PEDEVCO Announces Q3 2024 Financial Results and Operations Update
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) ha riportato risultati finanziari solidi nel terzo trimestre del 2024, con ricavi di 9,1 milioni di dollari, in aumento di 1,7 milioni di dollari rispetto al terzo trimestre del 2023. L'azienda ha raggiunto un utile netto di 2,9 milioni di dollari (0,03 dollari per azione), rispetto a 0,9 milioni di dollari nel terzo trimestre del 2023. La produzione è aumentata a 1.698 BOEPD (85% liquidi) rispetto a 1.376 BOEPD nel terzo trimestre del 2023. L'utile operativo è cresciuto del 231% a 2,8 milioni di dollari, mentre l'EBITDA rettificato è salito del 30% a 5,7 milioni di dollari. L'azienda mantiene zero debiti con 7,2 milioni di dollari in contante e equivalenti. PEDEVCO ha partecipato a numerosi sviluppi di pozzi nel D-J Basin e sta pianificando quattro nuovi pozzi nel Permian Basin per inizio 2025.
PEDEVCO Corp. (NYSE American:PED) reportó resultados financieros sólidos en el tercer trimestre de 2024, con ingresos de 9.1 millones de dólares, un aumento de 1.7 millones de dólares en comparación con el tercer trimestre de 2023. La compañía alcanzó un ingreso neto de 2.9 millones de dólares (0.03 dólares por acción), en comparación con 0.9 millones de dólares en el tercer trimestre de 2023. La producción aumentó a 1,698 BOEPD (85% líquidos) desde 1,376 BOEPD en el tercer trimestre de 2023. El ingreso operativo creció un 231% a 2.8 millones de dólares, mientras que el EBITDA ajustado aumentó un 30% a 5.7 millones de dólares. La compañía mantiene cero deudas con 7.2 millones de dólares en efectivo y equivalentes. PEDEVCO participó en múltiples desarrollos de pozos en la cuenca D-J y está planeando cuatro nuevos pozos en la cuenca Permian para principios de 2025.
PEDEVCO Corp. (NYSE American:PED)는 2024년 3분기 강력한 재무 결과를 보고했습니다. 수익은 910만 달러로, 2023년 3분기보다 170만 달러 증가했습니다. 회사는 290만 달러의 순이익을 달성했으며(주당 0.03달러), 2023년 3분기의 90만 달러와 비교됩니다. 생산량은 2023년 3분기의 1,376 BOEPD에서 1,698 BOEPD (85% 액체)로 증가했습니다. 운영 수익은 231% 증가하여 280만 달러에 달했으며, 조정 EBITDA는 30% 증가한 570만 달러에 달했습니다. 회사는 부채가 없으며 720만 달러의 현금 및 현금성 자산을 보유하고 있습니다. PEDEVCO는 D-J 베이슨의 여러 유정 개발에 참여했으며, 2025년 초에 퍼미안 베이슨에서 4개의 신규 유정을 계획하고 있습니다.
PEDEVCO Corp. (NYSE American:PED) a annoncé de solides résultats financiers pour le troisième trimestre 2024, avec un chiffre d'affaires de 9,1 millions de dollars, en hausse de 1,7 million de dollars par rapport au troisième trimestre 2023. L'entreprise a réalisé un bénéfice net de 2,9 millions de dollars (0,03 dollar par action), contre 0,9 million de dollars au troisième trimestre 2023. La production a augmenté à 1 698 BOEPD (85 % liquides) contre 1 376 BOEPD au troisième trimestre 2023. Le résultat d'exploitation a augmenté de 231 % pour atteindre 2,8 millions de dollars, tandis que l'EBITDA ajusté a augmenté de 30 % pour atteindre 5,7 millions de dollars. L'entreprise n'a aucune dette avec 7,2 millions de dollars en liquidités et équivalents. PEDEVCO a participé à plusieurs développements de puits dans le bassin D-J et prévoit quatre nouveaux puits dans le bassin Permien pour début 2025.
