Pedevco Corp
PEDEVCO CORP is a U.S.-based oil and gas exploration and production company focused on crude oil, natural gas, and natural gas liquids. Its operations are centered on producing and developing acreage in the DJ Basin, Powder River Basin, and Permian Basin through wholly and majority-owned subsidiaries, joint ventures, and working-interest positions.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueProduction and sale of crude oil from operated and non-operated wells.
Production and sale of natural gas to pipelines, end-users, and marketers.
Production and sale of NGLs recovered from oil and gas processing streams.
Development of oil and gas leases, drilling inventory, and well completions.
Customers
PEDEVCO sells hydrocarbons to marketers, gatherers, refiners, pipelines, direct end-users, industrial users, local distribution companies, and natural-gas marketers. Revenue is generated from the company’s net share of production, so customers are the downstream purchasers of produced volumes rather than end consumers of a branded product.
Marketers, gatherers, and refiners buy crude oil volumes at delivery points for resale or refining.
Interstate and intrastate pipelines and gas marketers buy gas volumes for transport, aggregation, and resale.
Industrial users and local distribution companies buy natural gas for direct consumption and utility supply.
Refiners, marketers, and direct end-users buy NGLs recovered from production and processing.
Strategy
PEDEVCO’s strategy is to hold operator or significant working-interest positions so it can control development timing and capital allocation across its acreage. It also seeks to expand through joint development, consolidation, and selective acquisitions in its core basins to build drilling inventory and operating scale.
Operator control helps the company pace drilling, manage capital, and capture basin economics.
A larger inventory supports longer-term production visibility and capital deployment options.
Partnerships and acquisitions can improve operating efficiency and create synergies.
Geography
PEDEVCO’s business is concentrated in U.S. onshore basins, especially the DJ Basin, Powder River Basin, and Permian Basin. The company’s acreage and well operations are tied to regional infrastructure, takeaway capacity, and basin-specific geology, which shape development pace and realized pricing.
Risks
PEDEVCO’s results depend on commodity prices, well performance, and the ability to convert acreage into economic production. The company also faces integration and execution risk from mergers and joint development activities, plus typical upstream risks such as reserve estimation, drilling success, regulatory compliance, and infrastructure constraints.
- Commodity price volatilityImpact: HighLikelihood: High
Revenue is tied to market prices for crude oil, natural gas, and NGLs.
Exposure: All production volumes
- Merger and integration executionImpact: HighLikelihood: Medium
The company must combine operations, personnel, controls, and reserves to realize expected benefits.
Exposure: Combined company operations
- Reserve and drilling uncertaintyImpact: High
Upstream value depends on successful well performance and reserve conversion.
Exposure - Infrastructure and basis differentialsImpact: MediumLikelihood: Low
Realized prices are affected by gathering, transportation, and downstream costs.
Exposure
Accounting
Judgemental itemsSales are recognized when control transfers at delivery, so timing depends on physical delivery and pricing adjustments.
Impact: Monthly revenue and receivables
DD&A is calculated using unit-of-production methods and reserve estimates, which affect expense recognition.
Impact: Operating income and asset carrying values
Asset values can be written down when expected recoveries decline or wells underperform.
Impact: Earnings volatility and balance sheet carrying values
Drilling-in-progress and lease acquisition costs are capitalized and later amortized based on production.
Impact: Balance sheet assets and future DD&A
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Last updated: 24/09/2026