PED 2026年第2四半期決算説明会：売上高561%増、EBITDAガイダンスを再確認

PEDの2026年第2四半期決算は、Juniperとの合併に伴う生産基盤の拡大、原油実現価格の上昇、および継続的な負債削減を反映した内容となりました。また、経営陣は通期の調整後EBITDA見通しを再確認し、2026年後半から2027年初頭に向けたより積極的な開発プログラムの概要を明らかにしました。

主要なポイント

• 第2四半期の売上高は4,610万ドルに達し、前年同期比で561%増加、前四半期比で約15%増加しました。これは販売量の増加と実現価格の上昇がけん引したものです。
• 生産量は合計618,912 BOE（日量約6,800 BOE）となりました。2025年終盤に稼働したDJバシンの油井が自然減退曲線に入ったため、生産量は前四半期比で16%減少しました。
• 平均原油実現価格は前年同期比53%増の1バレル＝94.07ドルに上昇し、前四半期比での生産量減少を補うのに寄与しました。
• ロバート・ロングCFOが発表した調整後EBITDAは1,850万ドルとなり、前年同期の300万ドルおよび2026年第1四半期の1,810万ドルを上回りました。
• PEDはリボルビング信用枠の借り入れから1,300万ドルを返済し、負債額を8,500万ドルに削減しました。1,210万ドルの現金保有高を考慮した純有息負債は、約7,300万ドルとなりました。
• 経営陣は2026年通期の調整後EBITDA見通し（6,000万ドル〜7,000万ドル）を再確認し、今後数か月で保有資産全体において総油井数20基以上の掘削または事業参加を計画しています。

主要財務データ

売上高は前年同期比で3,910万ドル増加しました。経営陣は増収分のうち3,580万ドルを販売量の増加によるもの、330万ドルを実現価格の改善によるものとしています。

デリバティブ取引では500万ドルの純利益が発生しました。これには810万ドルの決済実現損失と1,310万ドルの非現金評価益が含まれます。経営陣は、評価益がキャッシュインフローではなく会計上の仕訳に過ぎないことを強調しました。

事業および操業実績

PEDはDJバシン、パウダーリバーバシン、パーミアンバシンで事業を展開しており、Juniperとの取引を経て純保有面積は30万エーカー超となっています。

同社はDJバシンにおいて88,000純エーカー超を所有しています。2025年末に稼働開始した油井がピーク生産期を過ぎたため、生産量は減少しました。PEDは四半期末後に事前掘削済みだったHastings油井の仕上げ作業を完了し、第3四半期の生産量に寄与すると見込んでいます。仕上げ作業中、近隣の油井が一時的に操業停止したことが7月の生産量減少につながりました。経営陣は、これらの油井が再稼働する8月には生産量が大幅に回復すると予想しています。

また、パウダーリバーバシンでは約202,000純エーカーを保有しています。経営陣は、ワイオミング州でのBLM関連の訴訟が解決したことで許認可の見通しが改善し、より優先度の高い複数の開発プロジェクトに着手可能になったと述べました。

さらにパーミアンバシンには約14,505純エーカーと38基の自社操業油井が含まれています。経営陣はこの資産を安定した生産基盤と位置付けており、人工リフトの変更や油井修繕、その他のコスト削減策の検討を継続しています。

PEDはポンプ交換、再仕上げ、坑井洗浄、コンプレッサー関連プロジェクトなどの最適化作業を夏期に前倒しして実施しました。経営陣は、この実施時期について、冬場の悪天候を回避し、生産量を改善させるとともに、1バレル当たりのリース営業費用を継続的に削減することを目的としたものだと説明しました。

経営陣の見通し（ガイダンス）

経営陣は、上半期に3,680万ドルを計上したことを受け、2026年通期の調整後EBITDA見通し（6,000万ドル〜7,000万ドル）を再確認しました。

同社は今後数か月間で、保有資産全体で総油井数20基以上の掘削または事業参加を計画しています。経営陣は、拡大されたこのプログラムが本格的に寄与するのは2026年後半から2027年初頭になると見込んでいます。設備投資および開発計画のさらなる詳細は、今後数週間のうちに発表される予定です。

