VAALCO Energy, Inc. (NYSE: EGY, LSE: EGY) ("VAALCO" or the
"Company") today reported operational and financial results
for the second quarter of 2023.
Second Quarter 2023 Highlights and
Key Items:
- Paid second quarter 2023 cash dividend of $0.0625 per
share of common stock and announced quarterly cash dividend of
$0.0625 per share of common stock ($0.25 annualized) to be paid on
September 22, 2023, an increase of 92% compared to
2022;
- Returned $14.9 million to shareholders by purchasing
3.8 million shares since inception of share buy back in
November 2022 through August 4, 2023;
- Increased average daily production by 7% to
19,676 net revenue interest
(“NRI”)(1) barrels
of oil equivalent per day
(“BOEPD”), or
24,863 working interest
(“WI”)(2) BOEPD
compared to the first quarter of 2023;
- Record production levels achieved in Egypt and
Canada drove production above the high-end of
guidance;
- Sold 1,803,000 barrels of oil equivalent
(“BOE”) in Q2, an increase of 47%
and above the high end of guidance due to increased production and
sales in Gabon, Egypt and Canada;
- Expect Q3 2023 NRI sales to be between
1,700,000 and 1,900,000 BOE;
- Reported Q2 2023 net income
of $6.8 million ($0.06 per diluted share) and Adjusted
Net Income(3) of
$11.9 million ($0.11 per diluted
share);
- Grew Adjusted
EBITDAX(3) by 37%
to $65.3 million compared to Q1 2023 and funded $27.1 million
in capital expenditures from cash on hand and cash from operations
during the second quarter of
2023;
- Raised full year 2023
production guidance and reduced full year capital expenditure
guidance;
- Increased the full year
production guidance midpoint for every operating
area;
- Total Company
production guidance midpoint is up 7% with an updated range of
17,300 to 19,000 NRI BOEPD, or 22,400 to 24,800 WI
BOEPD;
- Announced a $10 million
reduction in estimated full year 2023 capital expenditures, now
expected to be in the range of $65 to $75
million;
- Decreased production
expense per BOE, excluding workover costs and stock compensation,
by 19% compared to the first quarter of 2023;
and
- Reported cash and cash
equivalents of $46.2 million, generated $77.6 million in cash flow
from operating activities and reported Adjusted Working
Capital(3) of $55.7 million at June
30, 2023.
|
(1 |
) |
All NRI production rates are
VAALCO's working interest volumes less royalty volumes, where
applicable |
|
(2 |
) |
All WI production rates and
volumes are VAALCO’s working interest volumes |
|
(3 |
) |
Adjusted EBITDAX, Adjusted Net
Income and Adjusted Working Capital are Non-GAAP financial measures
and are described and reconciled to the closest GAAP measure in the
attached table under “Non-GAAP Financial Measures.” |
George Maxwell, VAALCO’s Chief Executive Officer
commented, “Since the combination with TransGlobe, we have focused
on returning cash to shareholders, generating meaningful cash flow,
maintaining and growing our strong production base, evaluating a
larger portfolio of opportunities across multiple countries and
continuing to drill our prospects. We have delivered on all of
these accounts and continue to build size and scale for the
future.”
“Thus far in 2023, we have paid two increased
quarterly dividends, returning $0.125 per share to shareholders or
$13.5 million. Additionally, we have repurchased $14.9 million
in share buybacks through August 4, 2023. Our production grew by 7%
to nearly 20,000 net BOEPD or nearly 25,000 WI BOEPD. We are very
pleased with the results of our 2023 drilling program in both Egypt
and Canada that led to us exceeding our second quarter 2023
production guidance. Both Canada and Egypt have reached record
production levels in 2023 and our production and sales in Gabon
have remained very strong. This solid production growth has allowed
us to generate $113 million in Adjusted EBITDAX thus far in 2023,
an increase of 20% over the same period last year, despite
significantly lower realized commodity pricing. The strong
performance of our 2023 capital program in Egypt and Canada,
coupled with the strong operational uptime in Gabon has driven
production much higher than our original forecasts. As a result, we
are raising our full year production guidance across all three
operating areas and for the total Company by 7% at the midpoint. We
are also lowering our full year capex guidance. When paired with
increased production, this should lead to meaningful cash flow
generation in the second half of 2023.”
“Our commitment to operational excellence has
made VAALCO financially stronger, with more reserves and
production, than at any other point in our history. We continue to
have no bank debt and a substantial cash flow position that will
allow us to fund future capex across our portfolio, while also
evaluating additional opportunities. We will continue to focus on
capturing synergies, operating efficiently and maximizing our
operational cash flow. We are excited about the future, our
development project in Equatorial Guinea, our next drilling
campaign in Gabon and the numerous opportunities in Egypt and
Canada. The diversity and strength of our assets provides
meaningful optionality in the future and supports our ability to
continue to return value to shareholders.”
Operational Update
Egypt
In December 2022, VAALCO spudded the Arta77 HC
well targeting the Nukhul reservoir. The lateral was successfully
drilled through reservoir encountering laterally 1,363 meters of
good oil and gas shows. Historically, the wells drilled in Egypt
were vertical wells. The Arta77 HC was the first horizontal well
drilled under the new merged concession agreement and the Company
plans to study the results, drilling technique and completions
methods to enhance potential productivity of the next horizontal
well. In addition to drilling capital, VAALCO has also spent
capital and expense dollars on upgrading facilities, to improve
well performance as well as to meet its environmental social and
governance (“ESG”) standards.
After completing the Arta77 HC well in January
2023, VAALCO has drilled twelve vertical wells in the first
half of 2023, including an injector well and one exploration
well. Through operational and drilling efficiencies, VAALCO
has drilled wells faster and cheaper than previously forecasted. To
date, this has resulted in all drilling targets for 2023 being
drilled and record production levels in 2023 in the merged
concession. In the third quarter of 2023, the Company has drilled
two vertical wells and plans to frac four wells. VAALCO is
evaluating the results of the wells drilled over the past year to
better understand the potential for additional future drilling.
Canada
VAALCO drilled and completed two wells in
the first quarter of 2023, consisting of a 1.5-mile
lateral and a 3-mile lateral, which were also required for
land retention purposes. Both wells were drilled and
completed safely and cost effectively without incident. The wells
were tied in and equipped in April and early May with overall cycle
times that were significantly less than historical cycle
times. The wells began flowing in May and in early July the
pump and rods were run on both wells. Both wells production rates
are exceeding expectations, and the Company is currently evaluating
future drilling campaigns, with the intent of moving exclusively to
2.5 mile and 3-mile laterals to improve economics. As seen in
Egypt, this has resulted in record production levels. Additionally,
VAALCO is conducting a review of completions intensity for
potential future well completions and facility and pad optimization
which should improve production cycle times in the future.
Gabon
VAALCO completed its 2021/2022 drilling
campaign in the fourth quarter of 2022. The Company is currently
evaluating locations and planning for its next drilling campaign.
More details will be made available in the second half of
2023. In October 2022, VAALCO successfully completed its
transition to a Floating Storage and Offloading vessel (“FSO”) and
related field reconfiguration processes. This project provides a
lower cost FSO solution that increases the storage capacity for
VAALCO to continue to economically produce from the Etame field and
led to an extension of the economic field life. In 2023, the
Company will continue to focus on operational excellence, including
production uptime and enhancement, to minimize decline until the
next drilling campaign. Gabon production performance in the
first half of 2023 has been strong and slightly ahead of plan which
was driven by improved operational uptime at Etame. The cost
savings from the new FSO have crystalized as planned but are being
offset by increased diesel costs and inflationary (marine vessel
supply rates, transportation, and contractors) and industry supply
chain pressures. VAALCO is powering the FSO with diesel because the
SEENT gas line that normally would have supplied feed gas has been
temporarily shut-in.
Equatorial Guinea
VAALCO owns a working interest in Block P
offshore Equatorial Guinea, where there are previously-discovered
but undeveloped resources as well as additional exploration
potential. In March 2023, VAALCO held productive meetings with the
Ministry of Mines and Hydrocarbons (“MMH”) and its partners in
Houston. During these meetings, VAALCO finalized multiple
substantive documents, for Block P which includes the Venus
development relating to the PSC. The Joint Operating Agreement
has outstanding signatures and VAALCO will be able to
accelerate the project forward following approval by all
stakeholders. The Company has an approved Plan of Development with
Equatorial Guinea, and will continue working with all stakeholders
to move it toward Final Investment Decision (“FID”).
Environmental, Social and
Governance
As part of the Company’s commitment to
environmental stewardship, social awareness and good corporate
governance, VAALCO published its annual ESG report in April 2023.
The report covers VAALCO’s ESG initiatives and related key
performance indicators and is available on VAALCO’s web site,
www.vaalco.com, under the “Sustainability” tab. During 2022, the
Company completed a materiality study, led by its ESG Engineer with
input from key personnel across the organization with
responsibility for engaging with its key stakeholder groups.
