Evolution Petroleum Corporation, Inc.

Good morning, everyone, and welcome to the Evolution Petroleum second quarter 2026 earnings conference call. All participants will be in a listen-only mode. Please also note today's event is being recorded. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero on your telephone keypads. At this time, I'd like to turn the call over to Brandy Hudson, the company's investor relations manager. Ma'am, please go ahead.

Thank you. Welcome to Evolution Petroleum's Fiscal Q2 2026 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 second quarter 2026 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 today speak only as of today's date, February 11, 2026. Our discussion contains forward-looking statements of management's beliefs and assumptions based on currently available information and is subject to the risks, assumptions, and uncertainties described in our SEC filings. Actual results may differ materially from those expected. We undertake no obligation to update any forward-looking statements. During today's call, we may discuss certain non-GAAP financial measures, including adjusted EBITDA and adjusted net income. Reconciliations to the most directly comparable GAAP measures are included in our earnings release. Kelly will begin with opening remarks, followed by Mark with an operational update, and then Ryan will review the financial results. After our prepared comments, the management team will open the call for 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, Brandi, and good morning, everyone. This quarter demonstrated the resiliency of our portfolio and the benefits of the strategic steps we've taken over the past several years. Despite a mixed commodity price environment, we delivered improved profitability and stronger cash flow. reflecting the diversification of our asset base, increased exposure to natural gas, and continued cost discipline. Importantly, these results were achieved without meaningfully increasing capital intensity, underscoring the durability of our underlying assets, and the consistency of our strategy. Stepping back, what stands out this quarter is the operating leverage embedded in Evolution's portfolio. Improved natural gas pricing, incremental contributions from our minerals and royalty investments, and lower operating costs across several assets combine to meaningfully drive higher earnings and cash flow compared to the prior year. While commodity prices will always fluctuate, our goal has been to build a portfolio that can perform across cycles, and we believe this quarter is another example of that approach in action. From a financial standpoint, That operating leverage clearly showed in our results. In fiscal second quarter 2026, adjusted EBITDA increased by 41% year over year, despite revenue increasing only 2%. From a portfolio perspective, we continue to benefit from a balanced mix of oil and natural gas assets with a low base decline and modest capital requirements. Our assets are diversified not only by commodity, but also by basin and operating partner, which helps reduce concentration risk and smooth performance over time. This approach has been intentional and remains a core pillar of how we think about capital allocation and risk management. A newer component of that diversification is our growing minerals and royalty platform. For the past several months, we've been building a new network funnel and increasing our exposure to capital light assets that generate high margin production and long-lived inventory without imposing an incremental operating burden or requiring development capital from evolution. Recent activity across our scoop stack minerals demonstrates this strategy in action, with several wells turning to sales or entering drilling and completion operations even ahead of schedule. This activity is already driving incremental cash flow and accelerating returns, while reinforcing our emphasis on assets that combine current production, near-term zero-cost drilling exposure, and long-term upside. As we move forward into quarter three and beyond, we anticipate meaningful contributions from our newly acquired Haynesville, Bossier Shale mineral and royalty assets. While we will always remain opportunistic with our A&D activities, We are confident that this new network will provide us with repeatable, highly accretive, tailored opportunities to enhance our portfolio. We believe this strategy enhances the durability of our cash flow profile and provides meaningful flexibility in how we deploy capital over time. Operationally, we made progress during the quarter on cost control and efficiency initiatives across the portfolio. Several assets delivered meaningful improvements in operating margins driven by lower costs and better uptime. While certain fields experienced temporary downtime during the quarter, these issues were largely mechanical or timing related, rather than structural in nature. Importantly, field level profitability remained solid. Our operating philosophy continues to emphasize flexibility. We work closely with our operating partners to adjust activity levels based on commodity prices, market conditions, and expected returns. This approach allows us to protect capital during periods of volatility while remaining positioned to benefit when conditions improve. We believe this flexibility is especially important in today's environment where price signals can change quickly and disciplined capital management is critical. As always, we will continue to evaluate the most effective ways to deploy capital for long-term shareholder value. Looking ahead, Our strategy is consistent. We will continue to prioritize assets with durable cash flow characteristics, modest capital requirements, and attractive risk-adjusted returns. We will also continue to evaluate opportunities to expand our portfolio through acquisitions, particularly in areas where we can leverage our experience, relationships, and disciplined underwriting approach. Our goal is not growth for growth's sake. but rather growth that enhances per share value and supports sustainable shareholder returns. Our recent mineral and royalty acquisitions fit those parameters very well. The combination of low decline assets, capital light exposure, and disciplined reinvestment gives confidence in our ability to navigate commodity cycles while continuing to reward shareholders. With that, I'll turn the call over to Mark for more details on our operations.