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August 2019 Corporate Presentation – Evolution Petroleum Corp.

Evolution Petroleum Corp. · Aug 13, 2019 · 24 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. August 2019 Corporate Presentation – Evolution Petroleum Corp. – slide 1
    Evolution Petroleum Corporation Corporate Presentation August 2019 1
  2. August 2019 Corporate Presentation – Evolution Petroleum Corp. – slide 2
    Forward Looking Statements This presentation contains forward-looking statements. Such statements may relate to capital expenditures, drilling and exploitation activities, production efforts and sales volumes, Proved, Probable, and…
  3. August 2019 Corporate Presentation – Evolution Petroleum Corp. – slide 3
    KEY TAKEAWAYS Free Cash Flow 23 Consecutive Quarterly Cash Dividends 7 Consecutive Years of Net Income Under-levered Balance Sheet Buy Back Program 3
  4. August 2019 Corporate Presentation – Evolution Petroleum Corp. – slide 4
    Texas / Gulf Coast Focus Overview New York Stock Exchange EPM Shares Outstanding 33.2 MM Share Price (8/8/2019) 6.10 Delhi Field Total Equity Value (8/8/2019) 203 MM Common Dividend (Annualized Rate) 0.40 per share Dividend…
  5. August 2019 Corporate Presentation – Evolution Petroleum Corp. – slide 5
    INVESTMENT CONSIDERATIONS High Quality, Long-lived Asset Base Steady cash flow from large, Delhi field resource; 20+ years remaining life Potential production additions from continuing development Phase V scheduled for late fiscal…
  6. August 2019 Corporate Presentation – Evolution Petroleum Corp. – slide 6
    CORE OBJECTIVES Directly benefit our shareholders by distributing a large portion of cash flows through cash dividends Tax Reform makes C-Corps like EPM more tax-efficient Conservatively invest balance of cash flow into similar,…
  7. August 2019 Corporate Presentation – Evolution Petroleum Corp. – slide 7
    EPM Dividend History vs WTI Oil Prices 0.14 Cumulative Payout Dec 2013 thru Jun 2019 140 59 MM (or 1.81/share) 0.12 120 Sept 2019 Dividend Declared at 0.10 0.10 100 0.08 80 Quarterly WTI Avg Dividend Oil Prices Rate per 0.06 60…
  8. August 2019 Corporate Presentation – Evolution Petroleum Corp. – slide 8
    Seven Consecutive Years of Net Income (& Counting) 45 Revenues Net Income 40 35 30 (a) Million 25 (b) 20 15 10 5 0 2012 2013 2014 2015 2016 2017 2018 2019 9 Mos YTD (a) Includes Litigation Settlement (b) Includes…
  9. August 2019 Corporate Presentation – Evolution Petroleum Corp. – slide 9
    Where is our operational Uses of CFFO1, 000 cash flow going 25,000 Uses of CFFO1, 000 25,000 Qualified Ordinary Dividends 20,000 to Shareholders 20,000 15,000 15,000 Invested back into Delhi Field to support production level…
  10. August 2019 Corporate Presentation – Evolution Petroleum Corp. – slide 10
    Summary Financial Statements March 31, 2019 Amounts in 000s, except EPS Balance Sheet Income Statement (Nine months fiscal YTD) Cash 29,550 Delhi field revenues 32,856 Other current assets 4,368 Lease operating expenses 10,704…
  11. August 2019 Corporate Presentation – Evolution Petroleum Corp. – slide 11
    Delhi Recycle Facility & NGL Plant Delhi Field EOR CO2 Flood 7,700 BOE per day 85% premium Louisiana Light Sweet (LLS) oil, connected by pipeline to market 3 trains of processing of recycle gas Rich mix of heavier NGLs, or 60%…
  12. August 2019 Corporate Presentation – Evolution Petroleum Corp. – slide 12
    Delhi Field EOR Project Delhi Unit 12+ miles long Unquantified 2010 2009 2012-13 Future Town Expansion of Delhi Phase Phase V IV l nge Phase I Me nit Unquantified future expansion in U Phase II downdip thinner reservoirs &…
