PEDEVCO Corp (PED) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to PEDEVCO Corp's first quarter 2026 earnings conference call. (Operator Instructions)

下午好，歡迎參加 PEDEVCO Corp 2026 年第一季財報電話會議。（接線員指示）

I would now like to turn the call over to Laurent Weil of Elevate IR. Please go ahead.

現在我想把電話交給 Elevate IR 的 Laurent Weil。請開始。

Thank you, operator, and good afternoon, everyone. Welcome to PEDEVCO's first quarter 2026 earnings call. With me today are Doug Schick, President and Chief Executive Officer; RT Dukes, Chief Operating Officer; and Bobby Long, Chief Financial Officer.

謝謝您，接線員，各位下午好。歡迎參加 PEDEVCO 2026 年第一季財報電話會議。今天與我一同出席的有：總裁兼執行長 Doug Schick；營運長 RT Dukes；以及財務長 Bobby Long。

Before we begin, I'd like to remind everyone that today's discussion includes forward-looking statements within the meaning of the federal securities laws, subject to risks and uncertainties that could cause actual results to differ materially from expectations. For more information, please refer to our first quarter 2026 Form 10-Q and other SEC filings. The company undertakes no obligation to update or revise any forward-looking statements.

在開始之前，我想提醒各位，今天的討論包含《聯邦證券法》所定義的前瞻性陳述，並受可能導致實際結果與預期有重大差異的風險與不確定性影響。更多資訊請參閱我們 2026 年第一季 Form 10-Q 以及其他向 SEC 提交的文件。本公司不承擔更新或修訂任何前瞻性陳述的義務。

During today's call, we will discuss certain non-GAAP financial measures, including adjusted EBITDA and working capital, excluding derivative contract assets and liabilities. Reconciliations to the most directly comparable GAAP measures are available in our earnings release and 10-Q. These non-GAAP measures should not be considered in isolation or as a substitute for GAAP results.

在今天的電話會議中，我們將討論若干非 GAAP 財務衡量指標，包括調整後 EBITDA，以及剔除衍生性合約資產與負債後的營運資金。與最直接可比的 GAAP 指標之調節表已載於我們的財報新聞稿與 10-Q。這些非 GAAP 指標不應被孤立看待，亦不應作為 GAAP 結果的替代。

I would also like to note that all per share and share count figures referenced today reflect the company's 1-for-20 reverse stock split effective March 13, 2026, applied retroactively to all periods presented. As of March 31, 2026, the company had approximately 13.3 million shares of common stock outstanding.

我也想指出，今天提及的所有每股與股數資料，均已反映本公司於 2026 年 3 月 13 日生效的 1 比 20 反向股票分割，並已追溯適用於所呈列的所有期間。截至 2026 年 3 月 31 日，本公司約有 1,330 萬股普通股流通在外。

Here is today's agenda. Doug will begin with opening remarks, followed by RT with an operational update, and then Bobby will walk through our financial performance. After our prepared remarks, the management team will open the call for questions.

以下是今天的議程。Doug 將先發表開場致詞，接著由 RT 提供營運更新，然後 Bobby 將說明我們的財務表現。在預先準備的發言結束後，管理團隊將開放提問。

With that, I will turn it over to Doug.

接下來，我把時間交給 Doug。

Thanks, Laurent, and good afternoon, everyone. Thank you for joining us. In our first full quarter as a combined company following the Juniper merger, our results exceeded our internal expectations across all key metrics. Production averaged 8,091 BOE per day, revenue was $40.2 million and adjusted EBITDA was $21.5 million. The 31 D-J Basin wells that came online in late 2025 mostly performed ahead of their type curves, which drove the production outperformance relative to our internal projections.

謝謝你，Laurent，各位下午好。感謝各位加入我們。作為 Juniper 併購完成後合併公司運作的第一個完整季度，我們在所有關鍵指標上的結果都超出內部預期。產量平均為每日 8,091 BOE，營收為 4,020 萬美元，調整後 EBITDA 為 2,150 萬美元。於 2025 年底上線的 31 口 D-J 盆地井大多數表現優於其型態曲線（type curves），帶動產量相較我們內部預測出現超預期表現。

Costs were in line with our expectations, and we made meaningful progress reducing the working capital deficit that existed at year-end. Taken together, Q1 reflected a business that is executing on the plan we laid out at the merger close.

成本符合我們的預期，且我們在降低年末存在的營運資金赤字方面取得了實質進展。綜合而言，第一季反映出公司正按併購交割時所提出的計畫有效執行。

Now before diving further into the quarter, I'd like to spend a moment on our development inventory review because I think it speaks to the depth and optionality this platform provides. Since the beginning of 2026, our team has been working through in-depth asset reviews to plan our future developments in late 2026 and '27 and beyond with a focus on creating substantial value for our shareholders. For the remainder of 2026 in the D-J Basin, we have one drilled uncompleted well in which we hold over a 90% working interest that we plan to complete and bring online mid-summer 2026.

