Pedevco Corp (NYSE: PED)

PEDEVCO Corp is an oil and gas company engaged in the acquisition exploration development and production of oil and natural gas resources in the United States. The company focuses on legacy proven properties where there is a long production history well defined geology and existing infrastructure that can be leveraged when applying modern field management technologies. Its headquarters are located in Houston Texas.

PEDEVCO Corp generates revenue primarily from the sale of crude oil natural gas and natural gas liquids. The company sells its production to unaffiliated purchasers independent marketing companies and midstream providers under short term or extendable agreements. In the year ended December 31 2025 sales to two customers accounted for approximately 26 percent and 22 percent of total oil and gas revenues respectively.

The company operates through the following segments.

• DJ Basin Segment: This segment includes the company’s holdings in the Denver Julesberg Basin where it operates wells targeting the Codell sandstone formation and participates in non operated wells targeting the Niobrara formation.

• Powder River Basin Segment: This segment comprises the company’s assets in the Powder River Basin where it operates wells across multiple stacked formations such as the Teapot Parkman Sussex Shannon Turner Frontier Mowry and Muddy and participates in a limited number of non operated wells.

• Permian Basin Segment: This segment consists of the company’s interests in the San Andres formation of the Permian Basin where it operates wells and engages in joint development activities with partners to drill horizontal wells.

Within the industry PEDEVCO Corp positions itself as a focused independent operator that competes with larger integrated and independent companies such as Chevron Occidental Petroleum EOG Resources and SM Energy. Its competitive advantages stem from a disciplined focus on legacy assets a high degree of operational control an experienced management team with expertise in petroleum engineering geology and finance and a strategy that emphasizes the application of modern drilling and completion techniques to enhance recovery and lower operating costs.

The company’s customer base consists of a relatively small number of unaffiliated purchasers independent marketing companies and midstream service providers. Specific customer names are not disclosed in the filing but the company notes that two customers represented significant portions of its revenue in 2025.