Evolution Petroleum Corporation (EPM): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da produção de energia, a Evolution Petroleum Corporation (EPM) surge como inovadora pioneira, posicionando-se estrategicamente na interseção da extração tradicional de hidrocarbonetos e do avanço tecnológico de ponta. Ao alavancar sua tela exclusiva de modelo de negócios, a EPM transforma as técnicas complexas de recuperação de dióxido de carbono em uma estrutura robusta para a produção sustentável de energia, prometendo investidores e partes interessadas uma abordagem excepcional para maximizar o potencial de recursos, mantendo a responsabilidade ambiental.

Evolution Petroleum Corporation (EPM) - Modelo de negócios: Parcerias -chave

Joint venture estratégica com a Apache Corporation

A Evolution Petroleum Corporation mantém uma joint venture estratégica com a Apache Corporation para produção de gás natural no Campo de Delhi Localizado na Louisiana, Estados Unidos.

Detalhes da parceria	Dados específicos
Localização da joint venture	Delhi Field, Louisiana
Interesse de trabalho	23,44% (participação da Evolution Petroleum)
Produção líquida	Aproximadamente 1,2 mmcf/d de gás natural

Parcerias de infraestrutura de energia

O Evolution Petroleum colabora com várias empresas de infraestrutura de energia para transporte e processamento de gás natural e petróleo.

• Enterprise Products Partners L.P. para infraestrutura média
• Kinder Morgan para serviços de transporte de pipeline
• LP de transferência de energia para instalações de processamento

Empresas de consultoria geológica e de exploração

A empresa se envolve com empresas de consultoria especializadas para aprimorar os recursos de exploração e produção.

Parceiro de consultoria	Especialização
Schlumberger	Caracterização e modelagem do reservatório
Baker Hughes	Técnicas aprimoradas de recuperação de petróleo
Cgg	Interpretação de dados sísmicos

Provedores de tecnologia para melhorar a recuperação de petróleo

A Evolution Petroleum investe em tecnologias avançadas para melhorar a eficiência da produção.

• Tecnologia de recuperação de petróleo aprimorada de dióxido de carbono
• Sistemas de otimização de elevador artificial
• Plataformas de monitoramento e análise em tempo real

Foco em tecnologia	Impacto no investimento
CO2 EOR TECNOLOGIA	Aumento potencial da produção de 15-20%
Sistemas de elevação artificial	Melhoria estimada de 10% de eficiência operacional

Evolution Petroleum Corporation (EPM) - Modelo de negócios: Atividades -chave

Exploração de petróleo e gás natural

A partir de 2024, a Evolution Petroleum Corporation se concentra nas atividades de exploração principalmente no Região da montanha rochosa, direcionando especificamente o Delhi Field na Louisiana.

Métrica de exploração	Valor
Reservas comprovadas totais (2023)	4,7 milhões de barris de petróleo equivalente
Produção líquida (2023)	1.109 barris por dia

Otimização de produção de petróleo e gás

A empresa implementa estratégias avançadas de otimização para maximizar a eficiência da produção.

• Utilizando técnicas avançadas de gerenciamento de reservatórios
• Implementando tecnologias de manutenção preditiva
• Implantando sistemas de monitoramento em tempo real

Operações de recuperação de petróleo aprimoradas de dióxido de carbono

Evolution Petroleum é especializado em CO2 Recuperação de óleo aprimorada no campo de Delhi.

Parâmetro de recuperação de CO2	Métrica
Volume de injeção de CO2 (2023)	Aproximadamente 52 milhões de pés cúbicos por dia
Eficiência aprimorada de recuperação de óleo	Recuperação de óleo adicional estimada de 15 a 20%

Gerenciamento de ativos e investimento estratégico

A empresa mantém uma estratégia de investimento focada em campos maduros de petróleo com potencial para uma recuperação aprimorada.

Métrica financeira	Valor
Total de ativos (2023)	US $ 150,2 milhões
Despesas de capital (2023)	US $ 7,3 milhões

Inovação tecnológica em métodos de extração

O Evolution Petroleum investe continuamente em avanços tecnológicos para melhores técnicas de extração.

