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.
VAALCO Energy, Inc. (NYSE: EGY) announced the promotion of Thor Pruckl to Chief Operating Officer, effective November 14, 2022. Pruckl brings over 30 years of experience in international and domestic energy operations, having previously served as Executive Vice President, International Operations at VAALCO. CEO George Maxwell praised Pruckl's contributions and expertise in global onshore and offshore developments. This leadership change follows VAALCO's recent business combination with TransGlobe, enhancing its portfolio across Gabon, Egypt, Equatorial Guinea, and Canada.
VAALCO Energy, Inc. (EGY) reported a net income of $6.9 million ($0.11 per diluted share) for Q3 2022, down from $15.1 million in Q2 2022 and $31.7 million in Q3 2021. However, Adjusted Net Income rose to $33.3 million ($0.56 per diluted share), reflecting lower derivative losses and reduced tax expenses. Average daily production was 9,157 BOPD, exceeding guidance, with total sales of 731,000 barrels. The company completed a significant business combination with TransGlobe Energy and is positioned for growth, highlighted by a strong cash balance of $69.3 million and approval for its Venus development in Equatorial Guinea.
VAALCO Energy, Inc. (NYSE: EGY) announced the schedule for its third quarter 2022 earnings release, set for November 8, 2022, after market close. A related conference call will be held on November 9, 2022, at 10:00 a.m. Central Time. This call will provide insights into the company's financial performance and operational results. Interested participants can join via different international dialing options, and the call will be webcast on VAALCO's website. The company, founded in 1985, focuses on production and exploration in Africa and Canada.
VAALCO Energy Inc. (NYSE: EGY) has approved a $30 million share buyback program over the next 20 months, aimed at enhancing shareholder value following its business combination with TransGlobe. CEO George Maxwell emphasized that the buyback, funded by cash and operational cash flow, represents a significant investment at a perceived discount to intrinsic value. Additionally, VAALCO plans to increase its dividend to $0.25 per share annually starting in 2023. The program's implementation will depend on various market conditions and does not guarantee any specific number of shares will be repurchased.
VAALCO Energy Inc. (NYSE: EGY) has declared a quarterly cash dividend of $0.0325 per share for Q4 2022, payable on December 22, 2022. This marks an annualized rate of $0.13, with record date set for November 22, 2022. Following its merger with TransGlobe on October 13, 2022, VAALCO anticipates nearly doubling its annual dividend to $0.25 starting Q1 2023, driven by robust cash flow from its assets in Gabon, Egypt, and Canada, enhancing shareholder returns.
VAALCO Energy (NYSE: EGY) has appointed Matthew Powers as Executive Vice President and General Counsel, effective October 2022. Powers brings nearly 20 years of legal expertise in energy, with a significant focus on Africa, particularly in Gabon and Egypt. CEO George Maxwell expressed enthusiasm for Powers' extensive experience in compliance and offshore energy, which is expected to contribute to the company’s success. VAALCO, founded in 1985, has operations across Gabon, Egypt, Equatorial Guinea, and Canada following its merger with TransGlobe.
VAALCO Energy announced the successful installation of a Floating Storage and Offloading (FSO) vessel at the Etame field in Gabon, enhancing operational efficiency. The third-quarter 2022 production reached approximately 9,150 net barrels of oil per day (BOPD), exceeding guidance, while sales volumes were around 731,000 net barrels, 8% above forecast. This transition from the previous Floating Production, Storage and Offloading (FPSO) unit is expected to reduce storage costs by 50%, extending the economic life of the field. The company anticipates recognizing special one-time expenses related to their strategic combination with TransGlobe Energy.
VAALCO Energy (NYSE: EGY) has successfully completed its strategic combination with TransGlobe Energy. The merger enhances stockholder returns through a projected annualized dividend of $0.25 per share for 2023, almost double the previous rate. The company also announced a $30 million share buyback program. This move increases VAALCO's scale, diversifies its production base, and strengthens its balance sheet with significant cash reserves and no net debt. The combination is expected to generate $30-$50 million in cost savings over the next seven years, enhancing future cash flow and shareholder value.
HOUSTON, Oct. 7, 2022 — VAALCO Energy (NYSE: EGY) announced stockholders of TransGlobe Energy Corporation approved a strategic business combination with VAALCO at a Special Meeting. Previously, VAALCO's stockholders also approved the merger. CEO George Maxwell expressed excitement, highlighting that the combination will strengthen the balance sheet and diversify production. The integrated company aims to enhance cash flow, allowing for increased shareholder dividends, buy-backs, and returns not achievable independently.
VAALCO Energy, Inc. (EGY) announced that its stockholders approved key proposals at a special meeting regarding the combination with TransGlobe Energy Corporation. The approved measures include increasing authorized shares from 100 million to 160 million and issuing shares to TransGlobe shareholders. VAALCO plans to file the meeting results with the SEC. TransGlobe's shareholder meeting has been postponed to October 7, 2022. The merger is expected to close in Q4 2022, potentially enhancing the combined company's production and financial stability.
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