16,719

22,596

Cash flows from investing activities:

Acquisition deposits

—

(1,800)

—

(1,800)

Acquisition of oil and natural gas properties

(4,662)

(20)

222

(21,308)

(351)

Capital expenditures for oil and natural gas properties

(1,263)

(4,404)

(839)

(5,920)

(7,902)

Net cash used in investing activities

(5,925)

(6,224)

(617)

(27,228)

(10,053)

Cash flows from financing activities:

Common stock dividends paid

(4,261)

(4,109)

(4,195)

(12,613)

(12,224)

Common stock repurchases, including stock surrendered for tax withholding

(43)

(71)

(50)

(225)

(262)

Borrowings under senior secured credit facility

2,000

—

2,500

22,000

—

Repayments of senior secured credit facility

—

(4,000)

(1,000)

(3,000)

(4,000)

Debt issuance costs

—

(379)

—

Issuance of common stock

3,672

1,145

1,006

4,944

3,404

Offering costs

(78)

(70)

(21)

(109)

(306)

Net cash provided by (used in) financing activities

1,290

(7,105)

(1,760)

10,618

(13,388)

Net increase (decrease) in cash and cash equivalents

(1,146)

(6,066)

3,048

109

(845)

Cash and cash equivalents, beginning of period

3,762

11,667

714

2,507

6,446

Cash and cash equivalents, end of period

2,616

5,601

3,762

2,616

5,601

Evolution Petroleum Corporation

Non-GAAP Reconciliation – Adjusted EBITDA (Unaudited)

(In thousands)

Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items are non-GAAP financial measures that are used as supplemental financial measures by our management and by external users of our financial statements, such as investors, commercial banks, and others, to assess our operating performance as compared to that of other companies in our industry, without regard to financing methods, capital structure, or historical costs basis. We use these measures to assess our ability to incur and service debt and fund capital expenditures. Our Adjusted EBITDA and Net income (loss) and earnings per share, excluding selected items, should not be considered alternatives to net income (loss), operating income (loss), cash flows provided by (used in) operating activities, or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Our Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items in the same manner.

We define Adjusted EBITDA as net income (loss) plus interest expense, income tax expense (benefit), depreciation, depletion, and accretion (DD&A), stock-based compensation, ceiling test impairment, and other impairments, unrealized loss (gain) on change in fair value of derivatives, and other non-recurring or non-cash expense (income) items.

Three Months Ended

Nine Months Ended

March 31,

December 31,

March 31,

2026

2025

2026

2025

Net income (loss)

(8,932)

(2,179)

1,065

(7,043)

(1,939)

Adjusted by:

Interest expense

960

705

1,003

2,880

2,292

Income tax expense (benefit)

(2,431)

(687)

837

(1,229)

(577)

Depletion, depreciation, and accretion

5,294

5,014

5,919

17,174

16,172

Stock-based compensation

595

642

613

1,745

1,860

Unrealized loss (gain) on derivative contracts

7,621

3,926

(1,443)

4,875

3,426

Adjusted EBITDA

3,107

7,421

7,994

18,402

21,234

Evolution Petroleum Corporation

Non-GAAP Reconciliation – Adjusted Net Income (Unaudited)

(In thousands, except per share amounts)

Three Months Ended

Nine Months Ended

March 31,

December 31,

March 31,

2026

2025

2026

2025

As Reported:

Net income (loss), as reported

(8,932)

(2,179)

1,065

(7,043)

(1,939)

Impact of Selected Items:

Unrealized loss (gain) on commodity contracts

7,621

3,926

(1,443)

4,875

3,426

Selected items, before income taxes

7,621

3,926

(1,443)

4,875

3,426

Income tax effect of selected items(1)

1,630

941

(635)

724

786

Selected items, net of tax

5,991

2,985

(808)

4,151

2,640

As Adjusted:

Net income (loss), excluding selected items(2)

(2,941)

806

257

(2,892)

701

Undistributed earnings allocated to unvested restricted stock

(105)

(96)

(104)

(291)

(274)

Net income (loss), excluding selected items for earnings per share calculation

(3,046)

710

153

(3,183)

427

Net income (loss) per common share — Basic, as reported

(0.26)

(0.07)

0.03

(0.22)

(0.07)

Impact of selected items

0.17

0.09

(0.03)

0.13

0.08

Net income (loss) per common share — Basic, excluding selected items(2)

(0.09)

0.02

—

(0.09)

0.01

Net income (loss) per common share — Diluted, as reported

(0.26)

(0.07)

0.03

(0.22)

(0.07)

Impact of selected items

0.17

0.09

(0.03)

0.13

0.08

Net income (loss) per common share — Diluted, excluding selected items(2)(3)

(0.09)

0.02

—

(0.09)

0.01

(1) The tax impact for the three months ended March 31, 2026 and 2025, is represented using estimated tax rates of 21.4% and 24.0%, respectively. The tax impact for the three months ended December 31, 2025, is represented using estimated tax rates of 44.0%. The tax impact for the nine months ended March 31, 2026 and 2025, is represented using estimated tax rates of 14.9% and 22.9%, respectively.

