VAALCO Q2 2021 Earnings Report
Key Takeaways
VAALCO Energy, Inc. reported strong second quarter 2021 results with a net income of $5.9 million, driven by sales volumes above guidance, NRI production of over 8,000 BOPD, and robust commodity pricing. The company generated $40.0 million in Adjusted EBITDAX in the first half of 2021, exceeding the amounts generated in all of 2019 or 2020.
Reported Q2 2021 net income of $5.9 million ($0.10 per diluted share).
Generated Adjusted EBITDAX of $21.9 million in Q2 2021.
Sold 642,000 barrels of oil in Q2 2021, a 4% increase over Q1 2021.
Maintained a strong balance sheet with $22.9 million in cash and no debt as of June 30, 2021.
VAALCO
VAALCO
Forward Guidance
Third quarter 2021 production is expected to be 7,000 to 7,800 BOPD, which includes a planned seven-day full field maintenance turnaround.