PEDEVCO Reports First Quarter 2026 Results
Rhea-AI Summary
PEDEVCO (NYSE American: PED) reported Q1 2026 results featuring sharply higher volumes and revenue following the Juniper merger, but a GAAP loss driven by hedge marks.
Production rose 374% to 8,091 Boe/d, revenue 360% to $40.2M, and Adjusted EBITDA 404% to $21.5M, while net loss was $25.6M including a $31.3M derivative loss.
AI-generated analysis. Not financial advice.
Positive
- Average daily production increased 374% year-over-year to 8,091 Boe/d
- Q1 2026 revenue rose 360% year-over-year to $40.2 million
- Adjusted EBITDA grew 404% year-over-year to $21.5 million
- Operating cash flow increased 78% year-over-year to $10.5 million
- Lease operating expense per Boe held about flat at $22.46 year-over-year
- 2026 guidance reaffirmed at 6,500–7,000 Boe/d and $60–$70 million Adjusted EBITDA
Negative
- Net loss was $25.6 million versus $0.1 million net income a year ago
- Derivative contracts generated a $31.3 million total loss in Q1 2026
- Lease operating expenses rose 380% year-over-year to $16.4 million
- General and administrative expense increased 95% year-over-year to $3.1 million
- Interest expense reached $2.0 million with $98.0 million of credit facility borrowings
- Recorded $1.6 million non-cash impairment on undeveloped D-J Basin leases
Key Figures
Market Reality Check
Peers on Argus
PED fell 5.94% with below-average volume. Several peers like PVL (-4.5%), PROP (-3.57%) and AMPY (-3.04%) also traded lower, while MVO gained 0.97%. With no peers in the momentum scanner, the move screens more stock-specific than a broad sector rotation.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 17 | Q3 2025 earnings | Negative | -2.5% | Q3 2025 revenue and Adjusted EBITDA declined year over year, with net loss reported. |
| Aug 14 | Q2 2025 earnings | Negative | -3.4% | Challenging Q2 2025 results with net loss, lower revenue and reduced production. |
| May 15 | Q1 2025 earnings | Neutral | -8.6% | Mixed Q1 2025 performance with higher production and revenue but weaker income metrics. |
| Mar 31 | 2024 annual results | Positive | -0.5% | Strong 2024 growth in production, revenue and Adjusted EBITDA with meaningful net income. |
| Nov 14 | Q3 2024 earnings | Positive | -2.8% | Q3 2024 showed higher revenue, net income, production and Adjusted EBITDA, all debt-free. |
Earnings releases for PED have often been followed by negative or muted price reactions, including on several reports that highlighted strong growth or solid profitability.
Over the last few earnings cycles, PEDEVCO transitioned from a small, debt-free producer to a larger Rockies-focused platform following the Juniper merger. Prior to the merger, Q2 and Q3 2025 showed revenue and EBITDA pressure and net losses, while full-year 2024 and Q3 2024 highlighted solid growth in production, revenue and Adjusted EBITDA, all with zero debt. Despite fundamentally improving milestones, PED’s shares typically moved modestly negative around these earnings updates, setting context for the latest Q1 2026 results.
Historical Comparison
Past earnings headlines for PED moved the stock an average of -3.55%. Today’s -5.94% move on Q1 2026 results is somewhat more negative but broadly consistent with that pattern.
Earnings history shows PED shifting from a small, debt-free producer with modest growth to a larger Rockies-focused operator post‑Juniper merger, with significantly higher production and EBITDA but new leverage and more volatile bottom-line results.
Market Pulse Summary
This announcement details a step-change quarter, with Q1 2026 production rising to 8,091 Boe/d, revenue reaching $40.2M, and Adjusted EBITDA expanding to $21.5M. At the same time, a $31.3M loss on derivative contracts drove a net loss of $25.6M, and borrowings under the credit facility stood at $98.0M. Investors may track future quarters for hedge impacts, LOE trends, capital spending versus guidance, and progress toward the $60–$70M Adjusted EBITDA outlook.
Key Terms
adjusted ebitda financial
boe/d technical
loe financial
dd&a financial
derivative contracts financial
reverse stock split regulatory
AI-generated analysis. Not financial advice.
