VAALCO ENERGY INC /DE/ (EGY) Company Report

VAALCO Energy updated its 2025 CapEx midpoint to $243 million, a 20% reduction from the original midpoint, while increasing its NRI production midpoint to 16,500 BOE per day, a 6% increase from the original estimate.
The CapEx reduction for 2025 was primarily due to $20 million in removed discretionary CapEx and a 2-3.5 month delay in the Gabon drilling rig, shifting some capital to 2026.
The Gabon drilling program is commencing as of December 2, 2025, with the first well expected to spud within 72-96 hours. The program includes five firm wells and five optional wells, with an estimated $100 million-$120 million net CapEx for the drilling side slipping into 2026.
In Cote d'Ivoire, the Baobab FPSO is expected to return late Q1 2026, with production recommencing in May 2026. Phase five development is anticipated to spud late Q3 2026, with significant reserve and production impact expected in 2027.
VAALCO is evaluating development alternatives for the Venus discovery in Equatorial Guinea, with a subsea tieback to a shallower water facility becoming the preferred scenario, aiming for a Final Investment Decision (FID) in 2026.

3 days ago

Transcript

VAALCO Energy Updates 2025 Outlook and Project Timelines

EGY

Guidance Update

New Projects/Investments

VAALCO Energy updated its 2025 CapEx midpoint to $243 million, a 20% reduction from the original, and increased its NRI production midpoint to 16,500 BOE per day, a 6% increase. This was attributed to $20 million in discretionary CapEx removal, a $10 million pull-forward for the Ivory Coast project, and a 2-3.5 month delay in the Gabon drilling rig.
The company anticipates significant positive revisions to its year-end 2025 reserves due to better-than-expected production performance in Gabon.
The Gabon drilling program has commenced, with the first well expected to spud within 72-96 hours. This program includes five firm and five optional wells, with a re-sequencing to include a gas well in SEENT for monthly OPEX savings of $350,000-$500,000.
In Côte d'Ivoire, the Baobab field's FPSO is anticipated to return late Q1 2026, with production recommencing around May 2026. The Phase 5 development is expected to begin with a late Q3 2026 spud date, impacting production and reserves in 2027.
VAALCO is evaluating a subsea tieback for the Venus discovery in Equatorial Guinea, potentially leading to a Final Investment Decision (FID) in 2026.

3 days ago

Transcript

VAALCO Energy Updates 2025 Outlook, Commences Gabon Drilling, and Provides Project Timelines

EGY

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

VAALCO Energy updated its 2025 CapEx midpoint to $243 million, a 20% reduction from the original outlook, while increasing its NRI production midpoint to 16,500 BOE per day, a 6% increase. This CapEx reduction is partly due to a $40 million delay of the Gabon drilling rig into 2026.
The Gabon drilling program commenced as of December 2, 2025, with the first well expected to spud within 72-96 hours. The program includes five firm and five optional wells, with plans to drill a gas well in SEENT to achieve $350,000-$500,000 per month in OpEx savings.
In C\u00f4te d'Ivoire, the Baobab FPSO is expected to return late Q1 2026, with production recommencing in May 2026. The Phase V development, targeting 33 million BOEs and 27,000 BOE per day peak gross production, is projected to spud in late Q3 2026, with significant reserve impact expected in 2027.
VAALCO hopes to reach a Final Investment Decision (FID) in 2026 for the Equatorial Guinea Venus discovery, following an extended FEED study that de-risked the project with a vertical drilling solution and subsea tieback options.

3 days ago

Transcript

Vaalco Energy Reports Q3 2025 Results, Raises Full-Year Production Guidance, and Updates Project Timelines

EGY

Earnings

Guidance Update

New Projects/Investments

In Q3 2025, Vaalco Energy reported net income of $1.1 million ($0.01 per share) and adjusted EBITDAx of $23.7 million. For the first nine months of 2025, net income was $17.2 million ($0.16 per share) and adjusted EBITDA was $130.5 million.
The company exceeded Q3 2025 production guidance, with NRI production of 15,405 BOE per day and NRI sales of 12,831 BOE per day. This strong performance led to a 5% increase in the midpoint of full-year production and sales guidance, alongside a nearly 20% reduction in capital guidance.
Key projects are progressing, with the C\u00f4te d'Ivoire FPSO refurbishment underway and expected to return to service by late March/early April 2026, with production resuming by end of April/early May 2026. The Gabon drilling campaign is anticipated to commence in late Q4 2025.
Vaalco returned $6.7 million to shareholders through dividends in Q3 2025, contributing to approximately $20 million returned in the first nine months of 2025. The company declared an annual dividend of $0.25 per share for 2025, representing a yield of about 7%.

Nov 11, 2025, 3:00 PM

Transcript

EGY Reports Q3 2025 Results, Raises Production Guidance, and Lowers Capital Guidance

EGY

Earnings

Guidance Update

Dividends

EGY reported net income of $1.1 million ($0.01 per diluted share) and Adjusted EBITDAX of $23.7 million for Q3 2025.
The company's WI production was 19,887 BOEPD and NRI production was 15,405 BOEPD in Q3 2025, both at the high end of guidance.
EGY increased its full-year 2025 production guidance midpoint by 6% and sales guidance midpoint by 5%, while decreasing the full-year capital guidance midpoint by $58 million (19%).
The company continues to return cash to shareholders through an ongoing dividend, with a current dividend yield of about 7% and over $100 million returned through dividends and share buybacks since 2022.

