UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported):
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| (Zip Code) |
Registrant’s telephone number, including area code: (
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 15, 2023, PEDEVCO Corp. (the “Company”) issued a press release announcing its financial results for the three-months ended March 31, 2023, and providing an operations update. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K, and is incorporated by reference into this Item 2.02 in its entirety.
The information contained in this Current Report (and included as an exhibit hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
The Company is making reference to non-GAAP financial information in the attached press release and a reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the attached press release.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
| Description |
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104 |
| Inline XBRL for the cover page of this Current Report on Form 8-K |
* Furnished herewith.
The inclusion of any website address in this Form 8-K, and any exhibit thereto, is intended to be an inactive textual reference only and not an active hyperlink. The information contained in, or that can be accessed through, such website is not part of or incorporated into this Form 8-K.
Forward-Looking Statements
The press release furnished as Exhibit 99.1, to this Current Report on Form 8-K, contains forward-looking statements within the safe harbor provisions under the federal securities laws, including The Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and assumptions. These forward-looking statements relate to the Company’s current expectations and are subject to the limitations and qualifications set forth in the press release as well as in the Company’s other filings with the Securities and Exchange Commission, including, without limitation, that actual events and/or results may differ materially from those projected in such forward-looking statements. These statements also involve known and unknown risks, which may cause the results of the Company and its subsidiaries to be materially different than those expressed or implied in such statements, as described in greater detail in the press release furnished as Exhibit 99.1. Accordingly, readers should not place undue reliance on any forward-looking statements. Forward-looking statements may include comments as to the Company’s beliefs and expectations as to future financial performance, events and trends affecting its business and are necessarily subject to uncertainties, many of which are outside the Company’s control. More information on potential factors that could affect the Company’s financial results is included from time to time in the “Cautionary Note Regarding Forward-Looking Statements,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s periodic and current filings with the SEC, including the Form 10-Qs and Form 10-Ks, filed with the SEC and available at www.sec.gov and the Company’s website at https://www.PEDEVCO.com/ped/sec_filings, and specifically including the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 and the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023. Forward-looking statements speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date, except as otherwise provided by law.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PEDEVCO CORP. | ||
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Date: May 15, 2023 | By: | /s/ Simon G. Kukes | |
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| Simon G. Kukes | |
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| Chief Executive Officer | |
| 3 |
PEDEVCO Announces Q1 2023 Financial Results and Operations Update
HOUSTON, TX / ACCESSWIRE / May 15, 2023 / PEDEVCO Corp. (NYSE American: PED) ("PEDEVCO" or the "Company"), an energy company engaged in the acquisition and development of strategic, high growth energy projects in the U.S., today announced its financial results for the three months ended March 31, 2023 and provided an operations update.
Key Highlights Include:
| ● | Produced an average of approximately 1,428 barrels of oil equivalent per day ("BOEPD") (80.4% oil) in the three months ended March 31, 2023 (“Q1 2023”), with Q1 2023 revenue of $8.2 million increasing 15% over revenue earned during the three months ended March 31, 2022 (“Q1 2022”). |
| ● | Reported operating income of $1.6 million and operating expenses (inclusive of general and administrative expenses, depreciation, depletion and amortization expenses and lease operating expenses) of $6.5 million, increasing 30% and 12%, respectively, from Q1 2022. |
| ● | Reported net income of $1.8 million, or $0.02 per basic and diluted share outstanding, compared to net income of $1.3 million, or $0.02 per basic and diluted share outstanding, in Q1 2022. |
| ● | Adjusted EBITDA, a non-GAAP financial measure (discussed in greater detail below), increased 28% to $4.9 million, compared to $3.8 million in Q1 2022. |
| ● | Reported cash and cash equivalents (including $3.55 million in restricted cash) of $17.7 million as of March 31, 2023, and zero debt. |
| ● | Production growth in Q1 2023 attributable to commencement of production from fourteen new non-operated wells in the D-J Basin, including 6 wells in the Barracuda Unit in which the Company holds an approximate 35.8% working interest which began producing in December 2022, and eight wells in the Ross Unit in which the Company holds an approximate 4.7% working interest which were turned in line (TIL) in early February 2023 and should continue to increase production into the second quarter of 2023. |
| ● | Currently estimating to participate in seven additional non-operated horizontal Niobrara wells in the D-J Basin in the second half of 2023 where the Company holds an approximate 18% working interest. Permits are in place; however, the Company has not yet been AFE’d by the operating partner. |
| ● | Currently permitting and securing vendor commitments to drill and complete 4 operated horizontal Niobrara wells in the D-J Basin where the Company holds an approximate 70% working interest, with drilling expected to commence in late 2023 and into early 2024. |
J. Douglas Schick, President of the Company, stated, "We are pleased with the results from our 2022 non-operated development program which we began to see in Q1 2023. This program has helped to deliver strong operational and financial results to our shareholders in the quarter, including an increase in production, cash flow, earnings per share, and Adjusted EBITDA even as oil prices were lower for Q1 2023 compared to Q1 2022, all while maintaining zero debt and controlling G&A expenses. We expect to continue to see meaningful production growth through Q2 2023 as production from the fourteen non-operated wells in which we participated in during 2022 are now all online. We seek to continue to leverage our strong cash position and zero debt to continue to grow our production, revenue, and profit, as well as increase our asset base for the benefit of our shareholders."