Q1 2026 Production Exceeds Expectations on Strong Initial Well Performance
Adjusted EBITDA Increased
HOUSTON, May 14, 2026 (GLOBE NEWSWIRE) -- PEDEVCO Corp. (NYSE American: PED) (“PEDEVCO” or the “Company”), a publicly traded energy company engaged in the acquisition and development of strategic oil and gas assets in the Rocky Mountain region, today reported unaudited financial results for the first quarter ended March 31, 2026.
Financial & Operational Highlights
| ( | Q1 2026 | Q1 2025 | Q4 2025 | Change YoY | Change QoQ |
| Average Daily Production (Boe/d) | 8,091 | 1,707 | 5,310 | + | + |
| Revenue | + | + | |||
| Net (Loss) Income | NM(2) | NM(2) | |||
| Adjusted EBITDA(2) | + | + |
(1) Adjusted EBITDA is a non-GAAP financial measure. See “Use of Non-GAAP Financial Information” and the reconciliation table at the end of this release.
(2) “NM” means “Not Meaningful.”
- First quarter 2026 production increased
374% to 728,141 Boe (average 8,091 Boe/d), compared to 153,631 Boe (1,707 Boe/d) in the first quarter of 2025, reflecting the first full quarter contribution from the acquired asset base and wells brought online around the transformative merger with certain portfolio companies controlled by Juniper Capital Advisors, L.P. (the “Juniper Merger”) on October 31, 2025, including stronger-than-expected well performance. - Oil and gas revenue increased
360% to$40.2 million , compared to$8.7 million in the prior year period, driven by significantly higher production volumes. - First quarter 2026 net loss of
$(25.6) million , or$(3.28) per share, compared to net income of$0.1 million , or$0.03 per share, in the first quarter of 2025, primarily driven by a$31.3 million non-cash net loss on derivative contracts, including$3.4 million of realized losses and$27.9 million of unrealized losses. - Adjusted EBITDA increased
404% to$21.5 million , compared to$4.3 million in the first quarter of 2025, reflecting higher production volumes from the expanded asset base and development activity, partially offset by higher lease operating expenses and production taxes associated with increased scale. - Net cash provided by operating activities increased
78% to$10.5 million for the first quarter of 2026, compared to$5.9 million in the first quarter of 2025, driven by higher operating income and cash margins resulting from increased production volumes, partially offset by changes in working capital.
Management Commentary
J. Douglas Schick, President and Chief Executive Officer of PEDEVCO, commented:
“Our first full quarter as a combined company following the Juniper Merger delivered results ahead of our internal expectations, which we believe speaks to the outstanding potential of the combined Company’s assets. Production averaged approximately 8,091 Boe per day in the first quarter, driven by strong initial production rates from the 31 D-J Basin development wells that came online in late Q4 2025. This outperformance validates the quality of our asset base and the strength of the development program underway at the time of the merger.”
“Beyond production outperformance, the combined platform also achieved several of the merger’s key objectives well ahead of schedule. Notably, we delivered Adjusted EBITDA of
“As we look forward through the remainder of 2026, we want to set clear expectations on the cadence of production and our plans moving forward. First quarter production benefited from the timing of D-J Basin wells brought online in Q4 2025, and we expect production to normalize through the middle quarters before our second-half development activity is expected to support incremental volumes in late 2026 and into 2027. Relating to development, as noted previously, we have identified over 1,000 well locations on our existing acreage, which we believe provides us one of the largest inventories in the industry relative to our size. We are making great progress on our bottoms-up evaluation of our inventory, which will drive our development plans in the future. We are confident we will meet or exceed our full-year guidance of 6,500 to 7,000 Boe per day, and
________________
3 Exclusion of derivative contract assets and liabilities from working capital is not consistent with GAAP, but is presented to illustrate the impact of derivatives contracts on this figure. See “Use of Non-GAAP Financial Information” and the working capital reconciliation table at the end of this release.
