PEDEVCO’s Merger Doubles Reserves to 32.1 MMBoe; Q4 Revenue Hits $23.1M
PEDEVCO’s Q4 2025 production climbed 143% to 5,310 Boe/d, lifting oil and gas revenue to $23.1M (+118%) and Adjusted EBITDA to $15.4M (+203%) despite an $8.5M net loss. Reserves doubled to 32.1 MMBoe with PV-10 of $357.7M after the Oct. 31 Juniper merger, and 2026 Adjusted EBITDA guidance targets $60–70M.
1. Q4 Financial Results
In Q4 2025, PEDEVCO’s average production rose 143% to 5,310 Boe/d, generating $23.1M in oil and gas revenue (+118%) and $15.4M in Adjusted EBITDA (+203%), while recording an $8.5M net loss primarily due to non-recurring merger costs, accelerated share-based compensation and tax expense.
2. Full-Year Results and Reserves
Full-year 2025 output averaged 2,494 Boe/d (+36%), driving $45.8M in revenue (+16%) and $27.0M in Adjusted EBITDA (+18%), but posting a $10.4M net loss as merger fees and deferred tax charges offset gains; year-end proved reserves climbed to 32.1 MMBoe with PV-10 of $357.7M, and $87M was drawn under a $120M credit facility.
3. Merger Impact
The transformative merger with Juniper Capital Advisors closed on October 31, adding approximately 303,000 Boe of production in November and December, expanding PEDEVCO’s footprint to over 310,000 net acres across the D-J and Powder River basins and boosting its well count to 340 gross wells.
4. 2026 Guidance
Management projects 2026 net capital expenditures of $16–20M, including $6–7M for D-J Basin drilling and $10–13M for optimization of acquired assets, with Adjusted EBITDA guidance of $60–70M based on $65/bbl oil and $3.50/Mscf gas.