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Sep 30, 2025
VAALCO Q3 2025 Earnings Report
VAALCO reported a small net profit for Q3 2025 as production and sales volumes declined due to a planned maintenance shutdown.
Key Takeaways
VAALCO Energy posted net income of $1.1 million in Q3 2025, with reduced revenue driven by lower sales volumes and realized prices. The company executed a major maintenance shutdown in Gabon, contributing to the decline. Adjusted EBITDAX fell sharply year-over-year, reflecting lower commodity prices and volumes.
Revenue declined 37% QoQ to $61 million due to lower volumes and pricing.
Net income was $1.1 million, down from $11 million YoY.
Adjusted EBITDAX dropped to $23.7 million from $92.8 million in Q3 2024.
Gabon shutdown in July led to significantly lower production and sales volumes.
Revenue by Geographic Location
Forward Guidance
Vaalco expects Q4 2025 production and sales to increase as Gabon operations resume and drilling continues in Egypt. Capital and expense guidance were revised lower, reflecting improved cost control.
Positive Outlook
- Gabon drilling campaign expected to commence in late November 2025.
- Full-year capital guidance midpoint cut by $58 million from original levels.
- Côte d’Ivoire FPSO refurbishment is ahead of schedule.
- Egypt drilling campaign continues successfully, supporting production.
- Credit facility commitments increased from $190M to $240M.
Challenges Ahead
- Production and sales volumes declined in Q3 due to Gabon maintenance.
- Realized commodity prices decreased QoQ and YoY.
- Adjusted EBITDAX significantly down from prior year.
- Net income dropped 90% YoY.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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