Vaalco Energy sold 17,452 NRI BOEPD in 2025 and delivered 16,556 NRI BOEPD of production. The company reported a net loss of $41.4 million ($0.40 per share), an adjusted net loss of $4.0 million ($0.04 per share), generated $173.4 million in adjusted EBITDAX and $212.7 million in operating cash flow.

At year-end 2025, proved reserves totaled 43.0 MMBOE, including 4 MMBOE of positive revisions, extensions and additions, replacing two-thirds of annual production. Vaalco secured a reserves-based lending facility with an initial $255 million commitment (expandable to $300 million), reduced Egyptian receivables to $31 million and returned $26.5 million to shareholders through dividends and buybacks; it also acquired a 70% working interest in the CI-705 block offshore Côte d’Ivoire.

In Q4, Vaalco sold 18,566 NRI BOEPD—10% above the high end of guidance—and produced 16,128 NRI BOEPD. The period’s net loss was $58.6 million ($0.56 per share), adjusted net loss $2.3 million ($0.02 per share), adjusted EBITDAX $42.9 million, and capital expenditures reached $100.1 million for Gabon Phase Three drilling, FPSO dry-dock work and 2026 drilling long-leads.

Vaalco began 2026 as operator with 60% WI in the Kossipo field on the CI-40 Block, targeting an FDP in H2 2026, and divested Canadian assets for $25.5 million. The company brought the Etame 15H-ST well onstream and plans $290–360 million in 2026 capex for drilling at Etame, FPSO refurbishment, Baobab Phase 5 and Egyptian field activities, plus a $0.0625 per share cash dividend on March 27.