PED · PEDEVCO Corp.

PEDEVCO Corp. delivered exceptional Q1 2026 results, marking the first full quarter following the transformative October 31, 2025 Juniper Merger, which integrated significant oil and gas assets across the D-J Basin, Powder River Basin, and Permian Basin, totaling approximately 315,500 net acres. Production volumes exploded 374% year-over-year to 728,141 Boe (8,091 Boe/d), driven by the acquired asset base and stronger-than-expected performance from 31 D-J Basin development wells brought online in late Q4 2025. This volume surge propelled revenue 360% higher to $40.2 million, with average realized oil prices stable at $68.39/Bbl despite declines in natural gas and NGL pricing. Adjusted EBITDA, a key non-GAAP measure reconciled in the press release, skyrocketed 404% to $21.5 million, underscoring robust cash generation from the expanded scale, though partially offset by elevated lease operating expenses (up 380% to $16.4 million) and production taxes. The GAAP net loss of $25.6 million, or $(3.28) per share, was primarily attributable to a $31.3 million non-cash loss on derivative contracts ($27.9 million unrealized), highlighting mark-to-market volatility rather than operational weakness. Management, led by CEO J. Douglas Schick, emphasized outperformance against internal plans, stable per-Boe LOE at $22.46, and improved liquidity via working capital normalization. Operational highlights included D-J Basin outperformance, PRB stability with no downtime, and Permian efficiency gains from lift conversions. Looking ahead, the company reaffirmed full-year guidance of 6,500-7,000 Boe/d and $60-70 million Adjusted EBITDA on $16-20 million net capex, with near-term plans for a D-J Basin completion and potential additional drilling. Balance sheet strength is evident with $11.3 million cash/restricted cash, $98 million debt against a $120 million borrowing base ($22 million availability), and $182.2 million equity, positioning PEDEVCO to pursue its 1,000+ well inventory for sustained growth.