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Mar 31, 2024
VAALCO Q1 2024 Earnings Report
VAALCO reported solid earnings and Adjusted EBITDAX due to strong operational and financial results, coupled with a strong pricing environment.
Key Takeaways
VAALCO Energy, Inc. reported a net income of $7.7 million for Q1 2024. The company finalized agreements in Equatorial Guinea, proceeded with the FEED study, and closed the Svenska acquisition ahead of schedule for $40.2 million.
Sales for the first quarter were near the high end of guidance, and costs were below the low end of guidance.
VAALCO finalized agreements in Equatorial Guinea and is proceeding with its Front-End Engineering Design (“FEED”) study.
The all-cash Svenska acquisition was closed in April, ahead of schedule, for a net purchase price of $40.2 million.
Full year 2024 guidance was updated to reflect the positive impact to production and production expense per barrel from the Svenska acquisition.
Forward Guidance
The Company expects second quarter 2024 NRI sales to be between 18,100 and 20,000 BOEPD, reflecting the addition of the Svenska acquisition volume in May and June.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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