First Quarter Financial Summary
Revenue. Total crude oil, natural gas and NGL revenues for the three-month period ended March 31, 2026, increased
Lease Operating Expenses. LOE increased
General and Administrative Expenses. Total G&A expense (including share-based compensation) increased
Depreciation, Depletion, Amortization and Accretion. DD&A increased
Loss on Derivative Contracts. The Company recognized a total net loss of
Interest Expense. The Company incurred
Net (Loss) Income. The Company reported a net loss of
Adjusted EBITDA. Adjusted EBITDA was
Production and Realized Price Summary
| Quarter Ended | Quarter Ended | % Change | ||||
| 03/31/2026 | 03/31/2025 | |||||
| Production Volumes: | ||||||
| Crude Oil (Bbls) | 534,563 | 102,699 | 421 | % | ||
| Natural Gas (Mcf) | 636,057 | 166,733 | 281 | % | ||
| NGL (Bbls) | 87,568 | 23,143 | 278 | % | ||
| Total (Boe) | 728,141 | 153,631 | 374 | % | ||
| Average Daily (Boe/d) | 8,091 | 1,707 | 374 | % | ||
| Average Realized Prices: | ||||||
| Crude Oil ($/Bbl) | (1 | %) | ||||
| Natural Gas ($/Mcf) | (41 | %) | ||||
| NGL ($/Bbl) | (43 | %) | ||||
Operational Update
The Company delivered strong operational performance in the first quarter of 2026, with consolidated production outperforming the Company’s internal plan and lease operating expense (“LOE”) tracking at or below budget in our operating regions. The Company continued to identify cost savings and operational efficiencies across its asset base, which are expected to support continued performance through the balance of the year.
D-J Basin. The Company holds approximately 89,784 net acres and holds interests in 74 gross (66.9 net) operated wells, and 110 gross (12.5 net) non-operated wells, in the D-J Basin. Operated D-J Basin production performed ahead of the Company’s internal plan during the first quarter. The Company continued to identify cost savings and operational efficiencies across the asset, including ongoing initiatives related to its lift conversion program and field-level service contracts that are expected to support reduced lease operating expense as the year progresses. On the non-operated side of the D-J Basin, production also outperformed plan, with new wells coming online stronger than originally forecast. The Company incurred
Powder River Basin (“PRB”). The Company holds approximately 202,100 net acres and holds interests in 156 gross (135.4 net) wells in the PRB, of which 16 gross (1.4 net) are non-operated. PRB production outperformed the Company’s internal plan during the first quarter, with no major downtime or operational issues during the quarter and the asset benefiting from a relatively mild winter. There was no operated drilling or completion activity during the first quarter; the Company continues to evaluate its inventory of development opportunities across its substantial PRB position.
Permian Basin. The Company holds approximately 14,505 net acres and holds interests in 38 gross (34.5 net) wells in the Permian Basin, all of which the Company operates. In the first quarter, the Company delivered its internal LOE budget for the area while maintaining production. The Company continued to improve operational efficiency by accelerating lift conversions, thereby reducing operating costs ahead of schedule. The Company continues to evaluate optimization and development opportunities for the back half of 2026 to enhance returns from this position.
Liquidity and Capital Structure
As of March 31, 2026, the Company had cash and restricted cash of
During the first quarter of 2026, the Company drew down
Net cash provided by operating activities was
Earnings Conference Call
PEDEVCO management will host a conference call today, Thursday, May 14, 2026, at 5:00 p.m. Eastern time to discuss its financial results for the first quarter ended March 31, 2026, followed by a question-and-answer period.
Dial-in registration link: here
Webcast registration link: here
The conference call will also be available for replay in the Events section of the Company’s website, along with the transcript, at https://www.pedevco.com/investors.
About PEDEVCO Corp.
