PEDEVCO Corp. (NYSE American: PED) announced unaudited financial results for the third quarter ended September 30, 2026, reporting a significant increase in production and revenue compared to the prior year. The company reported average daily production of 5,850 barrels of oil equivalent (Boe/d), a 298% increase year-over-year, driven by the assets acquired in the October 2025 merger with Juniper Capital Advisors, L.P.
For the quarter, total revenue reached $35.5 million, representing a 411% increase from $7.0 million in the third quarter of 2025. This growth was attributed to higher sales volumes and a 31% increase in the average realized oil price to $83.81 per barrel. However, the company reported a net loss of $9.2 million, or $(0.70) per share, compared to a net loss of $0.3 million in the prior year. This loss was primarily driven by a $16.6 million net loss on derivative contracts, including $12.0 million in non-cash unrealized losses, despite a $4.7 million net gain on the sale of oil and gas properties.
Adjusted EBITDA for the quarter was $14.7 million, a 239% increase from $4.3 million in the prior year. The company noted that this metric excludes severance costs of $2.1 million related to a leadership transition. As of September 30, 2026, the company had cash of $4.7 million and restricted cash of $1.1 million, with revolver borrowings under its Senior Secured Revolving Credit Facility at $80.0 million and $45.0 million of additional availability.
Operational updates indicate that the company holds approximately 284,000 net acres across the D-J Basin, Powder River Basin, and Permian Basin. During the quarter, the company completed a DUC well in the D-J Basin, drilled a new well in the Powder River Basin, and acquired approximately 5,678 net acres of leasehold in the Mowry Shale for $5.9 million. The company reaffirmed its full-year 2026 Adjusted EBITDA guidance of $60 million to $70 million and updated its net capital expenditure guidance to a range of $37 million to $42 million.
