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Jun 30, 2025
VAALCO Q2 2025 Earnings Report
VAALCO Energy, Inc. reported a net income of $8.4 million and adjusted EBITDAX of $49.9 million for the second quarter of 2025, with NRI production exceeding guidance.
Key Takeaways
VAALCO Energy, Inc. announced strong second quarter 2025 results, with net income of $8.4 million and adjusted EBITDAX of $49.9 million. The company's net revenue interest (NRI) production of 16,956 barrels of oil equivalent per day (BOEPD) was above the high end of guidance, and sales volumes also exceeded expectations. The company reiterated its full-year guidance, including a 10% reduction in capital expenditures without impacting production or sales targets.
Reported net income of $8.4 million ($0.08 per diluted share) and Adjusted EBITDAX of $49.9 million.
Produced 16,956 net revenue interest (NRI) BOEPD, above the high end of guidance, and sold 19,393 NRI BOEPD, also above the high end of guidance.
Maintained a net cash position of $7.9 million, with an additional $24.0 million in cash receivables collected in July 2025.
Reiterated full year guidance, including a 10% reduction in capital expenditures in Q1 2025 without impacting full year production or sales guidance.
Revenue by Geographic Location
Forward Guidance
VAALCO Energy, Inc. has provided full-year and third-quarter 2025 guidance, anticipating continued strong production and sales volumes, supported by ongoing drilling campaigns and strategic investments.
Positive Outlook
- Full year production (WI) expected to be 19,250-22,310 BOEPD.
- Full year sales volume (NRI) expected to be 14,900-17,200 BOEPD.
- Third quarter production (WI) expected to be 18,900-20,800 BOEPD.
- Third quarter sales volume (NRI) expected to be 11,900-13,100 BOEPD.
- Capital expenditures (excluding acquisitions) for the full year are projected to be $250-$300 million, supporting organic growth projects.
Challenges Ahead
- Production expense (WI & NRI) for the full year is estimated at $148.5-$161.5 million.
- Production expense per BOE (NRI) for the full year is estimated at $24.00-$28.00.
- Cash G&A (WI & NRI) for the full year is estimated at $25.0-$31.0 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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