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Mar 31, 2021
VAALCO Q1 2021 Earnings Report
Reported strong financial and operational results.
Key Takeaways
VAALCO Energy, Inc. reported a strong first quarter in 2021, marked by a net income of $9.9 million, or $0.17 per diluted share. The company benefited from increased sales volumes and improved realized prices, driven by three liftings during the quarter and the acquisition of Sasol's working interest in the Etame field. Adjusted EBITDAX reached $18.0 million, more than five times the previous quarter.
Reported Q1 2021 net income of $9.9 million ($0.17 per diluted share).
Adjusted EBITDAX was $18.0 million, over five times compared to Q4 2020.
Sold 619,000 barrels of oil in Q1 2021, up 113% over Q4 2020.
Closed the Sasol Acquisition on February 25, 2021, nearly doubling net production and reserves.
Revenue by Geographic Location
Forward Guidance
Second quarter 2021 production is expected to increase, with production expense slightly decreasing. Full year 2021 guidance for production and capital is reaffirmed.
Positive Outlook
- Second quarter 2021 production is expected to be 7,600 to 8,200 BOPD, a 53% increase at the midpoint compared to the first quarter of 2021.
- Production expense, excluding workovers, is expected to be $24.50 to $27.00, a slight decrease at the midpoint compared to the first quarter of 2021.
- Cost containment efforts have improved production expense.
- Savings from cost containment are expected to continue throughout 2021.
- The midpoint of production expense, excluding workovers, is reduced by $2 million to a range of $69 million to $73 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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