HOUSTON, Nov. 18, 2024 (GLOBE NEWSWIRE) -- VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“Vaalco” or the “Company”) today announced its participation in an investor event hosted by Water Tower Research (“WTR”) on Tuesday, November 19, 2024 at 11:00 a.m. Eastern (10:00 a.m. central and 4 p.m. London). As part of WTR’s ongoing Fireside Chat Series, Jeff Robertson, Managing Director at WTR, will lead a conversation with George Maxwell, Vaalco’s Chief Executive Officer and Director to discuss the Company’s prelimi ...

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)](index=4&type=section&id=ITEM%201.%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS%20(unaudited)) The statements show increased assets and net income, reflecting the recent Svenska acquisition [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to $937.9 million, driven by oil properties, while liabilities and equity also increased | Account | Sep 30, 2024 (in thousands) | Dec 31, 2023 (in thousands) | | :--- | :--- | :--- | | **Total current assets** | $236,799 | $228,141 | | **Crude oil, natural gas and NGLs properties and equipment, net** | $531,589 | $459,786 | | **Total assets** | **$937,903** | **$823,216** | | **Total current liabilities** | $176,247 | $127,475 | | **Total liabilities** | **$436,871** | **$344,434** | | **Total shareholders' equity** | **$501,032** | **$478,782** | [Condensed Consolidated Statements of Operations and Comprehensive Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income) Net income surged for Q3 and the nine-month period, boosted by higher revenues and a bargain purchase gain | Metric | Q3 2024 (in thousands) | Q3 2023 (in thousands) | Nine Months 2024 (in thousands) | Nine Months 2023 (in thousands) | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $140,334 | $116,269 | $357,267 | $305,912 | | **Operating income** | $44,083 | $35,548 | $97,989 | $77,718 | | **Bargain purchase gain** | - | - | $19,898 | ($1,412) | | **Net income** | $10,990 | $6,141 | $46,827 | $16,363 | | **Diluted EPS** | $0.10 | $0.06 | $0.45 | $0.15 | [Condensed Consolidated Statements of Shareholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Shareholders%27%20Equity) Shareholders' equity grew to $501.0 million, driven by net income partially offset by dividends and buybacks - Key changes in shareholders' equity for the nine months ended Sep 30, 2024 include: net income of **$46.8 million**, dividend distributions of **$19.6 million**, and treasury stock purchases of **$6.8 million**[12](index=12&type=chunk)[16](index=16&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow decreased due to working capital changes, while investing and financing activities used cash | Cash Flow Activity | Nine Months 2024 (in thousands) | Nine Months 2023 (in thousands) | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $69,185 | $171,811 | | **Net cash used in investing activities** | ($61,118) | ($77,365) | | **Net cash used in financing activities** | ($32,264) | ($42,382) | | **Net change in cash** | ($24,201) | $51,743 | | **Cash at end of period** | $104,977 | $111,519 | [Notes to Condensed Consolidated Financial Statements (unaudited)](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(unaudited)) Notes detail the Svenska acquisition, segment revenues, credit facility, and key financial commitments - On April 30, 2024, the Company acquired Svenska Petroleum for a net purchase price of **$40.2 million**, funded with cash-on-hand, resulting in a bargain purchase gain of **$19.9 million**[32](index=32&type=chunk)[33](index=33&type=chunk)[36](index=36&type=chunk) | Segment | Revenue Q3 2024 (in thousands) | Revenue 9M 2024 (in thousands) | | :--- | :--- | :--- | | Gabon | $47,608 | $158,786 | | Egypt | $34,544 | $106,986 | | Canada | $8,387 | $24,460 | | Cote d'Ivoire | $49,795 | $67,035 | - The company has a senior secured reserve-based revolving credit facility (RBL Facility) for up to **$50.0 million**, with **$37.5 million** available and no outstanding borrowings as of September 30, 2024[67](index=67&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk) - The company completed its share buyback program on March 12, 2024, purchasing **6,797,711 shares** at an average price of **$4.41 per share**[64](index=64&type=chunk) [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=25&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses strong revenue and income growth driven by acquisitions, alongside operational updates and liquidity [Recent Developments and Operational Updates](index=27&type=section&id=Recent%20Developments%20and%20Operational%20Updates) The company declared a quarterly dividend and provided updates on drilling and workover programs across its assets - The Board of Directors declared a quarterly cash dividend of **$0.0625 per common share**, payable on December 20, 2024[86](index=86&type=chunk) - Operational highlights include: - **Gabon:** Planning for the next drilling campaign to begin in early 2025[88](index=88&type=chunk) - **Egypt:** A workover rig is in place to slow decline, with a new drilling program expected to start in late November 2024[90](index=90&type=chunk) - **Canada:** The 2024 four-well drilling campaign is complete, and all wells were producing as of September 30, 2024[96](index=96&type=chunk) - **Cote d'Ivoire:** The operator is advancing the FPSO dry dock project, which remains on target for 2025[99](index=99&type=chunk) [Capital Resources