Company: PED
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001654954-25-005762
Chunk: 56

Company: PEDEVCO CORP
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 56
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 thereto included in this Quarterly Report on Form 10-Q. The majority of the numbers presented below are rounded numbers and should be considered as approximate.

 20Table of Contents

Three Months Ended March 31, 2025, vs. Three Months Ended March 31, 2024

We reported net income for the three-month period ended March 31, 2025, of $0.1 million, or $0.00 per common share, compared to net income for the three-month period ended March 31, 2024 of $0.8 million or $0.01 per share. The decrease in net income of $0.7 million, when comparing the current period to the prior year’s period, was primarily due to a $1.1 million increase in total operating expense (which includes an impairment of oil and gas properties of $0.2 million), offset by an increase of revenues of $0.6 million and other income (each discussed in more detail below) combined with income tax expense of $76,000 (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 EndedMarch 31,        2025  2024  Increase (Decrease)  % Increase(Decrease) Sale Volumes:            Crude Oil (Bbls)  102,699   100,903   1,796   2%Natural Gas (Mcf)  166,733   131,939   34,794   26%NGL (Bbls)  23,143   11,557   11,586   100%Total (Boe) (1)  153,631   134,450   19,181   14%                 Crude Oil (Bbls per day)  1,141   1,109   32   3%Natural Gas (Mcf per day)  1,853   1,450   403   28%NGL (Bbls per day)  257   127   130   102%Total (Boe per day) (1)  1,707   1,478