Company: PED
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001654954-25-005762
Chunk: 79

Company: PEDEVCO CORP
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 2
Chunk 79
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$(4.99) (7%)Natural Gas ($/Mcf)  5.05   2.52   2.53   100%NGL ($/Bbl)  35.43   28.48   6.95   24%                 Net Operating Revenues (in thousands):                Crude Oil $7,074  $7,454  $(380) (5%)Natural Gas  842   333   509   153%NGL  820   329   491   149%Total Revenues $8,736  $8,116  $620   8%

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

Total crude oil, natural gas and NGL revenues for the three-month period ended March 31, 2025, increased $0.6 million or 8%, for the same period a year ago due to a favorable volume variance of $0.7 million, offset by an unfavorable price variance of $0.1 million over the period. The increase in overall production volume is primarily related to our participating in six non-operated wells in the D-J Basin which production began in the latter part of Q3 2024 and another five non-operated wells in the D-J Basin  which production began in late Q4 2024.

 21Table of Contents

Operating Expenses and Other Income

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

  Three Months Ended          March 31,   Increase  % Increase   2025  2024   (Decrease)   (Decrease) Direct Lease Operating Expenses  $1,925  $1,336  $589   44%Workovers   262   400   (138) (35%)Other*  1,225   795   430   54%Total Lease Operating Expenses $3,412  $2,531  $881   35%                 Depreciation, Depletion,                   Amortization and Accretion  $3,346  $3,485  $(139) (4%)Impairment of Oil and Gas Properties $232  $-  $