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Pedevco Corp. (PED-16.28%) 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-12.07%), 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.