  13. August 2019 Corporate Presentation – Evolution Petroleum Corp. – slide 13
    Delhi Field Daily Production (Tertiary) Gross and Net BOE per Day Infill Drilling Phase V First production Conformance Projects & NGL Fiscal 2018 from CO2 flood Plant Program 2020/21 10,000 BOEPD WI & Royalty Interests…
  14. August 2019 Corporate Presentation – Evolution Petroleum Corp. – slide 14
    EPM Interests in the Delhi Field Costs Revenues Working Interest (a) 23.9% 19.0% Royalty Interests None 7.2% Combined Interests 23.9% 26.2% (a) Field Payout and Reversion of Working Interest to EPM Occurred Effective November 1,…
  15. August 2019 Corporate Presentation – Evolution Petroleum Corp. – slide 15
    Delhi Revenue and Field Operating Margin per BOE 70 Rev / BOE Rev/BOE 61.52 59.54 60 55.39 50 44.88 39.71 (71% of Rev) 40 (67% of Rev) (69% of Rev) (69% of Rev) 30 (65% of Rev) 20 10 - YE Jun 2015 YE Jun 2016 YE Jun…
  16. August 2019 Corporate Presentation – Evolution Petroleum Corp. – slide 16
    Delhi Field Capital Spending* by EPM (000s) (FY 2019 amounts unaudited) 8,000 7,000 6,000 5,359 5,430 5,000 4,313 4,000 3,000 2,292 2,397 2,000 Forecast 800 1,000 0 FY 2015 FY 2016 FY 2017 FY 2018 Q3 FY 2019 Bal FY 2019e…
  17. August 2019 Corporate Presentation – Evolution Petroleum Corp. – slide 17
    6/30/19 Proved Reserves, BOE Reserve Report Prepared by DeGolyer & MacNaughton 240,460 1,124,300 Proved Reserves based on 14.4% incremental CO2 recovery (up from 13.0% in 1,341,820 82% Developed 2015). Probable* and Possible*…
  18. August 2019 Corporate Presentation – Evolution Petroleum Corp. – slide 18
    Delhi NGL Plant Producing 1,100 1,200 BOE of NGLs per day Very Rich NGL Mix (TTM): NGL Plant online Jan 2017 Operating at effective capacity NGL Component % of Stream GE turbine also at capacity Ethane 4% Fueled by field…
  19. August 2019 Corporate Presentation – Evolution Petroleum Corp. – slide 19
    Multiple Projects To Build Long-Term Value Expand Delhi CO2 flood to Mengel Unit, additional thinner Delhi continued infill reservoirs and further drilling program expansion to eastern Expansion of Delhi CO2 edge (Phase VI, flood…
  20. August 2019 Corporate Presentation – Evolution Petroleum Corp. – slide 20
    Management and Directors (Average BOD Tenure 12 Years / Insiders Own 8%*) Jason Brown President & CEO, Founder of LongBow Energy; Co-founder of Halcon Resources David Joe SVP & CFO (14 Years w/EPM), UNOCAL Corp Steve Hicks SVP of…
  21. August 2019 Corporate Presentation – Evolution Petroleum Corp. – slide 21
    Opportunity for EPM We plan to maintain and grow EPM as a market-friendly platform to generate cash returns for shareholders We focus on assets that do not require high capital investment, long lead time to net cash flow, large…
  22. August 2019 Corporate Presentation – Evolution Petroleum Corp. – slide 22
    Acquisition Criteria Large majority of value is generally attributable to proved developed producing cash flow Long-life Assets are in locations with reasonable access to markets and stable regulatory environments Transactions will…
  23. August 2019 Corporate Presentation – Evolution Petroleum Corp. – slide 23
    Value Proposition High Quality, Long-lived Asset Base Substantial, low decline cash flow from Delhi field; 20+ years remaining life Potential production additions from continuing development Phase V scheduled for fiscal 2020 and…
  24. August 2019 Corporate Presentation – Evolution Petroleum Corp. – slide 24
    Thank you for your interest in Evolution Petroleum Corp (NYSE: EPM) Company Contacts: Jason Brown, jbrownEvolutionPetroleum.com David Joe, djoeEvolutionPetroleum.com (713) 935-1022 24

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