Evolution Petroleum Corp. (NYSE MKT:EPM) Q4 2020 Earnings Conference Call - Final Transcript

Sep 10, 2020 • 10:00 am ET


Evolution Petroleum Corp. (NYSE MKT:EPM) Q4 2020 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen and welcome to Evolution Petroleum Fourth Quarter and Fiscal Year End 2020. All lines have been placed on a listen-only mode, and the floor will be open for questions and comments following the presentation. [Operator instructions]

At this time, it is my pleasure to turn the floor over to your host, David Joe, Chief Financial Officer. Sir, the floor is yours.

David Joe

Thank you. Good morning and welcome to Evolution Petroleum's earnings call for our fiscal year end 2020 and our fiscal fourth quarter ended June 30. We will discuss operating and financial results for the fiscal year and fourth quarter, as well as year end reserves. I am David Joe, Chief Financial Officer for Evolution Petroleum, and joining me on the call today is Jason Brown, President and Chief Executive Officer.

If you wish to listen to a replay of today's call, it will be available shortly by going to the Company's website until October 10th, 2020. 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 and 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, volatility in oil prices and how that impacts us, our typical update on operations and our plans for fiscal 2021, including anticipated capital spending.

I would now like to welcome and turn the call over to our President and Chief Executive Officer, Jason Brown.

Jason E. Brown

Thanks, David. Good morning, everyone, and thanks for joining us today on Evolution's year end and fourth quarter fiscal 2020 earnings call. Overall, fiscal 2020 has been an unexpected and challenging year for everyone, and so that I wish you all your families and businesses the very best in staying safe as we all move forward through these unprecedented times together.

As you know, it's been particularly difficult time in the oil and gas sector as the global COVID-19 pandemic continues to disrupt the balance of oil in supply and demand. As I stated last quarter, we took immediate steps to ensure our employees' safety and our financial security. We have continued to focus our efforts on implementing additional cost-cutting measures to better protect our investors and ensure long-term sustainability. We are well-positioned to take advantage of potential opportunities that arise in these turbulent markets and remain focused on creating long-term shareholder return.

With that, I am pleased to announce our ninth consecutive year of positive earnings for the Company. As of June 30th, after funding all operations for fiscal 2020, we remain debt free at $19.7 million in cash in an undrawn bank revolver. We continue to concentrate on cash flow and overall shareholder return. We provide an attractive