Evolution Petroleum Corporation, Inc.

Good morning and welcome to the Evolution Petroleum fourth quarter and fiscal year 2024 earnings release conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note today's event is being recorded. I would now like to turn the conference over to Brandi Hudson, Investor Relations Manager. Please go ahead.

Thank you. Welcome to Evolution Petroleum's fiscal Q4 2024 earnings call. I'm joined by Kelly Lloyd, President and Chief Executive Officer, Mark Bunch, Chief Operating Officer, and Ryan Stash, Senior Vice President, Chief Financial Officer and Treasurer. We released our fiscal fourth quarter and full year 2024 financial results after the market closed yesterday. Please refer to our earnings press release for additional information containing these results. You can access our earnings release in the Investors section of our website. Please note that any statements and information provided in today's call speak only as of today's date, September 11, 2024, and any time-sensitive information may not be accurate at a later date. Our discussion today 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. Reconciliations of these measures to the closest comparable gap measures can be found in our earnings release. Kelly will begin today's call with opening comments. Mark will provide an update on our properties and plans as they relate to our ongoing strategy of maximizing shareholder returns. And Ryan will provide a brief overview of our fiscal quarter highlights. 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 section of our website. With that, I will turn the call over to Kelly.

Thank you, Brandy, and good morning, everyone. Following our record year of natural gas production and revenue in fiscal 2023, this fiscal year has proven that adaptability is key. In the face of volatile natural gas prices this year, We understood the importance of balancing our portfolio while simultaneously positioning ourselves for future growth. As a result, we generated record liquids revenue in production for this fiscal year, in part driven by two transformative transactions with ScoopStack and Shavaroo that added 6.6 million barrels of oil equivalent of proved reserves, with the majority of the locations yet to be booked. With these transactions, we expect fiscal year 25 liquids production to be very strong and bolster our cash flow for years to come, building upon our multi-year track record of executing strategic investments for the benefits of our shareholders. I'd like to start today's call by highlighting key operational achievements for fiscal 2024. This year, we significantly expanded our drilling inventory adding over 300 locations in the ScoopStack region, 80-plus locations at Shavaroo, as well as three initial drilling sites within Test Site 5 at Delhi. Our efforts in the ScoopStack and Shavaroo are especially noteworthy, as we believe both assets provide us with exposure to highly economic and durable locations. We participated in 22 wells at ScoopStack, many of which are performing well above our initial expectations, generating both higher returns and stronger production than our original type curves predicted. Similarly, in Shavaroo, we drilled our first three horizontal San Andreas wells with early results exceeding our estimates. These wells are a testament to our strategic focus on efficient high return growth opportunities. At Del High, We have initiated development of test site five in collaboration with ExxonMobil, aiming to drill the first of an initial three wells by calendar year end. As we have stated throughout this fiscal year, following Exxon's acquisition of Denberry, we believe their priorities for the asset are well aligned with evolutions. And this initial development further validates our expectations. I'm also pleased to announce that Delhi has been certified as a carbon capture utilization and storage site for enhanced oil recovery, which we believe will drive further benefits to evolution. All said, in fiscal 2024, we generated 86 million of revenue, 4 million of net income, and 30 million of adjusted EBITDA. Meanwhile, our disciplined capital allocation approach has allowed us to remain within our targeted leverage ratios with no incremental dilution, despite executing key strategic investments during the year. All of this was accomplished while facing the lowest natural gas price environment we've seen since the COVID-19 pandemic. Consistently generating cash flow remains a core tenant of our strategy as it supports Evolution's continued return of capital to shareholders via dividends. We are very proud to have consistently paid dividends for over a decade. In this quarter, I'm pleased to announce that we will pay another 12 cent dividend in September, marking our 44th consecutive quarterly dividend payment. As I have often stated, our dividend strategy is supported by our diverse low decline assets that require minimal capex. The diversification of our portfolio and low maintenance requirements of our assets provides us with the confidence in sustaining our dividend program for years to come, even in the face of fluctuating commodity prices. And with the recent additions of ScoopStack and Shavaroo, we have further extended the runway for our dividend program. As we look to the future, our focus remains on creating long-term value for our shareholders. We are committed to maximizing total shareholder returns through efficient, diligent capital management and deployment. For our current asset base, our strategy is simple. continue expanding in high return regions, focus on disciplined cost management, and ensure that every decision we make supports our dividend program. We have built a strong portfolio of assets that balance oil and natural gas production, positioning us well for various market conditions. We will also continue to evaluate additional M&A opportunities as well as investment within our current asset base to drive further organic growth. We've proven that we can execute on both fronts and we will continue to pursue what is best for our shareholders. I want to thank our team for their hard work and dedication. And of course, thank all of you, our shareholders, for your continued support. We're excited about the future of Evolution Petroleum and believe we are well positioned to deliver sustainable growth and strong returns in the years to come. With that, I'll turn the call over to our COO, Mark Bunch. to review our operations in more detail. Mark?