Working with an external consultancy, VAALCO created an ESG
materiality framework against which it plotted material topics
informed by the Global Reporting Initiative and Sustainability
Accounting Standards Board. Each of these were assessed based upon
the perceived level of risk to the business and the level of
management control in place.
Financial Update
–Second Quarter of 2023
Reported net income of $6.8 million
($0.06 per diluted share) for the
second quarter of 2023 which was up compared with net
income of $3.5 million ($0.03 per diluted share) in the
first quarter of 2023 and down compared to $15.1 million
($0.25 per diluted share) in the second quarter of 2022. The
increase in earnings compared to the first quarter of 2023 is
mainly due to higher sales volumes partially offset by higher
production expenses and higher DD&A expense. The decrease
in earnings compared to the second quarter of 2022 is due to higher
production expense and higher DD&A expense partially offset by
lower income taxes and lower realized losses on derivatives.
Adjusted EBITDAX totaled $65.3 million in
the second quarter of 2023, a 37% increase from $47.8
million in the first quarter of 2023, primarily due
to higher sales volumes, partially offset by higher production
expense and DD&A costs and lower commodity prices.
The 7% increase in second quarter 2023 Adjusted EBITDAX
compared with $60.9 million generated in the same period
in 2022, is primarily due to higher revenue resulting from the
TransGlobe transaction and lower realized losses on
derivatives.
Quarterly Summary - Sales and Net Revenue |
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$ in
thousands |
|
Three Months Ended March 31, 2023 |
|
|
Three Months Ended June 30, 2023 |
|
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Gabon |
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Egypt |
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Canada |
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Total |
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|
Gabon |
|
|
Egypt |
|
|
Canada |
|
|
Total |
|
Oil Sales |
|
$ |
42,601 |
|
|
$ |
54,621 |
|
|
$ |
6,654 |
|
|
$ |
103,876 |
|
|
$ |
87,478 |
|
|
$ |
50,201 |
|
|
$ |
8,325 |
|
|
$ |
146,004 |
|
NGL Sales |
|
|
— |
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|
|
— |
|
|
$ |
2,463 |
|
|
$ |
2,463 |
|
|
|
— |
|
|
|
— |
|
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$ |
1,885 |
|
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$ |
1,885 |
|
Gas Sales |
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— |
|
|
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— |
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$ |
958 |
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$ |
958 |
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— |
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— |
|
|
$ |
703 |
|
|
$ |
703 |
|
Gross Sales |
|
$ |
42,601 |
|
|
$ |
54,621 |
|
|
$ |
10,075 |
|
|
$ |
107,297 |
|
|
$ |
87,478 |
|
|
$ |
50,201 |
|
|
$ |
10,913 |
|
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$ |
148,592 |
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Selling Costs & carried
interest |
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|
— |
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$ |
(497 |
) |
|
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— |
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|
$ |
(497 |
) |
|
$ |
2,212 |
|
|
$ |
(1 |
) |
|
|
— |
|
|
$ |
2,211 |
|
Royalties & taxes |
|
$ |
(5,864 |
) |
|
$ |
(19,340 |
) |
|
$ |
(1,193 |
) |
|
$ |
(26,397 |
) |
|
$ |
(11,766 |
) |
|
$ |
(28,892 |
) |
|
$ |
(905 |
) |
|
$ |
(41,563 |
) |
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Net Revenue |
|
$ |
36,737 |
|
|
$ |
34,784 |
|
|
$ |
8,882 |
|
|
$ |
80,403 |
|
|
$ |
77,924 |
|
|
$ |
21,308 |
|
|
$ |
10,008 |
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|
$ |
109,240 |
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|
Oil Sales MMB (working
interest) |
|
|
528 |
|
|
|
840 |
|
|
|
93 |
|
|
|
1,461 |
|
|
|
1,113 |
|
|
|
910 |
|
|
|
123 |
|
|
|
2,146 |
|
Average Oil Price
Received |
|
$ |
80.70 |
|
|
$ |
65.03 |
|
|
$ |
71.27 |
|
|
$ |
71.09 |
|
|
$ |
78.62 |
|
|
$ |
55.15 |
|
|
$ |
67.76 |
|
|
$ |
68.04 |
|
% Change Q2 2023 vs. Q1
2023 |
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-4 |
% |
Average Brent Price |
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|
— |
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|
— |
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|
— |
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|
$ |
81.07 |
|
|
|
— |
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|
— |
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|
— |
|
|
$ |
77.92 |
|
% Change Q2 2023 vs. Q1
2023 |
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-4 |
% |
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Gas Sales MMCF (working
interest) |
|
|
— |
|
|
|
— |
|
|
|
415 |
|
|
|
415 |
|
|
|
— |
|
|
|
— |
|
|
|
442 |
|
|
|
442 |
|
Average Gas Price
Received |
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|
— |
|
|
|
— |
|
|
$ |
2.31 |
|
|
$ |
2.31 |
|
|
|
— |
|
|
|
— |
|
|
$ |
1.59 |
|
|
$ |
1.59 |
|
% Change Q2 2023 vs. Q1
2023 |
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|
-31 |
% |
Average Aeco Price ($USD) |
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— |
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— |
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|
— |
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$ |
2.77 |
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— |
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|
— |
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|
— |
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|
$ |
1.68 |
|
% Change Q2 2023 vs. Q1
2023 |
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-39 |
% |
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NGL Sales MMB (working
interest) |
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|
— |
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|
— |
|
|
|
76 |
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|
|
76 |
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|
|
— |
|
|
|
— |
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|
78 |
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|
78 |
|
Average Liquids Price
Received |
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|
— |
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|
— |
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|
$ |
32.23 |
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|
$ |
32.23 |
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|
— |
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|
— |
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|
$ |
24.04 |
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|
$ |
24.04 |
|
% Change Q2 2023 vs. Q1
2023 |
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|
-25 |
% |
Revenue and Sales |
|
Q2 2023 |
|
|
Q2 2022 |
|
|
% Change Q2 2023 vs. Q2 2022 |
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|
Q1 2023 |
|
|
% Change Q2 2023 vs. Q1 2023 |
|
Production (NRI BOEPD) |
|
|
19,676 |
|
|
|
9,211 |
|
|
|
114 |
% |
|
|
18,306 |
|
|
|
7 |
% |
Sales (NRI BOE) |
|
|
1,803,000 |
|
|
|
958,000 |
|
|
|
88 |
% |
|
|
1,224,000 |
|
|
|
47 |
% |
Realized commodity price
($/BOE) |
|
$ |
59.37 |
|
|
$ |
113.38 |
|
|
|
(48 |
)% |
|
$ |
65.68 |
|
|
|
(10 |
)% |
Commodity (Per BOE including
realized commodity derivatives) |
|
$ |
59.34 |
|
|
$ |
91.39 |
|
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|
(35 |
)% |
|
$ |
65.63 |
|
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|
(10 |
)% |
Total commodity sales
($MM) |
|
$ |
109.2 |
|
|
$ |
111.0 |
|
|
|
(2 |
)% |
|
$ |
80.4 |
|
|
|
36 |
% |
VAALCO had net revenue increase by $28.8 million
or 36% as total NRI sales volumes of
1,803,000 BOE increased by 47% compared to
1,224,000 BOE in the first quarter of 2023 and 88%
compared to 958,000 BOE for the same period in 2022. Second
quarter 2023 sales were higher than VAALCO's guidance
primarily due to stronger production and sales volumes in
Gabon, Egypt and Canada. The Company expects third quarter NRI
sales to be between 18,400 and 20,600 BOEPD.
Second quarter of 2023 realized pricing (net of
royalties) was down 10% compared to the first quarter of
2023 and decreased 35% compared to the second
quarter of 2022. This was driven by lower commodity pricing, higher
royalty costs, as well as Egyptian sales in the second quarter that
were sold domestically resulting in a $10 per BOE reduction in
price achieved quarter-on-quarter. In the third quarter, the
Company expects to sell an Egyptian export cargo offshore which
should improve the pricing.