PEDEVCO Corp. (NYSE American: PED) is a publicly traded energy company engaged in the acquisition and development of strategic oil and gas assets in the Rocky Mountain region. Following the completion of its October 2025 merger with certain portfolio companies controlled by Juniper Capital Advisors, L.P., the Company’s principal assets include its D-J Basin assets in southeastern Wyoming and northern Colorado, its Powder River Basin assets in northeastern Wyoming, and its Permian Basin assets in eastern New Mexico, collectively representing approximately 315,500 net acres. PEDEVCO is headquartered in Houston, Texas. More information about PEDEVCO can be found at www.pedevco.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “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. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results to differ materially from those expressed or implied. Forward-looking statements in this release include, but are not limited to, statements regarding the Company’s 2026 capital expenditure estimates, expected benefits of the Juniper Merger including cost savings and operational synergies, expected production levels, development plans, estimated reserves, and the Company’s ability to fund its operations and service its obligations. Factors that could cause actual results to differ include, among others: volatility in oil and natural gas prices; the Company’s ability to successfully integrate the acquired operations; the Company’s ability to service its credit facility obligations; results of development and production activities; changes in operating costs; regulatory developments including those affecting federal and state leases; availability and costs of services and materials; and the risks described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and other filings with the SEC. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date of this release.
Use of Non-GAAP Financial Information
This press release includes EBITDA and Adjusted EBITDA, which are presented as supplemental measures of the Company’s performance and asset value. These 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 represents EBITDA adjusted to exclude share-based compensation, impairment of oil and gas properties, net (gain) loss on derivative contracts adjusted for cash settlements, gain on sale of oil and gas properties, gain on sale of fixed asset, merger acquisition costs, and note receivable – credit loss. The Company believes these measures provide additional useful information to investors and are frequently used by analysts, investors and other interested parties to evaluate companies in the oil and gas industry. However, EBITDA and Adjusted EBITDA have limitations and should not be considered in isolation or as substitutes for analysis of results as reported under GAAP. Additionally, the Company’s calculation of these measures may differ from similarly titled measures used by other companies. A reconciliation of net (loss) income to Adjusted EBITDA is provided at the end of this release.
This press release also includes Working Capital (Deficit) Excluding Derivative Contract Assets and Liabilities as a supplemental measure of the Company’s liquidity. This measure is calculated as total current assets less total current liabilities, excluding current derivative contract assets and current derivative contract liabilities. The Company believes this measure provides investors with a more meaningful view of operational working capital by removing the effects of mark-to-market changes in the Company’s commodity price derivative contracts, which can vary significantly from period to period based on forward commodity price movements and do not reflect operational cash obligations or liquidity in the same manner as other working capital components. Working Capital (Deficit) Excluding Derivative Contract Assets and Liabilities