Evolution Petroleum Corporation, Inc.

Good afternoon, and welcome to the Evolution Petroleum Fiscal Third Quarter 2023 Earnings Conference Call. At this time, all participants have been placed in the listen-only mode, and the floor will be open for questions and comments after the presentation. I will now turn the call over to your host, Brandi Hudson, Investor Relations Manager. Please go ahead.

Thank you. Welcome to Evolution Petroleum's fiscal third quarter earnings call. I'm joined by Kelly Lloyd, President and Chief Executive Officer, Ryan Stash, Senior Vice President, Chief Financial Officer and Treasurer, and Mark Bunch, Chief Operating Officer. We released our third quarter financial results after the market closed yesterday. Please refer to our earnings press release for additional information concerning these results. You can access our earnings release in the investor relations section of our website. Please note that any statements and information provided in today's call speak only as of today's date May 10, 2023, and any time-sensitive information may not be accurate at a later date. Today's discussion will contain forward-looking statements of management's beliefs and assumptions based on currently available information. These forward-looking statements are subject to the risks, assumptions, and uncertainties as described in our SEC filings. Actual results may differ materially from those expected. We undertake no obligation to update any forward-looking statement. During today's call, we may discuss certain non-GAAP financial measures, including adjusted EBITDA and adjusted net income. Please refer to the reconciliations of these measures to the comparable GAAP measures in our earnings release. Kelly will begin today's call with a few opening comments, followed by our operational results from COO Mark Bunch, and Ryan Stash, our CFO, will review our third quarter financials before turning back over to Kelly for closing comments. After our prepared remarks, the management team will be available to answer any questions. As a reminder, this conference call is being recorded. If you wish to listen to a webcast replay of today's call, it will be available on the investor relations section of our website. With that, I will turn the call over to Kelly.

Thanks, Brandi. Good afternoon, everyone, and thank you for joining us for today's call. Our results in the third quarter of fiscal 2023 were excellent and continued to demonstrate our diversified portfolio of long-life, low-decline oil and natural gas assets' ability to generate strong free cash flow even during periods of high commodity price volatility. A couple of highlights from the quarter are... We reported record quarterly revenue of $36.9 million and record quarterly net income of $14 million, or 41 cents per diluted share. We returned cash of roughly $8 million to shareholders via cash dividends and share repurchases. And we generated record adjusted EBITDA of $22 million while maintaining zero debt outstanding and building our cash reserves to $18.4 million. We continue generating meaningful free cash flow from the acquisitions completed over the last couple of years to fund our strategic objectives. Of course, our ongoing success is a direct reflection of the hard work and accomplishments of our team. I want to thank each and every member of the Evolution team for their contributions and continued dedication to driving near and long-term value for our shareholders. During the third quarter, we paid a cash dividend of 12 cents per common share. This was 20% higher than the same period for fiscal 2022, which we view as a clear indicator of the growth and strength of our business. Our board recently declared a cash dividend of 12 cents per share for fiscal Q4 payable on June 30th to shareholders of record on June 15th, marking the payment of our 39th consecutive quarterly dividend and our fourth in a row at the 12 cents per share amount. Since the company began paying dividends in December 2013, we have returned approximately $98.4 million, or $2.97 per share, of capital to shareholders. As we've discussed in the past, there are very few small-cap BNP companies that can say that they have consistently paid a dividend for that length of time throughout several tumultuous commodity price cycles. We believe this reinforces the strategic view our board takes as we prudently grow the business through the targeted acquisition of solid, long life, and low decline assets that will continue to support a sustainable quarterly dividend for the immediate and long term. In short, maintaining and ultimately growing the payment of a quarterly cash dividend remains front and center for our board and management team. I will now turn the call over to Mark to discuss operations.