and Liquidity](index=30&type=section&id=Capital%20Resources%20and%20Liquidity) The company maintains strong liquidity with significant cash reserves, no debt, and sufficient operating cash flow - As of September 30, 2024, the company had **$89.1 million in unrestricted cash** and **no outstanding debt**[119](index=119&type=chunk)[67](index=67&type=chunk) - For the nine months ended September 30, 2024, net cash from operating activities decreased by **$102.6 million** year-over-year, primarily due to changes in operating assets and liabilities[110](index=110&type=chunk) - Material cash requirements include annual **$10.0 million** modernization payments to EGPC in Egypt through February 2026 and ongoing funding for asset abandonment in Gabon[127](index=127&type=chunk)[128](index=128&type=chunk)[131](index=131&type=chunk) [Results of Operations](index=35&type=section&id=Results%20of%20Operations) Revenue and net income increased significantly, driven by the Cote d'Ivoire acquisition offsetting other declines | Metric | Q3 2024 | Q3 2023 | Change | | :--- | :--- | :--- | :--- | | **Net Revenue** | $140.3M | $116.3M | +21% | | **Net Income** | $11.0M | $6.1M | +80% | | **Net Sales Volume (MBoe)** | 2,134 | 1,812 | +322 | | Metric | 9M 2024 | 9M 2023 | Change | | :--- | :--- | :--- | :--- | | **Net Revenue** | $357.3M | $305.9M | +17% | | **Net Income** | $46.8M | $16.4M | +185% | | **Net Sales Volume (MBoe)** | 5,388 | 4,839 | +549 | - The Cote d'Ivoire segment, acquired in 2024, was a primary driver of revenue growth, contributing **$49.8 million in Q3** and **$67.0 million** in the first nine months of the year[154](index=154&type=chunk)[169](index=169&type=chunk) - Production expenses for the nine months ended September 30, 2024 increased by **$20.1 million (19%)** year-over-year, due to the addition of Cote d'Ivoire, new withholding tax regulations in Gabon, and general inflationary pressures[170](index=170&type=chunk) [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=41&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company's primary market risks are commodity price volatility, foreign exchange rates, and counterparty risk - The company's main market risk is the price of crude oil, natural gas, and NGLs; a hypothetical **$5 per barrel decrease** in crude oil price is estimated to reduce quarterly revenues by **$10.7 million**[188](index=188&type=chunk)[192](index=192&type=chunk) - The company is exposed to foreign currency risk; a **10% weakening** of the Central African CFA Franc (XAF) relative to the USD would reduce the value of net monetary assets by **$3.2 million**[182](index=182&type=chunk) - To manage commodity price volatility, the company had derivative instruments covering approximately **710 MBbls** of production through March 2025, with additional contracts added post-quarter-end[198](index=198&type=chunk)[199](index=199&type=chunk) [CONTROLS AND PROCEDURES](index=43&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls were effective, noting changes related to the Svenska acquisition - The principal executive and financial officers concluded that disclosure controls and procedures were **effective** as of September 30, 2024[201](index=201&type=chunk) - Following the Svenska Acquisition on April 30, 2024, new processes and internal controls were implemented; this acquisition will be **excluded** from the year-end assessment of internal control over financial reporting[202](index=202&type=chunk) [PART II. OTHER INFORMATION](index=43&type=section&id=PART%20II.%20OTHER%20INFORMATION) [LEGAL PROCEEDINGS](index=43&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is not subject to any material legal proceedings - Management states that there are **no material legal proceedings** against the company[203](index=203&type=chunk) [RISK FACTORS](index=43&type=section&id=ITEM%201A.%20RISK%20FACTORS) Key risks include acquisition discouragement provisions, non-operated assets, and Cote d'Ivoire PSC uncertainty - The company highlights several key risks: - **Acquisition Discouragement:** Provisions in agreements could make a third-party acquisition more difficult or expensive[206](index=206&type=chunk) - **Non-Operated Assets:** Limited control over assets not operated by the company[207](index=207&type=chunk) - **Cote d'Ivoire PSC Extension:** No assurance that the Block CI-40 PSC will be extended beyond its April 2028 expiration[209](index=209&type=chunk) - **FPSO Maintenance:** The FPSO in Côte d'Ivoire is scheduled for maintenance in January 2025, which will halt production and revenues from that block until its expected return in 2026[211](index=211&type=chunk) [UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](index=44&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) No unregistered sales of equity securities were reported during the quarter - **No unregistered sales** of equity securities occurred during the third quarter of 2024[212](index=212&type=chunk) [OTHER INFORMATION](index=44&type=section&id=ITEM%205.%20OTHER%20INFORMATION) No directors or officers modified Rule 10b5-1 trading arrangements during the quarter - No company directors or officers modified any Rule 10b5-1 trading arrangements during the three months ended September 30, 2024[213](index=213&type=chunk) [EXHIBITS](index=45&type=section&id=ITEM%206.%20EXHIBITS) This section lists exhibits filed with the report, including required officer certifications and XBRL documents

