VAALCO ENERGY INC /DE/

Listed Company

EGYCIK 0000894627NYSEAcceleratedCrude Petroleum & Natural GasDelawareFY ends Dec 31

Period

FY 2025

Revenue

$359.27M

Net Income

$-41.39M

Total Assets

$913.38M

Equity

$443.50M

Shares Out

104.26M

Op. Cash Flow

$212.67M

Business

VAALCO Energy Inc. is an independent energy company engaged in the acquisition, exploration, development and production of crude oil, natural gas and NGLs. It produces and markets crude oil, natural gas and natural gas liquids and provides field operations, drilling and reservoir development, project management and asset optimization services across its asset base. Its reportable operating segments are Gabon, Egypt, Cote d'Ivoire, Canada and Equatorial Guinea, with both operated and non‑operated interests in producing and undeveloped properties. Operations and sales occur primarily in West Africa, North Africa and Canada, with hydrocarbons sold under production sharing contracts and delivered via FPSOs, pipelines, third‑party processing facilities and export channels.

Summary from filing dated 2025-03-17

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Crude oil, natural gas and natural gas liquids sales	359	479	455	354	199
Production expense	158	164	153	113	81
FPSO demobilization and other costs	0	0	7	9	0
Exploration expense	9	48,000	2	258,000	2
Depreciation, depletion and amortization	110	143	115	48	21
Impairment loss on assets held for sale	67	0	0	—	—
General and administrative expense	33	30	24	10	15
Credit (recovery) losses and other	106,000	6	−5	3	875,000
Total operating costs and expenses	377	343	297	183	120
Other operating income (expense), net	−2	78,000	433,000	38,000	−440,000
Operating income (loss)	−21	136	159	171	79
Derivative instruments gain (loss), net	3	−745,000	232,000	−38	−23
Interest expense, net	−8	−4	−6	−2	10,000
Bargain purchase gain and measurement period adjustment	0	14	−1	11	—
Other expense, net	−595,000	−6	−894,000	−19	3
Total other income (expense), net	−6	3	−9	−48	−19
Income (loss) before income taxes	−27	140	150	123	60
Income tax (benefit) expense	15	81	90	71	−22
Net income (loss)	−41	58	60	52	82
Currency translation adjustments	4	−8	2	1	—
Comprehensive income (loss)	−37	51	62	53	82
Net income (loss) per share (in dollars per share)	−0.4	0.56	0.56	0.74	1.38
Basic weighted average shares outstanding (in shares)	104	104	106	70	58
Net income (loss) per share (in dollars per share)	−0.4	0.56	0.56	0.73	1.37
Diluted weighted average shares outstanding (in shares)	104	104	107	70	59

