PEDEVCO Corp. (PED) stock plummeted 10.43% in the after-hours trading session at the price of $1.89 despite no fundamental reason. PED is a leading publicly traded energy company in the United States. It is involved in the procurement and production of strategic and high-growth energy projects.
PED Reported Company Presentation and Operational Updates
On 20th September 2021, PED reported its updated presentation on the company’s official website. The presentation covered additional data on the “Phase III” Permian Basin development plan along with updated San Andres curves and economics. It also included information about positive progress in the D-J Basin, outstanding performance, and updated Niobrara well-type curves and economics.
PED’s president, Mr. J. Douglas Schick, remarked that they are satisfied and inspired by the outstanding performance of their D-J Basin. They attribute high performance to adequate geologic targeting and refined completion techniques. The 30-day IP and cumulative production results have improved extensively, making D-J Basin the best-performing oil basins in the U.S, he added.
PED intends to raise its capital allocation to non-operated projects in the D-J Basin. It has improved its business development activities which will add opportunities for further growth and advancement. They keep on evaluating D-J Basin well proposals and participate in economics and prospective. Meanwhile, they continue to move forward with the “Phase III” development of the Permian Basin asset. They will continue to leverage their debt-free balance sheet and deploy about $20 million in free cash to develop the D-J Basin and Permian Basin assets, he concluded.
Second Quarter 2021 Financial Results
On 17th August 2021, PED published its second-quarter financial results that ended on 30th June 2021. For the second quarter of 2021, oil and gas production grew 40% to 718 BOEPD, compared to 511 BOEPD or 77% oil in the same quarter of 2020. Revenues improved by 470% to $3.74 million for the second quarter of 2021. The total revenue was $656 thousand in the same quarter of the previous year. PED reported an operating loss of $0.6 million in the second quarter ended on 30th June 2021. The operating loss was $3.4 million in the second quarter ended on 30th June 2020. For the second quarter of 2021, net loss was $225 thousand or $0.00 per basic and diluted share. The net loss was $2.74 million, or $0.04 per basic share, in the same quarter of 2020.
