EPMNYSECrude Petroleum & Natural GasUS GAAP · USD

Evolution Petroleum Corporation, Inc

Evolution Petroleum Corp. is an independent U.S. energy company that owns non-operated working, mineral, and royalty interests in onshore oil and natural gas properties. It focuses on building a diversified portfolio of long-life assets through acquisitions, selective development, production enhancement, and exploitation rather than operating the wells itself.

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Revenue86.3m USD
+0.6 %y/y
Operating profit (EBIT)3.5m USD
−16.6 %y/y
EBIT margin4.0%
−0.8 ppy/y
Net income-2.4m USD
−264.9 %y/y

Fiscal year 2026 · change from previous year

Development 2021–2026

-50050100150m USD2021: 33 m USD2021: EBIT -21 m USD20212022: 109 m USD2022: EBIT 45 m USD20222023: 129 m USD2023: EBIT 45 m USD20232024: 86 m USD2024: EBIT 7.9 m USD20242025: 86 m USD2025: EBIT 4.2 m USD20252026: 86 m USD2026: EBIT 3.5 m USD2026863.5
RevenueOperating profit (EBIT)
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Business

Share of revenue
Non-operated working interests70 %

Ownership interests in producing oil and gas properties where third-party operators run the wells and sell production.

Mineral and royalty interests15 %

Passive interests that earn revenue from production without bearing full operating responsibility.

Natural gas and NGL production10 %

Revenue from gas and natural gas liquids produced from fields such as Jonah and Delhi.

Crude oil production5 %

Oil volumes from onshore properties including TexMex, SCOOP/STACK, Chaveroo, and Williston Basin.

Products

Reported · share of revenue
58.6%29.0%12.4%FY2026100 %
  • Crude Oil58.6 %
  • Natural Gas Reserves29.0 %
  • Natural Gas Liquids Reserves12.4 %

Source: 10-K FY2026, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Evolution does not sell to end consumers; its production is marketed through third-party operators and purchasers in the U.S. energy market. The company’s economic counterparties are mainly operators, pipeline and processing networks, and commodity purchasers that take crude oil, natural gas, and NGL volumes under field-level sales arrangements. Because it is a non-operator, Evolution is highly dependent on operator execution, takeaway capacity, and realized pricing at the asset level.

Third-party operators

Operators such as Denbury/ExxonMobil, Diversified, Foundation, and others run the wells, sell production, and distribute proceeds to Evolution.

Commodity purchasers

Refiners, gas marketers, and NGL buyers purchase the produced barrels and molecules that generate revenue.

Pipeline and processing service providers

Gathering, processing, trucking, and terminal counterparties make production marketable and affect realized pricing.

Mineral and royalty sellers

Private sellers and counterparties provide acquisition opportunities for passive acreage and royalty interests.

Strategy

Evolution’s strategy is to maximize shareholder returns through a diversified portfolio of long-life U.S. oil and gas assets, with growth coming from acquisitions and selective development. It also uses hedging to reduce commodity price volatility and support cash flow stability, which is important for its dividend policy and credit facility compliance.

Acquire additional non-operated oil and gas assetsMedium term

Acquisitions add reserves and production without requiring Evolution to build an operating organization.

Enhance production from existing propertiesMedium term

Selective development and exploitation can lift volumes and extend asset life on owned acreage.

Manage commodity price risk with hedgesShort term

Hedging helps protect cash flow and supports dividend consistency under credit facility requirements.

Geography

Evolution’s business is concentrated in the United States, with assets spread across New Mexico, Texas, Oklahoma, Wyoming, Louisiana, and North Dakota. The company’s exposure is therefore driven more by basin-level operating conditions, takeaway infrastructure, and state tax/regulatory regimes than by international markets. Recent activity expanded its Oklahoma footprint through the SCOOP/STACK minerals acquisition.

Risks

Evolution is exposed to commodity price swings, because revenue depends on realized oil, gas, and NGL prices while many costs are relatively fixed. As a non-operator, it also depends on third-party operators, purchasers, and infrastructure, so operational disruptions or poor operator execution can directly affect volumes and cash flow. Regulatory, climate, and cybersecurity risks are material for the broader oil and gas industry and can raise costs, delay projects, or disrupt market access.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Commodity price volatility1Third-party operator dependence2Regulatory and climate transition risk3Cybersecurity risk4Infrastructure and takeaway constraints5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Commodity price volatilityImpact: HighLikelihood: Medium

    Revenue and cash flow depend on oil, gas, and NGL prices that fluctuate with supply-demand and geopolitics.

    ExposureCrude oilNatural gasNGL sales
  2. Third-party operator dependenceImpact: HighLikelihood: Medium

    Evolution does not operate its properties, so production, timing, and costs depend on outside operators.

    Exposure: Non-operated working interests

  3. Regulatory and climate transition riskImpact: MediumLikelihood: Medium

    Methane, emissions, drilling, and land-use rules can increase costs and limit future development.

    Exposure: U.S. onshore oil and gas operations

  4. Cybersecurity riskImpact: MediumLikelihood: Medium

    Energy infrastructure and production accounting systems are potential targets for cyber incidents.

    Exposure: Operational systems and market delivery networks

  5. Infrastructure and takeaway constraintsImpact: MediumLikelihood: Low

    Lack of pipeline or processing capacity can delay sales or force shut-ins.

    ExposureField-level gatheringProcessingTransport
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Accounting

Judgemental items
Derivative mark-to-market accounting

Open commodity hedges are not designated for hedge accounting, so unrealized gains/losses flow through earnings.

Impact: Can create large non-cash swings in quarterly and annual net income

Oil and gas reserve estimates

Reserve volumes and pricing assumptions affect depletion, impairment, and asset carrying values.

Impact: Changes can materially alter DD&A and impairment risk

Revenue recognition from non-operated production sales

Revenue depends on operator-settlement timing and field-level sales arrangements.

Impact: Can affect period-to-period comparability of reported revenue

Income tax credits and state taxes

Marginal natural gas well credits and Oklahoma-related taxes changed the effective tax rate.

Impact: Affects reported tax expense and net income

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Last updated: 24/09/2026

Evolution Petroleum Corporation, Inc (EPM) Revenue, Earnings & Financials 2026 – Clarifo