Costs and Expenses |
|
Q2 2023 |
|
|
Q2 2022 |
|
|
% Change Q2 2023 vs. Q2 2022 |
|
|
Q1 2023 |
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|
% Change Q2 2023 vs. Q1 2023 |
|
Production expense, excluding offshore workovers and stock comp
($MM) |
|
$ |
38.8 |
|
|
$ |
25.5 |
|
|
|
52 |
% |
|
$ |
29.3 |
|
|
|
32 |
% |
Production expense, excluding
offshore workovers ($/BOE) |
|
$ |
21.51 |
|
|
$ |
26.58 |
|
|
|
(19 |
)% |
|
$ |
23.90 |
|
|
|
(10 |
)% |
Offshore workover expense
($MM) |
|
$ |
(0.2 |
) |
|
$ |
— |
|
|
|
— |
% |
|
$ |
(1.1 |
) |
|
|
(84 |
)% |
Depreciation, depletion and
amortization ($MM) |
|
$ |
38.0 |
|
|
$ |
8.2 |
|
|
|
363 |
% |
|
$ |
24.4 |
|
|
|
56 |
% |
Depreciation, depletion and
amortization ($/BOE) |
|
$ |
21.1 |
|
|
$ |
8.55 |
|
|
|
147 |
% |
|
$ |
19.90 |
|
|
|
6 |
% |
General and administrative
expense, excluding stock-based compensation ($MM) |
|
$ |
4.8 |
|
|
$ |
2.7 |
|
|
|
78 |
% |
|
$ |
4.6 |
|
|
|
4 |
% |
General and administrative
expense, excluding stock-based compensation ($/BOE) |
|
$ |
2.7 |
|
|
$ |
2.81 |
|
|
|
(5 |
)% |
|
$ |
3.7 |
|
|
|
(28 |
)% |
Stock-based compensation
expense ($MM) |
|
$ |
0.6 |
|
|
$ |
0.8 |
|
|
|
(25 |
)% |
|
$ |
0.6 |
|
|
|
- |
% |
Current income tax expense
(benefit) ($MM) |
|
$ |
12.4 |
|
|
$ |
20.4 |
|
|
|
(39 |
)% |
|
$ |
12.3 |
|
|
|
1 |
% |
Deferred income tax expense
(benefit) ($MM) |
|
$ |
(0.8 |
) |
|
$ |
25.9 |
|
|
|
(103 |
)% |
|
$ |
2.5 |
|
|
|
(132 |
)% |
Total production expense (excluding offshore
workovers and stock compensation) of $38.8 million in the
second quarter of 2023 was higher compared to the first quarter of
2023 and the same period in 2022. The increase in second
quarter 2023 expense compared to the first quarter of 2023 was
driven primarily by higher costs related to higher sales
volumes. The increase in the second quarter of 2023 compared
to the second quarter of 2022 was primarily driven by increased
sales and costs associated with the TransGlobe combination as well
as higher costs associated with boats, diesel and operating costs,
and higher expense associated with higher sales volumes.
VAALCO has seen inflationary and industry supply chain pressure on
personnel and contractor costs.
The second quarter of 2023 had no
workovers, and the negative $0.2 million in offshore workover
expenses was the result of a reversal of accruals on completion and
tie out of the workover AFE's. While there were no offshore
workover expenses in the second quarter of 2022 or in the
first quarter of 2023, the first quarter of 2023 incurred
a negative $1.1 million in offshore workover expenses due to
accrual reversals.
Production expense per BOE, excluding offshore
workover costs and stock compensation, was down 19% compared
to the first quarter of 2023 and down 10% compared to the second
quarter of 2022 due to higher sales, lower costs in Etame
associated with the FSO conversion and lower per BOE costs from the
Egyptian and Canadian assets.
In the second quarter of 2023, VAALCO incurred
$5.7 million in one-time costs for removing and disposal of
Normally Occurring Radioactive Materials (“NORMs”) related to
finalizing the demobilization of the FPSO. These are typical
costs incurred when a floating storage facility is decommissioned
and are the responsibility of the lessee.
Depreciation, depletion and amortization
(“DD&A”) expense for the three months ended June 30, 2023, was
$38.0 million which was higher than the first quarter of
2023 of $24.4 million and higher than the
$8.2 million in the second quarter of 2022 driven by
increased production. Additionally, the increase in DD&A
expense, compared to the second quarter of 2022, is due to
higher depletable costs associated with the FSO, the field
reconfiguration capital costs at Etame and the step-up
in fair value of the TransGlobe assets. The increase in
DD&A expense, compared to the first quarter of 2023, is due to
increased capital costs associated primarily with the capital
programs in Egypt and Canada which have been highly successful and
completed in record time.
General and administrative (“G&A”) expense,
excluding stock-based compensation, increased for the
three months ended June 30, 2023 to $4.8 million
from $4.6 million in the first quarter of 2023 and
$2.7 million for the same period in the prior
year. The Company has incurred one-time reorganization costs
in 2023 as it integrates the TransGlobe assets and eliminates
duplicate administrative costs. Second quarter 2023 G&A was
within the Company’s guidance. The Company has made meaningful
progress toward reducing absolute G&A costs when compared
against the combined TransGlobe and VAALCO second quarter of 2022
costs.
Non-cash stock-based compensation expense was
$0.6 million for the three months ended June 30, 2023
compared to $0.8 million during the same period in 2022. There
was no change in non-cash stock-based compensation expense compared
to the three months ended March 31, 2023.
Other income (expense), net, was
an expense of $0.5 million for the three months ended
June 30, 2023, compared to an expense of $2.1 million during
the same period in 2022 and was an expense of $1.1 million for the
three months ended March 31, 2023. Other income
(expense), net, normally consists of foreign currency
losses. For the three months ended June 30, 2022, also
included in other (expense) income, net is $1.2 million of
transaction costs associated with the TransGlobe transaction.
Foreign income taxes for Gabon and Egypt are
settled by the government taking their oil in-kind. Income tax
expense for the three months ended June 30, 2023 was an expense of
$11.6 million and is comprised of current tax expense of
$12.4 million and deferred tax provision of negative
$0.8 million. Income tax expense for the three months
ended March 31, 2023 was an expense of $14.8 million.
This was comprised of $12.3 million of current tax
expense and a deferred tax provision of $2.5 million. The
income tax expense for the three months ended June 30, 2022 was an
expense of $46.3 million. This was comprised of
$25.9 million of deferred tax expense and a current tax
provision of $20.4 million. For all periods, VAALCO’s
overall effective tax rate was impacted by non-deductible items
associated with derivative losses and corporate expenses.
Financial Update –
First Six Months of 2023
Production for the first six months of
2023 was higher by 120% at 3,438 MBbls net crude oil
compared to 1,563 MBbls net crude oil production in the first
six months of 2022. The increase was driven by
production from the TransGlobe assets, as well as new wells from
the 2022/2023 drilling campaign in Gabon. The first half of
2023 saw sales volume increase 92% to 3,027 MBbls net
crude oil compared to 1,574 MBbls for the first half of
2022. Crude oil sales are a function of the number and size of
crude oil liftings in each quarter and do not always coincide with
volumes produced in any given period.
The average realized crude oil price for the
first six months of 2023 was $61.92 per barrel,
representing a decrease of 45% from $111.92 realized in the
first six months of 2022. This decrease in crude oil price
reflects the softening in commodity pricing over the past year, as
well as the incorporation of the TransGlobe assets which include
Canadian and Egyptian crude that has lower realized pricing than
Gabon.
The Company reported net income for the six
months ended June 30, 2023 of $10.2 million, which compares to
$27.3 million for the same period of 2022. The decrease in
net income for the six months ended June 30, 2023 compared to
the same period in 2022 was primarily due to higher production
costs, higher DD&A and lower oil prices in the first half
of 2023 partially offset by increased sales volumes.
Year to Date Summary - Sales and Net Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ in
thousands |
|
Six Months Ended June 30, 2023 |
|
|
|
Gabon |
|
|
Egypt |
|
|
Canada |
|
|
Total |
|
Oil Sales |
|
$ |
130,079 |
|
|
$ |
104,822 |
|
|
$ |
14,979 |
|
|
$ |
249,880 |
|
NGL Sales |
|
|
— |
|
|
|
— |
|
|
$ |
4,348 |
|
|
$ |
4,348 |
|
Gas Sales |
|
|
— |
|
|
|
— |
|
|
$ |
1,661 |
|
|
$ |
1,661 |
|
Gross Sales |
|
$ |
130,079 |
|
|
$ |
104,822 |
|
|
$ |
20,988 |
|
|
$ |
255,889 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling Costs & carried
interest |
|
$ |
2,212 |
|
|
$ |
(498 |
) |
|
|
— |
|
|
$ |
1,714 |
|
Royalties & taxes |
|
$ |
(17,630 |
) |
|
$ |
(48,232 |
) |
|
$ |
(2,098 |
) |
|
$ |
(67,960 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue |
|
$ |
114,661 |
|
|
$ |
56,092 |
|
|
$ |
18,890 |
|
|
$ |
189,643 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil Sales MMB (working
interest) |
|
|
1,641 |
|
|
|
1,750 |
|
|
|
216 |
|
|
|
3,607 |
|
Average Oil Price
Received |
|
$ |
79.29 |
|
|
$ |
59.89 |
|
|
$ |
69.27 |
|
|
$ |
69.28 |
|
Average Brent Price |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
$ |
79.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Sales MMCF (working
interest) |
|
|
— |
|
|
|
— |
|
|
|
857 |
|
|
|
857 |
|
Average Gas Price
Received |
|
|
— |
|
|
|
— |
|
|
$ |
1.94 |
|
|
$ |
1.94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NGL Sales MMB (working
interest) |
|
|
— |
|
|
|
— |
|
|
|
155 |
|
|
|
155 |
|
Average Liquids Price
Received |
|
|
— |
|
|
|
— |
|
|
$ |
28.08 |
|
|
$ |
28.08 |
|
Capital Investments/Balance Sheet
For the first half of 2023, net capital
expenditures totaled $54.8 million on a cash basis and
$41.9 million on an accrual basis. These expenditures were
primarily related to costs associated with the development drilling
programs in Egypt and Canada. VAALCO has reduced its planned
capital budget for full year 2023 from a range of $70 to $90
million to $65 to $75 million, or approximately $10 million at the
mid-point of guidance. The increased efficiencies achieved in
drilling wells in Egypt and Canada contributed to
VAALCO's reducing its planned spending for 2023.