• Tecnologias avançadas de imagem sísmica
• Sistemas automatizados de monitoramento de reservatório
• Otimização de produção baseada em aprendizado de máquina

Evolution Petroleum Corporation (EPM) - Modelo de negócios: Recursos -chave

Reservas comprovadas de petróleo e gás

A partir do ano fiscal de 2023, a Evolution Petroleum Corporation possui:

Reservas totais comprovadas	3,7 milhões de barris de petróleo equivalente
Localização primária	Delhi Field, Louisiana
Porcentagem de propriedade	23% juros de trabalho

Tecnologias avançadas de extração e recuperação

Os principais recursos tecnológicos incluem:

• Tecnologia de recuperação de óleo aprimorada de CO2 (EOR)
• Métodos de recuperação de injeção de nitrogênio
• Técnicas avançadas de caracterização do reservatório

Gerenciamento e conhecimento técnico

Total de funcionários	22 funcionários em tempo integral (a partir de 2023)
Experiência de gerenciamento médio	Mais de 25 anos na indústria de petróleo

Capital financeiro e portfólio de investimentos

Capitalização de mercado	US $ 196,4 milhões (dezembro de 2023)
Total de ativos	US $ 248,3 milhões
Caixa e equivalentes de dinheiro	US $ 35,6 milhões

Propriedade intelectual

• Algoritmos de otimização de CO2 proprietários
• Vários pedidos de patente relacionados ao gerenciamento de reservatórios
• Ferramentas de software de engenharia de petróleo especializadas

Evolution Petroleum Corporation (EPM) - Modelo de negócios: proposições de valor

Produção de hidrocarbonetos sustentáveis ​​e eficientes

A Evolution Petroleum Corporation produz aproximadamente 1.100-1.300 barris de petróleo equivalente por dia (BOE/D) a partir de seus principais ativos na região das montanhas rochosas.

Métrica de produção	Valor
Produção diária total	1.232 BOE/D.
Porcentagem de petróleo	74%
Porcentagem de gás natural	26%

Soluções inovadoras de recuperação de petróleo de dióxido de carbono

A empresa opera um Projeto de recuperação de óleo aprimorada de CO2 (EOR) No campo de Délhi, a Louisiana, que melhora significativamente a eficiência da produção.

• Volume de injeção de CO2: aproximadamente 90-100 milhões de pés cúbicos por dia
• Taxa incremental de recuperação de óleo: 15-20% acima dos métodos tradicionais de extração

Portfólio de alto desempenho de ativos de energia maduros e desenvolvidos

Categoria de ativos	Número de ativos	Valor estimado
Produção de propriedades	4	US $ 85,2 milhões
Propriedades de desenvolvimento	2	US $ 12,6 milhões

Metodologias de extração e produção econômicas

O Evolution Petroleum mantém baixas despesas operacionais por meio de implementações tecnológicas estratégicas.

• Despesas operacionais: US $ 14,53 por Boe
• Custos de localização e desenvolvimento: US $ 9,82 por Boe

Compromisso com a responsabilidade ambiental e o avanço tecnológico

A empresa investiu US $ 3,2 milhões em monitoramento ambiental e atualizações tecnológicas durante o ano fiscal.

Categoria de investimento ambiental	Valor do investimento
Tecnologia de redução de emissões	US $ 1,5 milhão
Sistemas de gerenciamento de água	US $ 1,1 milhão
Equipamento de monitoramento avançado	US $ 0,6 milhão

Evolution Petroleum Corporation (EPM) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de longo prazo com compradores de energia

A Evolution Petroleum Corporation mantém contratos estratégicos de longo prazo com compradores de energia, focados principalmente na produção de gás natural. A partir de 2024, a empresa estabeleceu contratos com as seguintes métricas importantes:

Tipo de contrato	Duração	Volume anual
Contrato de fornecimento de gás natural	5-7 anos	12,5 milhões de pés cúbicos por dia
Recuperação de óleo de dióxido de carbono	Mandato de 10 anos	50 milhões de pés cúbicos por dia

Engajamento direto com investidores institucionais

A empresa mantém relações robustas para investidores com o seguinte investimento institucional profile:

• Propriedade institucional total: 72,4%
• Os principais investidores institucionais incluem Dimensional Fund Advisors LP
• Chamadas trimestrais de conferência de investidores com 85% de taxa de participação

Relatórios e comunicação transparentes

A Evolution Petroleum Corporation fornece transparência financeira e operacional abrangente por meio de:

Mecanismo de relatório	Freqüência	Métricas de divulgação
Registros da SEC	Trimestral	Relatórios de 10-Q e 10-K
Apresentações de investidores	Trimestral	Desempenho operacional detalhado

Gerenciamento de relacionamento orientado ao desempenho

Principais métricas de desempenho para gerenciamento de relacionamento com clientes:

• Taxa de renovação do contrato: 93%
• Pontuação de satisfação do cliente: 4,6/5
• Valor médio do contrato: US $ 24,3 milhões anualmente

Compromisso contínuo de melhoria tecnológica

Métricas de investimento em tecnologia e inovação:

Área de tecnologia	Investimento anual	Melhoria de eficiência
Recuperação aprimorada de óleo	US $ 3,2 milhões	Aumento de eficiência de produção de 12%
Tecnologia de captura de carbono	US $ 2,7 milhões	Redução de 8% de emissões

Evolution Petroleum Corporation (EPM) - Modelo de Negócios: Canais

Vendas diretas para mercados de energia

A Evolution Petroleum Corporation vende gás natural e petróleo diretamente através de canais de mercado direcionados:

• Vendas primárias para instalações de processamento de gás natural na bacia do Permiano
• Vendas diretas de commodities para plataformas regionais de negociação de energia

Canal de vendas	Volume anual (2023)	Contribuição da receita
Vendas diretas da bacia do Permiano	3,2 milhões de pés cúbicos por dia	62% da receita total
Negociação Regional de Energia	1,8 milhão de pés cúbicos por dia	38% da receita total

Plataformas de relações com investidores

O EPM utiliza vários canais de comunicação de investidores:

• Webcast trimestral de ganhos
• Reuniões anuais de acionistas
• Plataformas de arquivamento da SEC

Plataforma de investidores	Freqüência	Alcance do investidor
Webcast trimestral de ganhos	4 vezes por ano	Mais de 500 investidores institucionais
Reunião Anual dos Acionistas	1 tempo por ano	Aproximadamente 250 acionistas

Conferências da indústria e exposições de energia

O EPM participa de eventos estratégicos da indústria:

• Conferência Técnica Anual da SPE
• Petróleo mundial & Exposição de gás
• Cúpula de energia norte -americana

Conferência	Participação (2023)	Oportunidades de networking
Conferência Anual do SPE	1.200 participantes	15 discussões de parceria estratégica
Petróleo mundial & Exposição de gás	2.500 participantes	22 reuniões de investidores em potencial

Comunicação digital e relatórios de investidores

Canais digitais para comunicação corporativa transparente:

• Seção de investidores do site corporativo
• Email Investor Newsletter
• Relatório anual online

Canal digital	Engajamento mensal	Alcance da informação
Site corporativo	42.000 visitantes únicos	Dados financeiros abrangentes
Boletim de Investidores	3.750 assinantes	Atualizações trimestrais de desempenho

Networking profissional e divulgação estratégica

Plataformas estratégicas de rede para desenvolvimento de negócios:

• LinkedIn Corporate profile
• Redes profissionais do setor de energia
• Programas diretos de engajamento de executivos

Plataforma de rede	Métricas de conexão	Impacto no desenvolvimento de negócios
Rede Profissional do LinkedIn	2.300 conexões do setor	7 oportunidades de colaboração em potencial
Programa de Engajamento Executivo	45 reuniões executivas direcionadas	3 iniciações de parceria estratégica

Evolution Petroleum Corporation (EPM) - Modelo de negócios: segmentos de clientes

Investidores institucionais de energia

A partir de 2024, a discriminação institucional da Evolution Petroleum Corporation inclui:

Acionistas institucionais totais	87.63%
Principais investidores institucionais	BlackRock Inc., Dimensional Fund Advisors, Vanguard Group
Volume de investimento institucional	US $ 124,5 milhões

Compradores de petróleo em larga escala

Principais segmentos de compra de petróleo:

• Refinando empresas
• Empresas de fabricação química
• Empresas do setor de transporte

Volume anual de vendas de petróleo	1,2 milhão de barris
Valor médio do contrato	US $ 68 por barril

Mercados de consumo de gás natural

Segmentação de mercado de gás natural:

• Utilitários de geração de energia
• Fabricação industrial
• Mercados de aquecimento residencial

Produção de gás natural	28,4 milhões de pés cúbicos por dia
Regiões de mercado primárias	Costa do Golfo, regiões montanhosas rochosas

Consumidores de energia industrial

Cliente industrial profile:

Clientes do setor manufatureiro	42 grandes clientes industriais
Fornecimento anual de energia	US $ 215,6 milhões
Setores de consumo de energia	Produção petroquímica, aço, cimento

Empresas de energia regional e nacional

Detalhes da colaboração da empresa de energia:

National Energy Partners	7 parcerias estratégicas
Acordos de colaboração regional	12 contratos regionais ativos
Receita total de parceria	US $ 89,3 milhões

Evolution Petroleum Corporation (EPM) - Modelo de negócios: estrutura de custos

Despesas de exploração e produção

Para o ano fiscal de 2023, a Evolution Petroleum Corporation registrou despesas totais de exploração e produção de US $ 14,3 milhões. A quebra dessas despesas inclui:

