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PEDEVCO Corp. (NYSE American: PED), also known as Pacific Energy Development, is a publicly traded energy company actively engaged in the acquisition and development of high-growth energy projects in the United States. Headquartered in Houston, Texas, with an operations office in Danville, California, PEDEVCO focuses on leveraging modern drilling and completion techniques in strategic areas where these technologies have yet to be fully applied. The company's core assets are located in two prolific regions: the San Andres formation of the Permian Basin in Southeast New Mexico and the Denver-Julesberg (D-J) Basin in Colorado and Wyoming.
PEDEVCO's principal asset in the D-J Basin, covering over 17,000 net acres, spans Weld and Morgan Counties in Colorado and extends into Southeastern Wyoming. The company's recent expansion into the Codell play in the D-J Basin underscores its commitment to high-return oil and gas projects. Over 4,000 net leasehold acres were acquired, boosting the company's footprint in this promising area. Development in the Codell formation has shown impressive results, and PEDEVCO plans to commence operations here in 2024.
In the Permian Basin, PEDEVCO operates a significant acreage in the Northwest Shelf, focusing on the development of legacy proved properties with established production histories. The company's innovative approach includes partnering with Evolution Petroleum Corporation for the joint development of the Chaveroo oilfield, highlighting their strategy to leverage existing infrastructure and enhance production through modern techniques. Recent drilling activities have yielded promising initial production results, with expectations for further development in 2024.
Financially, PEDEVCO has demonstrated robust performance. As of the latest reports, the company has maintained zero debt, controlled general and administrative expenses, and effectively managed lease operating expenses. For Q1 2024, PEDEVCO reported a net income of $0.8 million, with a production volume comprising 84% liquids. The company's focus on cost efficiency and strategic asset development continues to drive its financial health and operational success.
PEDEVCO's business model emphasizes organic growth through the development of its existing assets. The company's operational updates indicate a strong pipeline of projects, with permits in place for multiple drilling activities in the D-J Basin and ongoing partnerships to enhance production in the Permian Basin. These initiatives are expected to yield significant returns and expand the company's production capabilities in the near term.
For investors, PEDEVCO represents a dynamic and forward-looking energy company committed to sustainable growth and the strategic development of high-potential oil and gas assets. The company's focus on leveraging modern technologies and maintaining financial discipline positions it well for continued success in the competitive energy sector.
PEDEVCO (NYSE American:PED) announced key leadership changes effective January 1, 2025. J. Douglas Schick, current President since August 2018, has been appointed as the new CEO and Board member, while Dr. Simon G. Kukes will transition from CEO to Executive Chairman. The company also hired Jody Crook as Chief Commercial Officer.
Under the current leadership since 2018, PEDEVCO has achieved significant milestones, including increased production, cost containment, capital raising, securing a $250 million reserve-based credit facility with Citibank, and establishing joint development agreements in the Permian and D-J Basins. The company maintains a clean balance sheet with cash reserves and zero debt.
PEDEVCO Corp. (NYSE American:PED) reported strong Q3 2024 financial results with revenue of $9.1 million, up $1.7 million from Q3 2023. The company achieved net income of $2.9 million ($0.03 per share), compared to $0.9 million in Q3 2023. Production increased to 1,698 BOEPD (85% liquids) from 1,376 BOEPD in Q3 2023. Operating income grew 231% to $2.8 million, while Adjusted EBITDA rose 30% to $5.7 million. The company maintains zero debt with $7.2 million in cash and cash equivalents. PEDEVCO participated in multiple well developments in the D-J Basin and is planning four new wells in the Permian Basin for early 2025.
PEDEVCO Corp. (NYSE American:PED) has entered into a five-year Participation Agreement and Area of Mutual Interest with a large private equity-backed D-J Basin E&P Company in Colorado. The agreement covers joint development of approximately 10,750 net acres in the SW Pony Prospect, Weld County, Colorado. Key points include:
1. Formation of a 16,900 gross acre AMI with PEDEVCO holding 30% interest and the Operator 70%.
2. Plans to drill and complete a minimum of five horizontal Niobrara wells per year over the next five years.
3. PEDEVCO acquired a ~27.9% working interest in six new horizontal D-J Basin wells drilled in Q3 2024, expected to provide immediate production uplift.
4. The AMI covers approximately 16% of PEDEVCO's D-J Basin acreage.
This collaboration aims to accelerate development and increase production in the highly-prospective SW Pony Prospect area.
PEDEVCO Corp. (NYSE American:PED) has successfully closed a new $250 million reserve based lending facility (RBL) with Citibank, N.A. as the administrative agent. The facility has a four-year maturity and provides an initial borrowing base of $20.0 million. PEDEVCO has not drawn any borrowings yet. The company's president, J. Douglas Schick, expressed satisfaction with the partnership, stating that the RBL, combined with their existing $10 million cash on hand and strong cash flow, is expected to provide ample capital for accelerated development of their D-J Basin and Permian Basin assets, as well as funding for potential asset acquisitions and strategic transactions.
PEDEVCO Corp. (NYSE American:PED) announced strong Q2 2024 financial results and operations update. Key highlights include:
- Average production of 2,010 BOEPD (87% liquids), up from 1,660 BOEPD in Q2 2023
- Q2 2024 revenue of $11.8 million, a $3.3 million increase from Q2 2023
- Operating income of $2.6 million, up 77% from Q2 2023
- Net income of $2.7 million ($0.03 per share), compared to $1.6 million ($0.02 per share) in Q2 2023
- Adjusted EBITDA increased to $7.4 million, up from $5.0 million in Q2 2023
- Cash and cash equivalents of $8.7 million with zero debt
The company attributes its strong performance to successful non-operated wells in the D-J Basin and new Permian Basin wells. PEDEVCO plans to leverage its strong balance sheet for continued growth and increased shareholder value.
PEDEVCO announced its participation in the 2024 Louisiana Energy Conference on May 29th at the Four Seasons Hotel in New Orleans. J. Douglas Schick, the President of PEDEVCO, will join a panel discussion titled 'U.S. Onshore E&P - Multi Basins Approach Reduces Portfolio Risk' and will be available for investor meetings during the event. For more information on the conference, visit www.LouisianaEnergyConference.com.
PEDEVCO Corp. (NYSE American: PED) has announced its financial results for Q1 2024, ending March 31. The company produced an average of 1,478 BOEPD, an increase from Q1 2023's 1,428 BOEPD. Revenue slightly decreased to $8.12 million, while operating income dropped to $0.6 million, a 62% decline. Net income was $0.8 million, or $0.01 per share, down from $1.8 million, or $0.02 per share, in Q1 2023.
Operating expenses increased by 15%, totaling $7.5 million. Adjusted EBITDA fell to $4.72 million. The company had $15.5 million in cash and no debt. PEDEVCO participated in the production of 13 non-operated wells and drilled three horizontal wells in the Permian Basin.
Additionally, PEDEVCO received approval for the Roth 2-11 OGDP in Colorado, covering 2,560 acres. The company is collaborating with Evolution Petroleum for further development in the Permian Basin.
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