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	59	83	121	37	49
Restricted cash	136,000	143,000	114,000	222,000	79,000
Trade, net of allowances for credit loss and other of $0.0 million and $0.2 million, respectively	40	95	45	52	22
Accounts with joint venture owners, net of allowance for credit losses of $2.7 million and $1.5 million, respectively	5	179,000	2	16	345,000
Egypt receivables and other	2	36	46	69	10
Crude oil inventory	2	9	2	3	2
Prepayments and other	24	15	12	20	5
Current assets held for sale	179,000	0	—	—	—
Total current assets	133	238	228	200	88
Crude oil, natural gas and NGLs properties and equipment, net	586	538	460	495	94
Restricted cash	2	9	2	2	2
Value added tax and other receivables, net of allowances for credit loss and other of $0.0 million and $0.8 million, respectively	7	10	4	7	6
Right of use operating lease assets	17	17	2	3	10
Right of use finance lease assets	69	80	90	91	0
Deferred tax assets	55	56	29	35	40
Abandonment funding	6	6	6	21	22
Other long-term assets	7	1	1	2	1
Noncurrent assets held for sale	32	0	—	—	—
Total assets	913	955	823	856	263
Accrued liabilities and other	106	108	68	91	49
Operating lease liabilities - current portion	6	4	2	2	10
Finance lease liabilities - current portion	12	13	10	8	0
Foreign income taxes payable	20	42	19	0	3
Current liabilities held for sale	183,000	0	673,000	687,000	13,000
Total current liabilities	192	182	127	162	84
Asset retirement obligations	78	79	47	42	34
Operating lease liabilities - net of current portion	11	14	33,000	686,000	587,000
Finance lease liabilities - net of current portion	57	67	78	78	0
Deferred tax liabilities	64	94	74	81	0
Long-term debt	60	0	—	—	—
Other long-term liabilities	0	18	18	26	0
Noncurrent liabilities held for sale	7	0	—	—	—
Total liabilities	470	453	344	390	119
Commitments and contingencies (Note 11)	—	—	—	—	—
Preferred stock, $25 par value; 500,000 shares authorized, none issued	0	0	0	0	0
Common stock, $0.10 par value; 160,000,000 shares authorized, 123,017,656 and 122,304,124 shares issued, 104,258,253 and 103,743,163 shares outstanding, respectively	12	12	12	12	7
Additional paid-in capital	369	363	357	354	77
Accumulated other comprehensive loss	−498,000	−5	3	1	0
Less treasury stock, 18,759,403 and 18,560,931 shares, respectively, at cost	−79	−78	−71	−48	—
Retained earnings	142	210	177	147	104
Total shareholders' equity	443	502	479	466	144
Total liabilities and shareholders' equity	913	955	823	856	263

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation, depletion and amortization	110	143	115	—	—
Non-cash exploration expense	2	48,000	2	—	—
Deferred taxes	−29	−17	−3	45	−40
Stock-based compensation	6	4	3	2	2
Derivative instruments loss, net	−3	745,000	−232,000	38	23
Cash settlements paid on matured derivative contracts, net	−48,000	−453,000	−127,000	—	—
Cash settlements paid on asset retirement obligations	−225,000	−368,000	−7	−7	0
Credit losses and other	−164,000	6	8	3	875,000
Equipment and other expensed in operations	6	3	3	2	2
Trade receivables, net	45	−50	7	18	−11
Accounts with joint venture owners, net	47,000	−757,000	20	−19	2
Egypt receivables and other, net	32	6	15	−9	−10
Crude oil inventory	8	7	1	−2	5
Prepayments and other	−12	−5	5	−4	2
Value added tax and other receivables	7	−7	2	−5	−2
Other long-term assets	1	3	4	−3	−1
Accounts payable	51	−13	−28	24	−922,000
Foreign income taxes receivable (payable)	−22	23	22	−6	2
Accrued liabilities and other	−15	−34	−7	7	2
Net cash provided by operating activities	213	114	224	129	50
Property and equipment expenditures, including exploration expense	−253	−103	−97	—	—
Acquisition of crude oil and natural gas properties	−3	877,000	0	37	—
Net cash used in investing activities	−256	−102	−97	−123	−39
Proceeds from the issuances of common stock	0	447,000	673,000	312,000	1
Proceeds from borrowings	60	0	0	—	—
Dividend distribution	−26	−26	−27	−9	0
Treasury shares	−709,000	−7	−24	−4	−1
Deferred financing costs	−7	0	0	−2	0
Payments of finance lease	−13	−10	−7	−3	0
Net cash used in in financing activities	12	−43	−57	−18	−57,000
Effects of exchange rate changes on cash	83,000	−3,000	−153,000	−218,000	0
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	−31	−31	69	−13	11
Income taxes paid in-kind with crude oil	34	37	33	—	—
Interest paid, net of amounts capitalized	7	7	9	2	0
Property and equipment additions incurred but not paid at end of period	8	9	14	41	15
Recognition of right-of-use operating lease assets and liabilities	3	18	3	0	581,000
Recognition of right-of-use finance lease assets and liabilities	2	0	8	87	0
Asset retirement obligations adjustments	85,000	27	2	0	22

Filings

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