Evolution Petroleum Corporation (AMEX:EPM) Q3 2024 Earnings Call Transcript

Ryan Stash: Yes. I mean, except that, I would say, obviously, we’re looking out multiple years. So, let’s take, for instance, when we saw gas not too long ago run up past $5, $8, $9, right? You saw us actually, we helped to pay down some of our debt repayment at that point, and we bought back quite a bit of share. So again, the dividend is just one tool. And so, if we were to see — if we saw a price recovery that we feel is sustained for a long period of time, then that’s one thing. But if it’s — with natural gas, all it takes, as we really well know, is a warm winter to — and all bets are off, right? So, it’s hard to really forecast gas at a $5 level for long term. But if we were to get a run again here, then we could look to again, accelerate debt pay down, we could buy back some additional shares, even look at acquisition opportunities, right? So again, it would be all of those things that we would examine.

Kelly Loyd: I mean just to follow on, and carrying on with where he’s going, with our base sort of commodity price expectations, we’ve said many times where we think we can absolutely have great dividend coverage for many years to come. With something above that, it is cash flow with which we will make a prudent decision at that time what to do with it.

Donovan Schafer: Yes. Okay. That makes a lot of sense. All right. I appreciate it.

Kelly Loyd: Terrific. Yes. Thank you.

Operator: And ladies and gentlemen, once again, I’m showing no questions at this time. I’d like to turn the floor back over to management for any closing remarks.

Kelly Loyd: We just want to say thank you all for joining us today. And if you have any further questions, feel free to contact Brandi, who is our IR Manager. So, thank you all very much.

Operator: And ladies and gentlemen, with that, we’ll conclude today’s conference call. We thank you for joining. You may now disconnect your lines.