(2) Net income (loss) and earnings per share excluding selected items are non-GAAP financial measures presented as supplemental financial measures to enable a user of the financial information to understand the impact of these items on reported results. These financial measures should not be considered an alternative to net income (loss), operating income (loss), cash flows provided by (used in) operating activities, or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Our Adjusted Net Income (Loss) and earnings per share may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted Net Income (Loss) and earnings per share in the same manner.

(3) The impact of selected items for the three months ended March 31, 2026 and 2025, were each calculated based upon weighted average diluted shares of 34.3 million and 33.6 million, respectively, due to the net income (loss), excluding selected items. The impact of selected items for the three months ended December 31, 2025, was calculated based upon weighted average diluted shares of 34.0 million due to the net income (loss), excluding selected items. The impact of selected items for the nine months ended March 31, 2026 and 2025, were each calculated based upon weighted average diluted shares of 34.0 million and 33.2 million, respectively, due to the net income (loss), excluding selected items.

Evolution Petroleum Corporation

Supplemental Information on Oil and Natural Gas Operations (Unaudited)

(In thousands, except per unit and per BOE amounts)

Three Months Ended

Nine Months Ended

March 31,

December 31,

March 31,

2026

2025

2026

2025

Revenues:

Crude oil

10,474

11,769

10,696

34,042

38,269

Natural gas

7,284

7,790

7,441

20,625

17,868

Natural gas liquids

2,410

3,002

2,542

7,468

8,595

Total revenues

20,168

22,561

20,679

62,135

64,732

Lease operating costs:

Ad valorem and production taxes

1,317

1,473

588

3,325

4,328

Gathering, transportation, and other costs

2,834

2,913

2,667

8,393

8,592

Other lease operating costs

8,808

9,002

8,255

25,838

25,051

Total lease operating costs

12,959

13,388

11,510

37,556

37,971

Depletion of full cost proved oil and natural gas properties

4,900

4,607

5,532

15,992

14,956

Production:

Crude oil (MBBL)

177

172

193

577

555

Natural gas (MMCF)

1,968

2,011

2,241

6,359

6,364

Natural gas liquids (MBBL)

112

318

311

Equivalent (MBOE)(1)

603

600

679

1,955

1,927

Average daily production (BOEPD)(1)

6,700

6,667

7,380

7,135

7,033

Average price per unit:(2)

Crude oil (BBL)

59.18

68.42

55.42

59.00

68.95

Natural gas (MCF)

3.70

3.87

3.32

3.24

2.81

Natural Gas Liquids (BBL)

24.59

32.28

22.70

23.48

27.64

Equivalent (BOE)(1)

33.45

37.60

30.46

31.78

33.59

Average cost per unit:

Ad valorem and production taxes

2.18

2.46

0.87

1.70

2.25

Gathering, transportation, and other costs

4.70

4.86

3.93

4.29

4.46

Other lease operating costs

14.61

15.00

12.16

13.22

13.00

Total lease operating costs

21.49

22.32

16.96

19.21

19.71

Depletion of full cost proved oil and natural gas properties

8.13

7.68

8.15

8.18

7.76

(1) Equivalent oil reserves are defined as six MCF of natural gas and 42 gallons of NGLs to one barrel of oil conversion ratio, which reflects energy equivalence and not price equivalence. Natural gas prices per MCF and NGL prices per barrel often differ significantly from the equivalent amount of oil.

(2) Amounts exclude the impact of cash paid or received on the settlement of derivative contracts since we did not elect to apply hedge accounting.