最適化によるコスト削減効果は2026年後半にかけて拡大し、同社の2027年の営業費用ランレートにおいてより明確に顕現化する見通しです。

リスクおよび注視すべき点

• DJバシンの油井が自然減退曲線に入ったため、前四半期比の生産量は減少しました。
• 一時的な油井の閉鎖や最適化作業の前倒しが7月の生産量減少につながりましたが、経営陣は8月の回復を見込んでいます。
• リース営業費用は実額ベースでは安定していましたが、生産量の減少により単価ベースのコストは上昇しました。
• 開発上の制約はバシンごとに異なります。経営陣はコロラド州では許認可の手続きが主な制約であり、ワイオミング州では季節的な掘削制限が要因であると指摘しました。
• 商品実現価格の上昇が四半期業績を押し上げた一方で、ヘッジ決済により810万ドルの実現現金損失が発生しました。
• 拡大された開発プログラムの時期やリターンは、引き続きプロジェクトの実行力、許認可の取得状況、および商品価格に依存します。

アナリスト質疑応答の要点

経営陣は、開発プログラムの拡大が商品価格の上昇のみによるものではないと述べました。主な要因は、合併後に行われた利用可能なプロジェクトの見直しと優先順位付け、およびワイオミング州でのBLM訴訟の解決によって追加の開発機会が実行可能になったことです。

PEDは、EBITDA有利子負債倍率が合併直後の約1.6倍から約1.0倍へと低下したと説明しました。経営陣は、望ましい財務体質を維持しながら、2026年の残りの開発プログラムを営業キャッシュフローの範囲内で賄うことができると考えています。

営業費用に関して、経営陣は第2四半期中の順調な進捗により、最適化プロジェクトの前倒し実施に対する確信が深まったと述べました。通期での支出額は同水準となる見込みですが、プロジェクトを前倒しすることで、コスト削減効果がより早期に表れると期待されています。

業績説明会（コーポレート・コール）文字起こし全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Thank you. Good afternoon and welcome to BDEVCO Corp's second quarter 2026 earnings conference call. All participants are in listening mode. After the prepared remarks, we will open the call for questions. I would now like to turn the call over to Laurent Wao of Elevate IR. Please go ahead.

Unknown Speaker

Thank you, Operator, and good afternoon, everyone. Welcome to PIDAVCO's second quarter 2026 earnings call. With me today are Doug Chick, President and Chief Executive Officer, Arti Dukes, Chief Operating Officer, and Bobby Long, Chief Financial Officer. Before we begin, 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 second quarter 2026, Form 10-Q and other SEC filings. The company undertakes no obligation to update or revise any forward-looking statements. 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 TEN-Q filing. These non-GAAP measures should not be considered an isolation or as a substitute for GAAP results. 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 June 30, 2026, the company had approximately 13.3 million shares of common stock. outstanding. Here is today's agenda. Doug will begin with opening remarks, followed by Archie 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. With that, I will turn it over to Doug.

Unknown Speaker

Thanks, Laurent, and good afternoon, everyone. Thank you for joining us. We are now halfway through 2026, and the second quarter provides a clear view of the earnings power of the platform we've built through the Juniper merger. Production averaged approximately 6,800 VOE per day. Revenue was $46.1 million and adjusted EBITDA was $18.7 million. Revenue increased more than fivefold year over year and approximately 15% sequentially. These results were ahead of our original expectations and reflect the combination of stronger realized oil prices and the expanded production base. To put year-over-year comparisons in perspective, Penesco was a much smaller company in the second quarter of 2025 with no debt and approximately $7 million of quarterly revenue.

Today we operate across three basins, produced more than 618,000 barrels of oil equivalent during the quarter, and generated $46.1 million of revenue. This increase in scale reflects the strategic transaction we made last October to merge with the Juniper portfolio companies, which expanded our footprint to more than 300,000 net acres across the DJ, Powder River, and Permian basins with substantial oil-weighted production and a deep development inventory. We said at the time of the merger we would significantly increase the scale and cash-generating capacity of the company, and the second quarter results demonstrate that progress. According to sequential comparisons, it is important to distinguish the impact of price from the impact of volumes. Production declined 16% from the first quarter, consistent with the production expectations we discussed on our last call. The DJ Basin wells that came online in late 2025 reached peak production early this year and have since followed their natural decline curves. As a result, the sequential improvement in revenue was driven most Our average oil price increased to $94.07 per barrel, up 53% year over year, and operating income more than doubled sequentially. from $6.7 million to $15.4 million.

