Company: PED
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001654954-25-005762
Chunk: 78

Company: PEDEVCO CORP
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 2
Chunk 78
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 Ended March 31, 2025, vs. Three Months Ended March 31, 2024

We reported net income for the three-month period ended March 31, 2025, of $0.1 million, or $0.00 per common share, compared to net income for the three-month period ended March 31, 2024 of $0.8 million or $0.01 per share. The decrease in net income of $0.7 million, when comparing the current period to the prior year’s period, was primarily due to a $1.1 million increase in total operating expense (which includes an impairment of oil and gas properties of $0.2 million), offset by an increase of revenues of $0.6 million and other income (each discussed in more detail below) combined with income tax expense of $76,000 (see Note 13 – Income Taxes, in the notes to the consolidated financial statements above under “Part I – Financial Information—Item 1. Financial Statements”).

Net Revenues

The following table sets forth the operating results and production data for the periods indicated:

  Three Months EndedMarch 31,        2025  2024  Increase (Decrease)  % Increase(Decrease) Sale Volumes:            Crude Oil (Bbls)  102,699   100,903   1,796   2%Natural Gas (Mcf)  166,733   131,939   34,794   26%NGL (Bbls)  23,143   11,557   11,586   100%Total (Boe) (1)  153,631   134,450   19,181   14%                 Crude Oil (Bbls per day)  1,141   1,109   32   3%Natural Gas (Mcf per day)  1,853   1,450   403   28%NGL (Bbls per day)  257   127   130   102%Total (Boe per day) (1)  1,707   1,478   229   15%                 Average Sale Price:                Crude Oil ($/Bbl) $68.88  $73.87