Who are we? What is Evolution Petroleum? What does it do? So, we're an E&P company, exploration production, oil and gas. Our goal, what we try to buy, is long-life, low-decline oil and gas production. We are a non-op company, which I'll get into a little bit about what that means. There are a few of us out there. Most companies are operators. We buy direct interest and not operate. Over the last 10-plus years, as you'll see on here, we've given back $3.69 a share in dividends, which is over $122.5 million. We've also purchased about $10 million back in share buybacks. So, total shareholder return, returning capital to shareholders is our focus. We have a proven track record of adding to our dividend-producing machine. That's what we're all about. Let's put in the properties which make the cash flow, which make the dividends. That's who we are.
That's what we want to do. If we go to the next one. Yep. So, non-op, right? I mentioned this earlier. What does it mean? Why do you want to be a non-op? And is it sustainable? So, there's a lot of companies out there. Like I said, only a few of us are non-op. It allows us to run with very lean operations. We have added six core assets. We have seven now. We've added six in the last five years. And we've done that with 10 professionals and one support staff. I'll give you a quick example. One of the fields that we got into was operated by a company called Foundation. Great operator. It's a field in the Williston Basin. Every time we meet with them, they have 10 to 15 people there just for that one asset.
So, for us to be able to get into now, we're in seven different core operating areas, and we have 10 people. It allows us to really focus on what we want to focus on. And that is the returns that these assets can generate for our shareholders. And not about, is it big enough? Does it justify adding 10 or 15 people to go into this new basin? Or are we only limited to bolt-ons because we have the team there? It allows us to move nimbly, to get diversified both geographically and by commodity mix, which we've done. So, as I've mentioned, here's a map of our current stuff. Brandy, is it going? There you go. Here's a map of all of our current core areas. These are long-life, low-decline assets. That's what we look for.
In the oil and gas space, most of what we have we call PDP, or proved developed producing, meaning it's not about drilling all new wells. What we try to acquire, for the most part, is the stream of production that's already online. And we apply an appropriate discount rate to that based on what it's going to decline over time and based on our commodity price forecast. You apply a discount to this. There's a futures market. You can hedge that if you want and lock in that return. It produces the cash flows you have going forward. So, Delhi, if you see on there in Louisiana, Delhi was our original field. It was the foundation of our company, and it's still very important to us. It was owned and operated by Denbury. They were our operator. We were the working interest owner.
Denbury has been bought out by ExxonMobil. And Exxon was able to achieve getting this field to be certified as a carbon capture and sequestration site. There's two different sort of certifications. One is for a tertiary, which means you have primary production. You just make the oil and gas. Secondary is a water flood. And tertiary is a CO2 flood. So, it's a tertiary CO2 flood that gets the tax credits. And we're still, it's Exxon. If you guys have ever dealt with Exxon, it's not the fastest thing, but we're going to come to, it's a really positive sort of thing that's going to be for both of us. We're really excited about where that might go in the future. So, after Delhi, we had one asset in Louisiana, which, you know, I don't know if you know Louisiana. It gets hurricanes. It floods. It can get freezes.
We needed to diversify. So, bought another oil field up in Wyoming called Hamilton Dome. It's been producing for 110 years, super low decline, very basic stuff. It sells its oil into a different sub-basin than where Louisiana oil does. So, it's highly correlated, but not completely. And when it was on purpose, you can have little idiosyncratic market risks that we wanted to avoid and diversify away from. So, after 2019, again, geographic and commodity diversity were important to us. So, we bought in the Barnett Shale. That is, if you know, you hear shale, shale gas, you think about really steep declines. This is for, you know, first year, second year, third year. By year 10 or 20, what this stuff is, these are very low decline, 6% a year kind of decline stuff. Really good. Not drilling any new wells, just making natural gas.
This gas sells over to the Gulf Coast. It's something that we thought was really important. This is one that paid off well ahead of our acquisition schedule. To Hamilton Dome, for that matter, sort of buy these, you know, anywhere from a four- to five-year payout schedule. These are paying out well ahead of that. After there, the next asset we bought in 2022, we acquired two. We got the Williston Basin, which is operated by Foundation. That is mostly oil. It's got a little bit of natural gas. But again, so this, if you guys remember the Dakota Pipeline controversy and, oh, they won't let them build it. There were all these issues. This is a great place for that to be because that gas goes to Chicago, or excuse me, oil goes to Chicago.
