PEDEVCO Reports Fourth Quarter and Full-Year 2025 Results
Rhea-AI Summary
PEDEVCO (NYSE American: PED) reported audited Q4 and full-year 2025 results reflecting the Oct 31, 2025 Juniper Merger. Q4 2025 revenue was $23.1M and Adjusted EBITDA $15.4M; FY 2025 revenue was $45.8M with Adjusted EBITDA $27.0M. The company reported a FY net loss of $(10.4)M. Year-end proved reserves rose to 32.1 MMBoe with PV-10 $357.7M. Revolver balance was $87.0M. 2026 guidance: capex $16–20M and Adjusted EBITDA $60–70M based on $65/bbl oil and $3.50/Mscf gas.
Positive
- Production +35% year-over-year (FY 2025: 910,068 Boe)
- Adjusted EBITDA +18% year-over-year (FY 2025: $27.0M)
- Reserves +77% to 32.1 MMBoe at year-end 2025
- PV-10 roughly doubled to $357.7M at year-end 2025
- Q4 2025 revenue +118% (Q4: $23.1M) showing combined platform scale
Negative
- FY 2025 net loss $(10.4)M versus prior-year income $12.3M
- Approximately $7.5M of non-recurring merger-related costs in 2025
- Income tax expense $8.1M created a $0.8M net deferred tax liability
- Realized crude oil price decline (−19%) reduced revenue per unit
- Revolving credit facility balance of $87.0M added new leverage
News Market Reaction – PED
On the day this news was published, PED gained 1.56%, reflecting a mild positive market reaction. Argus tracked a trough of -4.1% from its starting point during tracking. Our momentum scanner triggered 3 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $3M to the company's valuation, bringing the market cap to $212.01M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
PED is down 4.02% while key peers show mixed moves: PVL -2.63%, MVO -4.24%, EPSN -3.14% (but flagged in momentum scanner earlier as up), PROP +3.05%, AMPY -2.73%. With only one peer in the momentum scan and peers not moving uniformly, today’s action appears more company‑specific than sector‑driven.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 20 | Investor conference | Positive | +5.6% | Announcement of management participation at the 38th Annual ROTH Conference. |
| Mar 19 | Prelim 2025 results | Positive | +0.3% | Preliminary Q4 and FY 2025 results highlighting strong growth post‑Juniper merger. |
| Mar 03 | Reverse stock split | Negative | -0.9% | 1‑for‑20 reverse stock split to consolidate shares and adjust trading price. |
| Feb 25 | Reserves update | Positive | -1.8% | Year‑end 2025 proved reserves report with higher MMBoe and PV‑10 values. |
| Nov 17 | Q3 2025 earnings | Negative | -2.5% | Pre‑merger Q3 2025 results with lower revenue and EBITDA and declining production. |
Most recent PED news events, including merger-driven updates and corporate actions, have seen price moves that generally align with the news tone, with only one notable divergence on a positive reserves update.
Over the last several months, PEDEVCO has executed a transformative strategy. The October 2025 Juniper merger created a Rockies‑focused platform and fed into strong preliminary Q4 2025 results and record year‑end 2025 proved reserves of 32.1 MMBoe with PV‑10 of $357.7M. A 1‑for‑20 reverse split on Mar 13, 2026 simplified the share structure, and management has been actively communicating at investor events. Today’s audited 2025 results largely validate the preliminary March 19 data and integrate with the capital structure and reserve updates disclosed in recent filings.
Market Pulse Summary
This announcement provides the full audited picture of PEDEVCO’s 2025 step‑change following the Juniper merger. Q4 revenue of $23.1M and Adjusted EBITDA of $15.4M highlight the scale of the combined platform, while full‑year Adjusted EBITDA increased to $27.0M despite weaker oil prices. Proved reserves rose to 32.1 MMBoe with PV‑10 of $357.7M, but the company reported a $(10.4)M net loss and ended 2025 with $87.0M drawn on its credit facility. Investors may watch delivery versus 2026 Adjusted EBITDA guidance of $60–$70M and the planned capital program of $16–$20M.
Key Terms
adjusted EBITDA financial
non-GAAP financial measure financial
PV-10 financial
lease operating expenses financial
derivative contracts financial
reverse stock split financial
credit facility financial
SEC pricing assumptions regulatory
AI-generated analysis. Not financial advice.
