PEDEVCO Announces Q1 2025 Financial Results and Operations Update
PEDEVCO (NYSE American: PED) reported its Q1 2025 financial results, showing mixed performance. The company achieved average production of 1,707 BOEPD (82% liquids), a 15% increase from Q1 2024. Revenue grew to $8.74 million, up $0.6 million year-over-year. However, operating income decreased 76% to $0.15 million, with net income falling to $0.1 million ($0.00 per share) from $0.8 million ($0.01 per share) in Q1 2024.
The company maintains a strong financial position with $13.2 million in cash and zero debt. PEDEVCO completed four horizontal San Andres wells in the Permian Basin's Chaveroo Field, with production starting in mid-Q2 2025. The company also divested 17 low-producing D-J Basin wells to reduce operating expenses and liabilities while retaining acreage for future development.
Average realized sales price was $56.87 per Boe, down 6% from Q1 2024, while operating expenses increased 14% to $8.6 million.PEDEVCO (NYSE American: PED) ha riportato i risultati finanziari del primo trimestre 2025, evidenziando una performance mista. La società ha raggiunto una produzione media di 1.707 BOEPD (82% liquidi), con un aumento del 15% rispetto al primo trimestre 2024. I ricavi sono cresciuti a 8,74 milioni di dollari, in aumento di 0,6 milioni rispetto all'anno precedente. Tuttavia, il reddito operativo è diminuito del 76%, attestandosi a 0,15 milioni di dollari, mentre l'utile netto è sceso a 0,1 milioni di dollari (0,00 dollari per azione) dai 0,8 milioni (0,01 dollari per azione) del primo trimestre 2024.
L'azienda mantiene una solida posizione finanziaria con 13,2 milioni di dollari in contanti e nessun debito. PEDEVCO ha completato quattro pozzi orizzontali San Andres nel campo Chaveroo del Bacino Permiano, con l'avvio della produzione a metà del secondo trimestre 2025. Inoltre, la società ha ceduto 17 pozzi a bassa produzione nel Bacino D-J per ridurre le spese operative e le passività, mantenendo però le concessioni per sviluppi futuri.
Il prezzo medio di vendita realizzato è stato di 56,87 dollari per Boe, in calo del 6% rispetto al primo trimestre 2024, mentre le spese operative sono aumentate del 14%, raggiungendo 8,6 milioni di dollari.
PEDEVCO (NYSE American: PED) reportó sus resultados financieros del primer trimestre de 2025, mostrando un desempeño mixto. La compañía logró una producción promedio de 1,707 BOEPD (82% líquidos), un aumento del 15% respecto al primer trimestre de 2024. Los ingresos crecieron a 8.74 millones de dólares, aumentando 0.6 millones año tras año. Sin embargo, el ingreso operativo disminuyó un 76% hasta 0.15 millones, y el ingreso neto cayó a 0.1 millones de dólares (0.00 por acción) desde 0.8 millones (0.01 por acción) en el primer trimestre de 2024.
La compañía mantiene una sólida posición financiera con 13.2 millones de dólares en efectivo y sin deuda. PEDEVCO completó cuatro pozos horizontales San Andres en el campo Chaveroo de la Cuenca Pérmica, con producción iniciando a mediados del segundo trimestre de 2025. Además, la empresa vendió 17 pozos de baja producción en la Cuenca D-J para reducir gastos operativos y pasivos, conservando la superficie para desarrollos futuros.
El precio promedio de venta realizado fue de 56.87 dólares por Boe, una disminución del 6% respecto al primer trimestre de 2024, mientras que los gastos operativos aumentaron un 14% hasta 8.6 millones de dólares.
