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PEDEVCO is pursuing organic growth, operating-cost savings and selective consolidation in the Rockies after its October 2025 Juniper merger. At a September 29, 2026 conference, interim President and CEO R.T. Dukes said the company was more than halfway through a plan targeting over $10 million in annualized lease operating expense (LOE) savings, while the board planned to search for a permanent CEO through the end of 2026. Those are management’s stated plans and progress—not confirmation that the savings have been fully realized or that a new CEO has been appointed.
What is PEDEVCO doing in the Rockies?
PEDEVCO’s portfolio spans the Denver-Julesburg (D-J) Basin in southeastern Wyoming and northern Colorado, the Powder River Basin in northeastern Wyoming, and assets in the Permian Basin in eastern New Mexico. Its investor page describes more than 310,000 net acres following the Juniper merger. PEDEVCO’s investor overview provides the company’s current portfolio framing.
PEDEVCO closed the Juniper merger on November 4, 2025. In that closing announcement, the company reported production of more than 6,500 barrels of oil equivalent per day (BOEPD), over 80% oil, and more than 328,000 net acres. Those are figures reported at closing, not current 2026 production; the later investor-page acreage figure is dated to a different reporting context and should not be treated as a direct like-for-like update. The merger-close announcement sets out the company’s figures at that time.
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At the September 29, 2026 Lytham Partners Fall Investor Conference, Dukes said PEDEVCO was focused on “organic growth, margin expansion, and consolidation” in the Rockies. This is management’s strategic framing: grow and improve operations in the enlarged portfolio, while looking selectively at opportunities to consolidate its regional position. The remarks do not establish that a specific acquisition or consolidation transaction is underway. The conference transcript coverage reports Dukes’s comments.
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How much is PEDEVCO targeting in cost cuts?
Management described a program to reduce LOE by more than $10 million on an annualized basis across work this year and next. Dukes said on September 29, 2026, that the company had completed more than half of that plan. The figure is a target for annualized savings, and “more than halfway complete” is management’s progress report; neither statement independently confirms the final savings achieved or the timing at which they will appear in reported results.
Dukes’s conference remarks were reported as: “We will reiterate our plans to lower LOE between our program this year and next by over $10 million in annualized LOE savings.” The quotation is attributed to him at the named conference in the transcript coverage, rather than to an official company transcript.
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What work is intended to support savings?
Company disclosures describe field optimization activity that includes pump conversions, compression projects, recompletions and well cleanouts. These are operational projects, not savings guarantees: results depend on execution and the performance of the affected wells and equipment. PEDEVCO’s estimated 2026 capital spending of $10 million to $13 million for optimization projects, disclosed in its 2025 Form 10-K, is spending on work—not the same measure as the separate annualized LOE savings target. The 2025 Form 10-K describes the estimated capex, while PEDEVCO’s March 2026 preliminary results disclosure describes optimization work.
Has PEDEVCO found a new CEO?
As of Dukes’s September 29, 2026 remarks, the CEO search was still planned, not complete. Dukes was serving as interim President and CEO and Acting COO. He said: “The board decided to make a change, and they will be going through a search for a full-time CEO through Q4.” That sets out the board’s target period; it does not confirm that a permanent CEO would be selected by a particular date. The conference transcript coverage reports the statement.
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How do the operating results fit the strategy?
PEDEVCO reported second-quarter 2026 revenue of $46 million and adjusted EBITDA of approximately $18.9 million in its results coverage. These are historical reported results, not a forecast of what the savings program or future consolidation may deliver. The company’s Q2 results and filing are available through its investor news page and its Q2 2026 Form 10-Q.
For context, the company’s March 2026 announcement of preliminary 2025 results identified those figures as preliminary and unaudited at the time; they should not be described as audited results. The filing exhibit contains that disclosure.
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