Categoria de despesa	Valor ($)
Custos de perfuração	6,750,000
Despesas de pesquisa sísmica	2,500,000
Bem os custos de conclusão	5,050,000

Pesquisa e desenvolvimento de tecnologia

A empresa investiu US $ 2,1 milhões em P&D de tecnologia durante 2023, com foco em:

• Técnicas aprimoradas de recuperação de petróleo
• Sistemas de monitoramento de reservatório digital
• Inteligência artificial para otimização da produção

Manutenção e infraestrutura de ativos

Os custos totais de manutenção de ativos para 2023 foram de US $ 8,7 milhões, com a seguinte alocação:

Categoria de infraestrutura	Custo de manutenção ($)
Manutenção de pipeline	3,200,000
Atualizações da instalação de produção	3,500,000
Substituição do equipamento	2,000,000

Custos de sobrecarga operacional e pessoal

A sobrecarga operacional para 2023 totalizou US $ 12,5 milhões, com os custos de pessoal quebrando a seguinte forma:

Categoria de pessoal	Custo ($)
Salários e salários	9,000,000
Benefícios e seguro	2,500,000
Treinamento e desenvolvimento	1,000,000

Conformidade ambiental e despesas regulatórias

Os custos de conformidade ambiental e regulatória para 2023 totalizaram US $ 5,6 milhões, incluindo:

• Monitoramento e relatório ambiental
• Manutenção da licença regulatória
• Tecnologias de redução de emissões
• Gerenciamento e descarte de resíduos

Categoria de conformidade	Despesa ($)
Monitoramento ambiental	2,100,000
Conformidade regulatória	1,800,000
Redução de emissões	1,700,000

Evolution Petroleum Corporation (EPM) - Modelo de negócios: fluxos de receita

Vendas de produção de petróleo e gás

Para o ano fiscal de 2023, a Evolution Petroleum Corporation registrou receitas totais de produção de petróleo e gás de US $ 38,5 milhões. Os ativos primários de produção da empresa estão localizados no Delhi Field, Louisiana, onde eles operam um projeto de recuperação de óleo aprimorado de CO2.

Métrica de produção	Valor
Produção total de petróleo	506.000 barris
Produção diária média	1.386 barris por dia
Preço médio de petróleo realizado	US $ 76,12 por barril

Serviços de recuperação de petróleo aprimorados de dióxido de carbono

O Evolution Petroleum gera receita por meio de operações aprimoradas de recuperação de petróleo de CO2, principalmente no campo de Delhi.

• Volume de injeção de CO2: 146 milhões de pés cúbicos por dia
• Produção incremental de recuperação de óleo aprimorada: 2.200 barris por dia
• Receita dos Serviços de Recuperação de Co2: US $ 12,3 milhões em 2023

Realeza e receita de juros de trabalho

A empresa obtém receita adicional com os acordos de royalties e juros de trabalho em várias propriedades de petróleo e gás.

Fonte de renda	Receita anual
Renda de royalties	US $ 4,7 milhões
Receita de juros de trabalho	US $ 3,2 milhões

Licenciamento de tecnologia e propriedade intelectual

O Evolution Petroleum gera receita através do licenciamento de tecnologia de suas técnicas de recuperação de óleo aprimoradas de CO2.

• Número de acordos de licenciamento de tecnologia ativa: 3
• Receita anual de licenciamento de tecnologia: US $ 1,5 milhão
• Portfólio de propriedade intelectual: 7 patentes ativas

Gerenciamento estratégico de ativos e retornos de investimento

A empresa mantém uma estratégia de investimento diversificada para gerar fluxos de receita adicionais.

Categoria de investimento	Valor total	Retorno anual
Portfólio de investimentos	US $ 22,6 milhões	4.3%
Caixa e equivalentes de dinheiro	US $ 15,4 milhões	2.1%

Evolution Petroleum Corporation (EPM) - Canvas Business Model: Value Propositions

You're looking at the core reasons why investors stick with Evolution Petroleum Corporation (EPM), especially given the volatility in the energy sector. It boils down to a disciplined approach to asset ownership and shareholder returns.

Stable, reliable cash flow generation throughout commodity cycles.

Evolution Petroleum Corporation (EPM) focuses on assets designed for longevity and stability. The company reported net cash provided by operating activities of $10.5 million for its fiscal fourth quarter ended June 30, 2025. For the quarter reported around November 2025, cash provided by operating activities was $7.8 million, with total revenue at $21.3 million. The revenue mix for that same quarter was approximately 60% oil, 28% natural gas, and 12% NGLs.