Evolution Petroleum Corporation

Summary of Production Volumes and Average Sales Price (Unaudited)

Three Months Ended

March 31,

December 31,

2026

2025

Volume

Price

Volume

Price

Volume

Price

Production:

Crude oil (MBBL)

SCOOP/STACK

69.24

71.36

58.86

Chaveroo Field

63.87

56.78

53.39

Jonah Field

63.70

67.69

52.95

Williston Basin

64.57

64.35

52.15

Barnett Shale

66.12

68.03

55.34

Hamilton Dome Field

57.23

58.88

47.23

Delhi Field

43.24

76.04

61.78

TexMex

70.47

—

58.24

Other

57.25

—

Total

177

59.18

172

68.42

193

55.42

Natural gas (MMCF)

SCOOP/STACK

389

4.13

317

4.91

458

3.56

Jonah Field

675

3.45

758

4.02

728

3.38

Williston Basin

3.28

3.89

2.46

Barnett Shale

801

3.87

904

3.39

925

3.21

TexMex

1.97

—

102

3.14

Other

2.88

—

Total

1,968

3.70

2,011

3.87

2,241

3.32

Natural gas liquids (MBBL)

SCOOP/STACK

19.01

27.84

19.90

Jonah Field

25.50

32.14

23.10

Williston Basin

18.47

23.74

14.13

Barnett Shale

28.49

33.48

25.38

Delhi Field

23.36

37.20

23.17

Total

24.59

32.28

112

22.70

Equivalent (MBOE)(1)

SCOOP/STACK

119

33.66

41.90

134

29.37

Chaveroo Field

63.87

56.78

53.39

Jonah Field

127

23.12

141

26.63

136

22.02

Williston Basin

52.02

53.08

41.46

Barnett Shale

183

25.09

203

24.13

212

21.18

Hamilton Dome Field

57.23

58.88

47.23

Delhi Field

39.44

68.19

53.30

TexMex

49.03

—

37.50

Other

19.85

—

Total

603

33.45

600

37.60

679

30.46

Average daily production (BOEPD)(1)

SCOOP/STACK

1,322

1,044

1,457

Chaveroo Field

222

283

Jonah Field

1,411

1,567

1,478

Williston Basin

433

522

467

Barnett Shale

2,033

2,256

2,303

Hamilton Dome Field

356

378

370

Delhi Field

578

811

674

TexMex

300

—

348

Other

—

Total

6,700

6,667

7,380

Evolution Petroleum Corporation

Summary of Average Production Costs (Unaudited)

Three Months Ended

March 31,

December 31,

2026

2025

Amount

Price

Amount

Price

Amount

Price

Production costs (in thousands, except per BOE):

Total lease operating costs(1)

SCOOP/STACK

1,064

8.96

1,106

11.74

1,040

7.72

Chaveroo Field

320

15.92

128

15.77

311

12.07

Jonah Field

2,047

16.21

2,184

15.51

1,998

14.68

Williston Basin

1,162

30.09

1,476

31.45

1,296

30.29

Barnett Shale

3,747

20.49

3,739

18.47

2,937

13.98

Hamilton Dome Field

1,226

37.73

1,237

36.36

1,200

35.56

Delhi Field

1,836

34.13

3,518

48.04

1,506

24.26

TexMex

1,557

57.61

—

1,222

38.03

Total

12,959

21.49

13,388

22.32

11,510

16.96

(1) Total lease operating costs includes lifting costs; workover expenses; and gathering, transportation, processing and other expenses.

Evolution Petroleum Corporation

Summary of Open Derivative Contracts (Unaudited)

For more information on the Company's hedging practices, see Note 7 to its financial statements included on Form 10-Q filed with the SEC for the quarter ended March 31, 2026.

The Company has the following open crude oil and natural gas derivative contracts:

Volumes in

Weighted Average Price per MMBTU/BBL

Period

Commodity

Instrument

MMBTU/BBL

Swap

Sub Floor

Floor

Ceiling

April 2026 - September 2026

Crude Oil

Fixed-Price Swap

140,441

60.24

January 2027 - December 2027

Crude Oil

Fixed-Price Swap

108,222

65.12

April 2026 - December 2026

Crude Oil

Two-Way Collar

115,372

56.33

64.11

January 2027 - December 2027

Crude Oil

Two-Way Collar

138,157

58.13

69.37

September 2026 - December 2026

Crude Oil

Three-Way Collar

67,002

50.00

58.83

70.36

April 2026 - December 2026

Natural Gas

Fixed-Price Swap

2,532,778

3.62

January 2027 - December 2027

Natural Gas

Fixed-Price Swap

1,537,008

3.54

April 2026 - December 2026

Natural Gas

Two-Way Collar

1,749,713

3.55

4.65

January 2027 - March 2027

Natural Gas

Two-Way Collar

850,794

3.62

5.60

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Document and Entity Information

May 11, 2026

Document and Entity Information [Abstract]

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Document Period End Date

May 11, 2026

Entity Registrant Name

Evolution Petroleum Corp

Entity Incorporation, State or Country Code

Entity File Number

001-32942

Entity Tax Identification Number

41-1781991

Entity Address, Address Line One

1155 Dairy Ashford Road

Entity Address, Adress Line Two

Suite 425

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Houston

Entity Address State Or Province

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77079

City Area Code

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Local Phone Number

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