PEDEVCO Corp. announced its financial results for the first quarter ended March 31, 2025, reporting an 8% increase in total revenue from oil and gas sales to $8.736 million. Average daily production also rose by 15% to 1,707 BOEPD, with liquids comprising 82% of the volume.
Despite revenue and production growth, net income decreased from $0.773 million in Q1 2024 to $0.140 million in Q1 2025. This decline was primarily attributed to a $1.1 million increase in total operating expenses, which included a $0.232 million impairment charge related to undeveloped D-J Basin leases, and a 35% rise in lease operating expenses.
The company outlined a significant 2025 capital expenditure program, estimated to range between $27 million and $33 million, with 70% to 75% allocated to D-J Basin joint development activities. As of March 31, 2025, PEDEVCO held $10.413 million in cash and cash equivalents, a $6.7 million working capital surplus, and an undrawn $20 million initial borrowing base on a $250 million reserve-based lending facility, alongside $8 million available via an at-the-market equity offering facility.
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