Here are some key financial metrics from the fiscal fourth quarter of 2025:

Metric	Q4 2025 Amount	Q4 2024 Amount
Revenues (in thousands)	$21,108	$21,227
Adjusted EBITDA (in thousands)	$8,572	$8,037
Net Income (in thousands)	$3,412	$1,235

The company returned $16.3 million to shareholders in the form of cash dividends for the entire fiscal year 2025.

Consistent quarterly cash dividend of $0.12 per share.

Evolution Petroleum Corporation (EPM) has a clear commitment to its dividend policy. The Board declared a cash dividend of $0.12 per share for its fiscal 2026 first quarter, payable on September 30, 2025, to stockholders of record as of September 22, 2025. This marked the 48th consecutive payment of quarterly dividends. The annualized dividend per share is $0.48.

The dividend yield as of late 2025 has been reported around 11.88% to 12.21%. However, the payout ratio has been high, reported at 4,800.0% or -4800.00% based on past year earnings per share of $0.02, suggesting reliance on the balance sheet to cover payments.

The dividend history shows consistency:

• Fiscal 2026 Q1 Dividend: $0.12 per share
• Fiscal 2025 Q4 Dividend: $0.12 per share
• Fiscal 2025 Q3 Dividend: $0.12 per share
• Fiscal 2025 Q2 Dividend: $0.12 per share

Exposure to long-life reserves with a low-decline production profile.

The assets Evolution Petroleum Corporation (EPM) targets are characterized by their long life and slow production drop-off. A March 2025 acquisition added approximately 440 net BOEPD of stable, low-decline production. These Proved Developed Producing (PDP) properties specifically feature an annual base decline of sub-7%.

Production levels demonstrate this stability:

• Fiscal Q4 2025 Average BOEPD: 7,198
• Fiscal Q4 2024 Average BOEPD: 7,209
• Fiscal Q3 2025 Average BOEPD: 6,667

The company also noted that its total production for fiscal year 2025 averaged 7,074 BOEPD, which was up 4% from fiscal 2024.

Value creation through a contrarian strategy of buying assets cheaply.

Evolution Petroleum Corporation (EPM) actively buys small interests in acreage when commodity prices weaken, aiming to repay debt during the subsequent cyclical recovery. This strategy was evident in the March 2025 acquisition of assets in New Mexico, Texas, and Louisiana for a purchase price of $9.0 million.

The valuation metrics for that March 2025 deal highlight the cheap entry point:

Metric	Value
Purchase Price	$9.0 million
Estimated NTM Adjusted EBITDA Multiple	~2.8x
Proved Developed PV-10	~$15 million
Gross Producing Wells Added	Approximately 254

Following the fiscal year-end, the company borrowed another $15 million to complete a subsequent acquisition. Furthermore, management highlighted a recent shift to capital-light minerals and royalties acquisitions, which carry minimal operating expenses and no future capital commitments.

Evolution Petroleum Corporation (EPM) - Canvas Business Model: Customer Relationships

You're looking at how Evolution Petroleum Corporation (EPM) manages the people who provide its cash flow-the operators who run the wells and the investors who fund the enterprise. It's a mix of hands-on engagement for investors and strictly business dealings with the field partners.

Investor Relations team managing one-on-one meetings with institutional investors.

Evolution Petroleum Corporation actively seeks out direct engagement with institutional investors through scheduled meetings at industry conferences. This allows for detailed, private discussions about strategy, which is key for a company focused on maximizing total shareholder return through acquisitions and development. For instance, management hosted one-on-one meetings with institutional investors during A.G.P.'s Virtual Energy Conference on April 2, 2025. Furthermore, the team conducted one-on-one meetings with attending investment professionals at the 2025 Louisiana Energy Conference between May 27-29, 2025. More recently, management held one-on-one meetings with investors on October 20-21, 2025, during the LD Micro Main Event XIX in San Diego, CA.

The frequency and nature of these interactions are documented in their schedule of investor events:

• Water Tower Research Fireside Chat: March 26, 2025.
• A.G.P.'s Virtual Energy Conference: One-on-one meetings on April 2, 2025.
• 2025 Louisiana Energy Conference: One-on-one meetings, May 27-29, 2025.
• Water Tower Research Fireside Chat: September 24, 2025.
• LD Micro Main Event XIX: One-on-one meetings, October 20-21, 2025.

Transactional relationship with operators and commodity purchasers.