PEDEVCO (NYSE American: PED)는 2025년 1분기 재무 실적을 발표하며 혼재된 성과를 보였습니다. 회사는 평균 생산량 1,707 BOEPD(82% 액체)를 기록하며 2024년 1분기 대비 15% 증가했습니다. 매출은 874만 달러로 전년 동기 대비 60만 달러 증가했습니다. 그러나 영업이익은 76% 감소한 15만 달러를 기록했고, 순이익은 2024년 1분기 80만 달러(주당 0.01달러)에서 10만 달러(주당 0.00달러)로 하락했습니다.
회사는 1,320만 달러의 현금과 무부채 상태를 유지하며 견고한 재무 상태를 유지하고 있습니다. PEDEVCO는 퍼미안 분지 차베로 필드에서 4개의 수평 산 안드레스 우물을 완성했으며, 2025년 2분기 중반부터 생산을 시작했습니다. 또한 운영비용과 부채를 줄이기 위해 D-J 분지의 저생산 17개 우물을 매각했으며, 미래 개발을 위한 토지권은 유지하고 있습니다.
평균 실현 판매 가격은 BOE당 56.87달러로 2024년 1분기 대비 6% 하락했으며, 운영비용은 14% 증가하여 860만 달러에 달했습니다.
PEDEVCO (NYSE American : PED) a publié ses résultats financiers du premier trimestre 2025, montrant une performance mitigée. La société a atteint une production moyenne de 1 707 BOEPD (82 % de liquides), soit une augmentation de 15 % par rapport au premier trimestre 2024. Le chiffre d'affaires a augmenté pour atteindre 8,74 millions de dollars, en hausse de 0,6 million d'une année sur l'autre. Cependant, le résultat d'exploitation a chuté de 76 % pour s'établir à 0,15 million de dollars, avec un bénéfice net en baisse à 0,1 million de dollars (0,00 dollar par action) contre 0,8 million (0,01 dollar par action) au premier trimestre 2024.
L'entreprise conserve une solide position financière avec 13,2 millions de dollars en liquidités et aucune dette. PEDEVCO a achevé quatre puits horizontaux San Andres dans le champ de Chaveroo du bassin Permien, la production ayant débuté à la mi-deuxième trimestre 2025. La société a également cédé 17 puits à faible production dans le bassin D-J afin de réduire les dépenses d'exploitation et les passifs, tout en conservant les terrains pour un développement futur.
Le prix moyen réalisé de vente était de 56,87 dollars par Boe, en baisse de 6 % par rapport au premier trimestre 2024, tandis que les dépenses d'exploitation ont augmenté de 14 % pour atteindre 8,6 millions de dollars.
PEDEVCO (NYSE American: PED) veröffentlichte die Finanzergebnisse für das erste Quartal 2025 mit gemischten Ergebnissen. Das Unternehmen erreichte eine durchschnittliche Produktion von 1.707 BOEPD (82 % Flüssigkeiten), was einem Anstieg von 15 % gegenüber dem ersten Quartal 2024 entspricht. Der Umsatz stieg auf 8,74 Millionen US-Dollar, ein Plus von 0,6 Millionen im Jahresvergleich. Das Betriebsergebnis sank jedoch um 76 % auf 0,15 Millionen US-Dollar, und der Nettogewinn fiel von 0,8 Millionen US-Dollar (0,01 US-Dollar je Aktie) im ersten Quartal 2024 auf 0,1 Millionen US-Dollar (0,00 US-Dollar je Aktie).
Das Unternehmen verfügt über eine starke Finanzlage mit 13,2 Millionen US-Dollar an Bargeld und keiner Verschuldung. PEDEVCO hat vier horizontale San Andres-Bohrungen im Chaveroo-Feld des Permian-Beckens abgeschlossen, die Produktion begann Mitte des zweiten Quartals 2025. Zudem veräußerte das Unternehmen 17 wenig produktive Bohrungen im D-J-Becken, um Betriebskosten und Verbindlichkeiten zu reduzieren, behielt jedoch die Flächen für zukünftige Entwicklungen.
