Evolution Petroleum hikes dividend by 50%

Evolution Petroleum Corporation (EPM) will raise its quarterly dividend by another 50 percent in 2021. This is the third dividend hike announced in 2021 and follows a 66.7 percent increase to $0.05 per share in the previous quarter. EPM has raised its dividend by a total of 200 percent YTD. In 2020 the dividend however was cut by 75 percent.

The next EPM dividend of $0.075 per share is payable September 30, 2021 to stockholders of record as of September 20, 2021.The new dividend yield for EPM is 6.5% at a stock price of $4.61.

Jason Brown, President and Chief Executive Officer, commented, "Maintaining and ultimately growing our common stock dividend and achieving disciplined growth in share value through accretive acquisitions are our key priorities. The material increase in our dividend announced today is supported by the addition of the Barnett Shale assets that diversified and substantially expanded our asset base with long life production located in favorable commodity markets, coupled with significant improvements in commodity prices. Together, these events have strengthened the sustainability of our company and dividend model and provided opportunities for further growth. We view this increase in dividend as continuing evidence of Evolution's clear alignment with the long-term interests of our shareholders and intent to further grow the quarterly dividend, as appropriate. This disciplined and conservative business strategy has also allowed us to provide a quarterly cash return to shareholders for nearly eight years, which we consider to be a remarkable achievement for an upstream independent energy company."

Evolution Petroleum Corporation is an independent oil and gas company. The Company is engaged in the acquisition, exploitation and development of properties for the production of crude oil and natural gas, onshore in the United States. The company's assets include interests in a carbon dioxide (CO2) enhanced oil recovery project (EOR) in Louisiana's Delhi field. Its artificial lift technology is Gas Assisted Rod Pump (GARP).