PEDEVCO reports 2022 net income of $2.8M, revenue up 89% to $30M, zero debt

PEDEVCO CORP

Revenue $30M (+89% YoY); net income $2.8M ($0.03/share) vs net loss $1.3M in 2021.
Adjusted EBITDA $16.1M (+157% YoY); cash $32.98M (incl. $3.55M restricted) and zero debt.
2022 average production ~1,000 BOEPD (83.5% oil); average realized price $82.34/BOE (+38%).
Expects production growth in H1 2023 from 14 non-operated D-J Basin wells; 5 operated wells planned late 2023/early 2024.
2023 net capex estimated $25M-$35M; plans to participate in 6 additional non-operated wells in H2 2023.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

PEDEVCO CORP reported the year ended December 31, 2022 results: revenue $30 million, net income $2.8 million or $0.03 per basic diluted share outstanding, EPS $0.03 per basic diluted share outstanding.

Period: the year ended December 31, 2022
Revenue: $30 million
Net income: $2.8 million or $0.03 per basic diluted share outstanding
EPS: $0.03 per basic diluted share outstanding
Result: reported results

Exact text from the filing

an operations update. Key Highlights Include: · Produced an average of approximately 1,000 barrels of oil equivalent per day ("BOEPD") (83.5% oil) in 2022, with 2022 revenue of $30 million increasing 89% over 2021 revenue. · Reported operating income of $2.6 million and operating expenses (inclusive of general and administrative expenses, depreciation, depletion

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PEDEVCO CORP filing history →

Source: SEC EDGAR

accession 0001654954-23-003761

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