At the end of the second quarter of 2023,
VAALCO had an unrestricted cash balance of $46.2
million. Working capital at June 30, 2023 was $45.7
million compared with $30.5 million at March 31, 2023,
while Adjusted Working Capital at June 30, 2023 totaled
$55.7 million. VAALCO continues to work with the Egyptian
General Petroleum Corporation on both collections and offsets and
expects to have a third quarter 2023 export cargo offshore of
around 500,000 barrels. In addition, with the completion of
drilling in Canada and near completion in Egypt, VAALCO expects to
see a reduction in its outstanding Accounts Payable and
Accruals.
In mid-2022, VAALCO announced entry into a new
credit agreement, effective May 16, 2022, for a new five-year
Reserve Based Lending (“RBL”) facility with Glencore Energy UK Ltd.
(“Glencore”) that includes an initial commitment of $50 million and
is expandable up to $100 million. The facility is currently
secured by the Company’s assets in Gabon and matures in
2027. Key terms and covenants under the new facility include
Consolidated Total Net Debt to EBITDAX (each term as defined in the
RBL facility) for the trailing twelve months of less than three
times and requires VAALCO to maintain a minimum consolidated cash
and cash equivalents balance of $10 million. While VAALCO
intends to fund its capital and shareholder returns programs with
internally generated funds, the facility enhances future financial
flexibility.
Cash Dividend Policy and Share Buyback
Authorization
VAALCO paid a quarterly cash dividend of $0.0625
per share of common stock for the second quarter of 2023 on
June 23, 2023. On August 9, 2023, the Company announced
its next quarterly cash dividend of $0.0625 per share of common
stock for the third quarter of 2023 ($0.25 annualized), to be paid
on September 22, 2023 to stockholders of record at the
close of business on August 25, 2023. VAALCO increased its dividend
92% beginning with the second quarter of 2023 compared to the
quarterly dividends paid in 2022. Future declarations of quarterly
dividends and the establishment of future record and payment dates
are subject to approval by the VAALCO Board of Directors (the
"Board").
On November 1, 2022, VAALCO announced that its
newly expanded Board formally ratified and approved the share
buyback program that was announced on August 8, 2022 in
conjunction with the pending business combination with
TransGlobe. The Board also directed management to implement a
Rule 10b5-1 trading plan to facilitate share purchases through open
market purchases, privately negotiated transactions, or otherwise
in compliance with Rule 10b-18 under the Securities Exchange Act of
1934. The plan provides for an aggregate purchase of currently
outstanding common stock up to $30 million. Payment for shares
repurchased under the program will be funded using the Company's
cash on hand and cash flow from operations.
The actual timing, number and value of shares
repurchased under the share buyback program will depend on a number
of factors, including constraints specified in any Rule 10b5-1
trading plans, price, general business and market conditions, and
alternative investment opportunities. Under such a trading plan,
the Company’s third-party broker, subject to Securities and
Exchange Commission regulations regarding certain price, market,
volume and timing constraints, has authority to purchase the
Company’s common stock in accordance with the terms of the
plan. The share buyback program does not obligate the Company
to acquire any specific number of shares in any period, and may be
expanded, extended, modified or discontinued at any time.
Since inception of the buyback program in
November 2022 through August 4, 2023, VAALCO has repurchased $14.9
million in shares.
Hedging
The Company continued to opportunistically hedge
a portion of its expected production in 2023 to lock in strong cash
flow generation to assist in funding its capital program and
dividend.
The following additional hedges
were entered into in 2023 for periods after the second
quarter:
Settlement
Period |
Type of Contract |
Index |
|
Average Monthly Volumes |
|
|
Weighted Average Put Price |
|
|
Weighted Average Call Price |
|
|
|
|
|
(Bbls) |
|
|
(per Bbl) |
|
|
(per Bbl) |
|
July 2023 - September 2023 |
Collars |
Dated Brent |
|
|
95,000 |
|
|
$ |
65.00 |
|
|
$ |
96.00 |
|
Settlement
Period |
Type of Contract |
Index |
|
Average Monthly Volumes |
|
|
Weighted Average Put Price |
|
|
Weighted Average Call Price |
|
|
|
|
|
(Bbls) |
|
|
(per Bbl) |
|
|
(per Bbl) |
|
October 2023 - December 2023 |
Collars |
Dated Brent |
|
|
85,000 |
|
|
$ |
65.00 |
|
|
$ |
90.00 |
|
2023 Guidance:
The Company has provided third quarter 2023
guidance and updated its full year 2023 guidance. Driven by
continued strong performance from the 2023 drilling program,
production guidance for both Egypt and Canada have been raised.
Additionally, due to operational excellence and continued focus on
maintaining strong uptime in the field, VAALCO has raised its Gabon
full year production guidance. The drilling, completions and
facility improvements seen in Egypt and Canada has also driven
capital costs lower and VAALCO has updated and lowered its full
year capital expenditure budget. All of the quarterly and annual
guidance is detailed in the table below.
|
|
FY 2023 |
Gabon |
Egypt |
Canada |
Production (BOEPD) |
WI |
22,400 – 24,800 |
9,700 – 10,100 |
10,200 – 11,900 |
2,500 – 2,800 |
Production (BOEPD) |
NRI |
17,300 – 19,000 |
8,400 – 8,800 |
6,700 – 7,700 |
2,200 – 2,500 |
Sales Volume (BOEPD) |
WI |
22,400 – 24,800 |
9,700 – 10,100 |
10,200 – 11,900 |
2,500 – 2,800 |
Sales Volume (BOEPD) |
NRI |
17,300 – 19,000 |
8,400 – 8,800 |
6,700 – 7,700 |
2,200 – 2,500 |
Production Expense (millions) |
WI & NRI |
$151.0 – $161.5 |
|
|
|
Production Expense per BOE |
WI |
$17.00 – $20.00 |
|
|
|
Production Expense per BOE |
NRI |
$22.00 – $25.00 |
|
|
|
Offshore Workovers (millions) |
WI & NRI |
$2 – $5 |
|
|
|
Cash G&A (millions) |
WI & NRI |
$18.0 – $21.0 |
|
|
|
CAPEX (millions) |
WI & NRI |
$65 – $75 |
|
|
|
DD&A ($/BO) |
NRI |
$20.0 – $22.00 |
|
|
|
|
|
Q3 2023 |
Gabon |
Egypt |
Canada |
Production (BOEPD) |
WI |
23,050 – 24,800 |
9,400 – 10,100 |
10,900 – 11,800 |
2,750 – 2,900 |
Production (BOEPD) |
NRI |
17,500 – 19,200 |
8,100 – 8,800 |
7,300 – 8,100 |
2,100 – 2,300 |
Sales Volume (BOEPD) |
WI |
25,650 – 27,500 |
11,800 – 12,100 |
11.100 – 12.500 |
2,750 – 2,900 |
Sales Volume (BOEPD) |
NRI |
18,400 – 20,600 |
9,400 – 10,500 |
6,900 – 7,800 |
2,100 – 2,300 |
Production Expense (millions) |
WI & NRI |
$42.5 – $48.5 |
|
|
|
Production Expense per BOE |
WI |
$17.00 – $21.00 |
|
|
|
Production Expense per BOE |
NRI |
$22.00 – $29.00 |
|
|
|
Offshore Workovers (millions) |
WI & NRI |
$0 – $0 |
|
|
|
Cash G&A (millions) |
WI & NRI |
$4.0 – $6.0 |
|
|
|
CAPEX (millions) |
WI & NRI |
$14 – $18 |
|
|
|
DD&A ($/BO) |
NRI |
$20.0 – $22.0 |
|
|
|
Conference Call
As previously announced, the Company will hold a
conference call to discuss its second quarter 2023 financial
and operating results tomorrow, Thursday, August 10, 2023, at 10:00
a.m. Central Time (11:00 a.m. Eastern Time and 4:00 p.m. London
Time). Interested parties may participate by dialing (833)
685-0907. Parties in the United Kingdom may participate toll-free
by dialing 08082389064 and other international parties may dial
(412) 317-5741. Participants should request to be joined to the
“VAALCO Energy Second Quarter 2023 Conference Call.” This call will
also be webcast on VAALCO’s website at www.vaalco.com. An archived
audio replay will be available on VAALCO’s website.
A “Q2 2023 Supplemental Information” investor
deck will be posted to VAALCO’s web site prior to its conference
call on August 10, 2023 that includes additional financial and
operational information.
About VAALCO
VAALCO, founded in 1985 and incorporated under
the laws of Delaware, is a Houston, USA based, independent energy
company with production, development and exploration assets in
Africa and Canada.
