Welcome to our dedicated page for Vaalco Energy news (Ticker: EGY), a resource for investors and traders seeking the latest updates and insights on Vaalco Energy stock.
VAALCO Energy, Inc. (EGY) is an independent energy company engaged in the acquisition, exploration, development and production of crude oil and natural gas, with a portfolio of assets across Gabon, Egypt, Côte d'Ivoire, Equatorial Guinea, Nigeria and Canada. The EGY news page on Stock Titan aggregates company-issued updates and related coverage so readers can follow how VAALCO’s operations and financial performance evolve over time.
Company press releases highlight a range of developments, including quarterly and annual operational and financial results, production and sales volumes, and guidance updates. VAALCO regularly reports on drilling campaigns in Gabon and Egypt, such as multi-well development and exploration programs, workovers and optimization activities, and maintenance shutdowns on offshore platforms. Updates also cover projects in Côte d'Ivoire, including the refurbishment of the Baobab FPSO vessel and planned development drilling on Block CI-40, as well as the company’s interests in offshore blocks like CI-705.
News items also describe VAALCO’s activities in Equatorial Guinea, where it holds a working interest in Block P and has completed a Front End Engineering and Design study for the Venus field discovery. Financial news includes information on net income, Adjusted EBITDAX and other non-GAAP measures, changes in production expenses, and the use of a reserves-based credit facility. The company also issues announcements about quarterly cash dividends and investor events such as earnings conference calls and capital markets presentations.
By reviewing the EGY news feed, investors and analysts can see how VAALCO communicates its operational progress, capital programs and portfolio developments across its international asset base. Returning to this page allows readers to monitor new press releases, earnings announcements and operational updates as they are released by the company.
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VAALCO Energy released its 2022 Environmental, Social, and Governance (ESG) report on April 26, 2023. The report outlines the company's ESG initiatives and key performance metrics for 2022. Key highlights include the completion of a materiality study to gauge ESG topics based on risk and management control. The CEO noted that VAALCO's strategic merger with TransGlobe Energy in Q4 2022 has enhanced production, reserves, and cash flow, vital for sustainability. The company has adopted the Task Force on Climate-related Financial Disclosures framework to address climate risks, including a decarbonization program aimed at reducing emissions. A Decarbonization Steering Group has been established to guide these efforts. The report aims to communicate VAALCO's ESG achievements to stakeholders effectively.
On April 3, 2023, VAALCO Energy (NYSE: EGY) received a notice from the NYSE regarding non-compliance with its listing requirements due to a late filing of its Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The NYSE allows a six-month period for companies to rectify such issues.
VAALCO has since filed the overdue Form 10-K on April 6, 2023, bringing it back into compliance with NYSE standards. Founded in 1985, VAALCO is an independent energy company based in Houston, focusing on production, development, and exploration in Africa and Canada, particularly following its merger with TransGlobe in October 2022.
VAALCO Energy reported its fourth quarter and full year 2022 financial results, highlighting a net income of $51.9 million for the year, or $0.73 per diluted share, and adjusted net income of $104.3 million ($1.49 per diluted share). The company's fourth quarter net income was $17.8 million, reflecting a 90% increase in production to 14,390 BOEPD due to its combination with TransGlobe Energy. VAALCO announced a 92% increase in cash dividends to $0.0625 per share for Q1 2023 and has returned $7.5 million to shareholders through share buybacks. The company also achieved a 149% increase in proved reserves to 27.9 MMBOE. Total sales volumes rose 93% year-over-year to 1,371,000 BOE in Q4 2022.
VAALCO Energy, Inc. (NYSE: EGY) has announced a conference call scheduled for April 6, 2023, to discuss its fourth quarter and full year 2022 financial results. The call will take place at 10:00 a.m. Central Time, with a corresponding earnings release expected that morning before NYSE trading opens. Interested participants can join the call via various dialing options based on their location. Following the call, an audio replay will be available on VAALCO's website, which also features an updated investor deck. The company, founded in 1985 and based in Houston, specializes in energy production and development across several regions, including Africa and Canada, following its merger with TransGlobe in October 2022.
VAALCO Energy reported a significant increase in its year-end 2022 SEC proved reserves by 149% to 27.9 MMBOE, with a PV-10 value surging 529% to $624 million. The company anticipates a net income of $49 to $55 million for FY 2022. Key highlights include a 92% increase in quarterly cash dividends and a 47% rise in average daily production. The successful completion of the TransGlobe Energy business combination is expected to enhance future growth. VAALCO's operational updates reflect strong production figures alongside strategic advancements in Gabon and Equatorial Guinea, projecting continued success in a favorable commodity environment.
VAALCO Energy, Inc. (NYSE: EGY) announced it will file a Notification of Late Filing on Form 12b-25 with the SEC due to delays in submitting its Annual Report on Form 10-K for the year ended December 31, 2022, originally due on March 16, 2023. The company cited difficulty in completing the purchase price allocation and consolidation following its acquisition of TransGlobe Energy Corporation in October 2022. VAALCO expects to file the 10-K within the 15-day extension period allowed by SEC rules, and will schedule its fourth-quarter and full-year earnings release once the filing date is confirmed.
VAALCO Energy, Inc. (NYSE: EGY) has announced its participation in the 35th Annual Roth Conference, taking place in Dana Point, California from March 12-14, 2023. CEO George Maxwell and CFO Ron Bain will engage with investors and host one-on-one meetings at the event. An updated investor presentation will be made available on the Company's website prior to the conference.
Founded in 1985, VAALCO is an independent energy company based in Houston, with a diversified portfolio of production, development, and exploration assets across Africa and Canada, particularly following its recent business combination with TransGlobe in October 2022.
VAALCO Energy (NYSE: EGY) has announced a significant increase in its quarterly cash dividend to $0.0625 per share for Q1 2023, marking a 92% rise from $0.0325 per share in 2022. This annualizes to $0.25 and is payable on March 31, 2023, to shareholders on record by March 24, 2023. The company reported a strong operational update, achieving approximately 18,175 BOEPD in Q4 2022 production and a total annual production increase of 43%. In 2022, VAALCO returned $9.3 million in dividends and $6 million in share buybacks to its shareholders.
VAALCO Energy (NYSE: EGY) announced operational updates for the North Tchibala 2H-ST well in Gabon. The well, online since early November, has produced approximately 8,000 gross barrels of oil, averaging 275 BOPD, although lower stimulated zones may not be contributing effectively. Post-frac modeling suggests a potential production rate exceeding 1,500 gross BOPD. The company plans to commence drilling a new horizontal well in Egypt on December 12 and anticipates completing the 4-10 well tie-in in Canada by year-end.
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