P
PEDEVCO CORP
PEDCIK 0001141197NYSENon-AcceleratedSmaller ReportingCrude Petroleum & Natural GasTexasFY ends Dec 31
Period
FY 2025
Revenue
$45.75M
Net Income
$-10.36M
Total Assets
$375.87M
Equity
$207.36M
Shares Out
13.30M
Op. Cash Flow
$10.76M
Business
PEDEVCO CORP is an oil and gas company engaged in the acquisition, exploration, development and production of onshore oil and natural gas assets using modern drilling and completion techniques. It produces and markets crude oil, natural gas and natural gas liquids (NGLs) and provides reservoir evaluation, drilling and production operations. The company operates through business units including its Permian Basin Asset (held via PEDCO and operated by RAZO) and its D-J Basin Asset (held via PRH and operated by Red Hawk). Its operations and sales are concentrated in U.S. onshore basins—primarily the Permian Basin in New Mexico and the Denver-Julesburg Basin in Colorado and Wyoming—selling production under short-term agreements to independent purchasers, midstream companies and marketers.
Summary from filing dated 2025-03-31
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Oil and gas sales | 46 | 40 | 31 | 30 | 16 | |
| Lease operating costs | 19 | 12 | — | — | — | |
| Selling, general and administrative expense | 17 | 6 | 6 | 6 | 6 | |
| Impairment of oil and gas properties | 908,000 | 0 | — | — | 0 | |
| Depreciation, depletion, amortization and accretion | 18 | 16 | 9 | 11 | 7 | |
| Total operating expenses | 55 | 35 | 25 | 27 | 20 | |
| Gain (Loss) on sale of oil and gas properties, net | 3 | −76,000 | −4 | 0 | — | |
| Note receivable - credit loss | −1 | 0 | — | — | — | |
| Operating income | −8 | 5 | 1 | 3 | −2 | |
| Interest expense | −1 | 0 | — | 0 | −1,000 | |
| Interest income | 274,000 | 351,000 | 422,000 | 117,000 | — | |
| Gain on sale of fixed asset | 0 | 12,000 | 0 | — | — | |
| Net gain on derivative contracts | 6 | 0 | — | — | — | |
| Other income (expense) | 428,000 | −42,000 | 462,000 | 214,000 | 180,000 | |
| Total other income | 6 | 321,000 | — | 214,000 | 568,000 | |
| Income before income taxes | −2 | 5 | 2 | — | — | |
| Income tax (expense) benefit | −8 | 7 | 0 | — | — | |
| Net (loss) income | −10 | 12 | 2 | 3 | −1 | |
| Basic (per share) | −2.25 | 2.76 | 0.02 | 0.03 | −0.02 | |
| Diluted (per share) | −2.25 | 2.76 | 0.02 | 0.03 | −0.02 | |
| Basic (shares) | 5 | 4 | 87 | 86 | 80 | |
| Diluted (shares) | 5 | 4 | 87 | 86 | 80 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash | 3 | 4 | 19 | 29 | 26 | |
| Accounts receivable - oil and gas | 26 | 8 | 6 | 2 | 2 | |
| Note receivable, current | 0 | 293,000 | 42,000 | 0 | — | |
| Inventory | 61,000 | 0 | — | — | — | |
| Derivative contract assets, current | 8 | 0 | — | — | — | |
| Prepaid expenses and other current assets | 434,000 | 917,000 | 260,000 | 249,000 | 326,000 | |
| Total current assets | 38 | 13 | 25 | 32 | 28 | |
| Oil and gas properties, subject to amortization, net | 303 | 95 | 82 | 79 | 64 | |
| Oil and gas properties, not subject to amortization, net | 19 | 8 | 12 | 775,000 | — | |
| Total oil and gas properties, net | 322 | 104 | 94 | 80 | — | |
| Note receivable | 0 | 933,000 | 1 | 0 | — | |
| Operating lease - right-of-use asset | 213,000 | 224,000 | 316,000 | 71,000 | 173,000 | |
| Derivative contract assets | 10 | 0 | — | — | — | |
| Deferred income taxes | 0 | 7 | 0 | — | — | |
| Other assets | 6 | 3 | — | — | — | |
| Total assets | 376 | 128 | 123 | 116 | 98 | |
| Accounts payable | 32 | 3 | 7 | 2 | 3 | |
| Accrued expenses | 8 | 2 | 9 | 14 | 1 | |
| Revenue payable | 21 | 1 | 3 | 1 | — | |
| Operating lease liabilities - current | 182,000 | 99,000 | 89,000 | 81,000 | 114,000 | |