Financial Summary:
For the three months ended March 31, 2023, we reported a net income of $1.8 million, or $0.02 per basic and diluted share outstanding, compared to net income of $1.3 million, or $0.02 per basic and diluted share outstanding in Q1 2022.
The increase in net income of $0.5 million, when comparing the current period to the prior year’s period, was primarily due to a $1.2 million increase in combined net revenues and interest income offset by a $0.7 million increase in total operating expenses (discussed in more detail below).
We reported operating expenses in Q1 2023 of $6.5 million, compared to $5.8 million in Q1 2022. The increase of $0.7 million was primarily due to a $0.1 million increase in lease operating expenses due to planned activity for the beginning of the 2023 year to move forward the timing of operational and facility improvements, and equipment maintenance, and a $0.7 million increase in depreciation, depletion, amortization and accretion expense due to an increased production and a decrease in general and administrative expenses of $0.1 million in the current period when compared to the prior period.
Adjusted EBITDA, a non-GAAP financial measure (discussed in greater detail below), increased 28% to $4.9 million in Q1 2023, compared to $3.8 million in Q1 2022.
Cash and cash equivalents was $17.7 million as of March 31, 2023 (including $3.55 million in restricted cash), compared with $33.0 million as of December 31, 2022 (including $3.55 million in restricted cash), which decrease was due largely to increased capital spending related to our drilling and completion activities.
Production, Prices and Revenues:
Production for Q1 2023 was 128,514 barrels of oil equivalent ("Boe"), comprised of 103,329 barrels of oil, 87,658 million cubic feet ("Mcf") of natural gas, and 10,575 Boe of natural gas liquids ("NGLs"). Liquids production comprised 88.6% of total production in the quarter.
Our average realized crude oil sales price in Q1 2023 was $72.19 per barrel, average realized natural gas price was $5.75 per Mcf, and average realized NGL sales price was $18.90 per barrel. Our combined average realized sales price for the quarter was $63.52 per Boe, which was a decrease of 13% compared with $73.36 per Boe in Q1 2022.
Total crude oil, natural gas and NGL revenues for Q1 2023 increased $1.1 million, or 15%, to $8.2 million, compared to $7.1 million for the same period a year ago, due to a favorable volume variance of $2.0 million offset by an unfavorable price variance of $0.9 million. The increase in production volume is related to the positive performance from our participation in 14 non-operated wells in the D-J Basin Asset (six of which began producing in late 2022 and eight of which began producing in the three months ended March 31, 2023), combined with maintaining relatively flat production declines from our existing operated Permian Basin and D-J Basin Assets.
Lease Operating Expenses ("LOE"):
Total LOE for Q1 2023 was $2.5 million compared to total LOE for Q1 2022 of $2.4 million. The $0.1 million increase was primarily due to planned activity for the beginning of the 2023 year to move forward the timing of operational and facility improvements, and equipment maintenance.
| 2 |
Depreciation, Depletion, Amortization and Accretion ("DD&A"):
DD&A increased from $1.9 million in Q1 2022 to $2.6 million in Q1 2023. The $0.7 million increase was primarily the result of an increase in production (noted above) in the current period when compared to the prior period.
General and Administrative Expenses ("G&A"):
There was a nominal decrease in G&A expenses (excluding share-based compensation) in Q1 2023 compared to Q1 2022 as the Company continues to strive to contain costs and remain within budget from period to period.