Following its business combination with
TransGlobe in October 2022, VAALCO owns a diverse portfolio of
operated production, development and exploration assets across
Gabon, Egypt, Equatorial Guinea and Canada.
For Further Information
|
|
|
VAALCO Energy, Inc.
(General and Investor Enquiries) |
+00 1 713 623 0801 |
|
Website: |
www.vaalco.com |
|
|
|
|
|
|
|
Al Petrie Advisors (US
Investor Relations) |
+00 1 713 543 3422 |
|
Al Petrie / Chris Delange |
|
|
|
|
|
Buchanan (UK Financial
PR) |
+44 (0) 207 466 5000 |
|
Ben Romney / Barry Archer |
VAALCO@buchanan.uk.com |
|
Forward Looking Statements
This press release includes “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended (the “Securities Act”) and Section 21E of the
Securities Exchange Act of 1934, as amended, which are intended to
be covered by the safe harbors created by those laws and other
applicable laws and “forward-looking information” within the
meaning of applicable Canadian securities laws. Where a
forward-looking statement expresses or implies an expectation or
belief as to future events or results, such expectation or belief
is expressed in good faith and believed to have a reasonable basis.
All statements other than statements of historical fact may be
forward-looking statements. The words “anticipate,” “believe,”
“estimate,” “expect,” “intend,” “forecast,” “outlook,” “aim,”
“target,” “will,” “could,” “should,” “may,” “likely,” “plan” and
“probably” or similar words may identify forward-looking
statements, but the absence of these words does not mean that a
statement is not forward-looking. Forward-looking statements in
this press release include, but are not limited to, statements
relating to (i) VAALCO’s ability to realize the anticipated
benefits and synergies expected from the acquisition of TransGlobe;
(ii) estimates of future drilling, production, sales and costs of
acquiring crude oil, natural gas and natural gas liquids; (iii)
estimates of future cost reductions, synergies, including pre-tax
synergies, savings and efficiencies; (iv) expectations regarding
VAALCO’s ability to effectively integrate assets and properties it
acquired as a result of the acquisition of TransGlobe into its
operations; (v) the amount and timing of stock buybacks, if any,
under VAALCO’s stock buyback program and VAALCO’s ability to
enhance stockholder value through such plan; (vi) expectations
regarding future exploration and the development, growth and
potential of VAALCO’s operations, project pipeline and investments,
and schedule and anticipated benefits to be derived therefrom;
(vii) expectations regarding future acquisitions, investments or
divestitures; (viii) expectations of future dividends, buybacks and
other potential returns to stockholders; (ix) expectations of
future balance sheet strength; (x) expectations of future equity
and enterprise value; (xi) expectations of the continued listing of
VAALCO’s common stock on the NYSE and LSE and (xii) VAALCO’s
ability to finalize documents and effectively execute the POD for
the Venus development in Block P.
Such forward-looking statements are subject to
risks, uncertainties and other factors, which could cause actual
results to differ materially from future results expressed,
projected or implied by the forward-looking statements. These risks
and uncertainties include, but are not limited to: risks relating
to any unforeseen liabilities of VAALCO or TransGlobe; the tax
treatment of the business combination with TransGlobe in the United
States and Canada; declines in oil or natural gas prices; the level
of success in exploration, development and production activities;
adverse weather conditions that may negatively impact development
or production activities; the right of host governments in
countries where we operate to expropriate property and terminate
contracts (including the Etame production sharing contract and the
Block P PSC) for reasons of public interest, subject to reasonable
compensation, determinable by the respective government in its
discretion; the final terms of the agreements pertaining to Block P
in Equatorial Guinea, which remain under negotiation; the timing
and costs of exploration and development expenditures; inaccuracies
of reserve estimates or assumptions underlying them; revisions to
reserve estimates as a result of changes in commodity prices;
impacts to financial statements as a result of impairment
write-downs; the ability to generate cash flows that, along with
cash on hand, will be sufficient to support operations and cash
requirements; the ability to attract capital or obtain debt
financing arrangements; currency exchange rates and regulations;
actions by joint venture co-owners; hedging decisions, including
whether or not to enter into derivative financial instruments;
international, federal and state initiatives relating to the
regulation of hydraulic fracturing; failure of assets to yield oil
or gas in commercially viable quantities; uninsured or underinsured
losses resulting from oil and gas operations; inability to access
oil and gas markets due to market conditions or operational
impediments; the impact and costs of compliance with laws and
regulations governing oil and gas operations; the ability to
replace oil and natural gas reserves; any loss of senior management
or technical personnel; competition in the oil and gas industry;
the risk that the business combination with TransGlobe may not
increase VAALCO’s relevance to investors in the international
E&P industry, increase capital market access through scale and
diversification or provide liquidity benefits for stockholders; and
other risks described under the caption “Risk Factors” in VAALCO’s
2022 Annual Report on Form 10-K filed with the SEC on April 6,
2023.
Dividends beyond the third quarter of 2023
have not yet been approved or declared by the Board of Directors
for VAALCO. The declaration and payment of future dividends and the
terms of share buybacks remains at the discretion of the Board and
will be determined based on VAALCO’s financial results, balance
sheet strength, cash and liquidity requirements, future prospects,
crude oil and natural gas prices, and other factors deemed relevant
by the Board. The Board reserves all powers related to the
declaration and payment of dividends and the terms of share
buybacks. Consequently, in determining the dividend to be declared
and paid on VAALCO common stock or the terms of share buybacks, the
Board may revise or terminate the payment level or buyback terms at
any time without prior notice.
Inside Information
This announcement contains inside information as
defined in Regulation (EU) No. 596/2014 on market abuse which is
part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 (“MAR”) and is made in accordance with the
Company’s obligations under article 17 of MAR. The person
responsible for arranging the release of this announcement on
behalf of VAALCO is Matthew Powers, Corporate Secretary of
VAALCO.
VAALCO ENERGY, INC AND SUBSIDIARIESConsolidated Balance Sheets
(Unaudited)
|
|
As of June 30, 2023 |
|
|
As of December 31, 2022 |
|
ASSETS |
|
(in thousands) |
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
46,186 |
|
|
$ |
37,205 |
|
Restricted cash |
|
|
113 |
|
|
|
222 |
|
Receivables: |
|
|
|
|
|
|
|
|
Trade, net |
|
|
57,360 |
|
|
|
52,147 |
|
Accounts with joint venture owners, net of allowance for credit
losses of $0.5 and $0.3 million, respectively |
|
|
216 |
|
|
|
15,830 |
|
Foreign income taxes receivable |
|
|
— |
|
|
|
2,769 |
|
Other, net of allowance for credit losses of $3.5 and $0.0 million,