This is a different sort of sub-market that we really wanted to be a part of. Great operator and Foundation. And we've been really happy with that. Again, on schedule to pay out well ahead of its original acquisition timing. Again, in 2022, the next one we bought, another gas field. This is in the Jonah Field. If you guys recall, the winter, not last winter, but the previous winter was really cold out here. I don't know if any of y'all are from LA or were in LA, but the whole California, whole West Coast was extraordinarily cold. So, we bought this. And, you know, again, same kind of four or five-year expected payout. It actually paid out in 10 months.
The gas going on the Northwest Pipeline and the Kern River Pipeline, again, we intentionally wanted a non-correlated West Coast market to sell our natural gas into for a number of reasons. One, they weren't letting any new pipelines come in, so there wouldn't be a whole lot more supply going in there. Two, there really wasn't much storage in California. So, if you have no storage and you have no additional gas that can come in, you can't truck it in like you can oil. Gas needs to be piped. The only one thing that can sort of beat the supply-demand argument, and that's going to be price. And, you know, so we had a cold winter, and we realized extremely high prices. Like I said, this asset paid off in about 10 months.
From there, the next place we've gone, we did two transactions, late 2023 and earlier this year. We bought the SCOOP/STACK that's in Oklahoma, another very important basin that we wanted to be a part of. It's mostly gas, and that trades into the Henry Hub versus going to the Gulf Coast like our Barnett Shale, different market. It has a significant challenge. It's about 55% gas, and the rest are liquids. Right next to Cushing for oil, couldn't ask for a better market there. So, really an important piece. Plus, we bought that again based on what I called, if you remember, PDP, Proved Developed Producing. We bought that at a really nice discount rate to that. However, this one has 300-plus drilling locations. So, it has upside with it. 2% to 3% working interest, really small.
So, it's not going to kill us from a CapEx perspective, which is important to us. Next, we go over to Chaveroo. So, all these things we're talking about acquisition, we call that inorganic growth, right? You're buying something to flatten out your curve, to extend your dividend fairway, or to increase your dividend. This was the idea is, let's get a partner and let's go in on an unpromoted basis and do it in a deal that is really low CapEx. You think about drilling in New Mexico or even any part of the Perm, and you think about $10-$15 million big wells. Well, these wells are, you know, right around $3.5 million, which we're 50% of. With our partner, we've drilled our first three, got another four we're going to be drilling pretty soon, and it has up to 80 locations.
And the idea here is not to go spend all your money and, oh, we can't pay the dividend because we're spending too much in CapEx. No, it's just to spend a little bit so you can flatten out your corporate production profile. Not really to grow company-wide production from there. It's just to sort of flatten us out in years when inorganic acquisitions don't make sense. And it's been a really good project, really good returns there that we're excited about. So, as I mentioned, through our activities, we've transformed a company that had, in the prior, you know, before 2019, it had one asset. Oh, Brandy, sorry. Now we've gone one asset that was only oil. Now, as you can see on here, our reserves up in the upper right, 22% are from NGLs, 41% from natural gas, and 37% are oil.
And not any one area has more than 25%. We've taken out that idiosyncratic risk of a hurricane hitting Louisiana or a big ice storm in Williston. We've really been able to flatten out those kind of odd operator-specific issues that might occur. This is shaking. Sorry. So, from here, Brandy, let's go to the next one. I won't spend a lot of time on this, but we've seen some pretty wild moves in oil prices lately. I think it's generally well understood that oil is driven more by GDP growth or contraction as expected in the future. The market is fairly well balanced on oil. I will say this. You hear about projects like Guyana where they're bringing on, I think it's going to be up to 4 million barrels a day in the next several years. And naturally, you get, geez, the whole world only makes 100 million.
Is that 4% of production going forward? Well, you got to consider the other side of it. Oil, the 100 million a day-ish that's being produced now declines at, depends on which estimate you use, 8%-15% a year. So, you need to come up with 8 million-15 million new barrels just to stay flat. So, I would say we absolutely need Guyana to come on. It's a necessary piece. There just isn't that much cheap oil that can make money at sub-$75, sub-$80, really. So, this contango curve where we're looking at now and things are going backwards, it's not going to be enough to meet the incremental supply that we need. So, we're bullish on oil long-term. Short-term geopolitical stuff matters. What's going on or isn't going on has led to some wild swings. I'll talk to you about natural gas quickly.