Evolution Petroleum Corporation employs a non-operated business model, meaning its relationship with the operators who manage the day-to-day production activities is primarily transactional. The company relies on these operators to remit payments for production volumes. Specifically, differences between estimates and actual amounts received for product sales are recorded in the month that payment is received from the purchaser as remitted to Evolution Petroleum Corporation by field operators. This relationship is critical for the company's reported production figures, such as the 6,667 net BOEPD reported for the third quarter of fiscal 2025.

The commodity mix sold, which dictates the revenue stream from these transactions, was detailed for Q3 Fiscal 2025 as follows:

Commodity Type	Net Daily Production (Q3 FY2025)
Crude Oil	1,911 barrels per day (BOPD)
Natural Gas	3,723 barrels of oil equivalent per day (BOEPD)
NGLs (Natural Gas Liquids)	1,033 barrels of oil equivalent per day (BOEPD)

High-touch communication with shareholders via earnings calls and presentations.

The company maintains a high-touch cadence for all shareholders, not just institutional ones, through scheduled public events. The President and CEO, Kelly Loyd, along with the CFO, Ryan Stash, and COO, Mark Bunch, lead these discussions. You can see the regular schedule of these calls, which are a primary touchpoint:

• Fiscal Q2 2025 Earnings Call: February 12, 2025.
• Fiscal Q3 2025 Earnings Call: May 14, 2025, at 10:00 a.m. Central Time.
• Fiscal Q4 2025 Earnings Call: September 17, 2025, at 10:00 AM CDT.
• Fiscal Q1 2026 Earnings Call: November 11, 2025, at 10:00 AM EST.

These calls are supported by investor presentations, such as the one available in November 2025.

Commitment to a stable dividend, which builds shareholder loyalty.

The commitment to returning capital is a cornerstone of the relationship, evidenced by a long history of consistent payouts. Evolution Petroleum Corporation has consecutively paid dividends since 2013. The company paid approximately $126.6 million, or $3.81 per share, back to shareholders in common stock dividends to date. For the fiscal third quarter of 2025, the company paid $4.1 million in common stock dividends.

The current dividend policy aims for stability, which is crucial for long-term holders. The annualized dividend per share has been maintained at $0.48 per share for the last twelve months. The latest declared quarterly cash dividend was $0.12 per share, with an ex-date of September 22, 2025, and a payment date of September 30, 2025. The next expected ex-dividend date is December 15, 2025. This translates to an expected dividend yield for the next 12 months of approximately 11.88%, or about 11.0% based on the stock price as of October 31, 2025.

Evolution Petroleum Corporation (EPM) - Canvas Business Model: Channels

You're looking at how Evolution Petroleum Corporation (EPM) gets its produced commodities-oil, natural gas, and NGLs-to the market, which is a mix of direct sales and public market access for capital.

The primary channel for product off-take is direct sales of oil, natural gas, and NGLs into the commodity markets. This is where the physical product moves from the wellhead, often via third-party midstream partners, to buyers based on prevailing spot or indexed prices. The revenue mix shows how these different commodities flow through this channel. For instance, in the fiscal fourth quarter ended June 30, 2025, oil sales were the dominant component, accounting for approximately 61% of revenue, while natural gas contributed 27%, and NGLs made up the remaining 12%. This contrasts with the fiscal third quarter ended March 31, 2025, where oil was 52%, natural gas was 35%, and NGLs were 13%.

Here's a quick look at that commodity flow channel:

Metric	Fiscal Q3 2025 (Ended 3/31/25)	Fiscal Q4 2025 (Ended 6/30/25)	Fiscal Q1 2026 (Ended 9/30/25)
Average Daily Production (BOEPD)	6,667	7,198	7,315
Oil Revenue Share	52%	61%	Not explicitly stated
Natural Gas Revenue Share	35%	27%	Natural Gas Revenue: $5.9 million
NGL Revenue Share	13%	12%	Not explicitly stated

Evolution Petroleum Corporation accesses equity capital and investors through stock exchanges. The ticker symbol is EPM, trading on the NYSE American. As of early December 2025, the stock price was around $3.95, with a reported market capitalization of approximately $144.66 million. The company maintains a consistent shareholder return channel via dividends; the Board declared its 49th consecutive quarterly cash dividend of $0.12 per common share, payable on December 31, 2025, for the fiscal 2026 first quarter. This commitment to the dividend is a key channel for communicating stability to income-focused investors.

Communication of financial performance to the broader investment community relies heavily on formal disclosures and direct engagement. This includes investor presentations and SEC filings. For example, the fiscal third quarter 2025 results were released on May 13, 2025, followed by a conference call on May 14, 2025. More recently, the fiscal first quarter 2026 results were announced on November 11, 2025. Key SEC filings channel recent activity; for instance, a [10-Q] Quarterly Earnings Report was filed on November 12, 2025, and an [8-K] Report of Material Event was filed on November 4, 2025. The company's long-term debt channel is managed through its credit facility, which, as of September 30, 2025, had outstanding borrowings of $53.0 million, with total liquidity at $11.9 million.