respectively |
|
|
66,615 |
|
|
|
68,519 |
|
Crude oil inventory |
|
|
10,800 |
|
|
|
3,335 |
|
Prepayments and other |
|
|
18,077 |
|
|
|
20,070 |
|
Total current assets |
|
|
199,367 |
|
|
|
200,097 |
|
|
|
|
|
|
|
|
|
|
Crude oil and natural gas
properties, equipment and other - successful efforts method,
net |
|
|
481,740 |
|
|
|
495,272 |
|
Other noncurrent assets: |
|
|
|
|
|
|
|
|
Restricted cash |
|
|
1,779 |
|
|
|
1,763 |
|
Value added tax and other receivables, net of allowance of $9.5
million and $8.4 million, respectively |
|
|
8,807 |
|
|
|
7,150 |
|
Right of use operating lease assets |
|
|
1,639 |
|
|
|
2,777 |
|
Right of use finance lease assets |
|
|
90,584 |
|
|
|
90,698 |
|
Deferred tax assets |
|
|
37,155 |
|
|
|
35,432 |
|
Abandonment funding |
|
|
6,268 |
|
|
|
20,586 |
|
Other long-term assets |
|
|
1,674 |
|
|
|
1,866 |
|
Total assets |
|
$ |
829,013 |
|
|
$ |
855,641 |
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
40,716 |
|
|
$ |
59,886 |
|
Accounts with joint venture owners |
|
|
6,284 |
|
|
|
— |
|
Accrued liabilities and other |
|
|
84,104 |
|
|
|
91,392 |
|
Operating lease liabilities - current portion |
|
|
1,667 |
|
|
|
2,314 |
|
Finance lease liabilities - current portion |
|
|
7,684 |
|
|
|
7,811 |
|
Foreign income taxes payable |
|
|
12,575 |
|
|
|
— |
|
Current liabilities - discontinued operations |
|
|
673 |
|
|
|
687 |
|
Total current liabilities |
|
|
153,703 |
|
|
|
162,090 |
|
Asset retirement
obligations |
|
|
42,958 |
|
|
|
41,695 |
|
Operating lease liabilities -
net of current portion |
|
|
130 |
|
|
|
686 |
|
Finance lease liabilities -
net of current portion |
|
|
79,856 |
|
|
|
78,248 |
|
Deferred tax liabilities |
|
|
82,895 |
|
|
|
81,223 |
|
Other long-term
liabilities |
|
|
17,465 |
|
|
|
25,594 |
|
Total liabilities |
|
|
377,007 |
|
|
|
389,536 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
|
|
|
Preferred stock, $25 par value; 500,000 shares authorized, none
issued |
|
|
— |
|
|
|
— |
|
Common stock, $0.10 par value; 160,000,000 shares authorized,
121,205,919 and 119,482,680 shares issued, 106,997,933 and
107,852,857 shares outstanding, respectively |
|
|
12,121 |
|
|
|
11,948 |
|
Additional paid-in capital |
|
|
355,206 |
|
|
|
353,606 |
|
Accumulated other comprehensive income |
|
|
3,060 |
|
|
|
1,179 |
|
Less treasury stock, 14,207,986 and 11,629,823 shares,
respectively, at cost |
|
|
(59,055 |
) |
|
|
(47,652 |
) |
Retained earnings |
|
|
140,674 |
|
|
|
147,024 |
|
Total shareholders' equity |
|
|
452,006 |
|
|
|
466,105 |
|
Total liabilities and shareholders' equity |
|
$ |
829,013 |
|
|
$ |
855,641 |
|
VAALCO ENERGY, INC AND SUBSIDIARIESConsolidated Statements of
Operations (Unaudited)
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, 2023 |
|
|
June 30, 2022 |
|
|
March 31, 2023 |
|
|
June 30, 2023 |
|
|
June 30, 2022 |
|
|
|
(in thousands except per share amounts) |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil, natural gas and natural gas liquids sales |
|
$ |
109,240 |
|
|
$ |
110,985 |
|
|
$ |
80,403 |
|
|
$ |
189,643 |
|
|
$ |
179,641 |
|
Operating costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production expense |
|
|
38,604 |
|
|
|
25,475 |
|
|
|
28,200 |
|
|
|
66,804 |
|
|
|
43,835 |
|
FPSO Demobilization - Norms Waste Disposal |
|
|
5,647 |
|
|
|
— |
|
|
|
— |
|
|
|
5,647 |
|
|
|
— |
|
Exploration expense |
|
|
57 |
|
|
|
67 |
|
|
|
8 |
|
|
|
65 |
|
|
|
194 |
|
Depreciation, depletion and amortization |
|
|
38,003 |
|
|
|
8,191 |
|
|
|
24,417 |
|
|
|
62,420 |
|
|
|
12,864 |
|
General and administrative expense |
|
|
5,395 |
|
|
|
3,534 |
|
|
|
5,224 |
|
|
|
10,619 |
|
|
|
8,528 |
|
Credit losses and other |
|
|
680 |
|
|
|
571 |
|
|
|
935 |
|
|
|
1,615 |
|
|
|
1,063 |
|
Total operating costs and expenses |
|
|
88,386 |
|
|
|
37,838 |
|
|
|
58,784 |
|
|
|
147,170 |
|
|
|
66,484 |
|
Other operating expense, net |
|
|
(303 |
) |
|
|
— |
|
|
|
— |
|
|
|
(303 |
) |
|
|
(5 |
) |
Operating income |
|
|
20,551 |
|
|
|
73,147 |
|
|
|
21,619 |
|
|
|
42,170 |
|
|
|
113,152 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative instruments gain (loss), net |
|
|
31 |
|
|
|
(9,542 |
) |
|
|
21 |
|
|
|
52 |
|
|
|
(41,300 |
) |
Interest expense, net |
|
|
(1,703 |
) |
|
|
(118 |
) |
|
|
(2,246 |
) |
|
|
(3,949 |
) |
|
|
(121 |
) |
Other income (expense), net |
|
|
(537 |
) |
|
|
(2,111 |
) |
|
|
(1,140 |
) |
|
|
(1,677 |
) |
|
|
(2,807 |
) |
Total other income (expense), net |
|
|
(2,209 |
) |
|
|
(11,771 |
) |
|
|
(3,365 |
) |
|
|
(5,574 |
) |
|
|
(44,228 |
) |
Income from continuing
operations before income taxes |
|
|
18,342 |
|
|
|
61,376 |
|
|
|
18,254 |
|
|
|
36,596 |
|
|
|
68,924 |
|
Income tax expense
(benefit) |
|
|
11,588 |
|
|
|
46,252 |
|
|
|
14,771 |
|
|
|
26,359 |
|
|
|
41,624 |
|
Income from continuing
operations |
|
|
6,754 |
|
|
|
15,124 |
|
|
|
3,483 |
|
|
|
10,237 |
|
|
|
27,300 |
|
Loss from discontinued
operations, net of tax |
|
|
(2 |
) |
|
|
(20 |
) |
|
|
(13 |
) |
|
|
(15 |
) |
|
|
(32 |
) |
Net income |
|
$ |
6,752 |
|
|
$ |
15,104 |
|
|
$ |
3,470 |
|
|
$ |
10,222 |
|
|
$ |
27,268 |
|
Other comprehensive income
(loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency translation adjustments |
|
|
2,006 |
|
|
|
— |
|
|
|
(125 |
) |
|
|
1,881 |
|
|
|
— |
|
Comprehensive income |
|
$ |
8,758 |
|
|
$ |
15,104 |
|
|
$ |
3,345 |
|
|
$ |
12,103 |
|
|
$ |
27,268 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations |
|
$ |
0.06 |
|
|
$ |
0.25 |
|
|
$ |
0.03 |
|
|
$ |
0.10 |
|
|
$ |
0.46 |
|
Loss from discontinued operations, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net income (loss) per share |
|
$ |
0.06 |
|
|
$ |
0.25 |
|
|
$ |
0.03 |
|
|
$ |
0.10 |
|
|
$ |
0.46 |
|
Basic weighted average shares
outstanding |
|
|
106,965 |
|
|
|
58,925 |
|
|
|
107,387 |
|
|
|
107,175 |
|
|
|
58,814 |
|
Diluted net income (loss) per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations |
|
$ |
0.06 |
|
|
$ |
0.25 |
|
|
$ |
0.03 |
|
|
$ |
0.09 |
|
|
$ |
0.45 |
|
Loss from discontinued operations, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net income (loss) per share |
|
$ |
0.06 |
|
|
$ |
0.25 |
|
|
$ |
0.03 |
|
|
$ |
0.09 |
|
|
$ |
0.45 |
|
Diluted weighted average
shares outstanding |
|
|
107,613 |
|
|
|
59,361 |
|
|
|
108,752 |
|
|
|
108,050 |
|
|
|
59,278 |
|
VAALCO ENERGY, INC AND SUBSIDIARIES Consolidated Statements
of Cash Flows (Unaudited)
|
|
Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
|
(in thousands) |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
10,222 |
|
|
$ |
27,268 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Loss from discontinued operations, net of tax |
|
|
15 |
|
|
|
32 |
|
Depreciation, depletion and amortization |
|
|
62,420 |
|
|
|
12,864 |
|
Bargain purchase gain |
|
|
1,412 |
|
|
|
— |
|
Deferred taxes |
|
|
1,618 |
|
|
|
15,531 |
|
Unrealized foreign exchange loss |
|
|
313 |
|
|
|
360 |
|
Stock-based compensation |
|
|
1,254 |
|
|
|
2,264 |
|
Cash settlements paid on exercised stock appreciation rights |
|
|
(233 |
) |
|
|
(805 |
) |
Derivative instruments (gain) loss, net |
|
|
(52 |
) |
|
|
41,300 |
|
Cash settlements paid on matured derivative contracts, net |
|
|
(63 |
) |
|
|
(33,559 |
) |
Cash settlements paid on asset retirement obligations |
|
|
(374 |
) |
|
|
— |
|
Credit losses and other |
|
|
1,615 |
|
|
|
1,063 |
|
Other operating loss, net |
|
|
62 |
|
|
|
5 |
|
Operational expenses associated with equipment and other |
|
|
(1,196 |
) |
|
|
718 |
|
Change in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Trade receivables |
|
|
(5,208 |
) |
|
|
(47,810 |
) |