| Derivative contract liabilities - current | 964,000 | 0 | — | — | — | |
| Asset retirement obligations - current | 1 | 663,000 | 147,000 | 472,000 | 49,000 | |
| Deferred income taxes | 800,000 | 0 | — | — | — | |
| Total current liabilities | 64 | 7 | 19 | 17 | 5 | |
| Revolving credit facility | 87 | 0 | — | — | — | |
| Operating lease liabilities, net of current portion | 32,000 | 129,000 | 227,000 | 0 | 81,000 | |
| Derivative contract liabilities | 6 | 0 | — | — | — | |
| Asset retirement obligations, net of current portion | 8 | 6 | 2 | 3 | 1 | |
| Other long-term liabilities | 2 | 0 | — | — | — | |
| Total liabilities | 169 | 13 | 21 | 20 | 7 | |
| Series A preferred stock, $0.001 par value, 200,000,000 shares authorized; 17,013,637 and -0- shares issued and outstanding, respectively | 17 | 0 | — | — | — | |
| Common stock, $0.001 par value, 200,000,000 shares authorized; 4,797,239 and 4,474,765 shares issued and outstanding, respectively | 5,000 | 4,000 | 87,000 | 86,000 | 84,000 | |
| Additional paid-in capital | 312 | 227 | 225 | 223 | 221 | |
| Accumulated deficit | −122 | −111 | −124 | −127 | −130 | |
| Total shareholders' equity | 207 | 116 | 101 | 98 | 91 | |
| Total liabilities and shareholders' equity | 376 | 128 | 123 | 116 | 98 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Net (loss) income | −10 | 12 | 2 | — | −1 | |
| Amortization of right-of-use asset | 170,000 | 110,000 | 100,000 | 102,000 | — | |
| Amortization of deferred financing costs | 267,000 | 0 | — | — | — | |
| Share-based compensation expense | 3 | 2 | 2 | 2 | 2 | |
| Cash received for derivative settlements, net | 2 | 0 | — | — | — | |
| Disposition of escrow cash account | 0 | 50,000 | — | — | — | |
| Deferred income taxes | 8 | −7 | 0 | — | — | |
| Accounts receivable - oil and gas | −5 | −2 | −3 | −648,000 | −1 | |
| Inventory | −61,000 | 0 | — | — | — | |
| Note receivable accrued interest | −41,000 | −85,000 | −19,000 | — | — | |
| Prepaid expenses and other assets | −899,000 | −657,000 | −11,000 | 77,000 | — | |
| Accounts payable | 2 | 541,000 | −11,000 | −159,000 | −356,000 | |
| Accrued expenses | −1 | −6 | 7 | 435,000 | 1 | |
| Other long term liabilities | −46,000 | 0 | — | — | — | |
| Revenue payable | 1 | −2 | 2 | 80,000 | — | |
| Net cash provided by operating activities | 11 | 13 | 23 | 16 | 6 | |
| Cash paid for merger acquisition | −116 | 0 | — | — | — | |
| Cash paid for drilling and completion costs | −20 | −28 | −35 | −12 | — | |
| Cash paid for other property and equipment | 0 | −169,000 | −45,000 | 0 | −35,000 | |
| Cash received for sale of oil and gas properties | 3 | 1 | 366,000 | 0 | — | |
| Cash received for sale of vehicle | 0 | 12,000 | 0 | — | — | |
| Net cash used in investing activities | −133 | −27 | −36 | −12 | −3 | |
| Proceeds from credit facility | 87 | 0 | — | — | — | |
| Proceeds from the issuance of convertible preferred stock | 35 | 0 | — | — | — | |
| Proceeds from issuance of shares, net of offering costs | 139,000 | 0 | 0 | 35,000 | 15 | |
| Net cash provided by investing activities | 122 | 0 | 0 | 35,000 | 15 | |
| Net increase (decrease) in cash and restricted cash | −286,000 | −14 | −12 | 4 | — | |
| Interest | 590,000 | 0 | 0 | 0 | 0 | |
| Income taxes | 0 | 0 | 0 | 0 | — | |
| Change in accrued oil and gas development costs | 11 | 6 | 8 | — | — | |
| Changes in estimates of asset retirement costs, net | 1 | 4 | — | — | — | |
| Issuance of restricted common stock | 1,000 | 0 | 1,000 | 2,000 | — | |
| Issuance of convertible preferred stock | 64 | 0 | — | — | — |
Filings
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