Evolution Petroleum posted a robust fiscal Q4 recovery, driven by a 20% sequential revenue increase and higher oil realizations, even as natural gas pricing remained a persistent headwind.
Q4 revenue increased 20% sequentially and adjusted EBITDA more than doubled, showing recovery from prior-quarter temporary items.
Natural gas pricing remained a headwind during the quarter.
Realized oil price before hedge settlements increased 49% year-over-year to $90.74 per barrel.
Evolution Petroleum reported a strong fiscal fourth quarter, with revenue rising 20% sequentially and adjusted EBITDA more than doubling. The company benefited from a 49% year-over-year increase in realized oil prices to $90.74 per barrel, helping to offset persistent headwinds in natural gas pricing.
The company leveraged its diversified portfolio, using stronger liquids pricing and improved operational efficiencies across its properties to offset the weakness in natural gas realizations.