Nov 11, 2025, 3:00 PM

Presentation

VAALCO Energy Reports Q3 2025 Results and Updates Full-Year Guidance

EGY

Earnings

Guidance Update

New Projects/Investments

VAALCO Energy reported Q3 2025 net income of $1.1 million ($0.01 per share) and adjusted EBITDAx of $23.7 million, with NRI sales at 12,831 BOE per day.
For the first nine months of 2025, the company achieved net income of $17.2 million ($0.16 per share) and adjusted EBITDA of $130.5 million.
The company raised the midpoint of its full-year 2025 production and sales guidance by about 5% and reduced capital guidance by almost 20% to approximately $240 million total.
Key project updates include the C\u00f4te d'Ivoire FPSO scheduled for production by end of April/early May 2026 and the Gabon drilling campaign commencing in late Q4 2025.
VAALCO also announced a $0.25 per share annual dividend for 2025, representing about a 7% dividend yield.

Nov 11, 2025, 3:00 PM

Transcript

Vaalco Energy Reports Strong Q3 2025 Results, Raises Full-Year Production Guidance, and Reduces Capital Outlook

EGY

Guidance Update

Earnings

New Projects/Investments

Vaalco Energy reported Q3 2025 net income of $1.1 million or $0.01 per share and adjusted EBITDAX of $23.7 million. NRI production for the quarter was 15,405 BOE per day, at the high end of guidance, with NRI sales at 12,831 BOE per day.
For the first nine months of 2025, the company delivered net income of $17.2 million or $0.16 per share and adjusted EBITDA of $130.5 million.
The company raised the midpoint of its full-year 2025 production and sales guidance by about 5% while reducing capital guidance by almost 20% to around $240 million in total.
Key projects include the ongoing FPSO refurbishment in C\u00f4te d'Ivoire, with significant development drilling expected in 2026, and the start of a drilling campaign in Gabon anticipated in late Q4 2025.
Vaalco has 500,000 barrels of remaining 2025 oil production hedged at an average floor of approximately $61 per barrel, and 800,000 barrels for the first half of 2026 at an average floor of approximately $62 per barrel. The company also returned $6.7 million to shareholders through dividends in Q3 2025.

Nov 11, 2025, 3:00 PM

Transcript

VAALCO Energy Announces Third Quarter 2025 Results

EGY

Earnings

Guidance Update

Dividends

VAALCO Energy reported net income of $1.1 million ($0.01 per diluted share) and Adjusted EBITDAX of $23.7 million for the third quarter of 2025.
The company produced 15,405 net revenue interest (NRI) barrels of oil equivalent per day (BOEPD) and sold 12,831 NRI BOEPD in Q3 2025, both at the high end of guidance.
VAALCO increased its full-year production and sales guidance midpoints and further decreased its full-year capital guidance midpoint by 19% or $58 million from original 2025 guidance. Net capital expenditures for Q3 2025 totaled $48.3 million on a cash basis, which was below guidance.
The company declared a quarterly cash dividend of $0.0625 per share to be paid on December 24, 2025. Additionally, commitments on its $300 million credit facility were increased from $190 million to $240 million, effective January 23, 2026, to support funding for growth projects.

Nov 10, 2025, 9:51 PM

8-K

VAALCO Energy, Inc. Announces Third Quarter 2025 Results and Updated Guidance

EGY

Earnings

Guidance Update

Dividends

VAALCO Energy, Inc. reported net income of $1.1 million ($0.01 per diluted share) and Adjusted EBITDAX of $23.7 million for the third quarter of 2025.
The company's Q3 2025 production was 15,405 net revenue interest (NRI) barrels of oil equivalent per day (BOEPD), and sales were 12,831 NRI BOEPD, both at the high end of guidance.
Full-year 2025 production and sales guidance midpoints were increased, while the capital guidance midpoint was further decreased by 19% or $58 million from original 2025 guidance.
A quarterly cash dividend of $0.0625 per share was declared for Q4 2025, and commitments on the reserves-based credit facility increased from $190 million to $240 million, enhancing liquidity.

Nov 10, 2025, 9:45 PM

Press Release

VAALCO Energy Highlights Significant Growth, Shareholder Returns, and Future Development Plans

EGY

New Projects/Investments

Dividends

Share Buyback

VAALCO Energy (EGY) has achieved substantial growth, increasing its working interest production five-fold from 5,500 barrels per day in 2020 to just under 25,000 barrels per day in 2024, and its 2P reserves tenfold from 9.7 million barrels in 2020 to just under 100 million barrels in 2024.
The company maintains a strong financial position, operating on a net cash basis in 2025 and being fully funded for its planned developments. It has returned over $100 million to shareholders in the last three and a half years through a sustained quarterly dividend, currently yielding around 6.4%, and a $30 million buyback program.
VAALCO projects significant future production increases, with plans for 50% growth in the second half of 2026 and over 250% by 2030, aiming to reach in excess of 50,000 barrels per day working interest, driven by ongoing drilling campaigns in Gabon, Egypt, Port Bouët, and the Venus development in Equatorial Guinea.

Sep 30, 2025, 5:15 PM

Transcript

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