has limitations and should not be considered in isolation or as a substitute for analysis of the Company’s liquidity as reported under GAAP. The most directly comparable GAAP measure is working capital (deficit) (total current assets less total current liabilities), which is presented with equal or greater prominence in this release. The Company’s calculation of this measure may differ from similarly titled measures used by other companies. A reconciliation of working capital (deficit) to working capital (deficit) excluding derivative contract assets and liabilities is provided at the end of this release.
| PEDEVCO CORP. CONSOLIDATED BALANCE SHEETS (amounts in thousands, except share and per share data) | ||||||||
| March 31, 2026 | December 31, | |||||||
| (Unaudited) | 2025 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash | $ | 7,702 | $ | 3,222 | ||||
| Restricted cash | 3,634 | - | ||||||
| Accounts receivable – oil and gas | 27,407 | 25,666 | ||||||
| Inventory | 141 | 61 | ||||||
| Derivative contract assets, current | 3,340 | 8,368 | ||||||
| Prepaid expenses and other current assets | 307 | 434 | ||||||
| Total current assets | 42,531 | 37,751 | ||||||
| Oil and gas properties: | ||||||||
| Oil and gas properties, subject to amortization, net | 301,525 | 303,411 | ||||||
| Oil and gas properties, not subject to amortization, net | 15,861 | 18,859 | ||||||
| Total oil and gas properties, net | 317,386 | 322,270 | ||||||
| Derivative contract assets | 7,585 | 9,640 | ||||||
| Operating lease – right-of-use asset | 169 | 213 | ||||||
| Deferred income taxes | 96 | - | ||||||
| Other assets | 2,316 | 5,995 | ||||||
| Total assets | $ | 370,083 | $ | 375,869 | ||||
| Liabilities and Shareholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 9,922 | $ | 32,436 | ||||
| Accrued expenses | 12,418 | 8,245 | ||||||
| Revenue payable | 22,947 | 21,480 | ||||||
| Income tax payable | 28 | - | ||||||
| Operating lease liabilities – current | 170 | 182 | ||||||
| Derivative contract liabilities – current | 16,764 | 964 | ||||||
| Asset retirement obligations – current | 714 | 1,170 | ||||||
| Total current liabilities | 62,963 | 64,477 | ||||||
| Long-term liabilities: | ||||||||
| Revolving credit facility | 98,000 | 87,000 | ||||||
| Operating lease liabilities, net of current portion | - | 32 | ||||||
| Derivative contract liabilities | 11,366 | 6,358 | ||||||
| Asset retirement obligations, net of current portion | 13,341 | 7,641 | ||||||
| Deferred income taxes | - | 800 | ||||||
| Other long-term liabilities | 2,228 | 2,197 | ||||||
| Total liabilities | 187,898 | 168,505 | ||||||
| Commitments and contingencies (Note 12) | ||||||||
| Shareholders’ equity: | ||||||||
| Series A preferred stock, | - | 17,014 | ||||||
| Common stock, | 13 | 5 | ||||||
| Additional paid-in capital | 329,659 | 312,205 | ||||||
| Accumulated deficit | (147,487 | ) | (121,860 | ) | ||||
| Total shareholders’ equity | 182,185 | 207,364 | ||||||
| Total liabilities and shareholders’ equity | $ | 370,083 | $ | 375,869 | ||||
| PEDEVCO CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (amounts in thousands, except per share data) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Revenue: | ||||||||
| Oil and gas sales | $ | 40,222 | $ | 8,736 | ||||
| Operating expenses: | ||||||||
| Lease operating costs | 16,357 | 3,412 | ||||||
| Selling, general and administrative expense | 3,107 | 1,596 | ||||||
| Depreciation, depletion, amortization and accretion | 12,450 | 3,346 | ||||||
| Impairment of oil and gas properties | 1,605 | 232 | ||||||
| Total operating expenses | 33,519 | 8,586 | ||||||
| Operating income | 6,703 | 150 | ||||||
| Other income (expense): | ||||||||
| Interest expense | (1,995 | ) | - | |||||
| Interest income | 58 | 64 | ||||||
| Net loss on derivative contracts | (31,266 | ) | - | |||||
| Other income (expense) | 5 | 2 | ||||||
