VAALCO Energy reports news on its independent oil and gas business, including production, development and exploration activity across an African-focused portfolio. Recurring updates cover offshore Gabon operations at the Etame field and related drilling activity, portfolio developments in Egypt and Côte d’Ivoire, and broader operational results tied to crude oil, natural gas and natural gas liquids sales.
Company announcements also address quarterly earnings releases, conference calls, capital-structure matters, governance updates and capital allocation themes such as dividends and share repurchases. VAALCO’s news flow commonly links field activity, production performance and cash-generation priorities with its multi-country asset base.
VAALCO Energy (NYSE: EGY) will participate in EnerCom’s The Oil and Gas Conference on August 16, 2021, in Denver, Colorado. CEO George Maxwell is scheduled to present at 2:20 PM Mountain Time. The event will include one-on-one meetings with investors, and the presentation will be available via live webcast on VAALCO's website, alongside an updated investor slide deck. VAALCO, founded in 1985, operates in West Africa, holding a 58.8% interest in the Etame Marin Block offshore Gabon, which has produced over 120 million barrels of crude oil.
VAALCO Energy reported a net income of $5.9 million ($0.10 per diluted share) for Q2 2021, with Adjusted Net Income of $8.4 million ($0.14 per diluted share). The company generated Adjusted EBITDAX of $21.9 million, up 22% from Q1 2021. VAALCO sold 642,000 barrels of oil, a 4% increase from the previous quarter, and produced an average of 8,018 BOPD, reflecting a 55% increase. The company maintained a strong balance sheet with $22.9 million in cash and no debt, while fully preparing for its upcoming drilling campaign.
VAALCO Energy, Inc. (NYSE: EGY) has announced the date for its second quarter 2021 earnings release, which will take place on August 11, 2021, after the market closes. A conference call to discuss the results is scheduled for the following day, August 12, 2021, at 9:00 a.m. Central Time. The call can be accessed toll-free from the U.S. and U.K., and will also be available as a webcast on VAALCO's website. The company operates in the West African region, holding a significant interest in the Etame Marin Block, which has produced over 120 million barrels of crude oil.
VAALCO Energy (NYSE: EGY) released its 2020 Environmental, Social and Governance (ESG) report, now available on its website. This report elaborates on ESG initiatives and key performance indicators from 2018 to 2020, aligning with standards set by the Sustainability Accounting Standards Board (SASB) and the United Nations' Sustainable Development Goals. CEO George Maxwell emphasized the company's commitment to safety and environmental stewardship as foundational to its operations in West Africa. VAALCO, an independent energy company, operates the Etame Marin Block offshore Gabon, with over 120 million barrels produced.
VAALCO Energy, Inc. (NYSE: EGY) appointed Ronald Bain as Chief Financial Officer effective June 21, 2021. With over 25 years in the oil industry, Bain brings significant capital markets expertise. The Board aims to enhance VAALCO’s corporate presence in London, aligning with the European market's importance for African energy companies. Bain will split his time between London and Houston, leveraging strong ties to the investment community. His previous role at Eland Oil & Gas PLC and experience with Baker Hughes positions him as a valuable addition to VAALCO's leadership.
VAALCO Energy (NYSE: EGY) announced the execution of a drilling contract with Borr Jack-Up XIV Inc. to drill two development and two appraisal wells in its 2021/2022 drilling program, anticipated to start in December 2021. Successful drilling could increase production by 7,000 to 8,000 barrels per day and add up to 10.2 million barrels of oil in reserves. The company expects its capital commitments to be fully funded through cash flow and hedging initiatives, aiming to enhance shareholder returns while pursuing strategic growth objectives.
VAALCO Energy (NYSE: EGY) held its Annual General Meeting on June 3, 2021, unveiling its strategy for growth and shareholder returns. The company plans to enhance output by 7,000-8,000 gross barrels of oil per day through a drilling program in Gabon. Cost reduction strategies include replacing the existing FPSO with an FSO, potentially slashing operational costs by up to 25%. VAALCO aims to capitalize on opportunities in Equatorial Guinea and maintain a strong financial position through hedging, ensuring funding for its capital commitments over the next 12 months.
VAALCO Energy reported a Q1 2021 net income of $9.9 million ($0.17 per diluted share), significantly recovering from a $3.6 million loss in Q4 2020. The company generated an Adjusted EBITDAX of $18.0 million, driven by a 113% increase in oil sales to 619,000 barrels. The completion of the Sasol Acquisition nearly doubled production and reserves. In addition, VAALCO signed a non-binding LOI for a Floating Storage and Offloading unit that could reduce operating costs by 15% to 25%. The company maintains a strong balance sheet with $19.3 million cash and no debt.
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.