PEDEVCO Corp. (NYSE American:PED) hat starke Finanzzahlen für das dritte Quartal 2024 gemeldet, mit einem Umsatz von 9,1 Millionen Dollar, was einem Anstieg von 1,7 Millionen Dollar im Vergleich zum dritten Quartal 2023 entspricht. Das Unternehmen hat einen Nettogewinn von 2,9 Millionen Dollar (0,03 Dollar pro Aktie) erzielt, verglichen mit 0,9 Millionen Dollar im dritten Quartal 2023. Die Produktion stieg auf 1.698 BOEPD (85% Flüssigkeiten) von 1.376 BOEPD im dritten Quartal 2023. Das Operating Income wuchs um 231% auf 2,8 Millionen Dollar, während das bereinigte EBITDA um 30% auf 5,7 Millionen Dollar anstieg. Das Unternehmen hält keine Schulden und verfügt über 7,2 Millionen Dollar in bar und liquiden Mitteln. PEDEVCO hat an mehreren Bohrungen im D-J Basin teilgenommen und plant, Anfang 2025 vier neue Bohrlöcher im Permian Basin zu schaffen.
- Revenue increased by $1.7 million (23%) to $9.1 million in Q3 2024
- Net income tripled to $2.9 million ($0.03 per share) from $0.9 million
- Production grew 23% to 1,698 BOEPD
- Operating income increased 231% to $2.8 million
- Adjusted EBITDA rose 30% to $5.7 million
- Zero debt position maintained
- $7.2 million cash position
- Operating expenses increased 7% to $7.0 million
- Cash position decreased from $20.7 million to $7.2 million due to capital spending
- Working capital surplus remained relatively flat at $5.8 million
Insights
PEDEVCO's Q3 2024 results show significant operational and financial improvements. Revenue increased 23% to
The company maintains a strong balance sheet with
The expansion in D-J Basin through new well participations and the Evolution Petroleum partnership for Permian Basin development positions PEDEVCO for continued growth in 2025. The five-year Participation Agreement securing
HOUSTON, TX / ACCESSWIRE / November 14, 2024 / 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 and nine months ended September 30, 2024, and provided an operations update.
Key Financial and Operational Highlights Include:
Produced an average of 1,698 barrels of oil equivalent per day ("BOEPD") (
85% liquids) in the three months ended September 30, 2024 ("Q3 2024"), compared to 1,376 BOEPD produced in Q3 2023.Q3 2024 revenue of
$9.1 million , increasing$1.7 million from Q3 2023.Operating income of
$2.8 million , increasing231% from Q3 2023.Operating expenses (inclusive of general and administrative expenses, depreciation, depletion and amortization expenses and lease operating expenses) of
$7.0 million , increasing7% from Q3 2023.Net income of
$2.9 million , or$0.03 per basic and diluted share outstanding, compared to$0.9 million , or$0.01 per basic and diluted share outstanding in Q3 2023.Adjusted EBITDA, a non-GAAP financial measure (discussed in greater detail below), increased
$1.3 million to$5.7 million , compared to$4.4 million in Q3 2023.Cash and cash equivalents (including
$2.55 million in restricted cash) of$7.2 million as of September 30, 2024, and zero debt.Strong results continued to be realized from thirteen non-operated wells in the D-J Basin and three operated wells in the Permian Basin that commenced production in Q1 2024.
The Company elected to participate in six non-operated wells in the D-J Basin with a working interest of approximately
28% in Q3 2024 with production impact anticipated in Q4 2024, and an additional five non-operated wells in the D-J Basin with a working interest varying between0.7% and13% with production impact anticipated in Q4 2024.The Company is working with partners, consultants and vendors on further D-J Basin development possibilities for 2025 and 2026.
The Company is currently planning the next phase of development of the Permian Basin asset with Evolution Petroleum Corporation, anticipated to include four wells scheduled to begin drilling in early 2025.