Share-based compensation, which is included in general and administrative expenses in the Statements of Operations, decreased nominally due to the forfeiture of certain employee stock-based options and nonvested restricted shares due to certain voluntary employee terminations. Share-based compensation is utilized for the purpose of conserving cash resources for use in field development activities and operations.
Interest Income and Other Expense:
We earned $98,000 in interest from our interest-bearing cash accounts, for which interest rates have increased in the current period, compared to the prior period. Other income of $35,000 in Q1 2023 was primarily related to the sale of used pipe offset by a vendor dispute settlement in the prior period.
Working Capital and Liquidity:
At March 31, 2023, our total current assets of $20.1 million exceeded our total current liabilities of $6.8 million, resulting in a working capital surplus of $13.3 million, while at December 31, 2022, our total current assets of $32.1 million exceeded our total current liabilities of $17.0 million, resulting in a working capital surplus of $15.1 million. The $1.8 million decrease in our working capital surplus was primarily related to cash used to fund our current capital drilling budget.
Operations Update:
We are currently applying for permits and securing vendor commitments to drill and complete 4 operated horizontal Niobrara wells in the D-J Basin where we hold an approximate 70% working interest, with drilling expected to commence in late 2023 and into early 2024. In addition, based on discussions with our non-operating partners in the D-J Basin, we currently plan to participate in an additional 7 non-operated horizontal Niobrara wells in the D-J Basin in the second half of 2023 where we hold an approximate 18% working interest. Permits for this project are in place; however, we have not yet been AFE’d by the operating partner. Contingent upon availability of funds related to the timing of these D-J Basin Asset projects planned in 2023, we may also seek to drill and complete an additional 3 horizontal San Andres wells on our Permian Basin Asset in 2023. We have permits for these San Andres wells, which we plan to drill and complete if either of our D-J Basin Asset operated or non-operated projects gets pushed past early 2024.
More information regarding our operating results for the three months ended March 31, 2023, including our full financial statements and footnotes, can be found in our Quarterly Report on Form 10-Q which was filed earlier today with the Securities and Exchange Commission and is available at www.sec.gov.
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About PEDEVCO Corp.
PEDEVCO Corp. (NYSE American: PED), is a publicly-traded energy company engaged in the acquisition and development of strategic, high growth energy projects in the United States. The Company's principal assets are its Permian Basin Asset located in the Northwest Shelf of the Permian Basin in eastern New Mexico, and its D-J Basin Asset located in the D-J Basin in Weld and Morgan Counties, Colorado, and southern Wyoming. PEDEVCO is headquartered in Houston, Texas.
Use of Non-GAAP Financial Information
This earnings release discusses EBITDA and Adjusted EBITDA which are presented as supplemental measures of the Company's performance. These measurements are not recognized in accordance with generally accepted accounting principles (GAAP) and should not be viewed as an alternative to GAAP measures of performance. EBITDA represents net income before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA, less share-based compensation. EBITDA and Adjusted EBITDA are presented because we believe they provide additional useful information to investors due to the various noncash items during the period. EBITDA and Adjusted EBITDA are also frequently used by analysts, investors and other interested parties to evaluate companies in our industry. We use EBITDA and Adjusted EBITDA as supplements to GAAP measures of performance to provide investors with an additional financial analytical framework which management uses, in addition to historical operating results, as the basis for financial, operational and planning decisions and present measurements that third parties have indicated are useful in assessing the Company and its results of operations. EBITDA and Adjusted EBITDA have limitations as analytical tools, and you should not consider them in isolation, or as a substitute for analysis of our operating results as reported under GAAP. Some of these limitations are: EBITDA and Adjusted EBITDA do not reflect cash expenditures, future requirements for capital expenditures, or contractual commitments; EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, working capital needs; and EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on debt or cash income tax payments. For example, although depreciation and amortization are noncash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements. Additionally, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than PEDEVCO Corp. does, limiting its usefulness as a comparative measure. You should not consider EBITDA and Adjusted EBITDA in isolation, or as substitutes for analysis of the Company's results as reported under GAAP. The Company's presentation of these measures should not be construed as an inference that future results will be unaffected by unusual or nonrecurring items. We compensate for these limitations by providing a reconciliation of each of these non-GAAP measures to the most comparable GAAP measure. We encourage investors and others to review our business, results of operations, and financial information in their entirety, not to rely on any single financial measure, and to view these non-GAAP measures in conjunction with the most directly comparable GAAP financial measure. For more information on these non-GAAP financial measures, please see the section titled "Reconciliation of Net Income (Loss) attributable to PEDEVCO Corp., to Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA", included at the end of this release.