It's the same kind of thing. Natural gas, however, is a much more domestic product. Again, you can put it in a ship and send it overseas. That's called LNG. But that is, and it's coming on. We've added about 15 BCF a day of export capacity in LNG over the last several years. But it still is much more domestic. If you have a really cold winter here, you'll see some crazy pricing here. If you have a really warm winter, like last year, seven standard deviations, or excuse me, five standard deviations above a normal winter. It was that hot last winter. What did that lead to? That led to storage normally would have been drawn by an extra 1.2 TCF that wasn't drawn. So, now the concern, of course, coming out of winter, we didn't draw 1.2 TCF, prices went low, right?
Prices of natural gas this last year have been very low. And we've all experienced that. What's the best cure for low natural gas prices? Low natural gas prices. There is not nearly enough natural gas to meet the increasing demand that's coming over the next six years with $2.50, $3.50 gas. You need a higher price. So, on here, you can see, look, wave one buildout was about 15 BCF. And if you look at LNG export, right, that is domestic demand because it's going out of our market. We're currently producing about 103 BCF a day. That's a big number. Over the next year, stuff that's already planned and underway, we have another 15 BCF a day. Incremental demand from a domestic market standpoint. We all hear a lot about AI and data centers and crypto mining and their insatiable demand for power.
On the bottom of that, you can see natural gas's sort of use as a percentage of the power generated. I love to hear about solar. I love to hear about wind because it's not an either/or. It's an all of the above. We're going to need it all, but just the charts on the right are the estimates that we found low and high of what natural gas's incremental demand will be from the, it's another, call it 10- 15 BCF a day, so you're talking about adding 25 to 35 BCF a day of additional natural gas demand to the domestic market from a base of 103, which is a record right now, so all of that said, if it's another warm winter, natural gas prices are going to suck. If it's cold, they're going to be great.
But you give us a few-year time frame. You have to have a price that can support meeting that incremental demand, and we'll get there. So, we're generally bullish on it, and we've seen what can happen when things go well. Again, just another piece of that same puzzle. You can see days of cover. Storage days of cover versus demand have not moved up. And actually, they're frankly near the bottom of the range. Okay, Brandy, let's go to this one. So, really, Evolution, right? We are a company that's built on three core pillars. And it's really to maximize. Our goal is always to maximize total shareholder return. So, we want to achieve asset-based growth. Our biggest core competency is our team's ability to evaluate and execute on highly accretive, counter-cyclically optimistically timed acquisitions. This is what we are the best in the world at.
I've got a team of engineers. I tell you, we have 10 people. They're all engineers or accountants. And that's all we do is look at this stuff. Our other core principle that I would tell you is returning capital to shareholders. As I mentioned earlier, we've returned $122-plus million dollars in almost $4 a share in dividends to our shareholders since over the last 10-plus years. A lot of people have started moving to that market. In the past, oil and gas companies would plow every penny they had back into the ground because they got paid to increase their production. That's what the market rewarded them for. That has changed. And we've been doing this for 10 years. It's not a convenience for us to pay a dividend. It is a core principle of ours. And I would say the last one or balanced growth.
We want to look for a commitment to never being over-levered. We don't want to go out there on the risk spectrum. I would rather not do a deal than do a deal if it put me out there too risky. We're going to be very conservative. We always have been. We always will be. Quickly, when I told you we look at acquisitions, this is just sort of an, our base production will be the blue line. It supports a base dividend. You don't ever want to get too close. You constantly need to be looking to add stuff. We want to add long-life, low-decline assets versus a ton of new drills because that puts you on a really steep treadmill, which you'd have to be making acquisitions faster and faster. We look for stuff with reasonable market access locations. Colorado, getting dangerous.
I probably wouldn't do a deal with California. I don't want to, not to offend anybody, but they don't necessarily support the oil and gas drillers out here. So, we want to, that's important to us. Efficient operations that make money at all points in the cycle. We don't want, you know, hey, this really works when gas is high or oil is high, and it doesn't when it's not. And the upside, right? Like I said with our SCOOP/STACK, we bought that piece in Oklahoma based on its existing production. Didn't pay for the 300-plus locations, but we're sure happy to participate in the ones we like. This is just a little illustration. Again, we started with Delhi. We have now added six different transactions, and it's increased our production. I think it's about 3.3 times since 2019, which is really cool. It's neat.