在進一步深入本季之前，我想先花一點時間談談我們的開發庫存（development inventory）檢視，因為我認為這能說明此平台所提供的深度與選擇性。自 2026 年初以來，我們的團隊一直在進行深入的資產檢視，以規劃 2026 年下半年、2027 年及更長期的未來開發，重點在於為股東創造可觀價值。就 2026 年 D-J 盆地剩餘期間而言，我們有一口已鑽未完井（DUC），我們持有超過 90% 的作業權益（working interest），計畫於 2026 年仲夏完成並投產。

Additionally, we are in constant communication with our partners about further 2026 development options in the D-J Basin. In the Powder River Basin, we hold over 200,000 net acres of early-stage multi-formation inventory that we are advancing through technical evaluation with development decisions to follow as we gain further confidence in the highest return targets.

此外，我們也持續與合作夥伴就 D-J 盆地 2026 年進一步的開發選項保持密切溝通。在粉河盆地（Powder River Basin），我們持有超過 200,000 淨英畝的早期多層系（multi-formation）庫存，正透過技術評估推進，並將在對最高報酬目標更具信心後再做出開發決策。

In the Permian, our San Andres wells continue to produce in line with expectations, and we are evaluating additional activity for the back half of the year. Across all three basins, any incremental capital commitments will be evaluated against our return thresholds and our liquidity position and the strength of our balance sheet. Higher commodity prices when sustained, change the return profile of our inventory, but they do not change the discipline of our framework.

在二疊紀盆地（Permian），我們的 San Andres 井持續依預期產出，我們也在評估下半年進一步的作業活動。在三個盆地中，任何新增資本承諾都將依據我們的報酬門檻、流動性狀況以及資產負債表的強度來評估。當大宗商品價格在較高水準持續時，會改變我們庫存的報酬結構，但不會改變我們框架下的紀律。

The commodity price environment is constructive today. And if it remains so, we have both the inventory and the operational capacity to respond. We will not deploy capital ahead of returns that justify it. However, we are focused on creating value for our shareholders, and we have many ways to do so. We believe we have one of the deepest inventories relative to our size of any publicly traded oil and gas company, and we plan to demonstrate that over the coming quarters and years.

目前的大宗商品價格環境具建設性。若此環境得以延續，我們同時具備庫存與營運能力來因應。我們不會在報酬尚不足以支撐之前就投入資本。然而，我們專注於為股東創造價值，且有多種方式可以達成。我們相信，就公司規模而言，我們擁有在所有上市油氣公司中最深厚的庫存之一，並計畫在未來幾季與幾年加以證明。

Relating to our first quarter results, I want to first address our net reported loss of $25.6 million. That figure was driven almost entirely by $31.3 million net loss on derivative contracts, of which $27.9 million was a noncash mark-to-market adjustment, reflecting the movement of commodity prices above our hedge strike prices during the quarter. Excluding that item and other noncash charges, the business generated $6.7 million of operating income and more importantly, $21.5 million of adjusted EBITDA. The EBITDA number is what we believe most accurately reflects the operating performance of the business in the quarter, and it represents a 404% increase over the $4.3 million we reported in Q1 2025.

關於第一季的結果，我首先想說明我們報告的淨損為 2,560 萬美元。該數字幾乎完全由衍生性合約的 3,130 萬美元淨損所致，其中 2,790 萬美元為非現金的按市價評價（mark-to-market）調整，反映本季大宗商品價格上升至高於我們避險履約價（hedge strike prices）所造成的影響。剔除該項目及其他非現金費用後，本業產生 670 萬美元的營業利益，更重要的是，調整後 EBITDA 為 2,150 萬美元。我們認為 EBITDA 最能準確反映本季的營運表現，且相較我們在 2025 年第一季所報告的 430 萬美元，增加了 404%。

The full reconciliation from GAAP net loss to adjusted EBITDA is included in the press release. The balance sheet moved decisively in the right direction during the quarter. Our working capital deficit, excluding current assets and liabilities related to derivative contracts, improved by $27.1 million from $34.1 million at year-end to $7 million at March 31. That improvement reflects the settlement of development capital and merger-related payables that were outstanding at year-end and illustrates the strong cash generation of the expanded asset base.

從 GAAP 淨損到調整後 EBITDA 的完整調節表已包含在新聞稿中。本季資產負債表明顯朝正確方向改善。剔除與衍生性合約相關的流動資產與流動負債後，我們的營運資金赤字自年末的 3,410 萬美元改善 2,710 萬美元，至 3 月 31 日為 700 萬美元。此改善反映年末尚未結清的開發資本與併購相關應付款項已完成結算，並顯示擴大後資產基礎具備強勁的現金創造能力。

Adjusted for our cash on hand, including approximately $3.6 million of restricted cash that we expect to return to unrestricted status in the coming months, net debt at quarter end was approximately $87 million, $11 million below our funded debt of $98 million. We view this as an important milestone. Coming out of the merger, we carried a meaningful working capital deficit that was a function of the transaction and the development program underway at closing. One quarter in, that hangover has been largely resolved, resulting in strong liquidity. And WTI prices over the past couple of months have resulted in continued strong cash generation for the company.

在調整我們手上現金後（其中包含約 360 萬美元的受限制現金，我們預期在未來數月可恢復為非受限制狀態），季末淨負債約為 8,700 萬美元，較我們的有息負債（funded debt）9,800 萬美元低 1,100 萬美元。我們視此為重要里程碑。併購完成後，我們承擔了相當程度的營運資金赤字，這是交易本身以及交割時正在進行的開發計畫所致。經過一個季度，這種「後遺症」已大致解決，帶來強勁的流動性。此外，過去幾個月的 WTI 價格也使公司持續產生強勁現金流。

Our costs came in as expected across the board, demonstrating efficient integration of the combined asset base. Per unit lease operating expense, inclusive of recurring and nonrecurring lease operating expense, workovers, gathering, processing and transportation expense and severance and ad valorem taxes came in at $22.46 per BOE, essentially flat with the $22.21 per BOE in the prior year.