| 4 |
Cautionary Statement Regarding Forward Looking Statements
This press release may contain forward-looking statements, including information about management's view of PEDEVCO's future expectations, plans and prospects, within the meaning of the federal securities laws, including the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions are intended to identify forward-looking statements within the meaning of the Act and such laws, and are subject to the safe harbor created by the Act and applicable laws. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of PEDEVCO and its subsidiaries to be materially different than those expressed or implied in such statements. The forward-looking statements include projections and estimates of the Company's corporate strategies, future operations, development plans and programs, including the costs thereof, drilling locations, estimated oil, natural gas and natural gas liquids production, price realizations, projected operating, general and administrative and other costs, projected capital expenditures, efficiency and cost reduction initiative outcomes, statements regarding future production, costs and cash flows, liquidity and our capital structure. We have based these forward-looking statements on our current expectations and assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate under the circumstances. However, whether actual results and developments will conform with our expectations and predictions is subject to a number of risks and uncertainties, including the volatility of oil and natural gas prices, our success in discovering, estimating, developing and replacing oil and natural gas reserves, risks of our operations not being profitable or generating sufficient cash flow to meet our obligations; risks relating to the future price of oil, natural gas and NGLs; risks related to the status and availability of oil and natural gas gathering, transportation, and storage facilities; risks related to changes in the legal and regulatory environment governing the oil and gas industry, and new or amended environmental legislation and regulatory initiatives; risks relating to crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changing economic, regulatory and political environments in the markets in which the Company operates; general domestic and international economic, market and political conditions, including the military conflict between Russia and Ukraine and the global response to such conflict; actions of competitors or regulators; the potential disruption or interruption of the Company’s operations due to war, accidents, political events, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the Company’s control; risks related to the need for additional capital to complete future acquisitions, conduct our operations, and fund our business on favorable terms, if at all, the availability of such funding and the costs thereof; risks related to the limited control over activities on properties we do not operate and the speculative nature of oil and gas operations in general; risks associated with the uncertainty of drilling, completion and enhanced recovery operations; risks associated with illiquidity and volatility of our common stock, dependence upon present management, the fact that Dr. Simon Kukes, our CEO and member of the Board, beneficially owns a majority of our common stock, and our ability to maintain the listing of our common stock on the NYSE American; pandemics, governmental responses thereto, economic downturns and possible recessions caused thereby; inflationary risks and recent increased interest rates, and the risks of recessions and economic downturns caused thereby or by efforts to reduce inflation; risks related to military conflicts in oil producing countries; changes in economic conditions; limitations in the availability of, and costs of, supplies, materials, contractors and services that may delay the drilling or completion of wells or make such wells more expensive; the amount and timing of future development costs; the availability and demand for alternative energy sources; regulatory changes, including those related to carbon dioxide and greenhouse gas emissions; and others that are included from time to time in filings made by PEDEVCO with the Securities and Exchange Commission, many of which are beyond our control, including, but not limited to, in the "Risk Factors" and “Cautionary Note Regarding Forward-Looking Statements” sections of its Form 10-Ks and Form 10-Qs and in its Form 8-Ks, which it has filed, and files from time to time, with the U.S. Securities and Exchange Commission, including, but not limited to its Annual Report on Form 10-K for the year ended December 31, 2022 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2023. These reports are available at www.sec.gov. The Company cautions that the foregoing list of important factors is not complete. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on behalf of the Company are expressly qualified in their entirety by the cautionary statements referenced above. Other unknown or unpredictable factors also could have material adverse effects on PEDEVCO's future results and/or could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. PEDEVCO cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. The internal projections, expectations, or beliefs underlying our 2023 capital budget are subject to change in light of numerous factors, including, but not limited to, the prevailing prices of oil and gas, actions taken by businesses and governments, ongoing results, prevailing economic circumstances, commodity prices, and industry conditions and regulations.
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PEDEVCO CORP.
