Company: PED
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001654954-25-003703
Chunk: 1785

Company: PEDEVCO CORP
Filing Date: 2025-03-31
Form: 10-K
Item: Item 5
Chunk 1785
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 reported net income for the year ended December 31, 2024 of $17.8 million, or $0.20 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 $16.1 million was primarily due to a recognition of an income tax benefit of $12.8 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:

  2024  2023  Increase(Decrease)  Increase(Decrease) Sale Volumes:            Crude Oil (Bbls)  492,396   382,794   109,602   29%Natural Gas (Mcf)  608,382   479,533   128,849   27%NGL (Bbls)  78,003   58,170   19,833   34%Total (Boe) (1)  671,796   520,886   150,910   29%                 Crude Oil (Bbls per day)  1,345   1,049   296   28%Natural Gas (Mcf per day)  1,662   1,314   348   26%NGL (Bbls per day)  213   159   54   34%Total (Boe per day) (1)  1,835   1,427   408   29%                 Average Sale Price:                Crude Oil ($/Bbl) $73.50  $72.95  $0.55