我們的成本整體符合預期，顯示合併後資產基礎整合效率良好。以單位計的租賃營運費用（lease operating expense），包含經常性與非經常性租賃營運費用、修井（workovers）、集輸（gathering）、處理與運輸費用，以及遣散費與從價稅（ad valorem taxes），為每 BOE 22.46 美元，與前一年度每 BOE 22.21 美元基本持平。

Total G&A was $3.1 million for the quarter and cash G&A was $2.6 million for the quarter, which equates to a cash G&A of $3.59 per BOE. Q1 G&A included some residual merger integration costs. As those costs roll off throughout the balance of the year, we expect further improvement. I'm also happy to report that all of our capital expenditures incurred in Q4 2025 and paid in Q1 2026 relating to the 31 wells that were in process at the time of the merger were within or under our expectations.

本季總G&A為310萬美元，本季現金G&A為260萬美元，折合每BOE現金G&A為3.59美元。第一季G&A包含部分併購整合的殘餘成本。隨著這些成本在今年剩餘期間逐步消退，我們預期將進一步改善。我也很高興報告，我們在2025年第四季發生並於2026年第一季支付、與併購時仍在進行中的31口井相關的所有資本支出，均符合或低於我們的預期。

Turning to production cadence. I want to be clear about what to expect for the remainder of 2026 because I think the context is important. Q1 benefited from the timing of the 31 D-J Basin wells that came online in late 2025, all of which reached peak production in Q1 2026. Production is expected to moderate through the middle quarters of the year as those wells follow their natural decline curves. Our second half development activity and optimization work are then expected to support incremental volumes heading into 2027.

接著談產量節奏。我想清楚說明2026年剩餘期間的預期，因為我認為背景脈絡很重要。第一季受惠於2025年末投產的31口D-J盆地油井的時點，且這些井皆在2026年第一季達到峰值產量。隨著這些井沿其自然遞減曲線下滑，預期產量將在年中的幾個季度趨於溫和。之後，我們下半年開發活動與最佳化工作，預期將支撐增量產量並延續至2027年。

The first quarter of this year was expected to be a relatively high production quarter, and we want to make sure investors appreciate that. Our production for the balance of the year is expected to show some decline over the next quarter or two, and our second half production is likely to be impacted by our development spending and results over the next several months.

今年第一季原本就預期會是相對高產量的一季，我們希望投資人能理解這一點。預期今年其餘期間的產量在接下來一到兩季會出現一些下滑，而我們下半年的產量很可能會受到未來幾個月開發支出與成果的影響。

Based on the $16 million to $20 million of currently approved net capital expenditures, we continue to expect full year average production of 6,500 to 7,000 BOE per day and $60 million to $70 million of adjusted EBITDA. If we revise our development and capital plans in the future, we will communicate the revised production and adjusted EBITDA expectations as well.

基於目前已核准的1,600萬至2,000萬美元淨資本支出，我們仍預期全年平均產量為每日6,500至7,000 BOE，調整後EBITDA為6,000萬至7,000萬美元。若未來我們修訂開發與資本計畫，我們也將同步溝通修訂後的產量與調整後EBITDA預期。

Looking ahead, we remain focused on executing the optimization program, planning our future development plans while maintaining capital discipline and converting the platform we have built into a durable Rockies-focused energy company while improving cash flow and returns for our shareholders.

展望未來，我們仍專注於執行最佳化計畫、規劃未來開發方案，同時維持資本紀律，並將我們已建立的平台轉化為一家以落磯山脈為核心、具韌性的能源公司，同時提升股東的現金流與報酬。

With that, I will turn it over to RT Dukes.

接下來，我把時間交給RT Dukes。

Thanks, Doug, and good afternoon, everyone. I'll keep my remarks focused on where we are operationally and where we are headed. The story I want to tell this quarter is really about two things, what we've completed and what we're building towards.

謝謝你，Doug，各位下午好。我會把重點放在我們目前的營運狀況以及未來方向。我這一季想講的故事主要有兩件事：我們已完成的，以及我們正在打造、邁向的。

On the completion side, we incurred $3.8 million of capital expenses during the quarter on 10 nonoperated D-J Basin wells with working interest that range from around 1% to 6.3%. All 10 are online and producing. More broadly, we continue to be disciplined in how we manage our acreage position. We have a considerable runway in our portfolio, and we will continue to concentrate our attention and resources on the inventory we intend to develop in the near future.

在完工（completion）方面，我們本季在10口非營運（nonoperated）的D-J盆地油井上發生了380萬美元的資本支出，我們在這些井的工作權益約介於1%至6.3%。這10口井皆已上線並開始生產。更廣泛而言，我們持續以紀律方式管理我們的土地（acreage）部位。我們的投資組合具備相當長的開發跑道，我們將持續把注意力與資源集中在我們打算於近期開發的庫存（inventory）上。

Looking ahead within the D-J, we are planning completion operations on a drilled but uncompleted well in Wyoming in which we hold over a 90% working interest. First production is expected in early Q3, which will be a clean contribution to second half volumes. We continue to evaluate nonoperated proposals from offset operators on an ongoing basis, and we'll participate where the economics make sense.

