Good morning. I'm Kelly Loyd, the President and CEO. This is Peter Pham, our Director of Operations and Engineering. Also with us, we have Brandi Hudson, who is the Head of our Investor Relations. If you have any more questions after the fact, Brandi is a great person to go through. Who is Evolution? What do we do? Who are we? We are a non-op company focused on total shareholder returns. How do we focus on total shareholder returns? It's our dividend model. What we try to do, we're oil and gas and natural gas liquids, long-life, low-decline, cash flow producing assets is our main bailiwick. Our footprint. We started off as a one-asset company with the Dell High Field, and now, as you can see, we've got over eight different operating areas where we are. Enterprise value, this is all as of quarter end, is about $200 million.
Our EBITDA at the last fiscal year end was $30 million. Our yield is a little over 10% right now. This is what we live to do, is to pay our dividends. This is what all of our acquisitions, which Peter will get into, we have a terrific track record of buying accretive acquisitions, and they feed our dividend for years to come. Our catalyst for growth, we have our organic and our inorganic. Our organic, we'll get into that a little bit, is a field called Chevreux, which in 2022, prices were really good, and it was not a great time to go make acquisitions. We very intentionally wanted to get a set of assets where we could put money in the ground because sometimes oil is cheaper in the ground than it is on the street.
We went out and made sure we had some really good drilling opportunities. We also have some of that in our Williston Basin, and we'll get into that a little bit more in the future. When I say non-op model, some of you guys will know what it is, some of you all won't have a clue. What it is, there is an operator out there. They have all the field personnel, all the individuals out there that need to go do everything. We have the accounting staff, we have the engineers, and we have the back office, and we make really good investment decisions. That's what we're really good at. They got all the field personnel, they have to do all that. How does that help?
Why would you do it? There are a few companies out there like us that do it and happen to think we're the best one, but it's a simple structure. We started with one asset, the Dell High Field in Louisiana. Louisiana gets cold, people don't know that. It also gets hot, but mostly it has hurricanes, there are disruptions. You don't want to be there. We needed to diversify, but we didn't want to have to go hire 20 people to go somewhere, so we kept the non-op model, and we've moved on from there. It allows us to leverage our GNA. We have 10 professionals in the company, and again, we have eight different fields where we operate, kind of be impossible to do. You'd have to have 150 people if we were to be operators. It allows us to scale up quickly, use the operators.
You need scale to operate efficiently. That's great, let them do that. We're the non-op. It works for us, and I honestly think it's the best way to go about this business. Here's our footprint. We'll get into it. We started off, like I said, Louisiana, only oil. Eventually, there was an NGL plant, so it's oil and NGLs. Now it's operated by Exxon. Again, hurricanes, disruptions, every kind of weather event you could imagine, we lived through, so we said we got to do something else. We got to diversify geographically. The first acquisition we made was in Wyoming, the Hamilton Dome Field. This has been producing for north of 75 years, really long life, low decline, very low decline. It declines like 2% a year. Super stable asset. Love to have that. That's our first big step out, and that was in 2019.
From there, we said, okay, that's great. We need to get some natural gas too. We moved into the Barnett Shale, which is kind of the granddaddy of the shale gas place. If you've heard of it, 20 years ago, it was really well drilled out. The shale wells come on super steep, decline a lot, and by the end, out at the tail, where we bought it, they declined 6%, 8% a year. That's perfect if you're trying to put together an asset that will produce cash flow that'll pay your dividend for many years to come. That's what we did. From there, we moved into another gas field, the Jonah Field, which sells gas west out here, honestly, on the Kern River pipeline and the Northwest pipeline.
If you recall, in 2022, there was actually a cold winter up here, which allowed us to pay for that asset, which declines, I don't know, 8%, 9% a year. We paid that off in eight, nine months. Intentionally got a non-correlated gas market. We wanted to have that exposure. Sometimes it's great, sometimes it's not. From there, we've gone on to Williston Basin, the Bakken. You've all heard of that, right? We have a bunch of acreage in the Williston Basin (Bakken). We bought it for the PDP side, the proved developed producing wells, the stuff that's already making oil and gas, but it has a bunch of great acreage and sort of wait and see. We don't want to be the pioneers going out there drilling, neither does our partner or the operator. We're letting that sort of come to us. It's starting to get kind of exciting.
