Vaalco Energy Inc Stock Price, News & Analysis

VAALCO Energy (NYSE: EGY) announced crude oil commodity swap agreements for 672,533 barrels at an average price of $66.51 per barrel for May to October 2021. The company has hedged 70% of its production through October 2021 at an average price of $62.27 per barrel, enhancing cash flow stability for funding its drilling program and potential capital upgrades. CEO George Maxwell emphasized the securing of strong Free Cash Flow while allowing for potential benefits from rising oil prices, as not all production is hedged.

VAALCO Energy, Inc. (NYSE: EGY) announced the release date for its first quarter 2021 earnings report, set for May 12 after market close. A conference call will follow on May 13 at 9:00 a.m. CT. Participants can join via toll-free numbers or through a webcast on VAALCO's website. The company, based in Houston, operates in West Africa and owns a 58.8% working interest in the Etame Marin Block offshore Gabon, which has produced over 120 million barrels of crude oil.

VAALCO Energy has signed a non-binding letter of intent with Omni Offshore Terminals to operate a Floating Storage and Offloading unit at its Etame Marin field in Gabon for up to 11 years. This could reduce operating costs by 15% to 25% compared to the current FPSO contract. A planned capital investment of $40-$50 million gross is expected, with a payback period of under three years. The transition aligns with VAALCO's strategy to improve efficiencies and maintain production growth.

VAALCO Energy (EGY) has appointed George Maxwell as its new CEO effective April 12, 2021. Maxwell, who joined the board in June 2020, succeeds Cary Bounds, who led the company since 2016. Under Maxwell, VAALCO aims to enhance its operational focus in West Africa and improve shareholder returns through strategic growth. The company plans to strengthen its presence in London, a key financial hub for African energy, by opening a new office and appointing a Chief Financial Officer. Maxwell emphasizes sustainable growth and potential shareholder programs, including share repurchases and dividends.

VAALCO Energy (NYSE: EGY) announced the retirement of its Chief Financial Officer, Elizabeth Prochnow, effective March 31, 2021. Her departure is unrelated to any financial or management issues. Prochnow, who joined VAALCO in 2015, played a key role in the company’s financial transformation and recent acquisition of additional interest in the Etame block. Following her retirement, Jason J. Doornik will serve as the principal financial officer until a successor is found. VAALCO continues its operations in the West African energy sector, holding a 63.6% interest in the Etame Marin block.

VAALCO Energy (NYSE: EGY) announced participation in the Virtual 33rd Annual ROTH Conference from March 15-17, 2021. CEO Cary Bounds and CFO Elizabeth Prochnow will hold virtual one-on-one meetings with investors on March 15. A pre-recorded presentation by Bounds and an updated investor slide deck will be available on VAALCO's website the same day. VAALCO, established in 1985, operates primarily in West Africa, holding a 63.6% interest in the Etame Marin block offshore Gabon, which has produced over 120 million barrels of crude oil.

VAALCO Energy (EGY) reported its 2020 Q4 and full-year results, highlighting the completion of the Sasol acquisition, nearly doubling its net production and reserves. Q4 production reached 4,662 BOPD but incurred a net loss of $3.6 million due to a delayed lifting. The acquisition cost was $29.6 million, with reserves increasing by an estimated 2.7 MMBO. Adjusted EBITDAX for Q4 was $3.5 million, down from $10.4 million in Q4 2019. The firm maintained a strong balance sheet with $47.9 million in cash and planned a new drilling campaign for late 2021 or early 2022.

VAALCO Energy (NYSE: EGY) announced the schedule for its fourth quarter and full year 2020 earnings release, set for March 9, 2021, after market close. A conference call to discuss financial and operational results will follow on March 10, 2021, at 9 a.m. CT. Interested participants can join via toll-free numbers or through a webcast on VAALCO's website. The company operates in the West African region, notably holding a 58.8% interest in the Etame Marin Block offshore Gabon, which has produced over 120 million barrels of crude oil.

VAALCO Energy, Inc. (NYSE: EGY) has completed its acquisition of Sasol Gabon S.A.'s 27.8% working interest in the Etame Marin block, raising its total working interest to 58.8%. This strategic move nearly doubles VAALCO's production and reserves, with an expected increase in free cash flow starting in 2021. The acquisition, costing $29.6 million, was fully funded from cash on hand. A contingent payment of up to $5 million may apply if Brent oil prices exceed $60 per barrel for 90 consecutive days between July 2020 and June 2022.