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Dec 31, 2019
VAALCO Q4 2019 Earnings Report
Reported net income for the fourth quarter of 2019.
Key Takeaways
VAALCO Energy, Inc. reported net income of $1.0 million, or $0.02 per diluted share, for the fourth quarter of 2019. The company successfully drilled and brought the Etame 9H and Etame 11H wells on production at higher-than-expected initial flow rates in December 2019 and January 2020, respectively. They also reported unrestricted cash balance of $45.9 million as of December 31, 2019.
Produced 3,664 net revenue interest barrels of crude oil per day in Q4 2019.
Reported net income of $1.0 million ($0.02 per diluted share) in Q4 2019.
Successfully drilled and brought the Etame 9H and Etame 11H wells on production in December 2019 and January 2020.
Reported unrestricted cash balance of $45.9 million as of December 31, 2019.
Forward Guidance
VAALCO estimates full year 2020 NRI production to be between 4,400 and 5,000 BOPD. The company forecasts between $10 and $12 million in cash G&A expense for full year 2020.
Positive Outlook
- Full year 2020 NRI production is estimated to be between 4,400 and 5,000 BOPD.
- NRI production during the first quarter of 2020 is forecasted between 4,700 and 5,000 BOPD.
- Sales NRI volumes for 2020 are currently estimated to average 4,400 to 5,000 BOPD.
- Production expense guidance (excluding workovers) for full year 2020 is $37 to $42 million or $21.00 to $25.00 per barrel of crude oil sales.
- The company forecasts between $10 and $12 million in cash G&A expense for full year 2020.
Challenges Ahead
- Uncertainty in the macro pricing environment.
- Company is evaluating its capital expenditures for the balance of 2020.
- Expects to incur approximately $1 – $3 million of asset integrity capital projects.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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