Company: PED
Filing Date: 2025-10-29
Form Type: 10-K/A
Source: 0001654954-25-012328
Chunk: 128

Company: PEDEVCO CORP
Filing Date: 2025-10-29
Form: 10-K/A
Chunk 128
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 of the results of operations for each of the two fiscal years in the years ended December 31, 2024 and 2023 should be read in conjunction with the consolidated financial statements of PEDEVCO Corp. and notes thereto included herein (see “Item 8. Financial Statements and Supplementary Data”).

Net Income(as restated)

We reported net income for the year ended December 31, 2024 of $12.3 million, or $0.14 per share, compared to net income for the year ended December 31, 2023 of $1.7 million or $0.02 per share. The increase in net income of $10.6 million was primarily due to a recognition of an income tax benefit of $7.3 million (see “Item 8. Financial Statements and Supplementary Data” - “Note 14 – Income Taxes”) coupled with $8.8 million increase in revenue in the current period and a $4.3 million loss on the Milnesand Sale in the prior period, offset by a $9.5 million increase in total operating expenses in the current period, offset further by a $0.2 million decrease in other income and a $0.1 million loss on sale of oil and gas properties in the current period (all of which are discussed in more detail below).

Net Revenues

The following table sets forth the revenue and production data for the years ended December 31, 2024 and 2023:

| Sale Volumes:                          
 Crude Oil (Bbls)                       
 Natural Gas (Mcf)                      
 NGL (Bbls)                             
 Total (Boe) (1)                        
 Crude Oil (Bbls per day)               
 Natural Gas (Mcf per day)              
 NGL (Bbls per day)                     
 Total (Boe per day) (1)                
 Average Sale Price:                    |     | 2024 | 492,396 
 608,382 
  78,003 
 671,796 
   1,345 
   1,662 
     213 
   1,835 |     | 2023 | 382,794 
 479,533 
  58,170 
 520,886 
   1,049 
   1,314 
     159 
   1,427 |     | Increase(Decrease) | 109,602 
 128,849 
  19,833 
 150