Financial Data and Key Metrics Changes - In Q1 2025, the company reported a net income of $7.7 million or $0.7 per share, with adjusted EBITDAX of $57 million, driven by NRI production of 17,764 barrels of oil equivalent per day, exceeding guidance [5][6] - Working interest production was 22,402 barrels of oil equivalent, also at the high end of guidance, while NRI sales were 19,074 barrels of oil equivalent per day, matching guidance [5][6] - The unrestricted cash balance as of March 31, 2025, was $40.9 million, down approximately $40 million from year-end 2024, primarily due to elevated capital spending and state lifting bond payments [20] Business Line Data and Key Metrics Changes - The company has reduced its capital budget for 2025 by 10%, from a range of $270 million to $330 million down to $250 million to $300 million, while maintaining production and sales guidance unchanged [8][21] - In Egypt, five wells were drilled in Q1 2025, with an average initial production rate of about 120 barrels of oil per day, and further drilling is expected in Q2 [12][19] - In Gabon, production uptime has improved, and a drilling program is planned to begin in Q3 2025, with a focus on two wells to be drilled and one completed in 2025 [13][14] Market Data and Key Metrics Changes - The company is experiencing a decline in commodity pricing, prompting a reduction in discretionary capital spending and a delay of smaller projects [7][8] - The FPSO project in Cote D'Ivoire is on schedule, with significant development drilling expected to begin in 2026 [10][19] - The company has hedged 70,000 barrels of oil per month in Q2 with a floor price of $65, indicating a strategy to mitigate risks associated with commodity price fluctuations [23] Company Strategy and Development Direction - The company aims to operate efficiently, invest prudently, and maximize its asset base while seeking accretive opportunities [25] - Long-term projects like the FPSO in Cote D'Ivoire and drilling campaigns in Gabon are expected to enhance production and reserves, contributing to future growth [9][10] - The company is focused on delivering sustainable growth and strong results to fund capital programs while returning value to shareholders through dividends [26] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the current macroeconomic environment's uncertainty due to softening commodity prices and emphasized the importance of maintaining operational excellence [6][7] - The company remains confident in its ability to execute plans and deliver on commitments, with a strong portfolio of organic projects expected to double its size and scale [24][25] - Management expressed optimism about the future, highlighting the diversified risk profile and multiple producing areas that will provide income for years to come [26] Other Important Information - The company has not had a lost time incident in 2024 and 2025, achieving over 4.3 million man hours without an incident, reflecting a strong commitment to safety [13] - The company plans to provide more details about its growth opportunities during the upcoming Capital Markets Day [24][60] Q&A Session Summary Question: Can you comment on the production profile at Gabon over the back half of 2025? - Management indicated no significant planned downtime related to the drilling program for 2025, with a slight uptick in production expected towards the end of Q4 [29] Question: Will the third quarter be the lowest quarter of the year for production? - Management confirmed that the third quarter is expected to be the lowest due to planned preventative maintenance downtime [30] Question: Can you discuss the development drilling campaign in Cote D'Ivoire for 2026? - Management stated that the Phase five drilling is scheduled to start mid-year 2026, with the operator actively working on securing a rig [32] Question: How would you prioritize projects if oil prices remain low? - Management explained that projects enhancing production through existing facilities are prioritized, with the Equatorial Guinea project being the most attractive due to its favorable terms [36][37] Question: How does the Aburi well's performance compare to expectations? - Management noted that the well's performance exceeded expectations, providing confidence in the redevelopment plans for Aburi [40][42] Question: Can you provide insights on working capital swings later in the year? - Management clarified that the state lift in February drove the working capital outflow in Q1, but future state lifts are not expected until 2026, indicating potential improvement in working capital [45][49] Question: Has the receivable issue in Egypt been resolved? - Management confirmed that the majority of the aged receivables have been collected, and the company is on track to meet its contractual requirements with the Egyptian government [51][55]

Q1 2025 Supplemental Information Profitably and Sustainably Growing Value May 2025 Q1 2025 Supplemental Information: Profitably and Sustainably Growing Value May 2025 Safe Harbor Statement Forward Looking Statements This presentation of Vaalco Energy, Inc. ("Vaalco") includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the ...