| Total other (expense) income | (33,198 | ) | 66 | |||||
| (Loss) Income before income taxes | (26,495 | ) | 216 | |||||
| Income tax benefit (expense) | 868 | (76 | ) | |||||
| Net (loss) income | $ | (25,627 | ) | $ | 140 | |||
| (Loss) earnings per common share: | ||||||||
| Basic | $ | (3.28 | ) | $ | 0.03 | |||
| Diluted | $ | (3.28 | ) | $ | 0.03 | |||
| Weighted average number of common shares outstanding: | ||||||||
| Basic | 7,815,752 | 4,543,406 | ||||||
| Diluted | 7,815,752 | 4,543,406 | ||||||
| PEDEVCO CORP. CONSOLIDATED STATEMENTS OF CASH FLOWS (amounts in thousands) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Cash Flows From Operating Activities: | ||||||||
| Net (loss) income | $ | (25,627 | ) | $ | 140 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation, depletion, amortization and accretion | 12,450 | 3,346 | ||||||
| Impairment of oil and gas properties | 1,605 | 232 | ||||||
| Amortization of right-of-use asset | 48 | 28 | ||||||
| Amortization of deferred financing costs | 168 | - | ||||||
| Share-based compensation expense | 492 | 475 | ||||||
| Net loss on derivative contracts | 31,266 | - | ||||||
| Cash received for derivative settlements, net | 158 | - | ||||||
| Deferred income taxes | (896 | ) | 76 | |||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable – oil and gas | (1,741 | ) | (3,853 | ) | ||||
| Note receivable accrued interest | - | (41 | ) | |||||
| Inventory | (80 | ) | - | |||||
| Prepaid expenses and other current assets | 521 | 81 | ||||||
| Accounts payable | (16,977 | ) | (3,154 | ) | ||||
| Accrued expenses | 7,622 | 6,432 | ||||||
| Revenue payable | 1,467 | 2,166 | ||||||
| Income tax payable | 28 | - | ||||||
| Other liabilities | 31 | - | ||||||
| Net cash provided by operating activities | 10,535 | 5,928 | ||||||
| Cash Flows From Investing Activities: | ||||||||
| Cash paid for drilling and completion costs | (16,476 | ) | (1,403 | ) | ||||
| Cash received for sale of oil and gas property | - | 2,028 | ||||||
| Net cash (used in) provided by investing activities | (16,476 | ) | 625 | |||||
| Cash Flows From Financing Activities: | ||||||||
| Proceeds from credit facility | 11,000 | - | ||||||
| Reverse stock split costs | (44 | ) | - | |||||
| Net cash provided by financing activities | 10,956 | - | ||||||
| Net increase in cash and restricted cash | 5,015 | 6,553 | ||||||
| Cash and restricted cash at beginning of period | 6,321 | 6,607 | ||||||
| Cash and restricted cash at end of period | $ | 11,336 | $ | 13,160 | ||||
| Supplemental Disclosure of Cash Flow Information | ||||||||
| Cash paid for: | ||||||||
| Interest | $ | 1,147 | $ | - | ||||
| Income taxes | $ | - | $ | - | ||||
| Noncash investing and financing activities: | ||||||||
| Change in accrued oil and gas development costs | $ | 12,683 | $ | 4,277 | ||||
| Changes in estimates of asset retirement costs, net | $ | 4,474 | $ | 1,085 | ||||
| Conversion of preferred stock into common stock | $ | 17,014 | $ | - | ||||
| Issuance of restricted common stock | $ | - | $ | 1 | ||||
| PEDEVCO CORP. RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED EBITDA (amounts in thousands) | |||||||
| Three Months Ended March 31, | |||||||
| 2026 | 2025 | ||||||
| Net (loss) income | $ | (25,627 | ) | $ | 140 | ||
| Add (deduct) | |||||||
| Interest expense | 1,995 | - | |||||
| Income tax (benefit) expense | (868 | ) | 76 | ||||
| Depreciation, depletion, amortization and accretion | 12,450 | 3,346 | |||||
| EBITDA | (12,050 | ) | 3,562 | ||||
| Add (deduct) | |||||||
| Share-based compensation | 492 | 475 | |||||
| Merger acquisition costs | 200 | - | |||||
| Impairment of oil and gas properties | 1,605 | 232 | |||||
| Net loss on derivative contracts | 31,266 | - | |||||
| Adjusted EBITDA | $ | 21,513 | $ | 4,269 | |||
| PEDEVCO CORP. RECONCILIATION OF WORKING CAPITAL (DEFICIT) TO WORKING CAPITAL (DEFICIT) EXCLUDING DERIVATIVE CONTRACT ASSETS AND LIABILITIES (amounts in thousands) | ||||||||
