Vaalco Energy Inc Stock Price, News & Analysis

VAALCO Energy (NYSE: EGY; LSE: EGY) has scheduled its fourth quarter and full year 2024 earnings release for Thursday, March 13, 2025, after the New York Stock Exchange trading closes. The company will host a conference call to discuss financial and operational results on Friday, March 14, 2025, at 10:00 a.m. Central Time.

Participants can join the earnings call through various toll-free numbers: US participants can dial (833) 685-0907, UK participants can dial 08082389064, and other international participants can dial (412) 317-5741. The call will also be available via webcast on VAALCO's website, with an audio replay accessible afterward.

VAALCO Energy (NYSE: EGY) has acquired a 70% working interest and operatorship in the CI-705 block offshore Côte d'Ivoire for $3 million. The block, spanning approximately 2,300 km² in the Tano basin, is situated 70 km west of VAALCO's CI-40 Block and 60 km from ENI's Calao discovery.

The CI-705 block features water depths ranging from zero to 2,500 meters and has been lightly explored with three wells drilled to date. Through a commercial carry arrangement, VAALCO will maintain a 100% paying interest while partnering with Ivory Coast Exploration Oil & Gas SAS and PETROCI.

The company plans to conduct detailed geological analysis to assess both oil and natural gas prospects, including seismic reprocessing and interpretation, with the potential to drill up to two exploration wells.

VAALCO Energy (NYSE: EGY) has declared a quarterly cash dividend of $0.0625 per share for the first quarter of 2025, equivalent to $0.25 annualized. The dividend will be paid on March 28, 2025, to stockholders of record as of February 28, 2025.

CEO George Maxwell highlighted that this marks the beginning of the fourth year of dividend payments, demonstrating the company's commitment to returning value to shareholders. Despite planning an active investment program in 2025, VAALCO's operational and financial performance enables continued shareholder returns while pursuing organic development and inorganic growth opportunities across its diversified portfolio.

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.