VAALCO Energy, Inc. (NYSE:EGY) Q3 2024 Results Conference Call November 12, 2024 10:00 AM ET Company Participants Chris Delange - IR George Maxwell - CEO Ron Bain - CFO Conference Call Participants Jeff Robertson - Water Tower Research Christopher Wheaton - Stifel Charlie Sharp - Canaccord Stephane Foucaud - Auctus Advisors Bill Dezellem - Tieton Capital Operator Ladies and gentlemen, thank you for standing by, and welcome to the VAALCO Energy Third Quarter 2024 Conference Call. [Operator Instructions]. Thi ...

Exhibit 99.1 VAALCO ENERGY, INC. ANNOUNCES THIRD QUARTER 2024 RESULTS HOUSTON – November 11, 2024 - VAALCO Energy, Inc. (NYSE: EGY, LSE: EGY) ("Vaalco" or the "Company") today reported operational and financial results for the third quarter of 2024. Third Quarter 2024 Highlights and Recent Key Items: (2) • Grew net revenue interest ("NRI") sales to 2,134,000 barrels of oil equivalent ("BOE"), or 23,198 barrels of oil equivalent per day ("BOEPD"), toward the upper end of guidance; and 20% above the second qu ...

HOUSTON, Nov. 11, 2024 (GLOBE NEWSWIRE) -- VAALCO Energy, Inc. (NYSE: EGY, LSE: EGY) ("Vaalco" or the "Company") today reported operational and financial results for the third quarter of 2024. Third Quarter 2024 Highlights and Recent Key Items: Grew net revenue interest ("NRI")(2) sales to 2,134,000 barrels of oil equivalent ("BOE"), or 23,198 barrels of oil equivalent per day ("BOEPD"), toward the upper end of guidance; and 20% above the second quarter of 2024 due to additional Côte d'Ivoire liftings; Repo ...

HOUSTON, Nov. 11, 2024 (GLOBE NEWSWIRE) -- VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) ("Vaalco" or the "Company") today declared its quarterly cash dividend of $0.0625 per share of common stock for the fourth quarter of 2024 ($0.25 annualized), which is payable on December 20, 2024, to stockholders of record at the close of business on November 22, 2024. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Board of Directors. Georg ...

I analyze oil and gas companies like Vaalco Energy and related companies in my service, Oil & Gas Value Research, where I look for undervalued names in the oil and gas space. I break down everything you need to know about these companies - the balance sheet, competitive position and development prospects. This article is an example of what I do. But for Oil & Gas Value Research members, they get it first, and they get analysis on some companies that is not published on the free site. Interested? Sign up her ...

The market expects Vaalco Energy (EGY) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be rel ...

HOUSTON, Oct. 24, 2024 (GLOBE NEWSWIRE) -- VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) ("Vaalco" or the "Company") today announced the timing of its third quarter 2024 earnings release and conference call. The Company will issue its third quarter 2024 earnings release on Monday, November 11, 2024 after the close of trading on the New York Stock Exchange and host a conference call to discuss its financial and operational results on Tuesday morning, November 12, 2024 at 9:00 a.m. Central Time (10:00 a.m. Easter ...

Investors interested in Oils-Energy stocks should always be looking to find the best-performing companies in the group. Vaalco Energy (EGY) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? Let's take a closer look at the stock's year-to-date performance to find out. Vaalco Energy is a member of the Oils-Energy sector. This group includes 243 individual stocks and currently holds a Zacks Sector Rank of #16. The Zacks Sec ...