[Q1 2025 Performance Overview](index=1&type=section&id=Q1%202025%20Performance%20Overview) [Key Highlights](index=1&type=section&id=Key%20Highlights) In Q1 2025, Vaalco exceeded production guidance and met sales targets, resulting in a net income of $7.7 million ($0.07 per share) and Adjusted EBITDAX of $57.0 million Q1 2025 Key Financial and Operational Metrics | Metric | Value | | :--- | :--- | | Net Income | $7.7 million ($0.07 per diluted share) | | Adjusted Net Income | $6.3 million ($0.06 per diluted share) | | Adjusted EBITDAX | $57.0 million | | NRI Production | 17,764 BOEPD (above high end of guidance) | | WI Production | 22,402 BOEPD (toward high end of guidance) | | NRI Sales | 19,074 BOEPD (toward high end of guidance) | | Quarterly Dividend | $0.0625 per share | - Entered into a new reserves-based revolving credit facility with an initial commitment of **$190 million**, with the potential to increase to **$300 million**[3](index=3&type=chunk) - Reduced full-year 2025 capital expenditure guidance by approximately **10%** without impacting production or sales forecasts for the year[3](index=3&type=chunk) - Acquired a **70%** working interest in the CI-705 block offshore Côte D'Ivoire, where it will serve as the operator[3](index=3&type=chunk) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) The CEO highlighted another successful quarter, meeting or exceeding guidance, which led to solid financial results and strategic achievements including a new credit facility and project advancements - The company delivered strong Q1 results with sales at the high end of guidance and NRI production above the high end, leading to solid net income and Adjusted EBITDAX[2](index=2&type=chunk) - Strategic execution in Q1 included initiating a new credit facility, commencing the FPSO refurbishment for Côte D'Ivoire, and preparing for the 2025/2026 drilling program in Gabon[2](index=2&type=chunk) - Decided to reduce the 2025 capital expenditure budget by about **10%** by delaying discretionary spending and deferring the capital program in Canada, which does not affect 2025 production or sales forecasts due to strong asset performance elsewhere[2](index=2&type=chunk) [Operational Update](index=3&type=section&id=Operational%20Update) [Egypt](index=3&type=section&id=Egypt) In Q1 2025, Vaalco completed five wells, with four brought online demonstrating an average initial 30-day production rate of approximately 135 BOPD, and discovered a new production zone in the Bakr formation - Completed five wells in Q1 2025; four were brought online with an average initial production rate of **~135 BOPD** over the first 30 days[4](index=4&type=chunk) - A new production zone was discovered in the Bakr formation, which contains heavier oil; the company is reviewing options to improve flow[4](index=4&type=chunk) [Canada](index=3&type=section&id=Canada) The company has decided to defer its 2025 drilling program in Canada as part of a strategy to reduce overall capital expenditures, while the four wells drilled in H1 2024 continue to perform as expected - Vaalco has deferred the drilling of additional wells in Canada for 2025 to lower the company's overall capital spending[6](index=6&type=chunk) [Gabon](index=3&type=section&id=Gabon) A drilling rig was secured for the 2025/2026 drilling program, set to begin in Q3 2025, and a successful extended flow test on the Ebouri 4-H well confirmed the effectiveness of chemical treatment for H2S - Secured a drilling rig for the 2025/2026 drilling program, scheduled to start in Q3 2025, targeting development, appraisal, and workover wells[7](index=7&type=chunk) - A successful four-month flow test on the Ebouri 4-H well demonstrated the ability to treat H2S-affected oil, adding to Q1 production[7](index=7&type=chunk) [Côte d'Ivoire](index=3&type=section&id=C%C3%B4te%20d%27Ivoire) The Baobab FPSO ceased production in January 2025 for refurbishment, with significant development drilling expected to start in 2026, and Vaalco expanded its presence by acquiring a 70% working interest in the offshore CI-705 block - The Baobab FPSO ceased production on January 31, 2025, for a planned dry dock refurbishment; development drilling is expected to begin in 2026 after the FPSO returns[8](index=8&type=chunk) - Acquired a **70%** working interest and operatorship of the CI-705 block for a **$3 million** investment, partnering with Ivory Coast Exploration Oil & Gas SAS and PETROCI[9](index=9&type=chunk) [Financial Performance](index=3&type=section&id=Financial%20Performance) [Financial Summary](index=3&type=section&id=Financial%20Summary) Vaalco reported Q1 2025 net income of $7.7 million, a 34% decrease from Q4 2024, primarily due to lower sales volumes and higher production expenses, with Adjusted EBITDAX at $57.0 million Quarterly Financial Comparison (in millions USD) | Metric | Q1 2025 | Q4 2024 | Q1 2024 | | :--- | :--- | :--- | :--- | | Net Income | $7.7 | $11.7 | $7.7 | | Adjusted EBITDAX | $57.0 | $76.2 | $61.7 | - The decrease in earnings compared to Q4 2024 was driven by lower sales volumes and higher production expense, partially offset by lower DD&A and income tax expense[10](index=10&type=chunk) [Revenue and Sales Analysis](index=4&type=section&id=Revenue%20and%20Sales%20Analysis) Net revenue for Q1 2025 was $110.3 million, down 9% from Q4 2024 due to an 8% decrease in NRI sales volumes, but up 10% year-over-year with a 15% increase in sales volumes Q1 2025 vs. Q4 2024 Sales Performance | Metric | Q1 2025 | Q4 2024 | % Change | | :--- | :--- | :--- | :--- | | Total Commodity Sales (Millions USD) | $110.3 | $121.7 | (9%) | | Sales (NRI MBOE) | 1,717 | 1,872 | (8%) | | Realized Price ($/BOE) | $64.27 | $64.77 | (1%) | Q1 2025 vs. Q1 2024 Sales Performance | Metric | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Total Commodity Sales (Millions USD) | $110.3 | $100.2 | 10% | | Sales (NRI MBOE) | 1,717 | 1,490 | 15% | [Costs and Expenses](index=5&type=section&id=Costs%20and%20Expenses) Total production expense for Q1 2025 was $44.7 million, a 23% increase from Q4 2024 and a 39% increase from Q1 2024, mainly due to Gabon government audit settlements and higher chemical costs Quarterly Expense Comparison (in millions USD) | Expense Category | Q1 2025 | Q4 2024 | Q1 2024 | | :--- | :--- | :--- | :--- | | Production Expense | $44.7 | $36.5 | $32.1 | | DD&A | $30.3 | $37.0 | $25.8 | | G&A (ex. stock comp) | $7.8 | $7.1 | $5.9 | - The increase in production expense was primarily driven by higher costs in Gabon, including approximately **$4.7 million** (net) for government audit settlements and additional chemical costs for H2S treatment[13](index=13&type=chunk) [Capital