Higher commodity prices, when sustained, improve the return profile of our inventory, but they do not change our approach. We're not building a plan that depends on elevated commodity prices. Our focus remains on low-cost operations, a strong balance sheet, and deploying capital only where the expected returns justify it. Turning to cost, lease operating expense was essentially flat with the first quarter on an absolute basis. Per unit costs were higher because production declined while absolute costs remained relatively stable. RT will discuss the optimization program in more detail, but our focus is on pump conversions, recompletions, well clean outs, and compression projects that are expected to reduce recurring operating costs going forward. As those savings are realized, we expect them to improve margins and strengthen the cost structure of the business over time.

The balance sheet also improved significantly during the quarter. We repaid $13 million of debt under our revolving credit facility, reducing the outstanding balance to $85 million from $98 million at the end of the first quarter. Strong cash generation allowed us to accelerate debt repayment while maintaining cash on hand. Coming out of the merger, we carried a meaningful working capital deficit. That overhang was largely resolved in the first quarter. And in the second quarter, we returned to reducing our funded debt. Adjusting for cash, net debt was approximately $73 million at quarter end.

This progress gives us greater flexibility as we evaluate additional development opportunities. With this balance sheet strength and months of asset analysis, permitting and development planning, we are now in a position to consider a more active development program. During the first half of the year, we maintained a measured approach to capital allocation focusing mostly on our production and cost optimization program and directed excess cash towards strengthening the balance sheet. That was the appropriate approach for the business and it produced the results we expected. Our stronger financial position, a more constructive commodity price environment, and the resolution of certain litigation matters in Wyoming now allow us to begin a more active development program for the remainder of the year in early 2027. Over the past several months, we have conducted extensive analysis on our 300,000-plus acre position and have identified actionable, high-rated return projects available for near-term development. We have recently completed a previously drilled well in the DJ Basin, and over the next several months we plan to drill and participate in over 20 gross wells across our asset base.

We will be announcing the details of this expanded capital program and development plan in the coming weeks. With $36.8 million of adjusted EBITDA generated in the first half, we are reiterating our full year 2026 adjusted EBITDA guidance of $60 million to $70 million. The expanded second half development program is not expected to contribute until late 2026 and early 2027, and our outlook for the balance of the year reflects the production outlook we have discussed previously. More broadly, our capital allocation framework remains straightforward. We will prioritize a strong balance sheet and the operating integrity of the existing asset base. We will then invest in optimization and development projects that meet our return thresholds while preserving the flexibility to pursue acquisitions and leasehold opportunities that strengthen our core positions. The expanded platform gives us more ways to create value, but it does not change the discipline we apply to each and every investment decision.

Taken together, we are entering the second half of the year from a stronger position than we expected at the start of 2026. The combined platform is generating meaningful cash flow, the balance sheet is healthy, and we have the flexibility to fund a disciplined development program while maintaining our return thresholds and financial priorities.

Unknown Speaker

I will turn it over to Artie. Thanks, Doug, and good afternoon, everyone. I'll keep my remarks focused on how the assets performed this quarter and what we're building toward in the second half before handing it back to Bobby to walk you through the financial results. The second quarter production of 618,912 BOE, or 6,800 BOE per day, was in line with our internal plan. The sequential decline was expected as we highlighted last quarter. As Doug mentioned, the first quarter benefited from the timing of the DJ Basin wells that came online in late 25 and reached peak production early in the year. Those wells have followed their natural decline curve since.

Let me walk through our three major basins. In the DGA, we hold approximately, or a little bit over, 88,000 net acres, an interest in 74 gross, almost 67 net operated wells, and 110 gross, 12 and a half net non-operated wells. During the quarter, we continued our field optimization program. first half participation in 10 non-operated wells with working interest ranging from 1.1 to 6.3% were completed in the first quarter. After the quarter ended, we completed the drilled but uncompleted well in Q3, our Hastings well, and we expect it to contribute to third quarter volumes. In connection with the completion, certain nearby wells were temporarily shut in, and we also accelerated several optimization projects into the third quarter. As a result, July production was lower than initially expected, but volumes will improve significantly in August as those wells return to service and the Hastings well begins contributing to our volume. In the Powder River Basin, we hold approximately 202,000 net acres and interest in over 150 gross wells, 130 net wells, of which 16 gross, 1.4 net or non-op.

