Company: PED
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001654954-25-003703
Chunk: 1447

Company: PEDEVCO CORP
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 1447
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 $27,925  $8,268   30%Natural Gas  1,216   1,438   (222) (15%) NGL  2,144   1,421   723   51%Total Revenues $39,553  $30,784  $8,769   28%

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

Total crude oil, natural gas and NGL revenues for the year ended December 31, 2024, increased $8.8 million, or 28%, to $39.6 million, compared to $30.8 million for the same period a year ago, due to a favorable volume variance of $8.8 million. There was a negligible price variance over the periods. The increase in production volume is related to our participation in 24 new non-operated wells in the D-J Basin and the drilling and completion of three operated wells in the Permian Basin.

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Net Operating and Other (Income) Expenses

The following table sets forth operating and other expenses for the years ended December 31, 2024 and 2023 (in thousands): 

  2024  2023  Increase (Decrease)  % Increase (Decrease)     (As Restated)                  Direct Lease Operating Expense $6,961  $4,679  $2,282   49%Workovers  839   1,460   (621) (43%) Other*  4,649   3,571   1,078   30%Loss on settlement of ARO  -   121   (121) (100%) Lease Operating Expenses $12,449  $9,831  $2,618   27%                 Depreciation, Depletion,                 Amortization and Accretion   15,920   9,440   6,480   69%General and Administrative (Cash) $4,532  $3,965  $567   14%Share-Based Compensation (Non-Cash)  1,859   2,043   (184) (9%)  Total General and Administrative