Transformational Juniper Merger Drives Step-Change in Scale, Reserves and Earnings Power
HOUSTON, March 31, 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 audited financial results for the fourth quarter and full year ended December 31, 2025.
The Company’s full year 2025 results reflect the closing of its transformative merger with certain portfolio companies controlled by Juniper Capital Advisors, L.P. (the “Juniper Merger”) on October 31, 2025, with the consolidated financial results for the year ended December 31, 2025 including only two months of contribution from the acquired assets. The fourth quarter of 2025 similarly reflects a partial-quarter contribution, with October representing legacy PEDEVCO operations only.
Select Financial & Operational Data
Fourth Quarter 2025
| ( | Q4 2025 | Q4 2024 | Change | ||||
| Average Daily Production (Boe/d) | 5,310 | 2,181 | + | ||||
| Revenue | + | ||||||
| Net (Loss) Income | (8,501 | ) | - | ||||
| Adjusted EBITDA(1) | + | ||||||
Full-Year 2025
| ( | FY 2025 | FY 2024 | Change | ||||
| Average Daily Production (Boe/d) | 2,494 | 1,835 | + | ||||
| Revenue | + | ||||||
| Net (Loss) Income | ) | - | |||||
| Adjusted EBITDA(1) | + | ||||||
(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.
Note: Fourth quarter 2025 figures are derived from audited full year 2025 results and unaudited nine-month results as reported in the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2025. All per-share and share-count references reflect the 1-for-20 reverse stock split effective March 13, 2026, applied retroactively for all periods presented.
Fourth Quarter Financial and Operational Highlights Include:
- Fourth quarter 2025 production of 483,159 Boe (Average 5,310 Boe/d), a
143% increase over fourth quarter 2024 production. The acquired assets contributed approximately 303,000 Boe during November and December 2025. - Fourth quarter 2025 oil and gas revenue of approximately
$23.1 million , more than doubling the$10.6 million reported in the fourth quarter of 2024, reflecting the initial contribution from the acquired Juniper assets. - Fourth quarter 2025 Adjusted EBITDA(1) of approximately
$15.4 million , compared to$5.1 million in the fourth quarter of 2024, representing a nearly threefold increase.
Full Year Financial and Operational Highlights Include:
- Full year 2025 production of 910,068 Boe (2,494 Average Boe/d), a
35% increase over 2024 production of 671,796 Boe (1,835 Average Boe/d), supported by the contribution of the acquired assets during the last two months of the year. - Full year 2025 oil and gas revenue of
$45.8 million , a16% increase over full year 2024 revenue of$39.6 million , driven by a35% increase in sale volumes partially offset by a19% decline in average realized crude oil prices. - Full year 2025 Adjusted EBITDA(1) of
$27.0 million , an18% increase over full year 2024 Adjusted EBITDA of$22.9 million , reflecting the contribution of two months of production from the acquired assets and continued execution of the Company’s development program. - Full year 2025 net loss of
$(10.4) million , or$(2.25) per diluted share, compared to net income of$12.3 million (restated), or$2.76 per diluted share, in 2024. The year-over-year decline was driven primarily by approximately$7.5 million of non-recurring merger-related costs,$2.8 million in additional and accelerated share-based compensation in connection with board transitions related to the Juniper Merger,$1.4 million of new interest expense on the Company’s credit facility, a$1.4 million note receivable write-off and an income tax expense of$8.1 million , resulting in a net deferred tax liability of$0.8 million on the Company’s consolidated balance sheet. - Year-end 2025 total proved reserves of 32.1 MMBoe with PV-10(2) of
$357.7 million , compared to 18.1 MMBoe and$178.9 million , respectively, at year-end 2024, reflecting the full post-merger asset base. - Year-end 2025 revolving credit facility balance of
$87.0 million under the Company’s Amended and Restated Credit Agreement with Citibank, N.A. ($120 million borrowing base;$250 million maximum facility).
(2) PV-10 is a non-GAAP financial measure. See “Use of Non-GAAP Financial Information” for additional disclosure.
