PED

EX-99.1

2 ped_ex991.htm

PRESS RELEASE

ped_ex991.htm

EXHIBIT 99.1

PEDEVCO Reports Second Quarter 2026 Results

Revenue and Net Income Increase QoQ and YoY

Adjusted EBITDA of $18.7 Million for the Quarter

Enhanced Development Plan Expected to Drive Future Growth

HOUSTON, August 13, 2026 (GLOBE NEWSWIRE) — PEDEVCO Corp. (NYSE American: PED) (“PEDEVCO” or the “Company”), a publicly traded energy company engaged in the acquisition and development of strategic oil and gas assets in the Rocky Mountain region, today reported unaudited financial results for the second quarter ended June 30, 2026.

Financial & Operational Highlights

($000s except as noted)

Q2 2026

Q2 2025

Q1 2026

Change YoY

Change QoQ

Average Daily Production (Boe/d)

6,801

1,517

8,091

+348%

(16)%

Revenue

$46,113

$6,972

$40,222

+561%

+15%

Net Income (Loss)

$17,454

$(1,676)

$(25,627)

NM(2)

NM(2)

Adjusted EBITDA(1)

$18,669

$3,032

$18,138

+516%

+3%

(1) Adjusted EBITDA is a non-GAAP financial measure. See “Use of Non-GAAP Financial Information” and the reconciliation table at the end of this release. Note that the Company’s prior earnings release for the quarter ended March 31, 2026 excluded realized losses on derivative contracts from its calculation of Adjusted EBITDA. Commencing with the quarter ended June 30, 2026, the Company includes such realized losses in its calculation of Adjusted EBITDA, and the first quarter 2026 amount presented above has been recast on that same basis for comparative purposes. Adjusted EBITDA for the quarter ended March 31, 2026 was $21.5 million as previously reported and is $18.1 million as recast.

(2) “NM” means “Not Meaningful.”

·

Second quarter 2026 production increased 348% to 618,912 Boe (average 6,801 Boe/d), compared to 138,028 Boe (1,517 Boe/d) in the second quarter of 2025, reflecting the contribution from the asset base acquired in the Q4 2025 merger along with production added from the 2025 development plan.

·

Oil and gas revenue increased 561% to $46.1 million, compared to $7.0 million in the prior year period, driven by significantly higher production volumes and a higher average realized oil price.

·

Second quarter 2026 net income of $17.5 million or $1.31 per common share, compared to a net loss of $1.7 million or $(0.37) per share in the second quarter of 2025, reflecting higher operating income from the expanded asset base and $5.0 million of net income on derivative contracts.

·

Adjusted EBITDA increased 516% to $18.7 million, compared to $3.0 million in the second quarter of 2025, reflecting higher production volumes from the expanded asset base and a higher average realized oil price.

·

Development program commenced with recent completion of a previously-drilled well in the DJ Basin. Further development of the Company’s extensive drilling inventory is expected to generate significant future production and cash flow growth, while maintaining focus on low leverage and balance sheet strength.

1

Management Commentary

J. Douglas Schick, President and Chief Executive Officer of PEDEVCO, commented:

“Our second quarter results demonstrate the earnings power of the platform we’ve assembled. Oil prices were constructive in the quarter, but the durable story is scale — a larger, more diversified asset base with materially greater cash-generating capacity, now translating into financial performance and balance sheet strength ahead of our original expectations. We reduced borrowings under our credit facility from $98 million at March 31, 2026 to $85 million at June 30, 2026, and over the first half of the year cut our working capital deficit, excluding hedge mark-to-market, by approximately $25 million. With approximately $12.1 million of cash and restricted cash at quarter end, net debt stood at approximately $73 million(3). On the strength of $36.8 million of Adjusted EBITDA in the first half of the year and a strong balance sheet, we plan to execute our 2nd half 2026 development plan we have been working on since the closing of our October 2025 merger.”

"Over the past several months, we have conducted extensive analysis on our hundreds of thousands of acres, and we are now putting that capacity to work. We have recently completed a previously-drilled well in the DJ Basin, and over the next several months, we plan to drill or participate in over 20 gross wells across our asset base. We expect this program to add a material amount of production in late 2026 continuing into 2027. This is a disciplined program built to grow production and cash flow while preserving a strong balance sheet and creating long-term value for our shareholders."

(3) Net debt is a non-GAAP measure representing total debt outstanding under the Company’s Senior Secured Revolving Credit Facility ($85.0 million at June 30, 2026) less cash and restricted cash ($12.1 million) as of the same date. Net debt is not a measure of liquidity or performance calculated in accordance with GAAP, has no sta

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