PEDEVCO Corp. reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting significant changes in revenue, profitability, and strategic developments compared to the previous fiscal period.

For the three months ended September 30, 2024, PEDEVCO generated total revenues of $9,050,000, a 23% increase from $7,330,000 in the same period of 2023. This growth was primarily driven by a favorable volume variance attributed to increased production from new wells in the Denver-Julesburg (D-J) Basin and the Permian Basin. The company reported net income of $2,915,000, or $0.03 per share, compared to $949,000, or $0.01 per share, for the same quarter in 2023. The increase in net income was largely due to a $1.7 million rise in revenues and a $735,000 gain from the sale of oil and gas properties.

For the nine months ended September 30, 2024, total revenues reached $28,977,000, up 21% from $24,042,000 in the prior year. Net income for this period was $6,369,000, or $0.07 per share, compared to $4,285,000, or $0.05 per share, in 2023. The revenue increase was attributed to both favorable price and volume variances, with crude oil sales volumes rising by 15% to 349,185 barrels.

The company’s total current assets decreased to $10,985,000 as of September 30, 2024, from $24,607,000 at the end of 2023, while total assets also fell to $114,309,000 from $120,058,000. However, total liabilities significantly decreased to $7,773,000 from $21,292,000, leading to an improvement in accumulated deficit to $(120,108,000) from $(126,477,000). Shareholders’ equity increased to $106,536,000 from $98,766,000.

Strategically, PEDEVCO entered into a $250 million reserve-based lending facility with Citibank on September 11, 2024, with an initial borrowing base of $20 million. The company has not drawn any funds from this facility as of the report date. Additionally, PEDEVCO has focused on optimizing existing assets and expanding its acreage in the U.S., particularly in the D-J and Permian Basins.

The company also reported a decrease in cash and restricted cash, totaling $7,164,000 as of September 30, 2024, down from $20,715,000 at the end of 2023. Net cash provided by operating activities for the nine months was $8,547,000, a decline from $11,425,000 in the previous year, while net cash used in investing activities decreased to $(22,098,000) from $(27,655,000).

Overall, PEDEVCO's performance reflects a positive trajectory in revenue and profitability, supported by strategic asset management and operational efficiencies.