Company: PED
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001654954-25-013092
Chunk: 39

Company: PEDEVCO CORP
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 39
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GL  408   624   (216) (35%) Total Revenues $6,961  $9,050  $(2,089) (23%) 

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

Total crude oil, natural gas and NGL revenues for the three-month period ended September 30, 2025, decreased $2.1 million, or 23%, to $7.0 million, compared to $9.1 million for the same period a year ago, due to an unfavorable price variance of $1.1 million, due to the average sales price for crude oil and NGL realized by the Company decreasing compared to the three-month period ended September 30, 2024, coupled with an unfavorable volume variance of $1.0 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

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

  Three Months Ended          September 30,   Increase  % Increase   2025  2024   (Decrease)   (Decrease) Direct Lease Operating Expenses  $1,181  $1,603  $(422) (26%) Workovers   -   124   (124) (100%) Other*  914   829   85   10%Total Lease Operating Expenses $2,095  $2,556  $(461) (18%)                  Depreciation, Depletion,                 Amortization and Accretion $4,010  $3,055  $955   31%Impairment of Oil and Gas Properties $165  $-  $165   100%                 General and Administrative (Cash) $988  $879  $109   12%Share-Based Compensation (Non-Cash)  537   464   73   16%Total General and Administrative Expense  $1,525  $1