| March 31, 2026 | December 31, 2025 | |||||||
| (Unaudited) | ||||||||
| Total current assets | $ | 42,531 | $ | 37,751 | ||||
| Less: Total current liabilities | (62,963 | ) | (64,477 | ) | ||||
| Working capital (deficit) (GAAP) | (20,432 | ) | (26,726 | ) | ||||
| Adjustments: | ||||||||
| Less: Derivative contract assets, current | (3,340 | ) | (8,368 | ) | ||||
| Add: Derivative contract liabilities, current | 16,764 | 964 | ||||||
| Working capital (deficit) excluding derivative contract assets and liabilities | $ | (7,008 | ) | $ | (34,130 | ) | ||
| PEDEVCO CORP. SCHEDULE OF OPEN DERIVATIVE CONTRACTS As of March 31, 2026 (All contracts novated from Juniper Merger effective November 1, 2025, and new hedges subsequently entered into by the Company; volumes in Boe or Mcf as noted; amounts in thousands) | |||||||||||
| Crude Oil - 3 Way Collars | |||||||||||
| Producer Three-Way Collars (Summary of 3 separate contracts) | Participating Three-Way Collars (Summary of 3 separate contracts) | ||||||||||
| Date | Volume (Boe) | Put Sold ($/Boe) | Put Bought ($/Boe) | Call Sold ($/Boe) | Volume (Boe) | Put Bought ($/Boe) | Call Sold ($/Boe) | Call Bought ($/Boe) | |||
| 2Q 2026 | 33,900 | 23,700 | |||||||||
| 3Q 2026 | 31,800 | 24,400 | |||||||||
| 4Q 2026 | 29,700 | 66,900 | |||||||||
| FY 2026 | 95,400 | $45.00 | $55.00 | $67.65 | 115,000 | $54.00 | $62.50 | $80.00 | |||
| 1Q 2027 | 27,400 | 127,700 | |||||||||
| 2Q 2027 | 26,200 | 163,700 | |||||||||
| 3Q 2027 | 25,200 | 163,300 | |||||||||
| 4Q 2027 | 24,200 | 129,800 | |||||||||
| FY 2027 | 103,000 | $45.00 | $55.00 | $71.55 | 584,500 | $54.00 | $62.50 | $80.00 | |||
| 1Q 2028 | - | - | - | - | 114,100 | ||||||
| 2Q 2028 | - | - | - | - | 128,000 | ||||||
| 3Q 2028 | - | - | - | - | 123,000 | ||||||
| 4Q 2028 | - | - | - | - | 39,100 | ||||||
| FY 2028 | - | - | - | - | 404,200 | $54.00 | $62.50 | $80.00 | |||
| Crude Oil - Swaps and Costless Collars | |||||
| Swaps | Costless Collars | ||||
| Date | Volume (Boe) | Avg. Price ($/Boe) | Volume (Boe) | Floor Price ($/Boe) | Ceiling Price ($/Boe) |
| 2Q 2026 | 126,000 | 168,523 | |||
| 3Q 2026 | 180,000 | 71,170 | |||
| 4Q 2026 | 105,000 | 77,083 | |||
| FY 2026 | 411,000 | $67.43 | 316,776 | $54.71 | $69.12 |
| 1Q 2027 | 30,000 | 54,900 | |||
| 2Q 2027 | 30,000 | 9,900 | |||
| 3Q 2027 | 30,000 | 1,700 | |||
| 4Q 2027 | 30,000 | 1,800 | |||
| FY 2027 | 120,000 | $64.90 | 68,300 | $54.00 | $64.00 |
| 1Q 2028 | - | - | - | - | - |
| 2Q 2028 | - | - | - | - | - |
| 3Q 2028 | - | - | - | - | |
| 4Q 2028 | - | - | - | - | - |
| FY 2028 | - | - | - | - | - |
| Natural Gas | |||||
| Swaps | Costless Collars | ||||
| Date | Volume (Mcf) | Avg. Price ($/mcf) | Volume (Mcf) | Floor Price ($/mcf) | Ceiling Price ($/mcf) |
| 2Q 2026 | 259,905 | 17,800 | |||
| 3Q 2026 | 247,500 | 17,200 | |||
| 4Q 2026 | 234,100 | 18,700 | |||
| FY 2026 | 741,505 | $3.95 | 53,700 | $3.50 | $5.21 |
| 1Q 2027 | - | 237,000 | |||
| 2Q 2027 | 209,000 | 16,900 | |||
| 3Q 2027 | 201,900 | 16,900 | |||
| 4Q 2027 | 151,200 | 11,500 | |||
| FY 2027 | 562,100 | $3.74 | 282,300 | $4.00 | $5.15 |
| 1Q 2028 | - | - | 122,700 | ||
| 2Q 2028 | 118,100 | - | - | - | |
| 3Q 2028 | 115,100 | - | - | - | |
| 4Q 2028 | 37,900 | - | - | - | |
| FY 2028 | 271,100 | $3.49 | 122,700 | $4.00 | $4.62 |
The Company has not designated any derivative instruments as accounting hedges. Changes in fair value and cash settlements are recognized in earnings under “Net gain (loss) on derivative contracts” in the Consolidated Statements of Operations. For the period ended March 31, 2026, the Company recognized total derivative losses of
CONTACTS:
Media Contact:
PEDEVCO Corp.
(713) 221-1768
PR@pedevco.com
Investor Relations Contact:
Sean Mansouri, CFA or Laurent Weil
Elevate IR
(720) 330-2829
PED@elevate-ir.com
Source: PEDEVCO Corp.
