In This Story
Pedevco Corp. (PED+3.71%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing a net income of $17.8 million for 2024, compared to $1.7 million for 2023. This increase is primarily due to a $12.8 million income tax benefit recognized in 2024.
Total revenues for the year were $39.6 million, a 28% increase from $30.8 million in 2023. This growth was driven by increased production volumes in the D-J Basin and Permian Basin.
Pedevco's estimated net proved reserves as of December 31, 2024, were approximately 18.1 million barrels of oil equivalent (MMBoe), up from 17.0 MMBoe in 2023. The increase is attributed to additional proved undeveloped reserves in the D-J Basin.
The company reported total operating expenses of $34.8 million for 2024, up from $25.3 million the previous year. This rise is largely due to increased depreciation, depletion, and amortization expenses.
Pedevco's cash flow from operating activities was $12.8 million in 2024, a decrease from $23.5 million in 2023, mainly due to changes in working capital.
The company plans capital expenditures of $27 million to $33 million for 2025, focusing on drilling and completion costs in the Permian Basin and D-J Basin.
Pedevco has a reserve-based lending facility with Citibank, N.A., with an initial borrowing base of $20 million and a maximum revolving credit amount of $250 million, none of which has been drawn down as of the filing date.
The company has also entered into a Sales Agreement for an 'at the market offering' of up to $8.0 million in securities, with no sales made to date.
Pedevco's management acknowledges a material weakness in internal controls over financial reporting related to the calculation of depreciation, depletion, and amortization, and is implementing a remediation plan.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Pedevco Corp. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.