Company: PED
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001654954-25-009652
Chunk: 36

Company: PEDEVCO CORP
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 36
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 million for the current year’s period, when compared to the prior year’s period, primarily due to a decrease in net income of $5.0 million, coupled with a $0.5 million decrease in depreciation, depletion and amortization and a $1.0 million gain on a sale of oil and gas properties, offset by a $0.7 million impairment of oil and gas properties, $0.4 increase in deferred tax asset and $1.4 million from a note receivable - credit loss, and a $9.9 million net decrease to our other components of working capital (predominantly from increased expenses from our drilling and completion activities).

Cash flows used in investing activities. Even though total capital costs (accrued and cash) increased to $8.5 million this period from $7.2 million last period (see extract table below from our Consolidated Statements of Cash Flows), net cash used in investing activities actually decreased by $11.3 million year-over-year primarily due to a decrease in cash only outlays from our capital spending relating to our drilling and completion activities offset by cash received from the sale of oil and gas properties.

  Six Months Ended June 30,    2025  2024 Cash paid for drilling and completion costs  (3,675)  (12,290)Change in accrued oil and gas development costs  (4,780)  5,067  Total capital costs   (8,455)  (7,223)

Cash flows from financing activities. Consisted of sales of our common stock via our ATM Offering in the current period (discussed above). There were no financing activities in the prior period.

Non-GAAP Financial Measures

We have included EBITDA and Adjusted EBITDA in this Report as supplements to generally accepted accounting principles in the United States of America (“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” represents net income before interest, taxes, depreciation and amortization. “Adjusted EBITDA” represents EBITDA, less share-based compensation, impairment of oil and gas properties, gain on sale of oil and gas properties, gain on sale of fixed asset and note receivable - credit loss. Adjusted EBIT