VAALCO Energy Inc
NYSE:EGY
VAALCO Energy Inc
VAALCO Energy, Inc. engages in the acquisition, development, and production of crude oil. The company is headquartered in Houston, Texas and currently employs 117 full-time employees. The Company’s segments include segments Gabon and Equatorial Guinea. The firm is holding a 63.6% participating interest in the Etame Marin block, located offshore Gabon, which to date has produced over 125 million barrels of crude oil and of which the Company is the operator. The operations of all segments include exploration for and production of hydrocarbons where commercial reserves have been found and developed. The firm owns an interest in an undeveloped block offshore Equatorial Guinea, West Africa. Its subsidiaries include VAALCO Gabon (Etame), Inc., VAALCO Production (Gabon), Inc., VAALCO Gabon S.A., VAALCO Angola (Kwanza), Inc., VAALCO Energy (EG), Inc., VAALCO Energy Mauritius (EG) Limited, VAALCO Energy, Inc. (UK Branch) and VAALCO Energy (USA), Inc.
VAALCO Energy, Inc. engages in the acquisition, development, and production of crude oil. The company is headquartered in Houston, Texas and currently employs 117 full-time employees. The Company’s segments include segments Gabon and Equatorial Guinea. The firm is holding a 63.6% participating interest in the Etame Marin block, located offshore Gabon, which to date has produced over 125 million barrels of crude oil and of which the Company is the operator. The operations of all segments include exploration for and production of hydrocarbons where commercial reserves have been found and developed. The firm owns an interest in an undeveloped block offshore Equatorial Guinea, West Africa. Its subsidiaries include VAALCO Gabon (Etame), Inc., VAALCO Production (Gabon), Inc., VAALCO Gabon S.A., VAALCO Angola (Kwanza), Inc., VAALCO Energy (EG), Inc., VAALCO Energy Mauritius (EG) Limited, VAALCO Energy, Inc. (UK Branch) and VAALCO Energy (USA), Inc.
Production outlook: Company expects a material production uplift in H2 2026 as the Baobab FPSO returns and Gabon drilling ramps; full-year 2026 company working interest production guided to 20,100–22,400 boe/d.
Q1 guidance: Q1 2026 production guided to 18,700–20,600 working interest boe/d and 14,200–16,000 net revenue interest boe/d, with Q1 net revenue interest sales of 11,200–12,900 boe/d (impacted by timing/state lifting and the Canada sale).
Financial results: 2025 adjusted EBITDAX of $173.4 million and net cash from operating activities of $212.7 million; Q4 net loss of $58.6 million due largely to a $67.2 million noncash impairment tied to the Canadian asset sale.
CapEx & cash plan: 2026 CapEx guidance of $290–360 million (Q1 $90–110 million); expects to fund programs with cash flow and draws on a reserves-based lending facility (current commitment $255 million; $60 million drawn at year-end 2025).
Portfolio moves: Sold Canadian assets for ~ $25.5 million (producing ~1,850 bbl/d at sale); named operator with 60% WI for Kossipo (CI-40) and operator of CI-705 (70% WI) for exploration; FPSO refurbishment for Baobab on track to return to field and restart production in Q2 2026.
Reserves & valuation: SEC proved reserves 43.0 million boe (down 5% YoY) with PV-10 of $410 million (up 8%); 2P CPR 73.7 million boe (down 6%) with a CPR PV-10 of $859 million (up 26%).
Hedging & price assumptions: Underlying Brent assumption for 2026 is $65/bbl; collars secured with ~ $65 floor for ~50% of 2026 production.
