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Overview of PEDEVCO Corp (Symbol: PED)
PEDEVCO Corp is a publicly-traded oil and gas company specializing in the acquisition and development of strategic energy projects across the United States. As an energy company operating in the highly competitive oil and gas sector, PEDEVCO employs modern drilling and completion techniques on legacy proved properties that feature a long production history, well-defined geology, and established infrastructure. This focus on enhancing proven assets with contemporary field management technologies positions the company as an expert in optimizing mature assets for increased operational efficiency.
Core Business and Asset Portfolio
The company's operational footprint spans two primary regions: the Permian Basin and the Denver-Julesburg (D-J) Basin. In the Permian Basin, PEDEVCO concentrates on its San Andres formation assets in West Texas and eastern New Mexico, where the emphasis is on leveraging existing infrastructure to enhance production using proven modern techniques. In the D-J Basin, situated in Colorado and Wyoming, the company has focused on acquiring properties with long-term production histories, enabling it to maximize the returns from its development projects. The strategic nature of these assets underlines PEDEVCO's commitment to risk-conscious investments in areas with well-established geological parameters.
Operational Strategy and Technological Approach
PEDEVCO’s business model revolves around acquiring traditional resource-rich properties and applying advanced drilling and completion technologies that have not yet been fully exploited. This approach not only enables the company to extend the productive life of mature assets but also helps in reducing operational expenses through cost-effective production strategies. The company’s methodology emphasizes operational excellence, risk management, and effective cost control measures, making it a model of technological application in an industry driven by both discovery and optimization.
Market Position and Competitive Landscape
Operating within the energy sector, PEDEVCO effectively positions itself by focusing on assets that require measured investment and disciplined field management. Unlike companies that pursue rapid expansion through high-cost exploration, PEDEVCO leverages the benefits of legacy asset performance, thereby differentiating itself in a competitive landscape. Its strategic focus on developed basins allows for an efficient balance between production reliability and cost reduction, making it notable among investors who value a conservative yet opportunistic approach in the energy market.
Partnerships, Collaborations, and Risk Management
The company actively engages in partnerships and joint ventures to further its development objectives. Collaborations with experienced operators in both the Permian and D-J Basins have allowed PEDEVCO to boost production and streamline operations. These strategic alliances not only enhance its technological know-how but also mitigate the inherent risks associated with large-scale energy projects. PEDEVCO’s robust risk management framework encompasses operational safety, cost containment, and asset integrity, ensuring that the company remains resilient amid industry volatility.
Financial Considerations and Operational Efficiency
While specific financial figures are not the primary focus, PEDEVCO’s disciplined cost structure and focus on operational improvements underscore its commitment to sustainable business practices. The company’s efforts in consolidating assets, reducing operating expenses, and streamlining administrative practices illustrate a prudent approach to financial management. This operational efficiency is a key factor in achieving reliable production outcomes and reinforcing investor confidence.
Industry Expertise and Future Readiness
PEDEVCO Corp demonstrates a high level of expertise in the oil and gas sector by continuously adapting traditional asset management to modern technological applications. Its in-depth understanding of geological formations, combined with a strategic focus on cost-efficient field operations, showcases the company's expert knowledge. This expertise has earned PEDEVCO a reputation for meticulous asset development and operational excellence, which are critical attributes in the dynamic landscape of the energy industry.
Conclusion
In summary, PEDEVCO Corp is an energy company with a clear focus on the deliberate acquisition and technological advancement of legacy oil and gas assets. By concentrating on geologically proven regions such as the Permian and D-J Basins, and by implementing modern drilling techniques, the company maintains a balanced approach to risk and reward. Its strategic partnerships, disciplined operational tactics, and commitment to cost control position it as a knowledgeable participant in the energy sector, providing a comprehensive operational framework for investors seeking to understand the nuances of contemporary energy project development.
PEDEVCO Corp. (NYSE American: PED) reported a transformational 2022, achieving revenue of $30 million, a remarkable 89% increase from 2021. The company produced an average of 1,000 BOEPD, with an operating income of $2.6 million and net income of $2.8 million, or $0.03 per share. Adjusted EBITDA rose 157% to $16.1 million. Despite a 40% rise in operating expenses to $27.4 million, cash reserves grew to $32.98 million with zero debt. Looking ahead, PEDEVCO anticipates significant production growth from new wells in the D-J Basin and plans further drilling activities in 2023.