2026 Guidance Highlights:
- Full-year 2026 guidance for net capital expenditures of
$16 million to$20 million , including approximately$6 million to$7 million for drilling and completion costs in the D-J Basin (of which approximately$3 million is carry over from the Company’s 2025 program), and approximately$10 million to$13 million in estimated capital expenditures for optimization projects on our newly acquired assets from the Juniper Merger. Asset reviews of the newly combined entity are currently underway and an expansion of the 2026 capital budget will be announced in the coming months. - Full-year 2026 guidance for adjusted EBITDA of
$60 million to$70 million , based on average oil price of$65 /bbl and average gas price of$3.50 /Mscf
Management Commentary
J. Douglas Schick, President and Chief Executive Officer of PEDEVCO, commented:
“2025 was a transformational year for PEDEVCO. The closing of the Juniper Merger on October 31st fundamentally changed the scale of our business, expanding our Rockies footprint to over 310,000 net acres, adding substantial oil-weighted production, and nearly doubling our proved reserve base to 32.1 million barrels of oil equivalent with a PV-10 value of
“Our fourth quarter results, with revenue exceeding
“Looking ahead to 2026, our priorities are clear: continue disciplined development, reduce operating costs through targeted optimization of the acquired asset base, and demonstrate the full earnings power of the combined platform while searching for accretive Rockies acquisitions to further scale the platform. We believe 2025 has positioned PEDEVCO for a step-change in future financial performance and consolidation.”
Fourth Quarter Financial Summary
Revenue. Total crude oil, natural gas and NGL revenues for the three-month period ended December 31, 2025, 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
Gain on Derivative Contracts. The Company recognized a total gain of
Interest Expense. The Company incurred
Net (Loss) Income. The Company reported net loss of
Adjusted EBITDA. Adjusted EBITDA was
Full Year 2025 Financial Summary
Revenue. Total crude oil, natural gas and NGL revenues for the year ended December 31, 2025, 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
Gain on Derivative Contracts. The Company recognized a total gain 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
| Year Ended | Year Ended | % Change | ||||||
| 12/31/2025 | 12/31/2024 | |||||||
| Production Volumes: | ||||||||
| Crude Oil (Bbls) | 672,924 | 492,396 | + | |||||
| Natural Gas (Mcf) | 770,919 | 608,382 | + | |||||
| NGL (Bbls) | 108,657 | 78,003 | + | |||||
| Total (Boe) | 910,068 | 671,796 | + | |||||
| Average Daily (Boe/d) | 2,494 | 1,835 | + | |||||
| Average Realized Prices: | ||||||||
| Crude Oil ($/Bbl) | (19)% | |||||||
| Natural Gas ($/Mcf) | + | |||||||
| NGL ($/Bbl) | (4)% | |||||||
| Per-Unit Economics ($/Boe): | ||||||||
| Average Realized Revenue | (15)% | |||||||
| Lease Operating Expenses(4) | ( | ( | + | |||||
| Cash Operating Margin(5) | $38.65 | $48.52 | (20)% | |||||
(4) Per-unit LOE represents direct lease operating expenses per Boe as reported in the Company’s 10-K MD&A and excludes gathering, processing, and transportation (“GP&T”), production taxes, and other operating costs included in total lease operating costs on the income statement.
(5) Cash operating margin per Boe is calculated as average realized revenue per Boe less per-unit LOE. This is a supplemental measure for illustrative purposes; it excludes G&A, DD&A, GP&T, interest, and other items.
Operational Update
D-J Basin. As of December 31, 2025, the Company held approximately 99,561 net acres in the D-J Basin across Colorado and Wyoming. During 2025, the Company participated in the drilling and completion of 32 gross development wells in the D-J Basin, including 29 non-operated wells with working interests ranging from
Powder River Basin. Through the Juniper Merger, the Company acquired approximately 201,886 net acres in the Powder River Basin in northeastern Wyoming. The PRB assets are earlier-stage, multi-formation development opportunities supported by offset operator drilling across multiple horizons, including the Parkman, Sussex, Niobrara, Turner, Mowry, Teapot, Shannon, and Frontier formations. The Company is currently evaluating development plans for the PRB position.