Accounts with joint venture owners |
|
|
21,746 |
|
|
|
10,283 |
|
Other receivables |
|
|
(1,868 |
) |
|
|
(943 |
) |
Crude oil inventory |
|
|
(7,465 |
) |
|
|
(12,274 |
) |
Prepayments and other |
|
|
(69 |
) |
|
|
1,570 |
|
Value added tax and other receivables |
|
|
(2,302 |
) |
|
|
(2,249 |
) |
Other long-term assets |
|
|
1,508 |
|
|
|
(1,072 |
) |
Accounts payable |
|
|
(10,897 |
) |
|
|
(857 |
) |
Foreign income taxes receivable/payable |
|
|
15,344 |
|
|
|
26,093 |
|
Deferred tax liability |
|
|
(3,081 |
) |
|
|
— |
|
Accrued liabilities and other |
|
|
(7,137 |
) |
|
|
29,263 |
|
Net cash provided by (used in) continuing operating activities |
|
|
77,584 |
|
|
|
69,045 |
|
Net cash used in discontinued operating activities |
|
|
(15 |
) |
|
|
(38 |
) |
Net cash provided by (used in) operating activities |
|
|
77,569 |
|
|
|
69,007 |
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
Property and equipment expenditures |
|
|
(54,832 |
) |
|
|
(60,278 |
) |
Net cash provided by (used in) continuing investing activities |
|
|
(54,832 |
) |
|
|
(60,278 |
) |
Net cash used in discontinued investing activities |
|
|
— |
|
|
|
— |
|
Net cash provided by (used in) investing activities |
|
|
(54,832 |
) |
|
|
(60,278 |
) |
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
|
Proceeds from the issuances of common stock |
|
|
382 |
|
|
|
257 |
|
Dividend distribution |
|
|
(13,452 |
) |
|
|
(3,872 |
) |
Treasury shares |
|
|
(11,403 |
) |
|
|
(788 |
) |
Deferred financing costs |
|
|
(30 |
) |
|
|
(1,451 |
) |
Payments of finance lease |
|
|
(3,379 |
) |
|
|
(68 |
) |
Net cash provided by (used in) in continuing financing
activities |
|
|
(27,882 |
) |
|
|
(5,922 |
) |
Net cash used in discontinued financing activities |
|
|
— |
|
|
|
— |
|
Net cash provided by (used in) in financing activities |
|
|
(27,882 |
) |
|
|
(5,922 |
) |
Effects of exchange rate changes on cash |
|
|
(285 |
) |
|
|
— |
|
NET CHANGE IN CASH, CASH
EQUIVALENTS AND RESTRICTED CASH |
|
|
(5,430 |
) |
|
|
2,807 |
|
CASH, CASH EQUIVALENTS AND
RESTRICTED CASH AT BEGINNING OF PERIOD |
|
|
59,776 |
|
|
|
72,314 |
|
CASH, CASH EQUIVALENTS AND
RESTRICTED CASH AT END OF PERIOD |
|
$ |
54,346 |
|
|
$ |
75,121 |
|
VAALCO ENERGY, INC AND SUBSIDIARIESSelected Financial and
Operating Statistics(Unaudited)
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, 2023 |
|
|
June 30, 2022 |
|
|
March 31, 2023 |
|
|
June 30, 2023 |
|
|
June 30, 2022 |
|
NRI SALES DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil, natural gas and natural gas liquids sales (MBOE) |
|
|
1,803 |
|
|
|
958 |
|
|
|
1,224 |
|
|
|
3,027 |
|
|
|
1,574 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WI PRODUCTION DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Etame Crude oil (MBbl) |
|
|
934 |
|
|
|
963 |
|
|
|
942 |
|
|
|
1,876 |
|
|
|
1,796 |
|
Egypt Crude oil (MBbl) |
|
|
1,054 |
|
|
|
— |
|
|
|
903 |
|
|
|
1,957 |
|
|
|
— |
|
Canada Crude Oil (MBbl) |
|
|
123 |
|
|
|
— |
|
|
|
93 |
|
|
|
216 |
|
|
|
— |
|
Canada Natural Gas (Mcf) |
|
|
442 |
|
|
|
— |
|
|
|
415 |
|
|
|
857 |
|
|
|
— |
|
Canada Natural Gas Liquid
Sales (Mbbl) |
|
|
78 |
|
|
|
— |
|
|
|
77 |
|
|
|
155 |
|
|
|
— |
|
Canada Crude oil, natural gas and natural gas liquids sales
(MBOE) |
|
|
275 |
|
|
|
— |
|
|
|
239 |
|
|
|
514 |
|
|
|
— |
|
Total Crude oil, natural gas and natural gas liquids sales
(MBOE) |
|
|
2,263 |
|
|
|
963 |
|
|
|
2,084 |
|
|
|
4,347 |
|
|
|
1,796 |
|
Gabon Average daily production
volumes (BOEPD) |
|
|
10,262 |
|
|
|
10,587 |
|
|
|
10,463 |
|
|
|
10,364 |
|
|
|
9,924 |
|
Egypt Average daily production
volumes (BOEPD) |
|
|
11,579 |
|
|
|
— |
|
|
|
10,033 |
|
|
|
10,810 |
|
|
|
— |
|
Canada Average daily
production volumes (BOEPD) |
|
|
3,021 |
|
|
|
— |
|
|
|
2,656 |
|
|
|
2,839 |
|
|
|
— |
|
Average daily production volumes (BOEPD) |
|
|
24,863 |
|
|
|
10,587 |
|
|
|
23,152 |
|
|
|
24,013 |
|
|
|
9,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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NRI PRODUCTION DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Etame Crude oil (MBbl) |
|
|
812 |
|
|
|
838 |
|
|
|
820 |
|
|
|
1,632 |
|
|
|
1,563 |
|
Egypt Crude oil (MBbl) |
|
|
726 |
|
|
|
— |
|
|
|
616 |
|
|
|
1,342 |
|
|
|
— |
|
Canada Crude Oil (MBbl) |
|
|
113 |
|
|
|
— |
|
|
|
82 |
|
|
|
195 |
|
|
|
— |
|
Canada Natural Gas (Mcf) |
|
|
406 |
|
|
|
— |
|
|
|
367 |
|
|
|
773 |
|
|
|
— |
|
Canada Natural Gas Liquid
Sales (Mbbl) |
|
|
72 |
|
|
|
— |
|
|
|
68 |
|
|
|
140 |
|
|
|
— |
|
Canada Crude oil, natural gas and natural gas liquids sales
(MBOE) |
|
|
253 |
|
|
|
— |
|
|
|
211 |
|
|
|
464 |
|
|
|
— |
|
Total Crude oil, natural gas and natural gas liquids sales
(MBOE) |
|
|
1,791 |
|
|
|
838 |
|
|
|
1,647 |
|
|
|
3,438 |
|
|
|
1,563 |
|
Gabon Average daily production
volumes (BOEPD) |
|
|
8,923 |
|
|
|
9,211 |
|
|
|
9,115 |
|
|
|
9,017 |
|
|
|
8,634 |
|
Egypt Average daily production
volumes (BOEPD) |
|
|
7,978 |
|
|
|
— |
|
|
|
6,844 |
|
|
|
7,414 |
|
|
|
— |
|
Canada Average daily
production volumes (BOEPD) |
|
|
2,776 |
|
|
|
— |
|
|
|
2,347 |
|
|
|
2,563 |
|
|
|
— |
|
Average daily production volumes (BOEPD) |
|
|
19,676 |
|
|
|
9,211 |
|
|
|
18,306 |
|
|
|
18,994 |
|
|
|
8,634 |
|
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|
|
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|
AVERAGE SALES PRICES: |
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|
Crude oil, natural gas and natural gas liquids sales (per BOE) - WI
basis |
|
$ |
64.67 |
|
|
$ |
113.71 |
|
|
$ |
66.42 |
|
|
$ |
65.41 |
|
|
$ |
111.46 |
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|
Crude oil, natural gas and
natural gas liquids sales (per BOE) - NRI basis |
|
$ |
59.37 |
|
|
$ |
113.38 |
|
|
$ |
65.68 |
|
|
$ |
61.92 |
|
|
$ |
111.92 |
|
Crude oil, natural gas and natural gas liquids sales (Per BOE
including realized commodity derivatives) |
|
$ |
59.34 |
|
|
$ |
91.39 |
|
|
$ |
65.63 |
|
|
$ |
61.90 |
|
|
$ |
90.60 |
|
|
|
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|
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|
|
|
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|
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|
COSTS AND EXPENSES (Per BOE of
sales): |
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|
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|
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|
|
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|
|
Production expense |
|
$ |
21.41 |
|
|
$ |
26.59 |
|
|
$ |
23.04 |
|
|
$ |
22.07 |
|
|
$ |
27.85 |
|
Production expense, excluding offshore workovers and stock
compensation* |
|
|
21.51 |
|
|
|
26.58 |
|
|
|
23.91 |
|
|
|
22.48 |
|
|
|
27.85 |
|
Depreciation, depletion and amortization |
|
|
21.08 |
|
|
|
8.55 |
|
|
|
19.95 |
|
|
|
20.62 |
|
|
|
8.17 |
|
General and administrative expense** |
|
|
2.99 |
|
|
|
3.69 |
|
|
|
4.27 |
|
|
|
3.51 |
|
|
|
5.42 |
|
Property and equipment expenditures, cash basis (in thousands) |
|
$ |
27,132 |
|
|
$ |
37,130 |
|
|
$ |
27,700 |
|
|
$ |
54,832 |
|
|
$ |
60,278 |
|
*Offshore workover costs excluded from the three
months ended June 30, 2023 and 2022 and March 31,
2023 are $(0.2) million, no change and
$(1.1) million, respectively.*Stock compensation associated
with production expense excluded from the three months ended June
30, 2023 and 2022 and March 31, 2023 are not
material.**General and administrative expenses include $0.33,
$0.88 and $0.52 per barrel of oil related
to stock-based compensation expense in the three months ended
June 30, 2023 and 2022 and March 31,
2023, respectively.
