Company: PED
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001654954-25-013092
Chunk: 164

Company: PEDEVCO CORP
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2
Chunk 164
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 $22,669  $28,977  $(6,308) (22%) 

(1)Assumes 6 Mcf of natural gas equivalents to one barrel of oil.

Total crude oil, natural gas and NGL revenues for the nine-month period ended September 30, 2025, decreased $6.3 million, or 22%, to $22.7 million, compared to $29.0 million for the same period a year ago due to an unfavorable price variance of $3.2 million, due to the average sales price for crude oil realized by the Company decreasing compared to the nine-month period ended September 30, 2024, coupled with an unfavorable volume variance of $3.1 million. Production volume decreased mainly due to the sale of 17 operated wells in the D-J Basin in April 2025, and natural declines from both our third-party D-J Basin wells and our Permian Basin wells along with our drilling partner, which were completed last period and initially produced at much higher rates. 

 31Table of Contents

Operating Expenses and Other Income (Expense)

The following table summarizes our production costs and operating expenses for the periods indicated (in thousands): 

  Nine Months Ended          September 30,   Increase  % Increase   2025  2024   (Decrease)   (Decrease) Direct Lease Operating Expenses  $4,362  $4,670  $(308) (7%) Workovers   709   859   (150) (17%) Other*  3,234   3,106   128   4%Total Lease Operating Expenses $8,305  $8,635  $(330) (4%)                  Depreciation, Depletion,                 Amortization and Accretion  $11,213  $10,782  $431   4%Impairment of Oil and Gas Properties $907  $-  $907   100%                 General and Administrative (Cash) $3,329  $2,820  $509   18%Share-Based Compensation (Non-Cash)  1,486   1,401   85   6%Total General and Administrative Expense  $4,815  $4,221