Welcome to our dedicated page for Pedevco news (Ticker: PED), a resource for investors and traders seeking the latest updates and insights on Pedevco stock.
PEDEVCO Corp (NYSE: PED) is an energy company focused on strategic oil and gas development in proven U.S. basins. This page provides investors with comprehensive access to official press releases, operational updates, and financial announcements.
Track the company's progress in enhancing legacy assets through modern drilling technologies across its Permian Basin (San Andres formation) and D-J Basin operations. Stay informed about acquisition strategies, partnership developments, and production optimization efforts that drive PEDEVCO's disciplined growth approach.
Key updates include earnings reports, asset acquisitions, technological implementations, and regulatory filings. All content is sourced directly from company communications to ensure accuracy and timeliness.
Bookmark this page for centralized access to PEDEVCO's latest developments in energy project management and operational efficiency improvements across its core producing regions.
PEDEVCO Corp. (NYSE American:PED) has successfully closed a new $250 million reserve based lending facility (RBL) with Citibank, N.A. as the administrative agent. The facility has a four-year maturity and provides an initial borrowing base of $20.0 million. PEDEVCO has not drawn any borrowings yet. The company's president, J. Douglas Schick, expressed satisfaction with the partnership, stating that the RBL, combined with their existing $10 million cash on hand and strong cash flow, is expected to provide ample capital for accelerated development of their D-J Basin and Permian Basin assets, as well as funding for potential asset acquisitions and strategic transactions.
PEDEVCO Corp. (NYSE American:PED) announced strong Q2 2024 financial results and operations update. Key highlights include:
- Average production of 2,010 BOEPD (87% liquids), up from 1,660 BOEPD in Q2 2023
- Q2 2024 revenue of $11.8 million, a $3.3 million increase from Q2 2023
- Operating income of $2.6 million, up 77% from Q2 2023
- Net income of $2.7 million ($0.03 per share), compared to $1.6 million ($0.02 per share) in Q2 2023
- Adjusted EBITDA increased to $7.4 million, up from $5.0 million in Q2 2023
- Cash and cash equivalents of $8.7 million with zero debt
The company attributes its strong performance to successful non-operated wells in the D-J Basin and new Permian Basin wells. PEDEVCO plans to leverage its strong balance sheet for continued growth and increased shareholder value.
PEDEVCO announced its participation in the 2024 Louisiana Energy Conference on May 29th at the Four Seasons Hotel in New Orleans. J. Douglas Schick, the President of PEDEVCO, will join a panel discussion titled 'U.S. Onshore E&P - Multi Basins Approach Reduces Portfolio Risk' and will be available for investor meetings during the event. For more information on the conference, visit www.LouisianaEnergyConference.com.
PEDEVCO Corp. (NYSE American: PED) has announced its financial results for Q1 2024, ending March 31. The company produced an average of 1,478 BOEPD, an increase from Q1 2023's 1,428 BOEPD. Revenue slightly decreased to $8.12 million, while operating income dropped to $0.6 million, a 62% decline. Net income was $0.8 million, or $0.01 per share, down from $1.8 million, or $0.02 per share, in Q1 2023.
Operating expenses increased by 15%, totaling $7.5 million. Adjusted EBITDA fell to $4.72 million. The company had $15.5 million in cash and no debt. PEDEVCO participated in the production of 13 non-operated wells and drilled three horizontal wells in the Permian Basin.
Additionally, PEDEVCO received approval for the Roth 2-11 OGDP in Colorado, covering 2,560 acres. The company is collaborating with Evolution Petroleum for further development in the Permian Basin.
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