Der durchschnittliche realisierte Verkaufspreis lag bei 56,87 US-Dollar pro Boe, ein Rückgang von 6 % gegenüber dem ersten Quartal 2024, während die Betriebskosten um 14 % auf 8,6 Millionen US-Dollar stiegen.
- 15% increase in production to 1,707 BOEPD
- Revenue growth of $0.6 million year-over-year
- Strong balance sheet with $13.2 million cash and zero debt
- Successful completion of four new horizontal wells exceeding production expectations
- Strategic divestment of 17 low-producing wells reducing operating expenses and P&A liabilities
- 76% decrease in operating income to $0.15 million
- 87.5% decline in net income from $0.8M to $0.1M year-over-year
- 14% increase in operating expenses to $8.6 million
- 6% decrease in average realized sales price to $56.87 per Boe
- 10% decrease in Adjusted EBITDA to $4.3 million
Insights
PEDEVCO posted mixed Q1 results with higher production and revenue but declining profits amid rising operating costs and weaker oil prices.
PEDEVCO's Q1 2025 results present a mixed financial picture with both encouraging operational growth and concerning profit erosion. The company increased production by
The substantial profit decline stems primarily from a
From a balance sheet perspective, PEDEVCO maintains solid financial stability with
The company's strategic divestiture of 17 low-producing wells in the D-J Basin represents prudent cost management, eliminating approximately
Overall, while PEDEVCO has demonstrated production growth and maintains strong liquidity, the significant margin compression and minimal profitability raise concerns about the company's ability to generate meaningful returns in the current commodity price environment despite operational improvements.
HOUSTON, TX / ACCESS Newswire / May 15, 2025 / PEDEVCO Corp. (NYSE American:PED) ("PEDEVCO" or the "Company"), an energy company engaged in the acquisition and development of strategic, high growth energy projects in the U.S., today announced its financial results for the three months ended March 31, 2025 and provided an operations update.
Key Financial and Operational Highlights Include:
Produced an average of 1,707 barrels of oil equivalent per day ("BOEPD") (
82% liquids) in the three months ended March 31, 2025 ("Q1 2025"), compared to 1,478 BOEPD produced in Q1 2024, increasing15% from Q1 2024.Q1 2025 revenue of
$8.74 million , increasing$0.6 million from Q1 2024.Operating income of
$0.15 million , decreasing76% from Q1 2024.Operating expenses (inclusive of general and administrative expenses, depreciation, depletion and amortization expenses and lease operating expenses) of
$8.6 million , increasing14% from Q1 2024.Net income of
$0.1 million , or$0.00 per basic and diluted share outstanding, compared to$0.8 million , or$0.01 per basic and diluted share outstanding in Q1 2024.Adjusted EBITDA, a non-GAAP financial measure (discussed in greater detail below), decreased
$452 thousand to$4.3 million , compared to$4.7 million in Q1 2024.Cash and cash equivalents (including
$2.75 million in restricted cash) of$13.2 million as of March 31, 2025, and zero debt.Drilled and completed four horizontal San Andres wells in its core Chaveroo Field in the Permian Basin, with first production commencing in mid-Q2 2025 and currently exceeding initial production expectations.
Divested 17 low producing legacy operated D-J Basin wells in a wellbore only sale transaction in order to reduce recurring operating expenses, G&A expenses, and P&A liabilities while retaining all acreage for future development.
