VAALCO Energy, Inc. Declares Quarterly Dividend
May 09 2023 - 02:00AM
GlobeNewswire Inc.
VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“VAALCO” or the
“Company”) declared its quarterly cash dividend of $0.0625 per
share of common stock for the second quarter of 2023 ($0.25
annualized), which is payable on June 23, 2023, to stockholders of
record at the close of business on May 24, 2023. Future
declarations of quarterly dividends and the establishment of future
record and payment dates are subject to approval by the Board of
Directors.
George Maxwell, VAALCO’s Chief Executive
Officer, commented, “We continue to return value to shareholders,
and we believe that it is important for exploration and production
(“E&P”) companies to deliver sustainable shareholder returns.
In the first quarter of 2023, we increased our quarterly dividend
by 92% and we are maintaining the $0.0625 per share, or $0.25 per
share annually, for the second quarter of 2023. We have premier
assets in Gabon, Egypt and Canada generating strong operational
results, allowing us to return meaningful cash to our shareholders
through dividends and share buybacks.”
About VAALCO
VAALCO, founded in 1985 and incorporated under
the laws of Delaware, is a Houston, Texas, USA based, independent
energy company with production, development and exploration assets
in Africa and Canada.
Following its business combination with
TransGlobe Energy Corporation (“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 / Jon Krinks |
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 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 production sharing contract) 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 asses 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, 2022.
Dividends beyond the second 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 of
Directors of VAALCO 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 of Directors of
VAALCO. The Board of Directors of VAALCO 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 of Directors of VAALCO 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.
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