We're actually pretty excited about what could come there in the hopefully near future. Latest thing we did, we bought a couple assets in New Mexico. We did the partnership in our Chevreux Field, which is, we're super creative. That stands for Chavez and Roosevelt Counties, New Mexico. That's where we're drilling wells. We've now drilled with our partner, 50% partner there, seven wells. All of them have come on above our type curve. When you pre-drill, you come up with what you think it's going to do. They've all exceeded that. We're very happy with that. I will say right now, with oil at $57, we have, and we've announced this, we're pushing back on some of the CapEx there, which is totally fine. That's why you do it. When prices are low, you don't drill flush production. You slow down, right?
You look to make acquisitions, or you look to shore up things. We're really excited about that as an upside, but it's still producing. We got seven wells producing very well. We also did the SCOOP/STACK deal. SCOOP stands for South Central Oklahoma Oil Province. STACK is Sooner Trend Anadarko Canadian Kingfisher. It's Oklahoma. There are a bunch of wells there that everybody's been drilling for years and years, but recently they've gone in and started drilling horizontally. Wine rack spacing, getting close, and it's a terrific part. We have 2% - 4% average working interest there, really small. When new wells get drilled there, we don't have huge CapEx. We don't have to come out of pocket for very much. There's small working interest. We also just bolstered that with minerals acreage there, minerals interest. Royalties and minerals, you don't pay anything for new drilling.
We've got 500 plus locations that we'll be a small part of, and we don't have to pay anything for. In addition, with the royalty side of the world, you don't have to pay any lifting costs, so they're much more economic, and that fit perfectly. We knew Oklahoma well, we knew where we wanted to buy the minerals, and we just made a $17 million really good purchase there. Also, Tex-Mex. Again, because we're so creative, Texas and New Mexico, even though it has a little bit of Louisiana, this is one we bought at about a PV 25 discount, meaning if you discount the prices of the commodities it's going to produce at 25%, we bought it at that, which is a great interest rate. I mean, again, we're trading at, like I said, a little over 10% yield, and we bought something at a 25% discount.
We'll do those all day long. Here you go. As I mentioned, all of the stuff we've done has led us to have this beautiful diversified both geographically and by commodity mix. Our fiscal reserves as of June 30, our fiscal year end for 2025, you can see not one piece has more than 25% of our reserves. It's really nice to have that security if something fouls up somewhere, you don't get totally hosed. If something goes great somewhere, we got eight different spots where we can be in these little micro markets. We're extremely happy about that. Our production is actually slanted towards natural gas. I think people think of us more of an oil company, but we do. We produce 52% natural gas overall. Again, really happy with this portfolio that we've put together. I mentioned 2022, right? 2022 had really nice pricing for oil.
I think if you guys forget, right now, obviously oil is $57 a barrel. I don't know if you know this, the last time oil averaged in the $50s, it was 2021. The next year, it averaged in the $90s. You just can't shut things down that quickly. Production is still going to go. It doesn't happen just in time. The best cure for low oil prices is low oil prices. Demand is still climbing globally. We're still excited about oil. It may not happen overnight, but we're going to have a robust portfolio with all this stuff we put together now. When 2022 happened, we did about $70 million in EBITDA with a much better portfolio now with good pricing. I mean, it's set to do really, really well. I'll say that. On natural gas, right? Everybody has heard data centers, power, where's it going to come from?
Here you go. Natural gas right now is about 37 BCF a day of natural gas is used to make power in this country. The conservative estimates, I've read higher, but I'm not going to use those. Between now and 2030, just the power portion that AI, crypto mining, further industrial, that'll require anywhere from 10 to 20 additional BCF a day of natural gas demand. Now the LNG, right? When Biden took a little hiatus from approving new LNG projects, these became sort of theoretical. Now you've got FIDs coming in every day. I just read one this morning from a sixth LNG train from a company that's sending it out. We've gone from zero LNG exports a day in 2016 to 15-ish by 2023. That's nameplate. We're expected to double that again by 2030. What does all that mean?
If you add it up, call it 20 - 30 BCF a day of incremental demand for natural gas. To put that in context, this last week, the U.S. produced 102.8 BCF a day of natural gas. You're talking a 25 %- 30% increase in demand. Since the shale gas revolution started in, call it, 2001, to increase about a BCF and a half a day, you need to have prices over $3.50 an MCF. If you just do the math, 20 BCF over five years, four BCF a day of incremental natural gas production. You cannot do that with prices not being consistently above, say, $3.75. We're really excited about our natural gas portfolio. Again, I want to reiterate, who are we? We're asset-based growth. We're focused on total shareholder returns.
We want to bring in cash flow per share accretive acquisitions that help us either extend our dividend runway throughout the entire commodity cycle or be able to increase our dividend. That's what we're set up to do, returning capital to shareholders. We try to do all of this with a very minimal amount of debt or no debt. As prices go up, we'll pay down debt. That's who we are and how we do it. I'm going to hand it over to Peter Pham to walk us through our acquisition strategy. Thank you.