展望D-J盆地，我們正規劃在懷俄明州一口已鑽但未完井（drilled but uncompleted）的油井進行完井作業，我們在該井持有超過90%的工作權益。預期於第三季初首次產出，將為下半年產量帶來乾淨的貢獻。我們也持續評估鄰近營運商提出的非營運提案，並會在經濟性合理時參與。

In the Powder River Basin, we hold approximately 202,000 acres. There was no operated drilling and completion activity during the first quarter and production outperformed the company's internal plan with no major downtime or operational issues during the quarter as the asset benefited from a relatively mild winter.

在粉河盆地（Powder River Basin），我們持有約202,000英畝。第一季沒有營運鑽井與完井活動；在該資產受惠於相對溫和的冬季、且本季沒有重大停機或營運問題的情況下，產量表現優於公司內部計畫。

The company continues to evaluate its inventory development opportunities across its substantial PRB position. Additionally, the company holds approximately 14,505 net acres in the Permian Basin. In the first quarter, there was no development activity and the asset performed in line with internal expectations. The company continued to improve operational efficiency by accelerating lift conversions, thereby reducing operating costs ahead of schedule. The company continues to evaluate optimization and development opportunities for the back half of 2026.

公司持續在其龐大的PRB部位上評估庫存開發機會。此外，公司在二疊紀盆地（Permian Basin）持有約14,505淨英畝。第一季沒有開發活動，該資產表現符合內部預期。公司透過加速人工舉升（lift）轉換，持續提升營運效率，因而提前降低營運成本。公司也持續評估2026年下半年的最佳化與開發機會。

Now the part of the operational story I want to spend the rest of my time on is our optimization program because I think it's crucial to what it can do for our cost structure over time. Our $10 million to $13 million that's earmarked for our operational optimization budget for 2026 is focused on a few things. First, pump conversions, moving wells from jet pumps and ESP to rod pumps, which carry meaningfully lower operating costs and lower ongoing workover commitments. Additionally, we are focused on well interventions and well cleanouts on wells where we believe there's incremental production to be captured at low incremental cost.

接下來我想把剩餘時間放在我們的最佳化計畫上，因為我認為這對我們長期成本結構的改善至關重要。我們為2026年營運最佳化預算預留的1,000萬至1,300萬美元，聚焦於幾個面向。第一是泵浦轉換，將油井從噴射泵（jet pumps）與電潛泵（ESP）改為抽油桿泵（rod pumps），其營運成本顯著較低，且後續修井（workover）需求也更低。此外，我們也聚焦於井筒介入作業（well interventions）與井筒清理（well cleanouts），針對我們認為能以低增量成本捕捉額外產量的油井。

In plain terms, we are converting wells to lower-cost lift systems and selectively intervening in wells where we believe more production is recoverable at low incremental cost. The recurring cost savings when achieved are durable. They show up in LOE every period thereafter. The goal across all of it is to reduce the total lease operating costs on the combined asset base. Through our 2026 and 2027 optimization programs, we are targeting LOE reductions that can reach up to $1 million per month in cost savings. As this program ramps through Q3 and Q4, we expect to see measurable improvement in total lease operating expenses with the full benefit more visible in 2027.

簡單說，我們正在把油井轉換為較低成本的舉升系統，並選擇性地對我們認為能以低增量成本回收更多產量的油井進行介入作業。一旦達成，經常性成本節省具有持久性，之後每一期都會反映在LOE（租賃營運費用）中。整體目標是降低合併後資產基礎的總租賃營運成本。透過我們2026與2027年的最佳化計畫，我們目標是將LOE降低幅度提升至每月最多可節省100萬美元。隨著此計畫在第三季與第四季加速推進，我們預期總租賃營運費用將出現可衡量的改善，而完整效益在2027年會更為明顯。

In terms of time line, we initiated this work and built a proof of concept in late 2025, continued to advance and plan through the first quarter and have ramped activity further this spring as field conditions have allowed. The majority of the work will be completed through the third and fourth quarters with the LOE benefit building through the back half and more fully reflected in 2027. The sequencing is intentional, not a delay. Our team has worked hard to scale and maximize efficiencies of our program, and that work is now increasingly reflected in the cadence of activity we expect through the balance of the year.

就時程而言，我們在2025年末啟動這項工作並建立概念驗證（proof of concept），在第一季持續推進與規劃，並在今年春季隨著現場條件允許而進一步提升活動量。大部分工作將在第三與第四季完成，LOE效益將在下半年逐步累積，並在2027年更完整反映。這樣的排序是刻意安排，而非延遲。我們團隊努力擴大規模並最大化計畫效率，而這些努力如今也愈來愈反映在我們預期今年剩餘期間的活動節奏上。

The bottom line in operations. The asset base is performing at or above expectations across the board. The integration is progressing, and we have clear line of sight to a lower cost, higher-margin operating profile as the year develops. Our optimization activity is designed to compound through the back half and the cost benefit will be the proof point we can hand investors over the next several quarters.

