Evolution Petroleum reported a solidly hedged, diversified oil, gas, and NGL portfolio in QQ3 2025, with total revenues of $22.56 million and a net loss of $2.18 million, primarily reflecting operating costs and near-term development spend rather than a fundamental underlying decline in asset quality. Production declined 7.5% year over year to 6,667 Boe/d, driven by planned Delhi maintenance and weather-related downtime in the Barnett, but the quarter was marked by a meaningful post-quarter close inflection: the Tex-Mex acquisition closed in April and four new Chaveroo wells were brought online shortly after quarter-end, contributing to the expected Q4 uplift (net ~850 Boe/d collectively). The Tex-Mex deal, acquired for $9 million, adds about 440 Boe/d of stable, low-decline production with a 60% oil/40% gas mix and was priced at ~3.4x forward adjusted EBITDA based on current strip pricing, underscoring accretion potential even in a volatile oil price environment. Evolution remains focused on preserving financial flexibility, sustaining its quarterly dividend (0.12 per share, 47th consecutive quarter) and growing free cash flow via a disciplined development and acquisition program. Management signaled a shift toward gas-weighted opportunities in SCOOP/STACK and a postponement of the third Chaveroo development block into fiscal 2026 to maintain near-term cash flow and balance sheet flexibility while continuing to pursue oil-weighted load decline assets with hedging support. All told, QQ3 2025 lays the groundwork for a more accretive Q4 as Tex-Mex and Chaveroo contributions materialize and hedging provides a cushion against ongoing commodity volatility.