This will reduce Delhi Field LOE during this time period. The field continues to inject recycled CO2, which is the bulk of the normal CO2 injection. And we do not anticipate a significant production impact from the temporarily decreased CO2 injection volumes. The operators also indicated that Delhi is expected to be certified as a carbon capture utilization and storage site designated for enhanced oil recovery by this summer. All in all, fiscal quarter’s rate production increased 14% from the prior quarter to 7,209 net BOE per day, with oil increasing 27% and natural gas and NGLs each increasing approximately 10%, with drilling results and the contribution of the acquisitions more than offsetting normal declines, maintenance and weather-related downtime.
I’ll turn it over to Ryan to discuss the highlights of the quarter.
Ryan Stash: Thanks, Mark. As Brandi mentioned earlier, we released our earnings yesterday, which contains more information on our results. My comments will focus mainly on the highlights of the current quarter. This quarter, we had total revenues of $23 million, adjusted net income of $1 million, and adjusted EBITDA of $8.5 million. Our financial results demonstrated the positive impact of our SCOOP/STACK acquisitions and Chaveroo drilling program as revenue and EBITDA were higher than last quarter despite receiving lower realized prices due to the continued weakness in natural gas. On the development side, we spent $2.6 million in CapEx, primarily related to the drilling and completion of the three initial wells at Chaveroo.
We ended the quarter with $3.1 million in cash on hand and borrowings of $42.5 million on our credit facility. Our cash balance and borrowings do not yet include the impact of net cash we expect to receive for the final purchase price adjustment on the SCOOP/STACK acquisitions. As of March 31, we recorded an interim settlement receivable of $3.3 million and expect additional cash upon the final settlement set to occur during the fourth fiscal quarter. We continue to expect to remain at or below our leverage target of 1x pro forma EBITDA. We entered into oil and gas hedges during the quarter and after the quarter in order to comply with the terms of our credit facility. We also amended our credit facility to give us more flexibility regarding the mix of individual commodities we are required to hedge.
We now have the option to hedge 40% of oil production or 25% of oil and gas production for each individual month. Given the extremely low prices of natural gas throughout calendar year 2024, we are currently only hedging oil production for that period. We also hedged natural gas beyond the required 12-month period to capitalize on the high prices available in calendar year 2025 and beyond. Our goal for our hedging program will continue to be to reduce downside commodity price risk while maintaining the maximum amount of upside available. As such, we will continue to monitor the market and may add additional opportunistic hedges. On the shareholder return front, we paid a $0.12 dividend in March and declared another $0.12 dividend to be paid in June, which will mark our 42nd and 43rd consecutive quarterly dividends and seventh and eighth consecutive dividends at the current level.
We also repurchased approximately $800,000 worth of shares during the quarter. I’ll hand it over to Kelly now for closing comments.
Kelly Loyd: Thanks, Ryan. At Evolution, we accomplish our strategy of maximizing total shareholder returns by carefully weighing the use of every dollar we put to work for all our stakeholders, always with an eye towards increasing or extending the runway of our dividend for many years to come. We have a proven track record of paying dividends with stronger yields than the S&P 500 and our peers, returning cash to shareholders of over $3.45 per share over the last 10 years. We are building our company into one designed to cover our dividend and our capital spending even in challenging times like we see today with natural gas pricing, while maintaining ample capacity to return cash to shareholders. We have built and continue to build a diverse, resilient set of assets strategically designed to facilitate and complement our consistent approach to returning cash to shareholders.
In building this base, our balance sheet has remained rock solid and we’ve added no material dilution. With that, I’ll turn it over to the moderator to begin the Q&A session. Thank you very much.
Operator: [Operator Instructions] [Technical Difficulty] from Northland Capital. Please go ahead with your question.
Unidentified Analyst: So, the first question I want to ask about is, so for the certification for Delhi and that expectation to happen in summer, that sounds more or less like reiterating a consistent statement that kind of we’ve heard before in terms of that time line. So, was there an incremental step, or just sort of it’s more of a saying like it’s on track, that is still the expectation? And then have you advanced any negotiations or conversations around that with the operator?
Kelly Loyd: Thanks, Donovan. So, to answer your question, it’s really steady as she goes. The updates are no, they still expect it to be in the same time frame they did. So as far as advancing negotiations and where that’s going to shake out, no, we’re not there yet.
Donovan Schafer: Okay. And just kind of real-quick, I don’t know if you’ll have the answer or not. But do you know for Phase 5 for Delhi? Because I’ve had this thought or speculation or wondering that it could sort of nudge Exxon over into having more of a desire to do Phase 5 because that’s more floor space conceivably to inject CO2 into. So, do you know, has that come up at all in conversations? And do you know if that requires additional certification or if that can just — you can expand the project and it’s kind of automatic?
Unidentified Company Representative: So, I’ll answer it this way. We certainly think Phase 5 is a very strong economic project on its own merit, and we hope that Exxon will come to that conclusion with the additional benefit of having more floor space to inject CO2. As for additional — I mean it’s within the field, I don’t expect it would be, but I’m actually not sure on that.