營運面的結論是：整體資產基礎各方面表現均符合或優於預期。整合正在推進，且隨著年度進展，我們對更低成本、更高毛利的營運輪廓有清晰的可見度。我們的最佳化活動設計為在下半年產生疊加效應，而成本效益將成為未來幾季我們可交付給投資人的驗證成果。

With that, I'll hand it over to Bobby.

接下來我把時間交給Bobby。

Thank you, RT, and good afternoon, everyone. I'll walk through the key financial items for the quarter, focusing on the drivers behind the numbers rather than repeating figures Doug and RT have already covered.

謝謝你，RT，各位下午好。我將帶大家回顧本季的主要財務項目，重點放在數字背後的驅動因素，而不是重複Doug與RT已經涵蓋的數據。

Starting with our first quarter results. Revenue for the quarter was $40.2 million, up 360% from $8.7 million in Q1 2025. That increase is almost entirely a volume story. This was the first full quarter with the combined asset base and the production outperformance RT described flow directly through to the top line.

先從第一季業績開始。本季營收為4,020萬美元，較2025年第一季的870萬美元成長360%。這項增長幾乎完全來自產量因素。這是合併後資產基礎的第一個完整季度，而RT所描述的產量優於預期也直接反映在營收端。

Oil accounted for $36.6 million of total revenue or approximately 91% with the balance split between natural gas at $1.9 million and NGLs at $1.8 million. Realized oil price was $68.39 per barrel, roughly flat year-over-year. Gas and NGL realizations were lower than the prior year period, reflecting the broader commodity price environment for those products, though their contribution to total revenue is modest.

石油占總營收3,660萬美元，約為91%；其餘部分由天然氣190萬美元與NGL（天然氣液）180萬美元分攤。實現油價為每桶68.39美元，年比大致持平。天然氣與NGL的實現價格低於去年同期，反映這些產品所處的整體商品價格環境，惟其對總營收的貢獻相對有限。

Total operating expenses were $33.5 million, resulting in operating income of $6.7 million. Within that, LOE was $16.4 million and G&A was $3.1 million, both of which RT and Doug have addressed. DD&A was $12.5 million, driven by the higher production volumes on the expanded asset base. We also recorded a $1.6 million noncash impairment on the D-J Basin acreage that expired. No surprises in the operating cost structure.

總營運費用為3,350萬美元，因此營業利益為670萬美元。其中，LOE（租賃營運費）為1,640萬美元，G&A（一般及行政費用）為310萬美元，這兩項RT與Doug都已說明。DD&A（折耗、折舊與攤銷）為1,250萬美元，主要受擴大資產基礎下較高產量所帶動。我們亦就已到期的D-J盆地租地認列160萬美元的非現金減損。營運成本結構沒有意外。

Below the operating line, the significant item was a $31.3 million net loss on derivative contracts. I want to separate this clearly into two components because they are very different in nature. The realized portion corresponding to positions that settled in the quarter on an income statement basis was a loss of $3.4 million as a result of realized crude oil prices exceeding fixed prices in our contracts. On a net cash basis, derivative settlements during the quarter were a small inflow as not all settled positions have cleared cash by quarter end. The difference between income statement timing and cash settlement timing is reflected in our balance sheet and will normalize over the next several periods.

在營業利益以下，最重要的項目是衍生性合約3,130萬美元的淨損失。我想清楚地將其分成兩個部分，因為性質非常不同。對應於本季到期結算部位的已實現部分，依損益表認列為340萬美元損失，原因是已實現原油價格高於我們合約中的固定價格。以淨現金基礎來看，本季衍生品結算為小幅流入，因為並非所有已結算部位在季末前都已完成現金交割。損益表認列時點與現金結算時點的差異反映在資產負債表中，並將在未來幾個期間逐步回歸正常。

The unrealized portion corresponding to noncash mark-to-market on our open positions was a loss of $27.9 million, reflecting the movement in oil prices above our hedge strike prices during the latter part of Q1. That $27.9 million is an accounting entry, not a cash outlay as our hedge positions are mark-to-market each quarter. Adjusted EBITDA of $21.5 million, which adds back the noncash derivative loss, along with other noncash and nonrecurring items, is the measure we believe best reflects how the business actually performed.

未實現部分對應於未平倉部位的非現金按市價評價（mark-to-market），損失為2,790萬美元，反映第一季後段油價上升至高於我們避險履約價（strike prices）所致。這2,790萬美元屬會計分錄，並非現金支出，因為我們的避險部位每季都會按市價評價。調整後EBITDA為2,150萬美元，該指標加回非現金的衍生品損失以及其他非現金與非經常性項目，我們認為這最能反映業務的實際經營表現。

On the structure of our hedge book, our position is balanced across swaps, costless collars and three-way collars. The purpose of the program is to reduce cash flow volatility, protect the capital plan and ensure project economics. While our credit facility requires us to maintain a certain level of hedging, we would expect to carry a prudent hedge position even without funded debt, given the importance of protecting cash flow and maintain flexibility around our development activity.

