Company: PED
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001654954-25-003703
Chunk: 1903

Company: PEDEVCO CORP
Filing Date: 2025-03-31
Form: 10-K
Item: Item 6
Chunk 1903
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ussed in greater detail below under “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Financing” (under which we have sold no shares to date), and (vi) funding through other credit or loan facilities. In addition, we may seek additional funding through asset sales, farm-out arrangements, and partnerships to fund potential acquisitions during the remainder of 2025.

Cash Flows (in thousands)

  Year Ended December 31,   2024  2023 Cash flows provided by operating activities $12,766  $23,481 Cash flows used in investing activities  (26,874)  (35,743)Cash flows provided by financing activities  -   - Net decrease in cash and restricted cash $(14,108) $(12,262)

Cash provided by operating activities. Net cash provided by operating activities decreased by $10.7 million for the current year’s period, when compared to the prior year’s period, primarily due to our net income for the current period increasing by $5.6 million and from a $4.2 million increase in depreciation, depletion, amortization and accretion (primarily due to increased sales production, noted above), offset by a $4.2 million net loss on sale of oil and gas properties (primarily from a $4.3 million loss on the sale of our EOR Operating Company subsidiary and its corresponding assets in the prior period) and by a $16.3 million net decrease to our other components of working capital in the current period (due to increased cash payments and decreased payables and expenses outstanding from our drilling and completion activity) when comparing periods. 

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Cash used in investing activities. Net cash used in investing activities decreased by $8.9 million for the current year’s period, when compared to the prior year’s period, primarily due to decreased cash outlays from our capital spending relating to our drilling and completion activities.

Cash financing activities. There were no cash flow financing activities in the current or 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