Epsilon Energy Ltd. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 09, 2023
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Epsilon Energy Ltd. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported revenue was USD 6.5 million compared to USD 19.9 million a year ago. Net income was USD 0.430589 million compared to USD 10.58 million a year ago. Basic earnings per share from continuing operations was USD 0.02 compared to USD 0.45 a year ago. Diluted earnings per share from continuing operations was USD 0.02 compared to USD 0.44 a year ago.
For the six months, revenue was USD 15.86 million compared to USD 33.5 million a year ago. Net income was USD 3.96 million compared to USD 16.39 million a year ago. Basic earnings per share from continuing operations was USD 0.17 compared to USD 0.69 a year ago. Diluted earnings per share from continuing operations was USD 0.17 compared to USD 0.69 a year ago.
Epsilon Energy Ltd. is an onshore focused independent natural gas and oil company. The Company is engaged in the acquisition, development, gathering and production of natural gas and oil reserves. It operates through three segments: Upstream, Gathering System, and Corporate. Upstream activities segment includes acquisition, exploration, development and production of oil and natural gas reserves on properties within the United States. Gathering System segment partner with two other companies to operate a natural gas gathering system. The Company holds leasehold rights to approximately 84,684 gross (15,463 net) acres. It has natural gas production in the Marcellus Shale in Pennsylvania and oil, natural gas liquids and natural gas production in the Permian Basin in Texas and New Mexico and in the Anadarko Basin in Oklahoma. Its subsidiaries include Epsilon Energy USA Inc., Epsilon Midstream, LLC, Altolisa Holdings, LLC, and Dewey Energy Holdings, LLC.