J. Douglas Schick, President and Chief Executive Officer of the Company, stated, "We believe our Q1 2025 results continue to demonstrate the strength of our assets and our ability to develop them effectively and efficiently both as an operator and in partnership with others, delivering solid results in the quarter despite a challenging commodity price environment. With four new operated horizontal wells coming online in early Q2 2025, we expect to deliver even stronger operational results over Q2, and we believe we remain well-positioned to continue disciplined growth, with over
Financial Summary:
We reported net income for the three-month period ended March 31, 2025, of
We reported operating expenses in Q1 2025 of
Adjusted EBITDA, a non-GAAP financial measure (discussed in greater detail below), decreased
Cash and cash equivalents were
Production, Prices and Revenues:
Production for Q1 2025 was 153,631 barrels of oil equivalent ("Boe"), comprised of 102,699 barrels of oil, 166,733 million cubic feet ("Mcf") of natural gas, and 23,143 Boe of natural gas liquids ("NGLs"). Liquids production comprised
Our average realized crude oil sales price in Q1 2025 was
Total crude oil, natural gas and NGL revenues for the three-month period ended March 31, 2025, increased
Lease Operating Expenses ("LOE"):
Total LOE for Q1 2025 was
Depreciation, Depletion, Amortization and Accretion ("DD&A"):
DD&A decreased from
Impairment of Oil and Gas Properties:
The Company recorded an impairment of oil and gas properties of
General and Administrative Expenses ("G&A"):
The
Share-based compensation, which is included in general and administrative expenses in the Statements of Operations, remained unchanged when comparing periods. Share-based compensation is utilized for the purpose of conserving cash resources for use in field development activities and operations.
Interest Income and Other Income:
We earned
Working Capital and Liquidity:
At March 31, 2025, the Company's total current assets of
Operations Update:
In Q1 2025 and early Q2 2025, the Company drilled and completed four new horizontal San Andres wells in its core Chaveroo Field in the Permian Basin, with first production commencing in mid-Q2 2025. The Company is pleased with the early production results, with the wells currently exceeding initial production expectations.
Effective January 1, 2025, in order to reduce plugging and abandonment liabilities, recurring operating expenses and G&A, the Company sold 17 gross (15.4 net) low producing operated wells in its D-J Basin Asset in a wellbore only sale transaction, with the Company retaining ownership in all its existing leasehold for future development. These legacy wells no longer provided meaningful oil and gas production to the Company, had disproportionately high operational expenses, and the Company estimates that their sale will save the Company an aggregate of approximately
More information regarding our operating results for the three months ended March 31, 2025, including our full financial statements and footnotes, can be found in our Quarterly Report on Form 10-Q which was filed earlier today with the Securities and Exchange Commission and is available at www.sec.gov .
About PEDEVCO Corp.
PEDEVCO Corp. (NYSE American: PED), is a publicly-traded energy company engaged in the acquisition and development of strategic, high growth energy projects in the United States. The Company's principal assets are its Permian Basin Asset located in the Northwest Shelf of the Permian Basin in eastern New Mexico, and its D-J Basin Asset located in the D-J Basin in Weld and Morgan Counties, Colorado, and Laramie County, Wyoming. PEDEVCO is headquartered in Houston, Texas.
Use of Non-GAAP Financial Information
This earnings release discusses EBITDA and Adjusted EBITDA which are presented as supplemental measures of the Company's performance. These measurements are not recognized in accordance with generally accepted accounting principles (GAAP) and should not be viewed as an alternative to GAAP measures of performance. EBITDA represents net income before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA before share-based compensation expense, impairment of oil and gas properties and gain on sale of fixed asset. EBITDA and Adjusted EBITDA are presented because we believe they provide additional useful information to investors due to the various noncash items during the period. EBITDA and Adjusted EBITDA are also frequently used by analysts, investors and other interested parties to evaluate companies in our industry. We use EBITDA and Adjusted EBITDA as supplements to GAAP measures of performance to provide investors with an additional financial analytical framework which management uses, in addition to historical operating results, as the basis for financial, operational and planning decisions and present measurements that third parties have indicated are useful in assessing the Company and its results of operations. EBITDA and Adjusted EBITDA have limitations as analytical tools, and you should not consider them in isolation, or as a substitute for analysis of our operating results as reported under GAAP. Some of these limitations are: EBITDA and Adjusted EBITDA do not reflect cash expenditures, future requirements for capital expenditures, or contractual commitments; EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, working capital needs; and EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on debt or cash income tax payments. For example, although depreciation and amortization are noncash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements. Additionally, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than PEDEVCO Corp. does, limiting its usefulness as a comparative measure. You should not consider EBITDA and Adjusted EBITDA in isolation, or as substitutes for analysis of the Company's results as reported under GAAP. The Company's presentation of these measures should not be construed as an inference that future results will be unaffected by unusual or nonrecurring items. We compensate for these limitations by providing a reconciliation of each of these non-GAAP measures to the most comparable GAAP measure. We encourage investors and others to review our business, results of operations, and financial information in their entirety, not to rely on any single financial measure, and to view these non-GAAP measures in conjunction with the most directly comparable GAAP financial measure. For more information on these non-GAAP financial measures, please see the section titled "Reconciliation of Net Income (Loss) attributable to PEDEVCO Corp., to Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA", included at the end of this release.