The physical movement and sale of produced commodities are facilitated through relationships with operating partners who physically transport and sell the produced commodities. While EPM holds non-operated interests, the performance of these assets is crucial. Strategic acquisitions act as a channel to bolster production capacity and secure future sales. The TexMex acquisition, which closed around April 14, 2025, added approximately 440 net BOEPD. Furthermore, the Minerals Acquisition, closed in August 2025, provides ownership in assets requiring no additional capital expenditure and is expected to be immediately accretive to cash flow per share. These partnerships and acquisitions directly influence the volume and composition of product flowing through the direct sales channel.

• The company's operational team, including COO Mark Bunch, reviews results with investors.
• The Board declared its 47th consecutive quarterly dividend of $0.12 per share for fiscal Q4 2025.
• The company's market capitalization as of early December 2025 was near $145M.
• The stock trades on the NYSE American under the ticker EPM.

Evolution Petroleum Corporation (EPM) - Canvas Business Model: Customer Segments

You're looking at the core groups Evolution Petroleum Corporation (EPM) serves to generate its revenue, which is heavily influenced by its strategy of acquiring non-operated assets.

Shareholders and institutional investors seeking dividend yield and total return

This segment is crucial, as Evolution Petroleum Corporation emphasizes returning capital to them. The company declared its 45th consecutive quarterly cash dividend of $0.12 per common share for the fiscal 2025 second quarter.

For the fiscal fourth quarter of 2025, Evolution Petroleum distributed $4.1 million in cash dividends, contributing to a total of $16.3 million for the fiscal year 2025.

The annualized dividend per share is $0.48. Based on a recent close, this translates to a dividend yield around 12.21%, which is significantly higher than the Energy sector average of 4.6%.

Ownership structure data for this segment shows:

• % of Institutional Shareholders: 60.07%
• % of Insider Shareholders: 10.50%

The next expected dividend was declared as $0.12 per share, payable on December 31, 2025, with an ex-dividend date of December 15, 2025.

Commodity purchasers (refiners, utilities, processors) buying crude oil and gas

These customers purchase the output from Evolution Petroleum Corporation's diverse portfolio of onshore oil and gas properties. The revenue mix shows the relative importance of each commodity type to these purchasers.

For the fiscal fourth quarter ended June 30, 2025, the revenue breakdown from commodity sales was:

Commodity Stream	Percentage of Revenue (Q4 FY2025)
Oil	61%
Natural Gas	27%
Natural Gas Liquids (NGLs)	12%

Looking at the first quarter of fiscal 2025, liquids production generated 80% of revenue.

Realized commodity prices for the fourth quarter of fiscal 2025 were:

Commodity	Average Realized Price (Q4 FY2025)
Crude Oil	$60.8 per BBL
Natural Gas	$2.76 per MMBTU

In the first quarter of fiscal 2026, natural gas prices saw a significant increase, rising 43% compared to the year-ago quarter.

Sellers of small, discounted, non-operated oil and gas interests

Evolution Petroleum Corporation actively targets this segment through its acquisition strategy, focusing on non-operated assets to build its portfolio. Acquisitions year-to-date 2025 totaled $26 million.

A key transaction was the TexMex acquisition, which closed on April 14, 2025, adding approximately 440 net BOEPD (with 60% oil and 40% gas).

The company also closed its largest minerals-only acquisition to date in August 2025, adding approximately 5,500 net royalty acres in the SCOOP/STACK area.

The portfolio includes non-operated interests in fields such as CO2 enhanced oil recovery in Louisiana, secondary recovery production in Wyoming, and shale gas reservoirs in Texas and North Dakota.

Evolution Petroleum Corporation (EPM) - Canvas Business Model: Cost Structure

When you look at Evolution Petroleum Corporation (EPM)'s cost structure as of late 2025, you see a clear focus on managing operational efficiency while funding growth through debt and selective capital deployment. The cost base is heavily influenced by the underlying commodity prices and the nature of their non-operated asset base.

The primary recurring operational cost is the Lease Operating Expense (LOE). For the fiscal fourth quarter of 2025, the LOE came in at $17.35 per BOE. This figure reflects the costs associated with running the wells, which in Q4 2025 included higher workover expenses at Chaveroo and Hamilton Dome, plus plant maintenance at Delhi, partially offset by a benefit from the Barnett joint-interest audit. You'll note that Evolution Petroleum Corporation (EPM) is focused on keeping this metric tight, as seen by the slight decrease from $17.39 per BOE in the year-ago quarter.

