Vaalco Energy Inc Stock Price, News & Analysis

VAALCO Energy (NYSE: EGY) has reached a significant milestone in its Côte d'Ivoire FPSO Dry Dock Refurbishment Project. The FPSO Baobab Ivoirien MV10, operated by CNRI, ceased hydrocarbon production on January 31, 2025, with final crude oil lifting scheduled for February 6, 2025.

The project team has begun mobilizing workforce support vessels and equipment for the FPSO's safe disconnection. The vessel will be wet towed to Dubai shipyards for refurbishment, with departure scheduled for March 24, 2025.

Upon completion, the refurbishment is expected to enable production continuation until at least 2038, subject to regulatory approvals. The company has already achieved a 1.8x payback on its initial net investment in Côte d'Ivoire within eight months of closing, with asset performance exceeding acquisition expectations.

VAALCO Energy (NYSE: EGY) has announced record production and sales volumes for 2024. The company achieved full-year sales volumes of 24,100-24,600 WI BOEPD and 19,400-19,800 NRI BOEPD, both at the midpoint of their guidance ranges. Q4 2024 performance showed sales volumes of 23,600-24,000 WI BOEPD and 19,100-19,500 NRI BOEPD.

Production volumes for 2024 reached between 24,550-25,050 WI BOEPD, aligning with guidance, while NRI production volumes of 19,800-20,200 BOEPD exceeded the midpoint of guidance. Q4 2024 production stood at 25,100-25,600 WI BOEPD and 20,600-21,000 NRI BOEPD. The company plans to pursue major projects in 2025 aimed at organic growth while maintaining its quarterly dividend policy.

VAALCO Energy (NYSE: EGY) has secured a contract with Borr Drilling for its 2025/2026 drilling campaign in Gabon. The program, set to commence in mid-2025, includes multiple development wells, appraisal/exploration wells, and workovers, with options for additional wells. The campaign will focus on three main areas: multiple wells in the Etame field, multiple wells at the SEENT platform, and a redrill and several workovers in the Ebouri field to access previously shut-in production and reserves due to H2S. The company aims to enhance production and add reserves through this drilling program.

VAALCO Energy (NYSE: EGY; LSE: EGY) announced its participation in a Water Tower Research Fireside Chat on November 19, 2024. The event, scheduled for 11:00 a.m. Eastern, will feature CEO George Maxwell in conversation with WTR Managing Director Jeff Robertson.

The discussion will focus on future development and exploration plans, including: Gabon drilling program, Cote D'Ivoire FPSO maintenance and upgrades planned for 2025, upcoming activities in Egypt, Canada and Equatorial Guinea, and how the company's asset portfolio and balance sheet support growth and shareholder returns.

VAALCO Energy reported strong Q3 2024 results with net income of $11.0 million ($0.10 per diluted share) and Adjusted EBITDAX of $92.8 million, up 28% from Q2 2024. The company achieved NRI sales of 2,134,000 BOE (23,198 BOEPD), 20% above Q2 2024, driven by additional Côte d'Ivoire liftings. Production reached 21,770 NRI BOEPD, a 5% increase from Q2. Production expense per BOE decreased 33% to $19.80. The company maintained strong cash position of $89.1 million after paying $6.6 million in dividends and $12.4 million in capital spending.

VAALCO Energy (NYSE: EGY) has declared a quarterly cash dividend of $0.0625 per share for Q4 2024, payable on December 20, 2024, to stockholders of record as of November 22, 2024. This represents an annualized dividend of $0.25 per share. The company has maintained consistent dividend payments, having paid $0.13 per share in 2022 and $0.25 per share in 2023. This marks VAALCO's 12th consecutive dividend payment since early 2022, reflecting the company's operational and financial performance.

VAALCO Energy (NYSE: EGY; LSE: EGY) has announced its schedule for third quarter 2024 earnings release and conference call. The company will release its Q3 2024 earnings on Monday, November 11, 2024 after NYSE trading hours. A conference call to discuss financial and operational results is scheduled for Tuesday, November 12, 2024 at 9:00 a.m. Central Time. U.S. participants can join toll-free at (833) 685-0907, UK participants at 08082389064, and international callers at (412) 317-5741. The call will be webcast on Vaalco's website with an audio replay available afterward.

VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) has announced its participation in the upcoming EnerCom Denver Conference in Denver, Colorado. CEO George Maxwell is scheduled to deliver a presentation on Tuesday, August 20th at 8:05 am Mountain Time (9:05 am Central Time). The company's senior management will also be available for one-on-one meetings with investors during the event.

The presentation will be webcast live and archived on VAALCO's website, www.vaalco.com, in the 'Investor Relations' section under 'News and Events.' Additionally, an updated investor slide deck will be made available on the website under 'Presentations' on the day of the event.

VAALCO Energy (NYSE: EGY, LSE: EGY) reported strong Q2 2024 financial results, reflecting significant growth and strategic acquisitions. Key highlights include:

Acquisitions and Reserves: Closed the $40.2 million acquisition of Svenska Petroleum, increasing SEC proved reserves to 16.9 million barrels of oil equivalent (MMBOE). A $19.9 million bargain purchase gain was realized.

Financial Performance: Reported net income of $28.2 million ($0.27 per diluted share), with adjusted net income at $22.6 million ($0.22 per diluted share). Adjusted EBITDAX rose 17% to $72.5 million. Production hit 20,588 NRI BOEPD.

Operational Achievements: Canadian wells delivered better-than-expected production rates, and Côte d’Ivoire lifting added significant sales. Q2 NRI sales reached 1,764,000 BOE, 18% above Q1 2024.

Cash and Dividends: Maintained unrestricted cash of $62.9 million post-acquisition. Quarterly cash dividend of $0.0625 per share announced.

CEO George Maxwell emphasized focus on future growth and shareholder returns.