Investments and Balance Sheet](index=6&type=section&id=Capital%20Investments%20and%20Balance%20Sheet) Net capital expenditures for Q1 2025 totaled $58.5 million, mainly for projects in Gabon, Côte d'Ivoire, and Egypt, with the company ending the quarter with $40.9 million in unrestricted cash and securing a new $190 million credit facility - Net capital expenditures were **$58.5 million** on a cash basis and **$51.3 million** on an accrual basis for Q1 2025[19](index=19&type=chunk) - Ended Q1 with an unrestricted cash balance of **$40.9 million** and Adjusted Working Capital of **$40.4 million**[20](index=20&type=chunk) - In March 2025, entered into a new reserves-based revolving credit facility with an initial commitment of **$190 million**, replacing the previous undrawn facility[21](index=21&type=chunk) [Shareholder Returns and Hedging](index=6&type=section&id=Shareholder%20Returns%20and%20Hedging) [Quarterly Cash Dividend](index=6&type=section&id=Quarterly%20Cash%20Dividend) Vaalco continues its commitment to shareholder returns, declaring a second-quarter 2025 cash dividend of $0.0625 per share ($0.25 annualized), payable on June 27, 2025 - Declared a Q2 2025 quarterly cash dividend of **$0.0625 per share**, to be paid on June 27, 2025[22](index=22&type=chunk) - This maintains the annualized dividend at **$0.25 per share**[22](index=22&type=chunk) [Hedging Activities](index=6&type=section&id=Hedging%20Activities) The company maintains a hedging program to secure cash flows, with Dated Brent collars in place for Q2 and Q3 2025, and additional AECO natural gas and Dated Brent swaps added post-quarter Hedges in Place as of March 31, 2025 | Settlement Period | Type | Avg. Volumes (Bbl) | Floor Price ($/Bbl) | Ceiling Price ($/Bbl) | | :--- | :--- | :--- | :--- | :--- | | Apr 2025 - Jun 2025 | Collar | 70,000 | $65.00 | $81.00 | | Jul 2025 - Sep 2025 | Collar | 60,000 | $65.00 | $80.00 | Hedges Added After March 31, 2025 | Settlement Period | Commodity | Type | Avg. Volumes | Hedge Price | | :--- | :--- | :--- | :--- | :--- | | May - Oct 2025 | Natural Gas | Swap | 114,000 (GJ) | $2.15 (CAD/GJ) | | July 2025 | Oil | Swap | 100,000 (Bbl) | $65.45 ($/Bbl) | [Outlook and Guidance](index=7&type=section&id=Outlook%20and%20Guidance) [2025 Full Year and Q2 Guidance](index=7&type=section&id=2025%20Full%20Year%20and%20Q2%20Guidance) Vaalco updated its full-year 2025 guidance, projecting NRI production at 14,500-16,710 BOEPD with capital expenditures of $250-$300 million, and provided Q2 2025 guidance for production and capital expenditures Full Year 2025 Guidance | Metric | Guidance | | :--- | :--- | | Production (NRI BOEPD) | 14,500 - 16,710 | | Sales Volume (NRI BOEPD) | 14,900 - 17,200 | | Production Expense | $148.5 - $161.5 MM | | CAPEX (ex. acquisitions) | $250 - $300 MM | Q2 2025 Guidance | Metric | Guidance | | :--- | :--- | | Production (NRI BOEPD) | 15,400 - 16,800 | | Sales Volume (NRI BOEPD) | 17,800 - 19,300 | | Production Expense | $39.5 - $48.0 MM | | CAPEX (ex. acquisitions) | $65 - $85 MM | [Financial Statements (Appendix)](index=10&type=section&id=Financial%20Statements%20(Appendix)) [Condensed Consolidated Balance Sheets](index=10&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, Vaalco's total assets stood at $927.1 million, down from $955.0 million at year-end 2024, with total liabilities decreasing to $423.0 million and cash and cash equivalents at $40.9 million Balance Sheet Summary (in thousands USD) | Account | March 31, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $40,914 | $82,650 | | Total current assets | $200,838 | $237,927 | | Total assets | $927,103 | $954,950 | | Total current liabilities | $177,675 | $181,728 | | Total liabilities | $423,009 | $453,367 | | Total shareholders' equity | $504,094 | $501,583 | [Consolidated Statements of Operations](index=11&type=section&id=Consolidated%20Statements%20of%20Operations) For the three months ended March 31, 2025, Vaalco reported total revenues of $110.3 million and operating income of $26.2 million, resulting in a net income of $7.7 million, or $0.07 per diluted share, consistent with Q1 2024 Statement of Operations Summary (in thousands USD, except per share data) | Account | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenues | $110,329 | $100,155 | | Operating Income | $26,194 | $32,193 | | Income before income taxes | $23,813 | $29,924 | | Net Income | $7,730 | $7,686 | | Diluted Net Income per share | $0.07 | $0.07 | [Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2025, net cash provided by operating activities was $32.7 million, while $58.8 million was used in investing activities and $14.8 million in financing activities, leading to a net decrease in cash of $40.8 million Cash Flow Summary (in thousands USD) | Category | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $32,706 | $21,832 | | Net cash used in investing activities | ($58,774) | ($16,618) | | Net cash used in financing activities | ($14,786) | ($14,455) | | Net change in cash | ($40,827) | ($9,449) | [Selected Financial and Operating Statistics](index=13&type=section&id=Selected%20Financial%20and%20Operating%20Statistics) For Q1 2025, total average daily production on a working interest (WI) basis was 22,402 BOEPD, and on a net revenue interest (NRI) basis was 17,764 BOEPD, representing a 5% year-over-year increase in NRI production Quarterly Production Comparison (Average Daily BOEPD) | Basis | Q1 2025 | Q4 2024 | Q1 2024 | | :--- | :--- | :--- | :--- | | WI Production | 22,402 | 25,300 | 21,804 | | NRI Production | 17,764 | 20,775 | 16,850 | Quarterly Sales and Price Comparison | Metric | Q1 2025 | Q4 2024 | Q1 2024 | | :--- | :--- | :--- | :--- | | NRI Sales (MBOE) | 1,717 | 1,872 | 1,490 | | Avg. Sales Price (NRI, $/BOE) | $64.27 | $64.77 | $66.43 | [Non-GAAP Financial Measures Reconciliation](index=14&type=section&id=Non-GAAP%20Financial%20Measures%20Reconciliation) Vaalco uses non-GAAP measures like Adjusted Net Income and Adjusted EBITDAX to better reflect underlying performance, with Q1 2025 net income of $7.7 million reconciling to an Adjusted Net Income of $6.3 million and Adjusted EBITDAX of $57.0 million Reconciliation of Net Income to Adjusted Net Income (in thousands USD) | Line Item | Q1 2025 | Q4 2024 | | :--- | :--- | :--- | | Net income | $7,730 | $11,664 | | Adjustments | ($1,390) | ($4,821) | | **Adjusted Net Income** | **$6,340** | **$6,843** | Reconciliation of Net Income to Adjusted EBITDAX (in thousands USD) | Line Item | Q1 2025 | Q4 2024 | | :--- | :--- | :--- | | Net income | $7,730 | $11,664 | | Adjustments | $49,228 | $64,569 | | **Adjusted EBITDAX** | **$56,958** | **$76,233** |