J. Douglas Schick, President of the Company, stated, "Our Q3 2024 results continue to demonstrate consistently strong production, cashflow, earnings per share, and adjusted EBITDA growth, surpassing each metric when compared to Q3 2023, while continuing to maintain zero debt and flat G&A expenses. We continue to generate highly-prospective non-operated development opportunities in the D-J Basin, which strategy has successfully delivered consistently strong returns that have exceeded our expectations. With the recent entry into a five year Participation Agreement and Area of Mutual Interest with a large private D-J Basin E&P company, coupled with our partnership with Evolution Petroleum to jointly develop our Permian Basin asset, and now with our
Financial Summary:
We reported net income for Q3 2024 of
We reported operating expenses in Q3 2024 of
Adjusted EBITDA, a non-GAAP financial measure (discussed in greater detail below), increased
Cash and cash equivalents were
Production, Prices and Revenues:
Production for Q3 2024 was 156,096 barrels of oil equivalent ("Boe"), comprised of 108,810 barrels of oil, 142,669 million cubic feet ("Mcf") of natural gas, and 23,508 Boe of natural gas liquids ("NGLs"). Liquids production comprised
Our average realized crude oil sales price in Q3 2024 was
Total crude oil, natural gas and NGL revenues for Q3 2024 increased
Lease Operating Expenses ("LOE"):
Total LOE for Q3 2024 was
Depreciation, Depletion, Amortization and Accretion ("DD&A"):
DD&A increased from
General and Administrative Expenses ("G&A"):
The
Share-based compensation, which is included in general and administrative expenses in our Statements of Operations, decreased nominally due to the forfeiture of certain employee stock-based options due to certain voluntary employee terminations. 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 September 30, 2024, our total current assets of
Operations Update:
The Company continued to realize strong results from thirteen non-operated wells in the D-J Basin in which it previously elected to participate, including in seven non-operated wells with an ~
The Company also elected to participate in six additional non-operated wells in the D-J Basin (the "Harlequin Wells") with a working interest of approximately
The Company's interests in the new Harlequin Wells was acquired in October 2024 in connection with the Company's entry into the five year Participation Agreement ("PA") and Area of Mutual Interest ("AMI") with a large private Denver, Colorado-based D-J Basin E&P Company. Pursuant to the PA, the companies have agreed to participate in the joint development of approximately 10,750 net acres collectively held by the companies in the SW Pony Prospect located in Weld County, Colorado, and formed an approximately 16,900 gross acre AMI in the prospect, with PEDVCO holding a
In the Permian Basin, the Company is currently planning the next phase of development with Evolution Petroleum Corporation, anticipated to include four wells scheduled to begin drilling in early 2025.
More information regarding our operating results for the three months ended September 30, 2024, 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, less share-based compensation and gain on sale of oil and gas properties and gain on sale of fixed assets. 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 CEO 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, 2023 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024. 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 2024 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)
|
| September 30, 2024 (Unaudited) |