就我們避險組合的結構而言，我們在掉期（swaps）、零成本領口（costless collars）與三向領口（three-way collars）之間配置均衡。該計畫的目的在於降低現金流波動、保障資本計畫並確保專案經濟性。雖然我們的信貸融資要求維持一定程度的避險，但即使沒有有息負債，我們也預期會維持審慎的避險部位，因為保護現金流並維持開發活動的彈性至關重要。

Turning to cash flow. Net cash provided by operating activities was $10.5 million for the quarter. That reflects strong cash margins from the expanded production base, partially offset by an approximately $10.7 million use of cash from working capital, primarily reflecting the settlement of accounts payable period from year-end 2025. Cash paid for drilling and completion costs were $16.5 million, which includes approximately $3 million of carryover payments from the 2025 program. On an accrual basis, our 2026 capital spend is tracking within the guidance range. We drew $11 million under the revolving credit facility to fund nonoperated well participation and other obligations during the quarter.

接著談現金流。本季營運活動提供的淨現金為1,050萬美元。這反映擴大後產量基礎帶來強勁的現金利潤率，但部分被約1,070萬美元的營運資金現金流出所抵銷，主要是反映自2025年年底以來應付帳款期間的結算。鑽井與完井成本的現金支付為1,650萬美元，其中包含約300萬美元來自2025年計畫的結轉付款。以權責發生基礎計算，我們2026年的資本支出正落在指引區間內。本季我們自循環信用額度提取1,100萬美元，用於非作業井參與及其他義務的資金需求。

At March 31, we had total cash and restricted cash of $11.3 million and $98 million outstanding under our revolving credit facility against $120 million borrowing base, leaving approximately $22 million of availability. The $3.6 million of restricted cash relates to bonding requirements that are expected to be released within the next 90 days. Specifically, that $3.6 million is a remnant of premerger surety bond requirements that were cash collateralized.

截至3月31日，我們的現金與受限制現金合計為1,130萬美元；循環信用額度項下未償餘額為9,800萬美元，對應1.2億美元的借款基礎（borrowing base），因此尚有約2,200萬美元可用額度。受限制現金中的360萬美元與保證金（bonding）要求相關，預期將在未來90天內解除。具體而言，該360萬美元是合併前保證保險（surety bond）要求的殘餘部分，當時以現金作為擔保品。

Following the merger, we entered into a new surety program that does not require cash collateral. Adjusting for total cash and restricted cash, net debt at quarter end was approximately $87 million and total liquidity was approximately $33 million.

合併後，我們建立了新的保證保險方案，不再需要現金擔保。將現金與受限制現金納入調整後，季末淨負債約為8,700萬美元，總流動性約為3,300萬美元。

Thank you for your attention. I will turn it back to the operator for questions.

感謝各位的聆聽。我將把時間交還給接線員進行提問。

(Operator Instructions)

（接線員指示）

Nicholas Pope with ROTH Capital.

ROTH Capital的Nicholas Pope。

Good evening, guys. Got a couple of questions here for you. I think, RT, you were discussing kind of the split in CapEx and kind of the impact of the optimization CapEx you're looking at. I was curious in the first quarter, how much of kind of the spend on the CapEx, like how much have you all gotten to on the optimization CapEx so far since kind of -- I know it's only been a short period of time since the companies have kind of been together, but just curious how much of that you all have gotten into so far?

各位晚安。我這邊有幾個問題想請教。我想RT你剛才在談資本支出（CapEx）的拆分，以及你們正在評估的最佳化CapEx所帶來的影響。我想了解第一季在CapEx支出中，迄今為止你們在最佳化CapEx上大概已經投入了多少？我知道兩家公司合在一起的時間還不長，但想請教目前進度大概到哪裡？

Yes. So Nick, we really started in earnest in Q2. Just a broad update. We had two wells we did get converted to rod pump in Q1, below budget, performing to plan. So real happy with where we are. Good progress so far this quarter as well.

是的。Nick，我們其實是在第二季才真正開始大力推進。先做個整體更新：第一季我們確實有兩口井完成改為抽油桿泵（rod pump），成本低於預算，表現符合計畫。我們對目前進展非常滿意。本季到目前為止也有不錯的進度。

Got it. And just -- and kind of looking at like where workover expenses were for the quarter, it seemed like it was a lower number relative to where things are running in the fourth quarter. I guess is it kind of tie into the same kind of starting things somewhat in earnest because it seems like there's some connections, I would think, between that workover line item and some of the optimization CapEx work.

了解。再來就是——看你們本季的修井（workover）費用，似乎相較第四季的水準偏低。我想是不是也跟你剛提到的、現在才開始真正推進有關？因為我會認為修井這個費用項目，跟一些最佳化CapEx的工作之間應該有些關聯。

I'm just curious, as you kind of look at the field and as you kind of integrated assets here, some of that type of like low-hanging fruit on the expense side, where things are and what that might look like going forward?

我也想請教，當你們檢視油田並整合這些資產時，在費用端一些比較容易先做、立竿見影的項目（low-hanging fruit），目前狀況如何？以及未來可能會呈現什麼樣子？

Yeah, there's a couple of things. It was a relatively mild winter. But on top of that, we spent a couple of years really preparing the field really after we got a cold winter a couple of years ago and had good reliability. It really kind of proved the point of what we thought, making sure our wells stayed online through the colder seasons in the winter in the Rockies is important.

是的，主要有幾個因素。今年冬天相對溫和。但除此之外，我們在過去幾年其實一直在為油田做準備，特別是在幾年前遇到一次嚴寒冬季之後，我們做了很多工作並取得良好的可靠性。這也某種程度驗證了我們的想法：在落磯山脈地區的冬季寒冷季節，確保油井維持在線運轉非常重要。

And so we have worked to make sure our operations are resilient, and I think you see that. So no real issues through the winter. We purposely target that and try to make sure we have good reliability in the winter. If there's preventative things we can do in Q4 leading into the colder part of the year, we do that. So I think you see that reflected in Q1.