Permian Basin. The Company holds approximately 14,000 net acres in the Northwest Shelf of the Permian Basin in eastern New Mexico. During 2025, the Company completed four horizontal San Andres wells with a
Year-End 2025 Proved Reserves
The Company’s year-end 2025 proved reserves were evaluated by Cawley, Gillespie & Associates, Inc. (“CG&A”), an independent petroleum engineering firm, with an effective date of December 31, 2025. Highlights include:
- Total proved reserves of 32.1 MMBoe (22.99 MMBbl oil, 28.78 Bcf gas, 4.34 MMBbl NGL), an increase of 14.0 MMBoe, or
77% , from year-end 2024 - PV-10 of
$357.7 million , an increase of approximately$178.8 million , or100% , from year-end 2024 - Proved developed reserves of 16.38 MMBoe (PV-10:
$257.4 million , representing72% of total PV-10) - Proved undeveloped reserves of 15.74 MMBoe (PV-10:
$100.2 million ), reflecting 71 horizontal drilling locations across the D-J Basin and Permian Basin - SEC pricing assumptions:
$65.34 per barrel of oil and$3.387 per MMBtu of natural gas - Reserve-to-production ratio of approximately 10+ years at current production levels
Additional details on the Company’s proved reserves are available in the Company’s reserves press release dated February 25, 2026, and in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Liquidity, Capital Structure
Balance Sheet. As of December 31, 2025, the Company had
Derivatives. As of December 31, 2025, the Company held open derivative contracts with a net asset fair value of approximately
Reverse Stock Split. Effective March 13, 2026, the Company effected a 1-for-20 reverse stock split of its common stock. All share and per-share data in this release have been retroactively adjusted to reflect the reverse stock split. As of March 27, 2026, the Company had approximately 13.3 million shares of common stock outstanding on a fully converted basis.
Earnings Conference Call
PEDEVCO management will host a conference call on Wednesday, April 1, 2026, at 11:00 a.m. Eastern time to discuss its financial results for the fourth quarter and full year ended December 31, 2025, followed by a question-and-answer period.
Dial-in registration link: here
Live 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.
If you have any difficulty registering for or connecting to the conference call, please contact Elevate IR at PED@elevate-ir.com.
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 United States. 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 over 310,000 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; the Company’s ability to maintain its listing on NYSE American; 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, Adjusted EBITDA, and PV-10, 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 less share-based compensation, impairment of oil and gas properties, 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 income to Adjusted EBITDA is provided at the end of this release.
PV-10 represents the present value of estimated future net revenues from proved reserves, before income taxes, discounted at
PEDEVCO CORP.
CONSOLIDATED BALANCE SHEETS
(amounts in thousands, except share and per share data)
| December 31, | December 31, | |||
| 2025 | 2024 | |||
| ASSETS | ||||
| Current assets: | ||||
| Cash | ||||
| Accounts receivable – oil and gas | 25,666 | 7,995 | ||
| Note receivable, current | — | 293 | ||
| Inventory | 61 | — | ||
| Derivative contract assets - current | 8,368 | — | ||
| Prepaid expenses and other current assets | 434 | 917 | ||
| Total current assets | 37,751 | 13,215 | ||
| Total oil and gas properties, net | 322,270 | 103,512 | ||
| Note receivable | — | 933 | ||
| Operating lease – right-of-use asset | 213 | 224 | ||
| Derivative contract assets | 9,640 | — | ||
| Deferred income taxes | — | 7,255 | ||
| Other assets | 5,995 | 3,210 | ||
| TOTAL ASSETS | $375,869 | $128,349 | ||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
| Current liabilities: | ||||
| Accounts payable | ||||
| Accrued expenses | 8,245 | 2,255 | ||
| Revenue payable | 21,480 | 1,266 | ||