CONSOLIDATED BALANCE SHEETS
(amounts in thousands, except share and per share data)
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| March 31, 2023 |
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| December 31, |
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| (Unaudited) |
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| 2022 |
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| Assets |
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| Current assets: |
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| Cash and cash equivalents |
| $ | 14,139 |
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| $ | 29,430 |
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| Accounts receivable – oil and gas |
|
| 5,788 |
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|
| 2,430 |
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| Prepaid expenses and other current assets |
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| 149 |
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| 249 |
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| Total current assets |
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| 20,076 |
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| 32,109 |
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| Oil and gas properties: |
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| Oil and gas properties, subject to amortization, net |
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| 82,692 |
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| 79,372 |
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| Oil and gas properties, not subject to amortization, net |
|
| 1,500 |
|
|
| 775 |
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| Total oil and gas properties, net |
|
| 84,192 |
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|
| 80,147 |
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|
|
|
|
|
|
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| Operating lease – right-of-use asset |
|
| 45 |
|
|
| 71 |
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| Other assets |
|
| 3,821 |
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|
| 3,783 |
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| Total assets |
| $ | 108,134 |
|
| $ | 116,110 |
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| Liabilities and Shareholders’ Equity |
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| Current liabilities: |
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| Accounts payable |
| $ | 3,683 |
|
| $ | 1,556 |
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| Accrued expenses |
|
| 1,375 |
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|
| 13,835 |
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| Revenue payable |
|
| 1,000 |
|
|
| 1,018 |
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| Operating lease liabilities – current |
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| 51 |
|
|
| 81 |
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| Asset retirement obligations – current |
|
| 658 |
|
|
| 472 |
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| Total current liabilities |
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| 6,767 |
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| 16,962 |
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|
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| Long-term liabilities: |
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|
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|
|
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|
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| Asset retirement obligations, net of current portion |
|
| 2,628 |
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|
| 2,689 |
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| Total liabilities |
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| 9,395 |
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| 19,651 |
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| Commitments and contingencies |
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| Shareholders’ equity: |
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| Common stock, $0.001 par value, 200,000,000 shares authorized; 87,040,267 and 85,790,267 shares issued and outstanding, respectively |
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| 87 |
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| 86 |
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| Additional paid-in capital |
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| 223,631 |
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| 223,114 |
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| Accumulated deficit |
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| (124,979 | ) |
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| (126,741 | ) |
| Total shareholders’ equity |
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| 98,739 |
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|
| 96,459 |
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| Total liabilities and shareholders’ equity |
| $ | 108,134 |
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| $ | 116,110 |
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| 6 |
PEDEVCO CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands, except share and per share data)
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| Three Months Ended March 31, |
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| 2023 |
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| 2022 |
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| Revenue: |
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| Oil and gas sales |
| $ | 8,164 |
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| $ | 7,090 |
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| Operating expenses: |
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| Lease operating costs |
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| 2,466 |
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| 2,356 |