Financing costs are now a more prominent part of the structure following recent activity. As of September 30, 2025, the borrowings outstanding under the Senior Secured Credit Facility stood at $53.0 million, which directly relates to the interest expense component of the cost structure. This is a shift from their historical debt-free profile, which definitely raises the risk profile during periods of weaker oil pricing.

General and Administrative (G&A) expenses, excluding stock-based compensation, are managed tightly, which makes sense for a non-operator model. For the fiscal first quarter of 2026, which ended September 30, 2025, G&A expenses were $1.8 million. This was an improvement from the $2.0 million reported in the fiscal fourth quarter of 2025. The decrease in Q1 2026 was primarily due to a decline in professional fees.

Capital expenditures (CapEx) are selective, focusing on development drilling and strategic acquisitions rather than large-scale, high-cost development programs. You can see the spending pattern across the recent quarters:

• Fiscal Q4 2025 capital expenditures for oil and natural gas properties totaled $4.7 million.
• Fiscal Q1 2026 capital expenditures, related to drilling and completion activities at SCOOP/STACK and the lift conversion program at Chaveroo, were $1.9 million.
• Fiscal 2025 saw significant acquisition spending: $9 million for the TexMex acquisition and approximately $17 million for the largest minerals-only acquisition in the SCOOP/STACK.

Here's a quick look at how some of these key cost and related balance sheet items stacked up for the most recent reported periods:

Cost/Metric Category	Value	Period/Date
Lease Operating Expenses (LOE)	$17.35 per BOE	Fiscal Q4 2025
General and Administrative (G&A) Expenses (excl. SBC)	$1.8 million	Fiscal Q1 2026 (ended Sep 30, 2025)
General and Administrative (G&A) Expenses (excl. SBC)	$2.0 million	Fiscal Q4 2025
Capital Expenditures (Drilling/Completion)	$1.9 million	Fiscal Q1 2026
Capital Expenditures (Total O&G Properties)	$4.7 million	Fiscal Q4 2025
Long-Term Debt (Borrowings Outstanding)	$53.0 million	September 30, 2025
Total Liquidity	$11.9 million	September 30, 2025

The company is definitely managing its operational costs well on a per-unit basis, but the fixed costs associated with the debt load mean that commodity price swings, especially in oil where realized prices dropped 20% year-over-year in Q4 2025, hit the bottom line harder now. Finance: draft 13-week cash view by Friday.

Evolution Petroleum Corporation (EPM) - Canvas Business Model: Revenue Streams

You're looking at the core income drivers for Evolution Petroleum Corporation (EPM) as of late 2025. The streams are straightforward: selling hydrocarbons.

The total annual revenue for Evolution Petroleum Corporation (EPM) for the Fiscal Year ending June 30, 2025, was reported as $85.84 million. This figure represents the top-line sales for the full year.

Looking at the start of the next fiscal period, the revenue for Fiscal Q1 2026 was $21.288 million. This quarterly number is down about 3% year-over-year from Q1 2025's $21.896 million.

The composition of that revenue stream shows a clear dependence on crude oil, though natural gas provides a necessary offset. For instance, in the fourth quarter of fiscal 2025 (Q4 2025), sales of crude oil accounted for 61% of total revenue. The remaining revenue came from sales of natural gas and natural gas liquids (NGLs).

Here's how the revenue mix looked across the last reported quarter of FY2025 and the first quarter of FY2026, showing the shift in commodity contribution:

Revenue Stream Component	Fiscal Q4 2025 Percentage	Fiscal Q1 2026 Percentage
Crude Oil Sales	61%	60%
Natural Gas Sales	27%	28%
Natural Gas Liquids (NGLs) Sales	12%	12%

The natural gas component showed strength in the most recent quarter. Natural gas revenue in Fiscal Q1 2026 increased 38% to $5.9 million compared to the year-ago period. This was helped by a 43% increase in realized natural gas prices in Q1 2026.

You can see the key revenue metrics side-by-side:

• Total annual revenue for Fiscal Year 2025: $85.84 million.
• Fiscal Q1 2026 revenue: $21.288 million.
• Crude oil revenue share in Fiscal Q4 2025: 61%.
• Natural gas revenue in Fiscal Q1 2026: $5.9 million.

The company is definitely focused on maintaining this diversified stream, especially given the acquisition activity in the SCOOP/STACK area, which brings ownership in assets with expected upside. Finance: draft 13-week cash view by Friday.