分组1 - Vaalco Energy reported quarterly earnings of $0.06 per share, matching the Zacks Consensus Estimate, and the same as the previous year [1] - The company posted revenues of $110.33 million for the quarter ended March 2025, exceeding the Zacks Consensus Estimate by 4.98% and up from $100.16 million a year ago [2] - Vaalco Energy shares have declined approximately 25.6% since the beginning of the year, contrasting with the S&P 500's decline of 4.3% [3] 分组2 - The earnings outlook for Vaalco Energy is currently unfavorable, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] - The current consensus EPS estimate for the upcoming quarter is $0.02 on revenues of $89.4 million, and for the current fiscal year, it is $0.10 on revenues of $359.1 million [7] - The Oil and Gas - Exploration and Production - International industry is ranked in the bottom 26% of over 250 Zacks industries, suggesting potential challenges for stocks in this sector [8]

HOUSTON, May 08, 2025 (GLOBE NEWSWIRE) -- VAALCO Energy, Inc. (NYSE: EGY, LSE: EGY) (“Vaalco” or the “Company”) today reported operational and financial results for the first quarter of 2025. First Quarter 2025 Highlights and Recent Key Items: Reported net income of $7.7 million ($0.07 per diluted share), Adjusted Net Income of $6.3 million ($0.06 per diluted share) and Adjusted EBITDAX(1) of $57.0 million; Produced 17,764 net revenue interest (“NRI”)(2) barrels of oil equivalent per day (“BOEPD”), above th ...