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| Selling, general and administrative expense |
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| 1,488 |
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| 1,592 |
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| Depreciation, depletion, amortization and accretion |
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| 2,581 |
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| 1,886 |
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| Total operating expenses |
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| 6,535 |
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| 5,834 |
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| Operating income |
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| 1,629 |
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| 1,256 |
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| Other income: |
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| Interest income |
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| 98 |
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| 3 |
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| Other income |
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| 35 |
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|
| 80 |
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| Total other income |
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| 133 |
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|
| 83 |
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| Net income |
| $ | 1,762 |
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| $ | 1,339 |
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| Earnings per common share: |
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|
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| Basic |
| $ | 0.02 |
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| $ | 0.02 |
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| Diluted |
| $ | 0.02 |
|
| $ | 0.02 |
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| Weighted average number of common shares outstanding: |
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|
|
|
|
|
|
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| Basic |
|
| 86,720,823 |
|
|
| 86,066,070 |
|
| Diluted |
|
| 86,720,823 |
|
|
| 86,066,070 |
|
| 7 |
PEDEVCO CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(amounts in thousands)
|
|
| Three Months Ended March 31, |
| |||||
|
|
| 2023 |
|
| 2022 |
| ||
| Cash Flows From Operating Activities: |
|
|
|
|
|
| ||
| Net income |
| $ | 1,762 |
|
| $ | 1,339 |
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
| Depreciation, depletion, amortization and accretion |
|
| 2,581 |
|
|
| 1,886 |
|
| Amortization of right-of-use asset |
|
| 26 |
|
|
| 24 |
|
| Share-based compensation expense |
|
| 518 |
|
|
| 563 |
|
| Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
| Accounts receivable – oil and gas |
|
| (3,358 | ) |
|
| (2,188 | ) |
| Prepaid expenses and other current assets |
|
| 100 |
|
|
| 109 |
|
| Accounts payable |
|
| 35 |
|
|
| (94 | ) |
| Accrued expenses |
|
| 136 |
|
|
| (243 | ) |
| Revenue payable |
|
| (18 | ) |
|
| 19 |
|
| Net cash provided by operating activities |
|
| 1,782 |
|
|
| 1,415 |
|
|
|
|
|
|
|
|
|
|
|
| Cash Flows From Investing Activities: |
|
|
|
|
|
|
|
|
| Cash paid for drilling and completion costs |
|
| (17,032 | ) |
|
| (5,508 | ) |
| Cash paid for vehicle |
|
| (41 | ) |
|
| - |
|
| Net cash used investing activities |
|
| (17,073 | ) |
|
| (5,808 | ) |
|
|
|
|
|
|
|
|
|
|
| Net decrease in cash, cash equivalents and restricted cash |
|
| (15,291 | ) |
|
| (4,093 | ) |
| Cash, cash equivalents and restricted cash at beginning of period |
|
| 32,977 |
|
|
| 29,227 |
|
| Cash, cash equivalents and restricted cash at end of period |
| $ | 17,686 |
|
| $ | 25,134 |
|
|
|
|
|
|
|
|
|
|
|
| Supplemental Disclosure of Cash Flow Information |
|
|
|
|
|
|
|
|
| Cash paid for: |
|
|
|
|
|
|
|
|
| Interest |
| $ | - |
|
| $ | - |
|
| Income taxes |
| $ | - |
|
| $ | - |
|
|
|
|
|
|
|
|
|
|
|
| Noncash investing and financing activities: |
|
|
|
|
|
|
|
|
| Change in accrued oil and gas development costs |
| $ | 10,534 |
|
| $ | 173 |
|
| Changes in estimates of asset retirement costs, net |
| $ | 6 |
|
| $ | 45 |
|
| Issuance of restricted common stock |
| $ | 1 |
|
| $ | 1 |
|
Reconciliation of Net Income (Loss) attributable to PEDEVCO Corp., to Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA* (in thousands)
|
|
| Three Months Ended March 31, |
| |||||
|
|
| 2023 |
|
| 2022 |
| ||
| Net income |
| $ | 1,762 |
|
| $ | 1,339 |
|
| Add (deduct) |
|
|
|
|
|
|
|
|
| Depreciation, depletion, amortization and accretion |
|
| 2,581 |
|
|
| 1,886 |
|
| EBITDA |
|
| 4,343 |
|
|
| 3,225 |
|
| Add (deduct) |
|
|
|
|
|
|
|
|
| Share-based compensation |
|
| 518 |
|
|
| 563 |
|
| Adjusted EBITDA |
| $ | 4,861 |
|
| $ | 3,788 |
|
* EBITDA and Adjusted EBITDA are non-GAAP financial measures. These measurements are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance. See also "Use of Non-GAAP Financial Information", above.
CONTACT:
PEDEVCO Corp.
(713) 221-1768
PR@pedevco.com
SOURCE: PEDEVCO Corp.
| 8 |
Cover |
May 15, 2023 |
|---|---|
| Cover [Abstract] | |
| Entity Registrant Name | PEDEVCO CORP. |
| Entity Central Index Key | 0001141197 |
| Document Type | 8-K |
| Amendment Flag | false |
| Entity Emerging Growth Company | false |
| Document Period End Date | May 15, 2023 |
| Entity Incorporation State Country Code | TX |
| Entity File Number | 001-35922 |
| Entity Tax Identification Number | 22-3755993 |
| Written Communications | false |
| Soliciting Material | false |
| Pre Commencement Tender Offer | false |
| Pre Commencement Issuer Tender Offer | false |
| Entity Address Address Line 1 | 575 N. Dairy Ashford |
| Entity Address Address Line 2 | Suite 210 |
| Entity Address City Or Town | Houston |
| Entity Address State Or Province | TX |
| Entity Address Postal Zip Code | 77079 |
| City Area Code | 713 |
| Local Phone Number | 221-1768 |
| Trading Symbol | PED |
| Security Exchange Name | NYSE |
| Security 12b Title | Common Stock, $0.001 par value per share |