因此我們一直在確保營運具備韌性，我想你們也看到了。整個冬季沒有真正的問題。我們刻意以此為目標，努力確保冬季的可靠性。如果在第四季、進入一年中更寒冷的時段之前，有一些預防性的工作可以做，我們就會去做。所以我認為你在第一季的數字中看到了這點。

And RT, to add to that also, that's -- Nick, that's partially why our optimization projects are planned for mostly for spring, fall or spring, summer and fall is to -- so we're not out there in the middle of winter.

另外RT，我補充一下——Nick，這也部分解釋了為什麼我們的最佳化專案大多安排在春季、秋季，或是春、夏、秋來進行，這樣——我們就不需要在隆冬時節到現場作業。

Got it. And just trying to clarify a little bit on the development plans you all talked about once that ramps up, I think you all said one DUC that you're working on in Wyoming. And then is it that the remaining -- sorry, yes, the one D-J DUC, right? Sorry. What's a bit of split between D-J and Powder River as you kind of look at that second half development plan?

了解。再想釐清一下你們提到的開發計畫，等到下半年開始加速之後，我記得你們說在懷俄明州有一口DUC正在進行。那麼其餘的——抱歉，對，是那口D-J的DUC，對吧？抱歉。就你們看下半年的開發計畫而言，D-J與Powder River之間大概會是什麼樣的分配？

So we're doing the -- we're completing the DUC in the D-J in this summer. Optimization projects are planned for the Powder River, the D-J and the Permian, but we haven't really split out exactly to the market what we're doing where. They're just cost-saving projects across the board. And then we're evaluating some other development options for later this year that we'll announce when we have those -- when we have that all tied up.

所以我們正在——我們將在今年夏天於 D-J 完成 DUC。粉河盆地、D-J 與二疊紀盆地都規劃了最佳化專案，但我們尚未向市場明確拆分各區域具體要做什麼。這些基本上都是全面性的節省成本專案。接著，我們也在評估今年稍晚的其他開發選項，等我們把那些——等一切都敲定後就會對外宣布。

Got it. All right. Well, that's all I have for now. I can jump back in if somebody else has some questions. Thanks. Great, guys.

了解。好吧，那我目前就這些。我可以先回到隊列，如果其他人還有問題我再加入。謝謝。各位很棒。

Great. Thank you.

很好。謝謝你。

Dave Storms, Stonegate.

Dave Storms，Stonegate。

Good evening and appreciate you taking my question. I wanted to start maybe with the optimization plan, just a clarification. These pump conversions and the interventions, is that across your entire portfolio? Or are there portions of your portfolio where it's not appropriate maybe to do an intervention? Just maybe any breakout there would be helpful.

晚安，感謝讓我提問。我想先從最佳化計畫開始，做個釐清。這些泵浦轉換與介入作業，是涵蓋你們整個投資組合嗎？還是你們的投資組合中有些部分可能不適合做介入？如果能稍微拆分說明會很有幫助。

RT, do you want to take that?

RT，你要回答這題嗎？

Yeah, for sure. I think it's fair to say it's across the bulk of the portfolio. I mean we run ESPs and jet pumps across the entire portfolio. And just as you come off of your highest fluid producing years, it makes sense to move to a more efficient lift method. So much of this was planned for years. And what we've done is just seen the ability to execute at a high level that's made us pull some of this forward. So instead of spreading it over several years, we've decided or made a decision to speed it up and complete most of the fields where we see that optionality this year and into next.

好的，當然。我想可以說是涵蓋投資組合的大部分。我們在整個投資組合中都有使用 ESP（電潛泵）與噴射泵。當你度過產液量最高的幾年之後，改用更有效率的舉升方式是合理的。這其中很多其實已規劃多年。我們所做的是看到我們有能力以高水準執行，因此把部分工作提前。所以我們不再把它分散在好幾年完成，而是決定加速，在今年到明年把我們看到具備選擇性的多數油田完成。

That's perfect. I appreciate it. And then maybe just wanted to double-click on development plans again. Should the environment -- the macro environment stay kind of constructive for you, how would you characterize your ability to maybe go fast if needed? Do you feel like you have the capacity to really take advantage should that be the route you decide?

非常好，謝謝。接著我想再深入問一下開發計畫。如果環境——宏觀環境對你們仍維持相對有利，你會如何描述你們在需要時加速推進的能力？你們覺得自己有足夠的產能/能力在你們決定走那條路時真正把握機會嗎？

Yes. So we're currently going through all of our assets, reviewing everything, identifying opportunities for late-stage 2026 and 2027 development. There are some areas that we can move very fast and there are some areas that take longer lead times, right? And just depends on permitting and things like that.

是的。我們目前正在檢視所有資產，全面複核、辨識 2026 年下半年與 2027 年的開發機會。有些區域我們可以非常快地推進，也有些區域需要較長的前置時間，對吧？這取決於許可申請等事項。

So our Permian assets, we can move very quickly on them. Our D-J Basin assets, a lot of them, we can move very quickly on. And then our large non-op positions in the Colorado D-J, we're working with partners on that for some second half 2026 and 2027 development. And once that comes into scope, that moves fairly quickly as well. Powder River Basin is a little longer lead times right now.