Cautionary Statement Regarding Forward Looking Statements
This press release may contain forward-looking statements, including information about management's view of PEDEVCO's future expectations, plans and prospects, within the meaning of the federal securities laws, including the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions are intended to identify forward-looking statements within the meaning of the Act and such laws, and are subject to the safe harbor created by the Act and applicable laws. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of PEDEVCO and its subsidiaries to be materially different than those expressed or implied in such statements. The forward-looking statements include projections and estimates of the Company's corporate strategies, future operations, development plans and programs, including the costs thereof, drilling locations, estimated oil, natural gas and natural gas liquids production, price realizations, projected operating, general and administrative and other costs, projected capital expenditures, efficiency and cost reduction initiative outcomes, statements regarding future production, costs and cash flows, liquidity and our capital structure. We have based these forward-looking statements on our current expectations and assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate under the circumstances. However, whether actual results and developments will conform with our expectations and predictions is subject to a number of risks and uncertainties, including the volatility of oil and natural gas prices, our success in discovering, estimating, developing and replacing oil and natural gas reserves, risks of our operations not being profitable or generating sufficient cash flow to meet our obligations; risks relating to the future price of oil, natural gas and NGLs; risks related to the status and availability of oil and natural gas gathering, transportation, and storage facilities; risks related to changes in the legal and regulatory environment governing the oil and gas industry, and new or amended environmental legislation and regulatory initiatives; risks relating to crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changing economic, regulatory and political environments in the markets in which the Company operates; general domestic and international economic, market and political conditions, including the military conflict between Russia and Ukraine and the global response to such conflict; actions of competitors or regulators; the potential disruption or interruption of the Company's operations due to war, accidents, political events, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the Company's control; risks related to the need for additional capital to complete future acquisitions, conduct our operations, and fund our business on favorable terms, if at all, the availability of such funding and the costs thereof; risks related to the limited control over activities on properties we do not operate and the speculative nature of oil and gas operations in general; risks associated with the uncertainty of drilling, completion and enhanced recovery operations; risks associated with illiquidity and volatility of our common stock, dependence upon present management, the fact that Dr. Simon G. Kukes, our Executive Chairman and member of the Board, beneficially owns a majority of our common stock, and our ability to maintain the listing of our common stock on the NYSE American; pandemics, governmental responses thereto, economic downturns and possible recessions caused thereby; inflationary risks and recent increased interest rates, and the risks of recessions and economic downturns caused thereby or by efforts to reduce inflation; risks related to military conflicts in oil producing countries; changes in economic conditions; limitations in the availability of, and costs of, supplies, materials, contractors and services that may delay the drilling or completion of wells or make such wells more expensive; the amount and timing of future development costs; the availability and demand for alternative energy sources; regulatory changes, including those related to carbon dioxide and greenhouse gas emissions; and others that are included from time to time in filings made by PEDEVCO with the Securities and Exchange Commission, many of which are beyond our control, including, but not limited to, in the "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" sections of its Form 10-Ks and Form 10-Qs and in its Form 8-Ks, which it has filed, and files from time to time, with the U.S. Securities and Exchange Commission, including, but not limited to its Annual Report on Form 10-K for the year ended December 31, 2024 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. These reports are available at www.sec.gov. The Company cautions that the foregoing list of important factors is not complete. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on behalf of the Company are expressly qualified in their entirety by the cautionary statements referenced above. Other unknown or unpredictable factors also could have material adverse effects on PEDEVCO's future results and/or could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. PEDEVCO cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. The internal projections, expectations, or beliefs underlying our 2025 capital budget are subject to change in light of numerous factors, including, but not limited to, the prevailing prices of oil and gas, actions taken by businesses and governments, ongoing results, prevailing economic circumstances, commodity prices, and industry conditions and regulations.
