Company: PED
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001654954-25-009652
Chunk: 54

Company: PEDEVCO CORP
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 2
Chunk 54
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, of $1.7 million, or ($0.02) per common share, compared to net income for the three-month period ended June 30, 2024 of $2.7 million or $0.03 per share. The decrease in net income of $4.4 million, when comparing the current period to the prior year’s period, was primarily due to the recognition of $1.4 million from a note receivable - credit loss related to the full write-off of the Tilloo Note receivable, corresponding accrued interest and posting closing adjustments owed to the Company related to the sale of our EOR subsidiary and other reductions to operating income of $3.5 million (a $4.8 million reduction in revenue and a $0.5 million impairment to oil and gas properties, offset by a $0.8 million reduction in other operating expenses), offset by a $1.0 million gain on sale on oil and gas properties from the sale of our operated wells in the D-J Basin (each discussed in more detail below) and an income tax benefit of $0.5 million (see Note 13 – Income Taxes, in the notes to the consolidated financial statements above under “Part I – Financial Information—Item 1. Financial Statements”).

Net Revenues

The following table sets forth the operating results and production data for the periods indicated:

  Three Months EndedJune 30,          2025  2024  Increase (Decrease)  % Increase(Decrease) Sale Volumes:            Crude Oil (Bbls)  100,249   139,472   (39,223) (28%) Natural Gas (Mcf)  119,493   145,574   (26,081) (18%) NGL (Bbls)  17,863   19,083   (1,220) (6%) Total (Boe) (1)  138,028   182,817   (44,789) (24%)                 Crude Oil (Bbls per day)  1,102   1,533   (431) (28%) Natural Gas (Mcf per day)  1,313   1,600   (287) (18%) NGL (Bbls per day)