Vaalco Energy Reports Q1 Loss of $93.8M, Guides 44% Volume Gain and Declares Dividend
Vaalco Energy drilled Etame 14H at 4,850 BOPD and Etame 15H at 2,000 BOPD in Q1 and started Gabon Phase Three drilling. The company reported a $93.8 million net loss, guided Q2 sales of 16,800–18,300 NRI BOPD (44% increase) and declared a $0.0625 per share dividend.
1. Operational Highlights
Vaalco invested $78.1 million in capital expenditures, commenced the Gabon Phase Three drilling program and completed dry-dock refurbishment of its Côte d’Ivoire FPSO. The company drilled Etame 15H in February at an initial rate of 2,000 BOPD and Etame 14H in April at 4,850 BOPD, with Baobab FPSO production set to resume in Q2.
2. Financial Performance and Guidance
The company reported a Q1 net loss of $93.8 million ($0.90 per share) and an adjusted net loss of $47.2 million ($0.45 per share), generating $11.6 million of Adjusted EBITDAX. It divested Canadian assets for $25.5 million, reduced Egyptian trade receivables from $31.6 million to $24.2 million, and expects Q2 NRI sales of 16,800–18,300 BOPD (44% increase), raising full-year sales guidance by 12%.
3. Dividend Declaration
Vaalco declared a quarterly cash dividend of $0.0625 per share, payable June 26 to shareholders of record on May 22. This marks the company’s 18th consecutive quarterly dividend, underscoring its commitment to returning cash to shareholders while funding growth projects.