|
| December 31, 2023 |
| ||
Assets |
|
|
|
|
|
| ||
Current assets: |
|
|
|
|
|
| ||
Cash |
| $ | 4,619 |
|
| $ | 18,515 |
|
Accounts receivable - oil and gas Note Receivable, current |
|
| 5,323 |
|
|
| 5,790 |
|
Prepaid expenses and other current assets |
|
| 803 |
|
|
| 260 |
|
Total current assets |
|
| 10,985 |
|
|
| 24,607 |
|
|
|
|
|
|
|
|
| |
Oil and gas properties - successful efforts method: |
|
|
|
|
|
|
|
|
Oil and gas properties, subject to amortization, net |
|
| 92,184 |
|
|
| 79,186 |
|
Oil and gas properties, not subject to amortization, net |
|
| 6,903 |
|
|
| 12,407 |
|
Total oil and gas properties, net |
|
| 99,087 |
|
|
| 91,593 |
|
|
|
|
|
|
|
|
| |
Other assets: |
|
|
|
|
|
|
|
|
Note receivable Operating lease - right-of-use asset |
|
| 979 |
|
|
| 1,099 |
|
Other assets |
|
| 3,010 |
|
|
| 2,443 |
|
Total assets |
| $ | 114,309 |
|
| $ | 120,058 |
|
|
|
|
|
|
|
|
| |
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
| $ | 1,288 |
|
| $ | 6,580 |
|
Accrued expenses |
|
| 2,160 |
|
|
| 8,712 |
|
Revenue payable |
|
| 1,263 |
|
|
| 3,371 |
|
Operating lease liabilities - current |
|
| 96 |
|
|
| 89 |
|
Asset retirement obligations - current |
|
| 419 |
|
|
| 147 |
|
Total current liabilities |
|
| 5,226 |
|
|
| 18,899 |
|
|
|
|
|
|
|
|
| |
Long-term liabilities: |
|
|
|
|
|
|
|
|
Operating lease liabilities, net of current portion |
|
| 154 |
|
|
| 227 |
|
Asset retirement obligations, net of current portion |
|
| 2,393 |
|
|
| 2,166 |
|
Total liabilities |
|
| 7,773 |
|
|
| 21,292 |
|
|
|
|
|
|
|
|
| |
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shareholders' equity: |
|
|
|
|
|
|
|
|
Common stock, |
|
| 89 |
|
|
| 87 |
|
Additional paid-in capital |
|
| 226,555 |
|
|
| 225,156 |
|
Accumulated deficit |
|
| (120,108 | ) |
|
| (126,477 | ) |
Total shareholders' equity |
|
| 106,536 |
|
|
| 98,766 |
|
Total liabilities and shareholders' equity |
| $ | 114,309 |
|
| $ | 120,058 |
|
PEDEVCO CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands, except share and per share data)
|
| Three Months Ended |
|
| Nine Months Ended |
| ||||||||||
|
| September 30, |
|
| September 30, |
| ||||||||||
Revenue: |
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| ||||
Oil and gas sales |
| $ | 9,050 |
|
| $ | 7,330 |
|
| $ | 28,977 |
|
| $ | 24,042 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease operating costs |
|
| 2,556 |
|
|
| 2,245 |
|
|
| 8,635 |
|
|
| 7,540 |
|
Selling, general and administrative expense |
|
| 1,343 |
|
|
| 1,297 |
|
|
| 4,221 |
|
|
| 4,118 |
|
Depreciation, depletion, amortization and accretion |
|
| 3,055 |
|
|
| 2,932 |
|
|
| 10,782 |
|
|
| 8,411 |
|
Total operating expenses |
|
| 6,954 |
|
|
| 6,474 |
|
|
| 23,684 |
|
|
| 20,069 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Gain on sale of oil and gas properties |
|
| 735 |
|
|
| - |
|
|
| 735 |
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating income |
|
| 2,831 |
|
|
| 856 |
|
|
| 6,074 |
|
|
| 3,973 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
| 84 |
|
|
| 88 |
|
|
| 326 |
|
|
| 272 |
|
Gain on sale of fixed asset |
|
| - |
|
|
| - |
|
|
| 12 |
|
|
| - |
|
Other income (expense) |
|
| - |
|
|
| 5 |
|
|
| (43 | ) |
|
| 40 |
|
Total other income |
|
| 84 |
|
|
| 93 |
|
|
| 295 |
|
|
| 312 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net income |
| $ | 2,915 |
|
| $ | 949 |
|
| $ | 6,369 |
|
| $ | 4,285 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
| $ | 0.03 |
|
| $ | 0.01 |
|
| $ | 0.07 |
|
| $ | 0.05 |
|
Diluted |
| $ | 0.03 |
|
| $ | 0.01 |
|
| $ | 0.07 |
|
| $ | 0.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