But let's go to what I think is really interesting. When you look at this, this is our dividend. If you guys remember, in late 2014, early 2015, oil prices just completely crashed. So, based on our outlook for the expectation of cash flows, we cut back our dividend to a smaller level, but never cut it all the way. After a few quarters, okay, things are looking good. We raise it back up. Then here you see, this is COVID, right? We had oil actually trade for negative $37 a barrel. I got a screenshot of it from TV. World's going to end. Who knows what's going to happen? But we didn't cut it to zero. We cut it back till we found out what would happen. Then here you go. Our outlook increased. The world looked more normal.
Here we are now paying a $0.12, which is our highest dividend, and we're on that run. Excuse me. The other piece of this puzzle that's really important if you look at what we've been able to do. When I say, again, this is what we do is our core competency. Here's our production back in fiscal 2018 before we did anything on the far left. As you go through this, you'll see over here, we're, you know, like I said, about three and a half times, 3.3 times that. The top line, the green line is our share count. A couple of years ago, we were 33.5 million shares. Today, we're 33.3 million shares. The bottom little blue line is our debt. Now, they all look like zeros, but within those years, they had debt.
We use our revolver to make the acquisitions, and we pay them down with the cash flow we get. So, we just did an acquisition a couple of months ago, and okay, so we have a little bit of debt. Again, that acquisition's meant to extend the dividend fairway or be able to increase it. The idea being, we pay down the debt, reload the revolver again. I'd just like to wrap this up. I know they said to leave a couple of minutes for Q&A if we want to, but it's a pretty simple story. We have a very high-quality asset base that provides us with years of dividend coverage. And we're committed to paying an attractive, sustainable dividend. And we have proven that we're going to do this. And we've proven this for over 10 years. A lot of guys are new into this.
We've proven this and have done it for over 10 years. We have the team and the history and the reputation to do this again and again and again. We've now done six transactions in the last five years. We've got the right team in place to do this, and we look to maintain financial flexibility, which allows us to continually focus on maximizing total shareholder return. Guys, that's what I got for you today. I thank you for taking the time to listen. Happy to do Q&A. Happy to go into the management team, anything you want. Just, they said to cut it off about three minutes before, so there we go. Yes.
Can you go back to the slide that had the dividend? Yeah, that one.
So.
I don't understand what the blue bars are.
That's just the yield. Oh, bars or line? Excuse me.
So, it started at $0.10 per share whenever we first paid a dividend and it's
Quarterly.
I see it's down there by.
Yeah. That's every quarterly dividend by amount. Yeah.
And then what, I guess, you have a $210 million enterprise value. Did I get that right?
That's about right. Yep.
And let's say your overall decline rate's about 6%. So, that means on average, you need to be doing like $12-$15 million of acquisitions on annualized it.
Yes and no, right? Because with static pricing, yes. But as you know, it's not. So, what happens is when we model this stuff out, I was actually talking to my CFO about it. You typically use, you usually strip for a period of time, a year, and then you use what you think your next ten-year period is, what your acquisition period is.
Really though, and you kind of hold that flat, we should model it with this. Because when you have oil go to 90, right, that creates massive excess cash flow you pay down the debt with. When you have natural gas go to 570, like it did two years ago, massive excess cash flow, pay back all your deals, pay back all your debt, and you're ready to go on the next one. So, I totally agree with you in a static environment, but. And who are your primary debt providers? Are they public markets or banks? It's just a simple revolver with a company called MidFirst out of Oklahoma. Great bank. Happy to work with them.
No bond m arkets company.
No.
Energy's got no public issuance . That's right. Probably not. These guys are based in Oklahoma, right? Yeah. So, thank you for the question.
What's your PDP value or PV-10?
It's on here, Brandy. On the donut chart. There you go. Is it not on here? Oh, we took it out. Okay. It's, I'm going to say, boy, I mean, it's off the top of my head, 180-ish, maybe on just PDP, right? You're not asking about total proved. Yeah. It's in that range. Happy to get back to you and look that up. Total proved is obviously a lot more, but just PDP. Yes.
That last deal you did, what was the IRR, projected IRR on that?
On the SCOOP/STACK? We used, I suppose probably tell this, but 20 without the new drills. That's a cool little flower. But as you can see, look, it's a whole bunch of acreage across the whole SCOOP/STACK basin, small working interests. And we've participated in over 22 wells since April that we've had it.
They are performing well above our type curves. But I didn't pay for them, so that works out great for me. Yep. All right. I guess that's it, guys. Thank you. Really appreciate it.