Pedevco reports Q2 EPS 3c, consensus 3c

Reports Q2 revenue $11.80M , consensus 9.94M..J. Douglas Schick, President of the Company, stated, “We are very pleased with our strong Q2 2024 results, with the Company averaging over 2,000 BOEPD and delivering significantly higher production, cash flow, earnings per share, and adjusted EBITDA compared to Q2 2023, while maintaining zero debt and keeping G&A expenses flat. We attribute our solid results largely to the strong production from the thirteen non-op wells which came online in the D-J Basin in Q1 2024 which have exceeded expectations, and also our new Permian Basin wells which came online in Q1 2024 which continue to realize shallower declines than forecasted. We plan to leverage our strong balance sheet to continue to grow long term production, increase revenue, profit and cash flow, as well as increase our asset base for the benefit of our shareholders.”