Company: PED
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001654954-25-009652
Chunk: 59

Company: PEDEVCO CORP
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 2
Chunk 59
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% NGL  1,289   898   391  43% Total Revenues $15,708  $19,927  $(4,219) (21%) 

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

 23Table of Contents

Total crude oil, natural gas and NGL revenues for the six-month period ended June 30, 2025, decreased $4.2 million, or 21%, to $15.7 million, compared to $19.9 million for the same period a year ago due to an unfavorable price variance of $2.1 million, due to the average sales price for crude oil realized by the Company decreasing compared to the six-month period ended June 30, 2024, coupled with an unfavorable volume variance of $2.1 million. Production volume decreased mainly due to the sale of 17 operated wells in the D-J Basin in April 2025, and natural declines from both our third-party D-J Basin wells and our Permian Basin wells along with our drilling partner, which were completed last period and initially produced at much higher rates. 

Operating Expenses and Other Income (Expense)

The following table summarizes our production costs and operating expenses for the periods indicated (in thousands): 

  Six Months Ended          June 30,   Increase  % Increase   2025  2024   (Decrease)   (Decrease) Direct Lease Operating Expenses  $3,181  $3,067  $114  4% Workovers   731   735   (4) (1%) Other*  2,299   2,277   22  1% Total Lease Operating Expenses $6,211  $6,079  $132  2%                 Depreciation, Depletion,                 Amortization and Accretion  $7,203  $7,727  $(524) (7%) Impairment of Oil and Gas Properties $742  $-  $742  100%                 General and Administrative (Cash) $2,340  $1,941  $399  21% Share-Based Compensation (Non-Cash)  949   937   12