PEDEVCO Reported An Average Of 1,427 Barrels Of Oil Equivalent Per Day (74% Oil) In 2023, Increasing 43% Over Average Daily Production In 2022; Reported 2023 Adjusted EBITDA Of $17.5M, Up 8% YoY
Portfolio Pulse from Benzinga Newsdesk
PEDEVCO reported a 43% increase in average daily production to 1,427 barrels of oil equivalent per day (74% oil) in 2023 compared to 2022. The company also reported a 2023 adjusted EBITDA of $17.5M, marking an 8% increase year-over-year.
March 18, 2024 | 11:26 am
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PEDEVCO's significant increase in daily oil production and an 8% rise in adjusted EBITDA in 2023 indicate strong operational performance and financial health.
The substantial increase in daily oil production and improved adjusted EBITDA are key indicators of PEDEVCO's operational efficiency and financial stability. These positive results are likely to be viewed favorably by investors, potentially leading to a short-term increase in the stock price.
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