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Pedevco Corp. (PED) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenues to $9,050,000 from $7,330,000 in the same quarter the previous year. The increase is attributed to higher production volumes.
Lease operating expenses for the quarter were $2,556,000, compared to $2,245,000 in the same quarter of the previous year. This increase is due to higher direct and variable lease operating expenses.
The company reported a net income of $2,915,000 for the quarter, compared to $949,000 in the previous year, with the increase attributed to higher revenues and a gain on the sale of oil and gas properties.
Cash provided by operating activities was $8,547,000, while cash used in investing activities was $22,098,000, primarily due to drilling and completion costs.
Pedevco had a working capital of $5,759,000 as of September 30, 2024. The company expects to have sufficient cash available to meet its needs over the next 12 months.
The filing also details a new $250 million reserve-based lending facility with Citibank, N.A. (C), which has not been drawn upon as of the date of the report.
Pedevco's strategy includes optimizing existing assets and seeking additional acreage in the Permian Basin and D-J Basin, focusing on horizontal development and exploitation.
The company continues to focus on increasing production, cash flow, and reserves by developing its drilling inventory and participating in non-operated projects.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Pedevco Corp. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.