PEDEVCO CORP.
CONSOLIDATED BALANCE SHEETS
(amounts in thousands, except share and per share data)
March 31, 2025 | December 31, | |||||||
(Unaudited) | 2024 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 10,413 | $ | 4,010 | ||||
Note receivable, current | 498 | 293 | ||||||
Accounts receivable - oil and gas | 11,848 | 7,995 | ||||||
Prepaid expenses and other current assets | 836 | 917 | ||||||
Total current assets | 23,595 | 13,215 | ||||||
Oil and gas properties: | ||||||||
Oil and gas properties, subject to amortization, net | 93,556 | 95,070 | ||||||
Oil and gas properties, not subject to amortization, net | 11,421 | 8,442 | ||||||
Total oil and gas properties, net | 104,977 | 103,512 | ||||||
Note receivable | 769 | 933 | ||||||
Operating lease - right-of-use asset | 200 | 224 | ||||||
Deferred income taxes | 12,675 | 12,751 | ||||||
Other assets | 3,359 | 3,210 | ||||||
Total assets | $ | 145,575 | $ | 133,845 | ||||
Liabilities and Shareholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 3,526 | $ | 2,625 | ||||
Accrued expenses | 9,176 | 2,255 | ||||||
Revenue payable | 3,432 | 1,266 | ||||||
Operating lease liabilities - current | 101 | 99 | ||||||
Asset retirement obligations - current | 674 | 663 | ||||||
Total current liabilities | 16,909 | 6,908 | ||||||
Long-term liabilities: | ||||||||
Operating lease liabilities, net of current portion | 102 | 129 | ||||||
Asset retirement obligations, net of current portion | 6,849 | 5,708 | ||||||
Total liabilities | 23,860 | 12,745 | ||||||
Commitments and contingencies | ||||||||
Shareholders' equity: | ||||||||
Common stock, | 91 | 89 | ||||||
Additional paid-in capital | 227,486 | 227,013 | ||||||
Accumulated deficit | (105,862 | ) | (106,002 | ) | ||||
Total shareholders' equity | 121,715 | 121,100 | ||||||
Total liabilities and shareholders' equity | $ | 145,575 | $ | 133,845 | ||||
PEDEVCO CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands, except share and per share data)
Three Months Ended March 31, | ||||||||
2025 | 2024 | |||||||
Revenue: | ||||||||
Oil and gas sales | $ | 8,736 | $ | 8,116 | ||||
Operating expenses: | ||||||||
Lease operating costs | 3,412 | 2,531 | ||||||
Selling, general and administrative expense | 1,596 | 1,495 | ||||||
Depreciation, depletion, amortization and accretion | 3,346 | 3,485 | ||||||
Impairment of oil and gas properties | 232 | - | ||||||
Total operating expenses | 8,586 | 7,511 | ||||||
Gain on sale of fixed asset | - | 12 | ||||||
Operating income | 150 | 617 | ||||||
Other income: | ||||||||
Interest income | 64 | 149 | ||||||
Other income | 2 | 7 | ||||||
Total other income | 66 | 156 | ||||||
Income before income taxes | 216 | 773 | ||||||
Income tax expense | 76 | - | ||||||
Net income | $ | 140 | $ | 773 | ||||
Earnings per common share: | ||||||||
Basic | $ | 0.00 | $ | 0.01 | ||||
Diluted | $ | 0.00 | $ | 0.01 | ||||
Weighted average number of common shares outstanding: | ||||||||
Basic | 90,868,110 | 88,753,838 | ||||||
Diluted | 90,868,110 | 88,753,838 | ||||||