HOUSTON, May 08, 2025 (GLOBE NEWSWIRE) -- Vaalco Energy, Inc. (NYSE: EGY; LSE: EGY) ("Vaalco" or the "Company") today announced that it declared its quarterly cash dividend of $0.0625 per share of common stock for the second quarter of 2025 ($0.25 annualized), which is payable on June 27, 2025, to stockholders of record at the close of business on May 23, 2025. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Board of Director ...

HOUSTON, May 07, 2025 (GLOBE NEWSWIRE) -- Vaalco Energy, Inc. (NYSE: EGY; LSE: EGY) (“Vaalco” or the “Company”) today provided additional details regarding its Capital Markets Day presentation on Wednesday, May 14, 2025. The presentation will begin at 8 a.m. Central Time (2 p.m. London Time) and is expected to conclude by around 10:00 a.m. Central Time (4 p.m. London Time). Participation in the Capital Markets Day is directed to Vaalco’s shareholders, buy side and sell side analysts, as well as large instit ...

Core Viewpoint - VAALCO Energy, Inc. is set to release its first quarter 2025 earnings on May 8, 2025, and will host a conference call on May 9, 2025, to discuss financial and operational results [1][2]. Company Information - VAALCO Energy, Inc. is an independent energy company based in Houston, Texas, with a diverse portfolio of production, development, and exploration assets across multiple countries including Gabon, Egypt, Côte d'Ivoire, Equatorial Guinea, Nigeria, and Canada [3]. Conference Call Details - The earnings release will occur after the close of trading on the New York Stock Exchange on May 8, 2025, with the conference call scheduled for May 9, 2025, at 9:00 a.m. Central Time [2]. - Participants can join the call using specific toll-free numbers based on their location, and the call will also be available via webcast on VAALCO's website [2].

Core Points - Vaalco Energy, Inc. will host a live presentation on April 17, 2025, at 10 a.m. British Summer Time, featuring CEO George Maxwell and CFO Ron Bain [1] - The presentation is accessible to all existing and potential shareholders, with questions accepted before and during the event [2][3] - Vaalco is an independent energy company based in Houston, Texas, with operations in multiple countries including Gabon, Egypt, Côte d'Ivoire, Equatorial Guinea, Nigeria, and Canada [4] Company Information - Vaalco was founded in 1985 and incorporated in Delaware, focusing on a diverse portfolio of production, development, and exploration assets [4] - The company provides contact information for investor inquiries, including a dedicated US investor relations team and UK financial PR contacts [5]

Core Points - Vaalco Energy, Inc. will host a Capital Markets Day presentation on May 14, 2025, focusing on its long-term vision and growth strategy across its diversified asset base [1][2] - The event will feature presentations from key management members, highlighting exciting development projects and the company's Africa-focused growth strategy [3] Company Overview - Vaalco, founded in 1985 and based in Houston, Texas, is an independent energy company with a diverse portfolio of production, development, and exploration assets across multiple countries including Gabon, Egypt, Côte d'Ivoire, Equatorial Guinea, Nigeria, and Canada [4]