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 American: PED) generates a steady flow of news as an energy company focused on the acquisition and development of strategic, high growth oil and natural gas projects in the United States. Company press releases highlight its activities in key onshore basins, including the Permian Basin in eastern New Mexico and multiple Rockies basins such as the D-J Basin, Northern DJ Basin, and Powder River Basin.
News coverage for PED often centers on quarterly and annual financial results, where the company reports production volumes, revenue trends, operating income or loss, and non-GAAP measures like EBITDA and Adjusted EBITDA. These updates typically include operational detail, such as the number and type of wells drilled or completed, working interests in non-operated wells, and changes in lease operating expenses and capital spending.
Another major theme in PEDEVCO news is corporate and strategic transactions. Recent releases describe the closing of a transformative merger with North Peak entities that own substantial oil-weighted producing assets and leasehold interests in the Northern DJ and Powder River Basins. Related announcements discuss the issuance of Series A Convertible Preferred Stock, a private placement of preferred shares, and amendments to a reserve-based lending facility with Citibank.
Investors following PED news will also see operations updates on horizontal San Andres wells in the company’s Chaveroo Field in the Permian Basin, participation in multi-mile lateral non-operated wells in the D-J Basin, and selective divestitures of low-producing legacy wells. Governance and capital markets items, such as changes in the board of directors, auditor transitions, and conference participation, are also disclosed through press releases and Form 8-K filings.
For readers tracking PED, this news stream provides insight into PEDEVCO’s production profile, asset base, capital structure, and strategic direction across its Rockies and Permian positions.
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PEDEVCO Corp. (NYSE American: PED) is set to host one-on-one meetings at The Inaugural EF Hutton Global Conference, taking place on May 10-11, 2023, at the Plaza Hotel in New York. J. Douglas Schick, the Company's President, will facilitate these meetings on May 10 from 8:30 a.m. to 3:15 p.m. Eastern Time. Investors can register online until April 28, 2023, to schedule a meeting. The Company has an investor deck available on its website, although it may be removed at any time. PEDEVCO is focused on acquiring and developing high growth energy projects in the U.S., with key assets in the Permian Basin and the D-J Basin. Further information about PEDEVCO is available on their official website.
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PEDEVCO Corp. (NYSE American: PED) reported a transformational 2022, achieving revenue of $30 million, a remarkable 89% increase from 2021. The company produced an average of 1,000 BOEPD, with an operating income of $2.6 million and net income of $2.8 million, or $0.03 per share. Adjusted EBITDA rose 157% to $16.1 million. Despite a 40% rise in operating expenses to $27.4 million, cash reserves grew to $32.98 million with zero debt. Looking ahead, PEDEVCO anticipates significant production growth from new wells in the D-J Basin and plans further drilling activities in 2023.
PEDEVCO Corp. (NYSE American: PED) announced its participation in the 35th Annual Roth Conference from March 12-14, 2023 in Laguna Niguel, California. President J. Douglas Schick will hold one-on-one investor meetings during the event. An updated investor deck will be available on the company's website from March 6, 2023, with the possibility of discontinuation at any time. PEDEVCO engages in strategic energy project acquisition and development, focusing on its key assets in the Permian Basin and D-J Basin. For more information, visit www.pedevco.com.
PEDEVCO Corp. (PED) reported a significant financial turnaround for Q3 2022, achieving a net income of $1.1 million or $0.01 per share, versus a net loss of $0.3 million in Q3 2021. Revenues soared by 84% year-over-year to $7.47 million, largely attributable to increased production averaging 960 BOEPD (87% oil). Adjusted EBITDA doubled to $3.87 million. Operating expenses rose 46% to $6.45 million, driven by non-recurring costs. The company boasts a cash reserve of $30.9 million with zero debt, and anticipates further production growth from upcoming well completions.
PEDEVCO Corp. (NYSE: PED) announced strong financial results for Q2 2022, reporting a revenue surge of 155%, reaching $9.55 million. The company averaged 1,085 BOEPD, with net income hitting $3.21 million, or $0.04 per share, a significant turnaround from a net loss of $0.225 million in Q2 2021. Adjusted EBITDA also rose 281%, totaling $6 million. Despite a 44% increase in operating expenses to $6.3 million, PEDEVCO's cash position remains solid at $26.36 million, with zero debt. The company continues to pursue growth opportunities in the Permian and D-J Basins.
PEDEVCO Corp. (PED) reported strong Q1 2022 results, producing an average of 1,074 BOEPD with revenues of $7.1 million, a 101% increase from Q1 2021. Operating income rose 74% to $1.26 million, and net income reached $1.34 million ($0.02 per share). Adjusted EBITDA surged 225% to $3.8 million. The company's cash position was $25.13 million with zero debt, while participating in six new D-J Basin wells. Production performance exceeded expectations for completed D-J Basin wells, and initial production from two new Permian Basin wells has commenced.