| 89,428,310 |
|
|
| 87,108,745 |
|
|
| 89,147,092 |
|
|
| 86,958,033 |
|
Diluted |
|
| 89,428,310 |
|
|
| 87,108,745 |
|
|
| 89,147,092 |
|
|
| 86,958,033 |
|
PEDEVCO CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(amounts in thousands)
|
| Nine Months Ended September 30, |
| |||||
|
| 2024 |
|
| 2023 |
| ||
Cash Flows From Operating Activities: |
|
|
|
|
|
| ||
Net income |
| $ | 6,369 |
|
| $ | 4,285 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation, depletion, amortization and accretion |
|
| 10,782 |
|
|
| 8,411 |
|
Share-based compensation expense |
|
| 1,401 |
|
|
| 1,546 |
|
Gain on sale of oil and gas properties |
|
| (735 | ) |
|
| - |
|
Amortization of right-of-use asset |
|
| 83 |
|
|
| 86 |
|
Uncollectible account expense |
|
| 50 |
|
|
| - |
|
Gain on disposal of fixed asset |
|
| (12 | ) |
|
| - |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable - oil and gas |
|
| 467 |
|
|
| (3,185 | ) |
Note receivable accrued interest |
|
| (78 | ) |
|
| - |
|
Prepaid expenses and other current assets |
|
| (543 | ) |
|
| (93 | ) |
Accounts payable |
|
| (1,088 | ) |
|
| (232 | ) |
Accrued expenses |
|
| (6,041 | ) |
|
| 669 |
|
Revenue payable |
|
| (2,108 | ) |
|
| (62 | ) |
Net cash provided by operating activities |
|
| 8,547 |
|
|
| 11,425 |
|
|
|
|
|
|
|
|
| |
Cash Flows From Investing Activities: |
|
|
|
|
|
|
|
|
Cash paid for drilling and completion costs |
|
| (21,134 | ) |
|
| (27,985 | ) |
Cash received from the sale of oil and gas property |
|
| 1,115 |
|
|
| 366 |
|
Cash received for sale of vehicle |
|
| 12 |
|
|
| - |
|
Cash received from security deposit reimbursement |
|
| - |
|
|
| 9 |
|
Cash paid for vehicles |
|
| (91 | ) |
|
| (45 | ) |
Net cash used in investing activities |
|
| (22,098 | ) |
|
| (27,655 | ) |
|
|
|
|
|
|
|
| |
Cash Flows From Financing Activities: |
|
|
|
|
|
|
|
|
Proceeds from issuance of shares, net of offering costs |
|
| - |
|
|
| - |
|
Net cash provided by financing activities |
|
| - |
|
|
| - |
|
|
|
|
|
|
|
|
| |
Net decrease in cash and restricted cash |
|
| (13,551 | ) |
|
| (16,230 | ) |
Cash and restricted cash at beginning of period |
|
| 20,715 |
|
|
| 32,977 |
|
Cash and restricted cash at end of period |
| $ | 7,164 |
|
| $ | 16,747 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
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 |
| $ | 5,009 |
|
| $ | 12,558 |
|
Changes in estimates of asset retirement costs, net |
| $ | 56 |
|
| $ | 131 |
|
Issuance of restricted common stock |
| $ | 2 |
|
| $ | 1 |
|
Reconciliation of Net Income attributable to PEDEVCO Corp., to Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA* (in thousands)
|
| Three Months Ended |
|
| Nine Months Ended |
| ||||||||||
|
| September 30, |
|
| September 30, |
| ||||||||||
|
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| ||||
Net income |
| $ | 2,915 |
|
| $ | 949 |
|
| $ | 6,369 |
|
| $ | 4,285 |
|
Add (deduct) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion, amortization and accretion |
|
| 3,055 |
|
|
| 2,932 |
|
|
| 10,782 |
|
|
| 8,411 |
|
EBITDA |
|
| 5,970 |
|
|
| 3,881 |
|
|
| 17,151 |
|
|
| 12,696 |
|
Add (deduct) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation |
|
| 464 |
|
|
| 511 |
|
|
| 1,401 |
|
|
| 1,546 |
|
Gain on sale of fixed assets |
|
| - |
|
|
| - |
|
|
| (12 | ) |
|
| - |
|
Gain on sale of oil and gas properties |
|
| (735 | ) |
|
| - |
|
|
| (735 | ) |
|
| - |
|
Adjusted EBITDA |
| $ | 5,699 |
|
| $ | 4,392 |
|
| $ | 17,805 |
|
| $ | 14,242 |
|
* 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 accesswire.com
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