就我們的二疊紀資產而言，我們可以很快推進。我們在 D-J 盆地的資產，很多也能很快推進。至於我們在科羅拉多 D-J 的大型非營運（non-op）持份，我們正與合作夥伴就 2026 年下半年與 2027 年的開發合作；一旦納入範疇，推進速度也相當快。粉河盆地目前的前置時間則稍長一些。

Understood. That's very helpful. Thank you. And maybe one more, and I know you're kind of constrained from a government standpoint when it comes to hedging. But just given the volatility we're seeing in commodity prices, are you having to maybe spend more to put more hedges on or anything like that? Or maybe said another way, you just -- what are your thoughts on your overall philosophy around your hedging portfolio outside of the governance point?

了解，這很有幫助，謝謝。再問最後一題：我知道從政府/治理角度你們在避險方面可能有些限制。但考量我們看到的大宗商品價格波動，你們是否需要花更多成本去增加避險部位之類的？或者換個說法，撇開治理面的因素，你們對整體避險投資組合的理念是什麼？

Well, when we executed the merger back in October, we were required by the bank group to hedge 75% of our production, right? So I think currently, right now, we're somewhere in the high 60s hedged. We've benefited from some of the hedges that we put on in place, and you can go through the 10-Q and look at the hedge positions. But we do have some three-way hedges that have calls at 80. So, we are participating in a lot of upside that we otherwise wouldn't be participating in.

嗯，當我們在去年 10 月完成合併時，銀行團要求我們對 75% 的產量做避險，對吧？所以我想目前此刻我們大概在 60% 後段的避險比例。我們也受益於已建立的部分避險，你可以查看 10-Q 了解避險部位。不過我們確實有一些三向避險（three-way hedges），其上方有 80 的買權（call）。因此，我們仍能參與相當多的上行空間，否則原本可能無法參與。

Looking out further over the next year or two, the -- earlier in the month, the oil curve was heavily backwardated. That backwardation is coming up a little. So future prices out several months are coming up to closer to what the current price is. And as that happens, that could potentially give us some very nice hedging opportunities for late '26 and '27.

再往後看一到兩年——本月稍早，原油遠期曲線呈現明顯的逆價差（backwardation）。這個逆價差正在稍微收斂，所以未來幾個月的遠期價格正在上升，更接近現貨價格。隨著這種情況發生，可能會為我們在 2026 年下半年與 2027 年提供一些非常不錯的避險機會。

That's great. Thank you very much, and I'll get back in queue.

太好了，非常感謝，我回到隊列。

All right. Thank you.

好的，謝謝。

I'd like to turn the call back to Douglas Schick for closing remarks.

我想把電話交回給 Douglas Schick 作結語。

Great. Thank you, operator, and thank you for all your questions. Before we close, I just want to reiterate a few things from this quarter. First, the combined platform is performing above expectations, generating -- it generated 8,091 BOE per day in the first quarter and $21.5 million of adjusted EBITDA. The assets are operating in line with our underwriting assumptions and continue to demonstrate the scale and cash flow profile of the business post transaction.

很好。謝謝主持人，也謝謝大家的提問。在結束前，我想重申本季幾點。第一，合併後的平台表現優於預期——第一季日產 8,091 BOE，並產生 2,150 萬美元的調整後 EBITDA。資產營運符合我們承作/投資評估（underwriting）的假設，並持續展現交易完成後業務的規模與現金流特性。

Second, we are reiterating with confidence our full year guidance of 6,500 to 7,000 BOE per day and $60 million to $70 million of adjusted EBITDA at $16 million to $20 million of net capital expenditures. Q1 is a high watermark for the year for production. The year is slightly front-loaded due to our Q4 2025 development program that reached peak production in Q1 2026. This production cadence is what we had planned at the time of the merger. And if we revise our development program and capital plans in the future, we will communicate that to the market, and we will change our production and EBITDA expectations at that time.

第二，我們有信心重申全年指引：日產 6,500 至 7,000 BOE，以及在淨資本支出 1,600 萬至 2,000 萬美元下，調整後 EBITDA 為 6,000 萬至 7,000 萬美元。第一季是今年產量的高點。由於我們 2025 年第四季的開發計畫在 2026 年第一季達到峰值產量，因此全年節奏略為前高後低。這樣的產量節奏是在合併時就已規劃好的。若未來我們修訂開發計畫與資本規劃，我們會向市場溝通，並在當時調整我們對產量與 EBITDA 的預期。

Third, the balance sheet moved decisively in the right direction this quarter. Our working capital deficit improved by $27 million. Our net debt is at $87 million and the optimization program that drives our 2027 cost structure is on track. We have a clear plan for the rest of 2026, and we intend to execute it. Thank you all for your time, and thank you for your interest in PEDEVCO. Have a good day.

第三，本季資產負債表明顯朝正確方向改善。我們的營運資金赤字改善了 2,700 萬美元。淨負債為 8,700 萬美元，而推動我們 2027 年成本結構的最佳化計畫也按進度進行。我們對 2026 年剩餘期間有清楚的計畫，並打算落實執行。謝謝各位撥冗，也謝謝各位對 PEDEVCO 的關注。祝各位有美好的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。