Evolution Petroleum Corp. (NYSE MKT:EPM) Q4 2019 Earnings Conference Call Transcript
Sep 12, 2019 • 11:00 am ET
Good day, ladies and gentlemen, and welcome to this Evolution Petroleum Fiscal 2019 Earnings Release Conference Call. [Operator Instructions]. And now for opening remarks and introductions, I am pleased to turn the floor to Evolution's CFO, Mr. David Joe. Welcome, David.
Thank you. Good morning and welcome to Evolution Petroleum's earnings call for our fiscal year ended June 30, 2019 and our fiscal fourth quarter. We will discuss operating and financial results for the year and the quarter as well as year-end reserves.
I am David Joe, Senior Vice President and Chief Financial Officer of Evolution, and joining me on the call today is Jason Brown, President and Chief Executive Officer. And during the Q&A session, we'll also be joined by Steve Hicks, Senior Vice President of Engineering.
If you wish to listen to a replay of today's call, it will be available shortly by going to the Company's website via a recorded replay until October 12, 2019. Please note that any statements and information provided today are time-sensitive and 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 risks and uncertainties that are listed and described in our filings with the SEC. Actual results may differ materially from those expected.
Since detailed numbers are readily available to everyone in yesterday's news release, this call will primarily focus on key results, operations and an update on Delhi Field and plans for fiscal 2020.
I would now like to welcome and turn the call over to our President and CEO, Jason Brown.
Thank you, David. Good morning, everyone, and thanks for joining us today for Evolution's year-end fourth quarter fiscal 2019 earnings call. As you know, it's my first earnings call with the Company. I'm excited to join the team and look forward to building upon a fantastic foundation that Evolution has built.
Overall, the Company continues to generate consistent and solid financial results. Strong cash flows and a dependable dividend have been the bedrock of our operation, both of which continue to benefit from the premium Louisiana Light pricing received over NYMEX WTI. With that, I am pleased to announce our eighth consecutive year of positive earnings for the Company.
Reserve volumes have been reported in prior press releases, but to give you some additional color on those results, I'm happy to say that our proved reserve volumes totaled 9 million barrels of oil equivalent with a standardized measure of $127 million and a PV-10 value of $157 million. That's compared to prior years of 9.4 million barrels with a standardized measure of $119 million and a PV-10 value of $146 million.
Improved performance of producing wells has led to about a 200,000 barrel or a 2% positive revision in proved oil reserves. Performance from the NGL plant was improved via capitalized modifications, resulting in 100,000 or approximately 16% positive revision in NGL reserves.
Evolution continues to focus on