During the quarter, permitting matters did improve in Wyoming through BLM through some litigation that was the result of that was resolved with the BLM. That is an important development for us because it's allowed us to permit some of our top tier wells that we plan to develop in the next year or two. And part of that underpins the second half program that Doug described. In the Permian Basin, we hold approximately 14,505 net acres and interest in 38 gross, 34 and a half net wells, all of which we operate. The asset continues to provide a stable production base. We remained focused on the operating efficiency and continued to evaluate lift conversions, well interventions, and other optimization opportunities to help improve our cost structure and margins in the basin. Now a word on the optimization program and the progress we're making.

Because it is central to our cost structure over time, we have pulled a meaningful portion of our optimization program forward. We initially had much of it spread out over most of the year, but we We have pulled that into the summer to beat worse weather in the winter. The trade-off and a little bit of cost sooner in the year for better production and better cost later in the year was deliberate. The pump conversions, re-completions, well clean-outs, and compression projects are designed to lower our per barrel lease operating expense on a recurring basis. When those savings are achieved, they are durable and they show up in LOE every period from here on after. We expect the benefit to build through the back half of the year and be more reflected in our 2027 operating cost run rate. The bottom line on operations is the asset base is performing in line with the plan.

Integration continues and we are now ready to move into an active development program with a balance sheet to support it. Bobby, I'll hand it over to you.

Robert Long

Thank you, R.T., and good afternoon, everyone. This second quarter brought together the financial priorities we have emphasized since the merger, stronger earnings, disciplined cost management, and continued balance sheet improvement. Higher realized oil and NGL prices more than offset lower production, while lease operating expenses remained essentially flat on an absolute basis, and we used available cash to accelerate debt repayment. I'll walk through each of those areas, beginning with revenue and operating costs. Starting with our second quarter results, revenue was $46.1 million, up 561% from $7 million in the prior year period, and approximately 15% from the first quarter. The year-over-year increase reflects the contribution from the expanded asset base and higher average real estate. oil price. Of the $39.1 million increase, $35.8 million was attributable to higher sales volumes and $3.3 million to higher realized pricing.

Total operating expenses were approximately $30.8 million, resulting in operating income of $15.4 million. Within that, LOE was $16.4 million and G&A was $3.4 million. The OE was essentially flat with the first quarter on an absolute basis. The year-over-year increase in G&A reflects additional payroll expense associated with the larger company and higher legal and audit costs due to the growth of the company. DD&A was $10.2 million, up $6.3 million year-over-year, driven by higher production and the expanded asset base. We also recorded $2 million of interest expense, consisting of $1.8 million of interest on credit facility borrowings and $0.2 million of amortization of deferred financing costs compared to no interest expense in the prior year period. Below the operating line, the most significant item was $5 million of net income on derivative contracts.

As in prior quarters, I want to separate the realized and unrealized components. We recorded 8.1 million of realized settlement losses, which were cash items resulting from realized oil prices exceeding the fixed prices in our contracts. This was more than offset by a 13.1 million non-cash unrealized market gain reflecting the declining commodity prices from March 31st to June 30th on our open positions. The 13.1 million unrealized gain is an accounting entry, not a cash inflow. The purpose of our hedge program is to reduce cash flow volatility, protect the capital plan, and maintain financial flexibility. GAP net income was $17.5 million, or $1.31 per share, compared to a net loss of $1.7 million in the second quarter of 2025, reflecting higher operating income from the expanded asset base and the $5 million recognized on derivative contracts. Adjusted EBITDA was $18.5 million. compared to $3 million in the prior year period and $18.1 million in the first quarter.

This represents an increase of approximately 3% sequentially. The full reconciliation from net income to adjusted EBITDA is included in our earnings press release. Turning to the balance sheet and capital allocation, at June 30th, we had cash of $12.1 million. During the quarter, we reduced borrowings under our senior secured revolving credit facility to $85 million from $98 million at March 31st, a $13 million repayment. Adjusting for cash, net funded debt was approximately $73 million, better than we had forecasted. We also had $40 million of funding availability under the facility at quarter end. Challenge Sheet is performing as we expected.

We generated more cash than planned and used a portion of the cash to reduce debt faster than planned while maintaining the capital program. This financial flexibility supports the second half development program Doug described earlier. Thank you all for your attention. I will now turn it back to the operator for questions.

Operator

Thank you. We will now begin the question and answer session. To ask a question, please press star 1-1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1-1 again. Please stand by while we compile the Q&A roster. Once again, that's Star 11 to ask a question at this time. Our first question comes from the line of Dave Storms with StoneGate. Your line is now open.