Thank you, Kelly. Evolution Petroleum's acquisition strategy is really what's driving our growth here. We are really focused on finding the best incremental rate of return for our portfolio. One of the key metrics that we look at is accretion to cash flow, which helps us support our dividend model. Because of that, most of our assets usually consist of a portion that is long-life, low-decline, low-risk producing wells. These low-decline wells help provide us with a sustainable cash flow. Some of these acquisitions also include undeveloped potential, usually in the form of drilling locations or recompletions that with low CapEx, we're able to develop and help sustain that cash flow and potentially even grow that cash flow in the future. Part of building this portfolio too, we look at the diversification.
As Kelly mentioned, both geographically and with commodity mix, that helps minimize the risks of these cash flows through one-off events that might affect a certain area or commodity. Another thing we take into consideration is also the access to the markets and the regulatory environments. There are certain areas and certain states where it could pose potential risks to our future cash flows. Near-term cash flow and future cash flows are really what drives our acquisition strategy here. As Kelly mentioned, over the past six years, we've made eight different transactions. Each of these transactions build upon each other and stack and compound. What we're going to show over the next couple of slides is how these acquisitions kind of enable us to fit our dividend model and our strategy as a company. Here on this chart, we're showing the cumulative cash flow from all our acquisitions in green.
In the blue shaded area, it's showing the amount of capital invested. As you can see here, as of September 30, 2025, our cumulative cash flow from all our acquisitions is higher, and really even before that, higher than our amount of invested capital. We've demonstrated here that we're able to reinvest our cash flows from our acquisitions in order to help grow the company further. The entire acquisition program as a whole has delivered us over 100% rate of return and is expected to generate three times multiple on our invested capital. With this growth too, we've also been able to grow materially with minimizing our debt and without causing a lot of equity dilution. What you can see here in the blue bars is actually our daily production over the past eight years.
Over the past five years, since we've started this acquisition program, we've been able to triple our daily production rate. The green line here shows our number of outstanding shares, which has been relatively flat during this whole time. The light blue line at the bottom shows our net debt to EBITDA. We've been able to grow this and sustain this growth while minimizing our leverage and without diluting our shares. How does that strategy tie into our dividend model? Here we're showing our historical dividend by quarter over the past 10+ years. As you can see, right during COVID, we had to drop the dividend. Back, as Kelly mentioned, we were pretty much 100% oil, maybe a little bit of NGLs during that time. We just didn't have that diversified portfolio that was able to help us generate the cash needed during that time to sustain that.
Since COVID, we've been able to utilize this acquisition strategy in order to grow our dividends and even increase our dividends above what we were at prior to COVID and be able to sustain that dividend even through fluctuating commodity prices as we're kind of seeing now. With that said, I'll turn it back over to Kelly to wrap it up.
Yeah, thanks, Peter. I just want to follow up. If I get back to this slide real quick, actually. The last two years, right, natural gas prices have really suffered, and yet we've been able to maintain that dividend. The whole idea is to put together sort of a cycle-proof set of assets, right? In 2022, sure, everything was great, everything worked. We didn't just sit there and hope for the best. We used that capital to pay down debt and make further acquisitions that could survive the next cycle, which was going to turn down. The last two years, oil's been fine, natural gas has been poor. Now natural gas is finally starting to realize, hey, this AI stuff is real, this incremental demand is real, LNG is actually happening. Natural gas is starting to trade really where it should, but oil, you've had a bunch of new production.
I think that our current president would rather see less inflation, so he's talked the Saudis into putting some oil forward. That's fine. Like I said, best cure for low oil prices is low oil prices. That'll only lead to bigger and better stuff. Where does that leave us? Who are we? High-quality assets. We don't want to buy anything. A lot of companies you see, they'll talk about their production, they decline 35%, 40%. We want to buy low-decline, long-life stuff. That way, if you do suffer through a period of low prices, it doesn't matter, you haven't lost 35%, 40% of your production. Attractive dividend. Some companies out there like to just sort of pay a dividend if they can. We intentionally set up our assets on purpose to be able to fund our dividend both now and in the future. We're primed for additional growth.
There's tons of, we look at, I don't know, 70, 80 transactions, potential transactions a year, and we only pick out the best ones that are the most accretive for our shareholders. Financial flexibility, we've always maintained very low leverage and a great balance sheet. Anyway, guys, with that, I'll wrap up for any questions. Perfect. We did such a good job, Peter. There's no questions. Thank you all. Appreciate it.