NON-GAAP FINANCIAL MEASURES
Management uses Adjusted Net Income to evaluate
operating and financial performance and believes the measure is
useful to investors because it eliminates the impact of certain
non-cash and/or other items that management does not consider to be
indicative of the Company’s performance from period to period.
Management also believes this non-GAAP measure is useful to
investors to evaluate and compare the Company’s operating and
financial performance across periods, as well as facilitating
comparisons to others in the Company’s industry. Adjusted Net
Income is a non-GAAP financial measure and as used herein
represents net income before discontinued operations, impairment of
proved crude oil and natural gas properties, deferred income tax
expense, unrealized commodity derivative loss, gain on the Sasol
Acquisition and non-cash and other items.
Adjusted EBITDAX is a supplemental non-GAAP
financial measure used by VAALCO’s management and by external users
of the Company’s financial statements, such as industry analysts,
lenders, rating agencies, investors and others who follow the
industry, as an indicator of the Company’s ability to internally
fund exploration and development activities and to service or incur
additional debt. Adjusted EBITDAX is a non-GAAP financial measure
and as used herein represents net income before discontinued
operations, interest income net, income tax expense, depletion,
depreciation and amortization, exploration expense, impairment of
proved crude oil and natural gas properties, non-cash and other
items including stock compensation expense, gain on the Sasol
Acquisition and unrealized commodity derivative loss.
Management uses Adjusted Working Capital as a
transition tool to assess the working capital position of the
Company’s continuing operations excluding leasing obligations
because it eliminates the impact of discontinued operations as well
as the impact of lease liabilities. Under the lease accounting
standards, lease liabilities related to assets used in joint
operations include both the Company’s share of expenditures as well
as the share of lease expenditures which its non-operator joint
venture owners’ will be obligated to pay under joint operating
agreements. Adjusted Working Capital is a non-GAAP financial
measure and as used herein represents working capital excluding
working capital attributable to discontinued operations and current
liabilities associated with lease obligations.
Adjusted EBITDAX and Adjusted Net Income have
significant limitations, including that they do not reflect the
Company’s cash requirements for capital expenditures, contractual
commitments, working capital or debt service. Adjusted EBITDAX,
Adjusted Net Income and Adjusted Working Capital should not be
considered as substitutes for net income (loss), operating income
(loss), cash flows from operating activities or any other measure
of financial performance or liquidity presented in accordance with
GAAP. Adjusted EBITDAX and Adjusted Net Income exclude some, but
not all, items that affect net income (loss) and operating income
(loss) and these measures may vary among other companies.
Therefore, the Company’s Adjusted EBITDAX, Adjusted Net Income and
Adjusted Working Capital may not be comparable to similarly titled
measures used by other companies.
The tables below reconcile the most directly
comparable GAAP financial measures to Adjusted Net Income, Adjusted
EBITDAX and Adjusted Working Capital.
VAALCO ENERGY, INC AND SUBSIDIARIESReconciliations of Non-GAAP
Financial Measures(Unaudited)(in thousands)
|
|
Three Months Ended |
|
|
Six Months Ended |
|
Reconciliation of Net
Income to Adjusted Net Income |
|
June 30, 2023 |
|
|
June 30, 2022 |
|
|
March 31, 2023 |
|
|
June 30, 2023 |
|
|
June 30, 2022 |
|
Net income |
|
$ |
6,752 |
|
|
$ |
15,104 |
|
|
$ |
3,470 |
|
|
$ |
10,222 |
|
|
$ |
27,268 |
|
Adjustment for discrete
items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations, net of tax |
|
|
2 |
|
|
|
20 |
|
|
|
13 |
|
|
|
15 |
|
|
|
32 |
|
Unrealized derivative instruments loss (gain) |
|
|
(35 |
) |
|
|
(11,517 |
) |
|
|
(80 |
) |
|
|
(115 |
) |
|
|
7,741 |
|
(Gain) /adjustment of acquisition price, net |
|
|
— |
|
|
|
— |
|
|
|
1,412 |
|
|
|
1,412 |
|
|
|
— |
|
Arrangement Costs |
|
|
— |
|
|
|
1,199 |
|
|
|
— |
|
|
|
— |
|
|
|
1,199 |
|
FPSO Demobilization - Norms Waste Disposal |
|
|
5,647 |
|
|
|
— |
|
|
|
— |
|
|
|
5,647 |
|
|
|
— |
|
Deferred income tax expense (benefit) |
|
|
(813 |
) |
|
|
25,850 |
|
|
|
2,471 |
|
|
|
1,658 |
|
|
|
15,531 |
|
Other operating (income) expense, net |
|
|
303 |
|
|
|
— |
|
|
|
— |
|
|
|
303 |
|
|
|
5 |
|
Adjusted Net Income |
|
$ |
11,856 |
|
|
$ |
30,656 |
|
|
$ |
7,286 |
|
|
$ |
19,142 |
|
|
$ |
51,776 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
Diluted Adjusted Net Income
per Share |
|
$ |
0.11 |
|
|
$ |
0.52 |
|
|
$ |
0.07 |
|
|
$ |
0.18 |
|
|
$ |
0.87 |
|
Diluted weighted average
shares outstanding (1) |
|
|
107,613 |
|
|
|
59,361 |
|
|
|
108,752 |
|
|
|
108,050 |
|
|
|
59,278 |
|
(1) No adjustments to weighted average shares outstanding
|
|
Three Months Ended |
|
|
Six Months Ended |
|
Reconciliation of Net
Income to Adjusted EBITDAX |
|
June 30, 2023 |
|
|
June 30, 2022 |
|
|
March 31, 2023 |
|
|
June 30, 2023 |
|
|
June 30, 2022 |
|
Net income |
|
$ |
6,752 |
|
|
$ |
15,104 |
|
|
$ |
3,470 |
|
|
$ |
10,222 |
|
|
$ |
27,268 |
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact of discontinued operations |
|
|
2 |
|
|
|
20 |
|
|
|
13 |
|
|
|
15 |
|
|
|
32 |
|
Interest expense (income), net |
|
|
1,703 |
|
|
|
118 |
|
|
|
2,246 |
|
|
|
3,949 |
|
|
|
121 |
|
Income tax expense (benefit) |
|
|
11,588 |
|
|
|
46,252 |
|
|
|
14,771 |
|
|
|
26,359 |
|
|
|
41,624 |
|
Depreciation, depletion and amortization |
|
|
38,003 |
|
|
|
8,191 |
|
|
|
24,417 |
|
|
|
62,420 |
|
|
|
12,864 |
|
Exploration expense |
|
|
57 |
|
|
|
67 |
|
|
|
8 |
|
|
|
65 |
|
|
|
194 |
|
FPSO Demobilization - Norms Waste Disposal |
|
|
5,647 |
|
|
|
— |
|
|
|
— |
|
|
|
5,647 |
|
|
|
— |
|
Non-cash or unusual
items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
605 |
|
|
|
842 |
|
|
|
649 |
|
|
|
1,254 |
|
|
|
2,264 |
|
Unrealized derivative instruments loss (gain) |
|
|
(35 |
) |
|
|
(11,517 |
) |
|
|
(80 |
) |
|
|
(115 |
) |
|
|
7,741 |
|
(Gain) /adjustment of acquisition price, net |
|
|
— |
|
|
|
— |
|
|
|
1,412 |
|
|
|
1,412 |
|
|
|
— |
|
Arrangement Costs |
|
|
— |
|
|
|
1,199 |
|
|
|
— |
|
|
|
— |
|
|
|
1,199 |
|
Other operating (income) expense, net |
|
|
303 |
|
|
|
— |
|
|
|
— |
|
|
|
303 |
|
|
|
5 |
|
Credit losses and other |
|
|
680 |
|
|
|
571 |
|
|
|
935 |
|
|
|
1,615 |
|
|
|
1,063 |
|
Adjusted EBITDAX |
|
$ |
65,305 |
|
|
$ |
60,847 |
|
|
$ |
47,841 |
|
|
$ |
113,146 |
|
|
$ |
94,375 |
|
VAALCO ENERGY, INC AND SUBSIDIARIESReconciliations of Non-GAAP
Financial Measures(Unaudited)(in thousands)
Reconciliation of
Working Capital to Adjusted Working Capital |
|
As of June 30, 2023 |
|
|
As of December 31, 2022 |
|
|
Change |
|
Current assets |
|
$ |
199,367 |
|
|
$ |
200,097 |
|
|
$ |
(730 |
) |
Current liabilities |
|
|
(153,703 |
) |
|
|
(162,090 |
) |
|
|
8,387 |
|
Working
capital |
|
|
45,664 |
|
|
|
38,007 |
|
|
|
7,657 |
|
Add: lease liabilities - current portion |
|
|
9,351 |
|
|
|
10,125 |
|
|
|
(774 |
) |
Add: current liabilities - discontinued operations |
|
|
673 |
|
|
|
687 |
|
|
|
(14 |
) |
Adjusted Working
Capital |
|
$ |
55,688 |
|
|
$ |
48,819 |
|
|
$ |
6,869 |
|
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