VAALCO Energy, Inc. Announces Publication Of 2023 Sustainability Report
Rhea-AI Summary
VAALCO Energy, Inc. announced the release of its 2023 Sustainability Report, focusing on environmental, social, and governance initiatives. The report highlights the appointment of new leadership to enhance accountability, global standards, and sustainability practices. CEO George Maxwell emphasized the importance of strategic objectives post the TransGlobe Energy merger. COO Thor Pruckl discussed the 19% reduction in Scope 1 emissions and the company's commitment to decarbonization.
Positive
Appointment of new leadership to centralize accountability and set global standards.
Strategic focus on safety, environmental stewardship, and sustainable growth.
Detailed reporting in line with the Task Force on Climate-related Financial Disclosures (TCFD).
19% reduction in Scope 1 emissions showcasing commitment to decarbonization.
Negative
- None.
News Market Reaction
On the day this news was published, EGY declined 3.90%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
HOUSTON, April 29, 2024 (GLOBE NEWSWIRE) -- VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“VAALCO” or the “Group”) today announced that it has issued its 2023 Sustainability Report, which is now available on VAALCO’s web site, www.vaalco.com, within the Sustainability section.
The report covers VAALCO’s environmental, social and governance (“ESG”) initiatives and related key performance indicators for the financial year 2023. During 2023, the business greatly enhanced its leadership team, appointing new Group-level heads of function to centralize accountability and to set global standards, processes and plans for the business that align with industry best practices. Furthermore, the appointment of a Director of Sustainability and Regulatory Reporting has enabled a holistic approach to ESG management, performance and disclosure.
Commenting on the newly-issued Sustainability Report, Chief Executive Officer George Maxwell said, “Following our strategic combination with TransGlobe Energy Corporation in 2022, a key focus has been on establishing Group-wide ways-of-working that reflect our position as a diversified global E&P business with operations across multiple jurisdictions. Hiring experienced professionals to lead our global functions has enabled us to execute our strategic objectives more effectively at each operating location. We remain focused on safety, environmental stewardship and sustainable growth.”
Thor Pruckl, Chief Operating Officer, commented, “This Sustainability Report represents our most detailed reporting in accordance with the Task Force on Climate-related Financial Disclosures (TCFD) to date, including assessment of business resilience and impact of physical climate risk. As we continue to drive our decarbonization program, we are pleased to report a
“Effective management and monitoring of our ESG performance continues to be important to our business and our stakeholders. We believe our 2023 Sustainability Report successfully communicates the progress we have made to date on our ESG journey.”
About VAALCO
VAALCO, founded in 1985 and incorporated under the laws of Delaware, is a Houston, U.S.-based, independent energy company with a diverse portfolio of operated production, development and exploration assets across Gabon, Egypt, Equatorial Guinea and Canada.
For Further Information
| VAALCO Energy, Inc. (General and Investor Enquiries) | +00 1 713 543 3422 |
| Website: | www.vaalco.com |
| Al Petrie Advisors (US Investor Relations) | +00 1 713 543 3422 |
| Al Petrie / Chris Delange | |
| Buchanan (UK Financial PR) | +44 (0) 207 466 5000 |
| Ben Romney / Barry Archer / Chris Judd (ESG) / Maddie Percival (ESG) | VAALCO@buchanan.uk.com |