| Operating lease liabilities – current | 182 | 99 | ||
| Derivative contract liabilities – current | 964 | — | ||
| Asset retirement obligations – current | 1,170 | 663 | ||
| Total current liabilities | 64,477 | 6,908 | ||
| Revolving credit facility | 87,000 | — | ||
| Operating lease liabilities, net of current | 32 | 129 | ||
| Derivative contract liabilities | 6,358 | — | ||
| Asset retirement obligations, net of current | 7,641 | 5,708 | ||
| Deferred income taxes | 800 | — | ||
| Other long-term liabilities | 2,197 | — | ||
| Total liabilities | 168,505 | 12,745 | ||
| Shareholders’ equity: | ||||
| Series A preferred stock | 17,014 | — | ||
| Common stock | 5 | 4 | ||
| Additional paid-in capital | 312,205 | 227,098 | ||
| Accumulated deficit | (121,860) | (111,498) | ||
| Total shareholders’ equity | 207,364 | 115,604 | ||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $375,869 | $128,349 | ||
PEDEVCO CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands, except per share data)
| Year Ended | Year Ended | |||
| 12/31/2025 | 12/31/2024 | |||
| Revenue: | ||||
| Oil and gas sales | ||||
| Operating expenses: | ||||
| Lease operating costs | 19,120 | 12,449 | ||
| Selling, general and administrative expense | 16,788 | 6,391 | ||
| Impairment of oil and gas properties | 908 | — | ||
| Depreciation, depletion, amortization and accretion | 18,009 | 15,920 | ||
| Total operating expenses | 54,825 | 34,760 | ||
| Gain (loss) on sale of oil and gas properties, net | 2,597 | (76) | ||
| Note receivable – credit loss | (1,378) | — | ||
| Operating (loss) income | (7,855) | 4,717 | ||
| Other income (expense): | ||||
| Interest expense | (1,407) | — | ||
| Interest income | 274 | 351 | ||
| Gain on sale of fixed asset | — | 12 | ||
| Net gain on derivative contracts | 6,253 | — | ||
| Other income (expense) | 428 | (42) | ||
| Total other income | 5,548 | 321 | ||
| (Loss) income before income taxes | (2,307) | 5,038 | ||
| Income tax (expense) benefit | (8,055) | 7,255 | ||
| Net (loss) income | $(10,362) | $12,293 | ||
| Earnings (loss) per common share: | ||||
| Basic | ||||
| Diluted | ||||
| Weighted average shares outstanding: | ||||
| Basic | 4,615,058 | 4,461,732 | ||
| Diluted | 4,615,058 | 4,461,732 | ||
PEDEVCO CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(amounts in thousands)
| Year Ended | Year Ended | |||
| 12/31/2025 | 12/31/2024 | |||
| Operating Activities: | ||||
| Net (loss) income | ||||
| Adjustments: | ||||
| DD&A and accretion | 18,009 | 15,920 | ||
| Impairment of oil and gas properties | 908 | — | ||
| Note receivable – credit loss | 1,378 | — | ||
| Amortization of ROU asset | 170 | 110 | ||
| Amortization of deferred financing costs | 267 | — | ||
| Share-based compensation | 2,763 | 1,859 | ||
| Unrealized gain on derivatives, net | (6,253) | — | ||
| Cash received for derivative settlements, net | 2,136 | — | ||
| Uncollectible account expense | — | 50 | ||
| Deferred income taxes | 8,055 | (7,255) | ||
| (Gain) loss on sale of oil and gas properties | (2,597) | 76 | ||
| Other non-cash items | — | (12) | ||
| Changes in operating assets and liabilities | (3,716) | (10,275) | ||
| Net cash provided by operating activities | 10,758 | 12,766 | ||
| Investing Activities: | ||||
| Cash paid for merger acquisition | (115,646) | — | ||
| Cash paid for drilling and completion | (20,486) | (27,857) | ||
| Cash received for sale of oil and gas properties | 2,949 | 1,140 | ||
| Other | — | (157) | ||
| Net cash used in investing activities | (133,183) | (26,874) | ||
| Financing Activities: | ||||
| Proceeds from credit facility | 87,000 | — | ||
| Proceeds from convertible preferred stock | 35,000 | — | ||
| Proceeds from issuance of shares, net | 139 | — | ||
| Net cash provided by financing activities | 122,139 | — | ||
| Net decrease in cash and restricted cash | (286) | (14,108) | ||
| Cash and restricted cash, beginning of period | 6,607 | 20,715 | ||
| Cash and restricted cash, end of period | $6,321 | $6,607 | ||
PEDEVCO CORP.
RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED EBITDA
(amounts in thousands)
| Year Ended | Year Ended | |||
| 12/31/2025 | 12/31/2024 | |||
| Net (loss) income | ||||
| Add (deduct): | ||||
| Interest expense | 1,407 | — | ||
| Income tax expense (benefit) | 8,055 | (7,255) | ||
| Depreciation, depletion, amortization and accretion | 18,009 | 15,920 | ||
| EBITDA | $17,109 | $20,958 | ||
| Add (deduct): | ||||
| Share-based compensation | 2,763 | 1,859 | ||
| Merger acquisition costs | 7,457 | — | ||
| Impairment of oil and gas properties | 908 | — | ||
| (Gain) loss on sale of oil and gas properties | (2,597) | 76 | ||
| Gain on sale of fixed asset | — | (12) | ||
| Note receivable – credit loss | 1,378 | — | ||
| Adjusted EBITDA | $27,018 | $22,881 | ||
PEDEVCO CORP.
SCHEDULE OF OPEN DERIVATIVE CONTRACTS
As of December 31, 2025
(All contracts novated from Juniper Merger effective November 1, 2025, and new hedges subsequently entered into by the Company; volumes in Boe or Mcf as noted; amounts in thousands)
CRUDE OIL — Fixed Price Swaps
| Period | Volume (Boe) | Avg. Fixed Price ($/Boe) | |
| Q1 2026 | 171,000 | ||
| Q2 2026 | 126,000 | ||
| Q3 2026 | 180,000 | ||
| Q4 2026 | 105,000 | ||
| Full Year 2026 | 582,000 | $66.43 | |
| Full Year 2027 | 120,000 | ||
CRUDE OIL — Costless Collars
| Period | Volume (Boe) | Floor ($/Boe) | Ceiling ($/Boe) | ||
| Q1 2026 | 79,100 | ||||
| Q2 2026 | 103,200 | ||||
| Q3 2026 | 34,100 | ||||
| Q4 2026 | 53,300 | ||||
| Full Year 2026 | 269,700 | $54.71 | $69.12 | ||
| Full Year 2027 | 68,300 | ||||
CRUDE OIL — Three-Way Collars
| Period | Volume (Boe) | Short Put ($/Boe) | Long Put ($/Boe) | Short Call ($/Boe) | |||
| Producer Three-Way Collars | |||||||
| Q1 2026 | 36,400 | ||||||
| Q2 2026 | 33,900 | ||||||
| Q3 2026 | 31,800 | ||||||
| Q4 2026 | 29,700 | ||||||
| Full Year 2026 | 131,800 | $45.00 | $55.00 | $67.65 | |||
| Full Year 2027 | 103,000 | ||||||
| Full Year 2026 | 136,600 | ||||||
| Full Year 2027 | 584,500 | ||||||
| Full Year 2028 | 404,200 | ||||||
NATURAL GAS — Fixed Price Swaps
| Period | Volume (Mcf) | Avg. Fixed Price ($/Mcf) | |
| Q2 2026³ | 259,905 | ||
| Q3 2026 | 247,500 | ||
| Q4 2026 | 234,100 | ||
| Full Year 2026 | 741,505 | $3.95 | |
| Full Year 2027 | 562,100 | ||
| Full Year 2028 | 271,100 | ||
NATURAL GAS — Costless Collars
| Period | Volume (Mcf) | Floor ($/Mcf) | Ceiling ($/Mcf) | ||
| Q1 2026 | 232,200 | ||||
| Q2 2026 | 17,800 | ||||
| Q3 2026 | 17,200 | ||||
| Q4 2026 | 18,700 | ||||
| Full Year 2026 | 285,900 | $3.44 | $5.37 | ||
| Full Year 2027 | 282,300 | ||||
| Full Year 2028 | 122,700 | ||||
Derivative Fair Value Summary
| ($ thousands) | Current Portion | Long-Term Portion | ||
| Derivative contract assets | ||||
| Derivative contract liabilities | ||||
| Net derivative asset | $7,404 | $3,282 | ||
| Total net derivative asset (gross assets | $10,686 | |||
¹ 2028 Costless Collar contracts are Participating Three-Way Collars; floor represents long put at
² Participating Three-Way Collars: long put at
³ No natural gas swaps in Q1 2026; collar-only coverage in that quarter (232,200 Mcf).
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 year ended December 31, 2025, the Company recognized total derivative gains 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.