PEDEVCO CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(amounts in thousands)
Three Months Ended March 31, | ||||||||
2025 | 2024 | |||||||
Cash Flows From Operating Activities: | ||||||||
Net income | $ | 140 | $ | 773 | ||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||
Depreciation, depletion, amortization and accretion | 3,346 | 3,485 | ||||||
Impairment of oil and gas properties | 232 | - | ||||||
Amortization of right-of-use asset | 28 | 28 | ||||||
Share-based compensation expense | 475 | 475 | ||||||
Gain on sale of fixed asset | - | (12 | ) | |||||
Deferred income tax expense | 76 | - | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable - oil and gas | (3,853 | ) | (945 | ) | ||||
Note receivable accrued interest | (41 | ) | (27 | ) | ||||
Prepaid expenses and other current assets | 81 | 64 | ||||||
Accounts payable | (3,154 | ) | (62 | ) | ||||
Accrued expenses | 6,432 | (6,621 | ) | |||||
Revenue payable | 2,166 | (1,453 | ) | |||||
Net cash provided by (used in) operating activities | 5,928 | (4,295 | ) | |||||
Cash Flows From Investing Activities: | ||||||||
Cash paid for drilling and completion costs | (1,403 | ) | (883 | ) | ||||
Cash received for sale of oil and gas property | 2,028 | - | ||||||
Cash received for sale of vehicle | - | 12 | ||||||
Cash paid for vehicle | - | (55 | ) | |||||
Net cash provided by (used in) investing activities | 625 | (926 | ) | |||||
Net increase (decrease) in cash and restricted cash | 6,553 | (5,221 | ) | |||||
Cash, cash equivalents and restricted cash at beginning of period | 6,607 | 20,715 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 13,160 | $ | 15,494 | ||||
Supplemental Disclosure of Cash Flow Information | ||||||||
Cash paid for: | ||||||||
Interest | $ | - | $ | - | ||||
Income taxes | $ | - | $ | - | ||||
Noncash investing and financing activities: | ||||||||
Change in accrued oil and gas development costs | $ | 4,277 | $ | 4,709 | ||||
Changes in estimates of asset retirement costs, net | $ | 1,085 | $ | 102 | ||||
Issuance of restricted common stock | $ | 2 | $ | 2 | ||||
Reconciliation of Net Income (Loss) attributable to PEDEVCO Corp., to Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
Three Months Ended March 31, | ||||||||
2025 | 2024 | |||||||
Net income (loss) | $ | 140 | $ | 773 | ||||
Add (deduct) | ||||||||
Income tax expense | 76 | 3,485 | ||||||
Depreciation, depletion, amortization and accretion | 3,346 | 3,485 | ||||||
EBITDA | 3,562 | 4,258 | ||||||
Add (deduct) | ||||||||
Share-based compensation | 475 | 475 | ||||||
Loss on sale of oil and gas properties | 232 | - | ||||||
Gain on sale of fixed asset | - | (12) | ||||||
Adjusted EBITDA | $ | 4,269 | $ | 4,721 | ||||
* EBITDA and Adjusted EBITDA are non-GAAP financial measures. These measurements are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance. See also "Use of Non-GAAP Financial Information", above.
CONTACT:
PEDEVCO Corp.
(713) 221-1768
PR@pedevco.com
SOURCE: PEDEVCO Corp.
View the original press release on ACCESS Newswire
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