質疑応答

David Joseph Storms

Good afternoon and thank you for taking my question. I wanted to start with the development plan. We're still evaluating your 2026 development plan last quarter, obviously added the 20 gross wells into it. Is this just mostly commodity price driven? Are there any other variables that we should be thinking about that drove this? And apologies, I did miss the first half of the call. So apologies if this was already addressed.

Unknown Speaker

Hey, Dave, good afternoon. This is Doug. Good question. No, it's partially commensurate. commodity price driven, but really it's more a function of after the merger, We wanted to evaluate and do a deep dive on all of our assets and kind of prioritize what's available for development near term, what the returns are of all of our assets. So we were kind of ranking projects. and prioritizing everything based on what's developed, you know, what can be developed over the next six months. So that's kind of how we came up with the development program. It expanded significantly because some of the BLM litigation issues in Wyoming opened up, which brought in a few projects that we didn't have the ability to do earlier in the year. So that's really the reason for the expansion.

David Joseph Storms

Understood. So, then it's fair to say that the development program is maybe biased towards speed at this point. And then maybe before you answer that, if you could maybe compare that competing use of capital with the balance sheet, I know you mentioned that you're focused on having a pretty bulletproof balance sheet right now. Just curious as to how you think about its current iteration with regards to that development program.

Unknown Speaker

Well, so over the first and second quarter, we've been able to get, you know, a debt to EBITDA down to about one times, which, which is a level we're comfortable at after the merger, I think we came out at about 1.6 times and had some working negative working capital associated too. That's all been, that's all. really been paid down and taken into account. So now we're at a place where we can really fund our remaining employees or our enhanced development program for the remaining portion of the year within cash flow.

David Joseph Storms

Understood. I appreciate that. And then maybe just one more on the development program, if you don't mind. With those wells planned and then I guess the remaining development program that you'll announce later this year, I guess, what are you seeing as the current bottlenecks? You mentioned the BLM litigation clearing up. Is it still permitting? Is there labor constraints? I guess, what do you see as your biggest hurdles right now?.

Unknown Speaker

It really depends on the basin, right? I mean, so in the Colorado DJ Basin, permitting is the biggest bottleneck. In Wyoming, it's really steps and things like that to where you can only drill at certain times of the year. And in the Permian, we don't have really very many bottlenecks at all. So R.T., do you have any thoughts? further comment on what would be some of the bottlenecks to development?.

Unknown Speaker

No, I think you hit the nail on the head. We're getting ahead with permitting now, so we don't really see that being something that slows us down post-COVID. post-2026 with BLM litigation results. So I think we're in a really good spot to action, you know, the highest priority and highest value wells that we can go develop in our portfolio when we want to, and we've got the balance sheet to do it.

David Joseph Storms

That's great commentary. Arti, if I could sneak one last question here. Just on the optimization side of things, the LOE improvements that you're seeing, I got to imagine that you wouldn't be doing optimization if you weren't seeing the LOE improvements. Are those improvements better than you were expecting, which is why you're moving some of those projects forward? Or is this to get ahead of any demand that you're seeing in the back half of the year? Maybe just any more color you could add to that. Yes, we've got a great team that's executed really well.

Unknown Speaker

We were having great execution success through Q2, and that gave us the confidence to pull some of that forward for the reasons that Doug mentioned as well. We're a lean team that's very effective and very efficient. We're proud of the people that work for us. But we would prefer to knock those out for drilling wells too. So as we knew we had confidence in a development program in the second half of the year, we pull some of that LOE savings into this year as well, spending a similar amount of dollars across the whole year. So it looks like a win-win to us. not something you delay when you have real confidence in execution. So why spread it out over time when you're having success?.

David Joseph Storms

Great to see you maintain the momentum. Thank you for taking my questions and good luck in the next quarter.

Operator

Thank you. Our next question comes from the line of Nicholas Pope with Roth Capital. Your line is now open. Nicholas Pope, your line is open. Please check your mute button. Thank you. And I'm currently showing no further questions at this time. I will now turn the call back over to Jay Douglas Schick for closing remarks.

Unknown Speaker

Thank you, operator, and thank you everyone for your time and continued interest in FDEPCO. We look forward to seeing you again.

Operator

This concludes today's conference. Thank you for your participation. You may now disconnect.

This live transcript is auto-generated without human intervention or review.

[Call has ended.]