PEDEVCO Corp. (NYSE American: PED) announced its participation in the 35th Annual Roth Conference from March 12-14, 2023 in Laguna Niguel, California. President J. Douglas Schick will hold one-on-one investor meetings during the event. An updated investor deck will be available on the company's website from March 6, 2023, with the possibility of discontinuation at any time. PEDEVCO engages in strategic energy project acquisition and development, focusing on its key assets in the Permian Basin and D-J Basin. For more information, visit www.pedevco.com.
PEDEVCO Corp. (PED) reported a significant financial turnaround for Q3 2022, achieving a net income of $1.1 million or $0.01 per share, versus a net loss of $0.3 million in Q3 2021. Revenues soared by 84% year-over-year to $7.47 million, largely attributable to increased production averaging 960 BOEPD (87% oil). Adjusted EBITDA doubled to $3.87 million. Operating expenses rose 46% to $6.45 million, driven by non-recurring costs. The company boasts a cash reserve of $30.9 million with zero debt, and anticipates further production growth from upcoming well completions.
PEDEVCO Corp. (NYSE: PED) announced strong financial results for Q2 2022, reporting a revenue surge of 155%, reaching $9.55 million. The company averaged 1,085 BOEPD, with net income hitting $3.21 million, or $0.04 per share, a significant turnaround from a net loss of $0.225 million in Q2 2021. Adjusted EBITDA also rose 281%, totaling $6 million. Despite a 44% increase in operating expenses to $6.3 million, PEDEVCO's cash position remains solid at $26.36 million, with zero debt. The company continues to pursue growth opportunities in the Permian and D-J Basins.
PEDEVCO Corp. (PED) reported strong Q1 2022 results, producing an average of 1,074 BOEPD with revenues of $7.1 million, a 101% increase from Q1 2021. Operating income rose 74% to $1.26 million, and net income reached $1.34 million ($0.02 per share). Adjusted EBITDA surged 225% to $3.8 million. The company's cash position was $25.13 million with zero debt, while participating in six new D-J Basin wells. Production performance exceeded expectations for completed D-J Basin wells, and initial production from two new Permian Basin wells has commenced.
PEDEVCO Corp. (PED) reported a significant turnaround in financial performance for 2021, with revenues reaching $15.9 million, a 97% increase from 2020. The company produced an average of 727 BOEPD, with oil comprising 86% of production. Operating expenses decreased by 53% to $19.5 million. Adjusted EBITDA soared 6,822% to $6.3 million. Ending 2021 with cash reserves of $29.2 million and no debt, PEDEVCO anticipates a transformative 2022 driven by ongoing projects in the Permian and D-J Basins.
PEDEVCO Corp. (NYSE American: PED) announced its participation in the 34th Annual Roth Conference from March 13-15, 2022, in Dana Point, California. President J. Douglas Schick will conduct one-on-one meetings with investors. An updated investor presentation will be available on the company's website from March 7, 2022. PEDEVCO focuses on acquiring and developing high-growth energy projects in the U.S., with key assets in the Permian Basin and the Denver-Julesberg Basin.
PEDEVCO Corp. (NYSE American: PED) announced the acquisition of additional D-J Basin assets in Weld County, Colorado, effective July 1, 2021. The acquisition includes 46.6 net leasehold acres and interests in 14 horizontal wells. The recently completed wells produced an average of 661 BOEPD in January 2022, with production expected to rise. This acquisition increases the company's average working interest in the drilling spacing units from 2.50% to 7.37% and 3.68%. The total estimated drilling and completion costs for these new interests are around $2.35 million.
PEDEVCO Corp. (NYSE American:PED) has completed drilling two new horizontal wells in its Permian Basin asset. The first well, State 402H, reached a total vertical depth of 4,373 feet with a 5,286-foot lateral, while the second, State 403H, achieved a depth of 4,362 feet and 5,610 feet laterally. Completion operations are set to begin in mid-January, with first production expected by mid-February 2022. This development is part of PEDEVCO's strategy to enhance its growth in high-potential energy projects.
HOUSTON, TX / ACCESSWIRE / December 8, 2021 / PEDEVCO Corp. (NYSE American:PED) has announced the spudding of its first new horizontal well, State 402H, in its Permian Basin Asset, with a target depth of 4,368 feet and a lateral length of 5,270 feet. The second well, State 403H, will follow, aiming for a depth of 4,361 feet and lateral length of 5,600 feet. Completion operations are expected to lead to first production from both wells in Q1 2022.
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