VAALCO ENERGY INC /DE/ EGY
We are an independent energy company headquartered in Houston, Texas engaged in the acquisition, exploration, development and production of crude oil, natural gas and NGLs. We have a diversified, African-focused portfolio of production, development and exploration assets located in Gabon, Egypt, Cote d'Ivoire, Equatorial Guinea, Nigeria, as well as, prior to the Canada Asset Divestment (defined below), producing properties in Canada.
Our overall business strategy is to maximize the value of our current resources and expand into new development opportunities across our strategically complementary asset base. We intend to accelerate shareholder returns and increase shareholder value by controlling operating costs and capital expenditures, maximizing reserve recoveries and making disciplined strategic accretive acquisitions that meet our strategic and financial objectives. Specifically, we seek to:
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $359.3M | $479.0M | $455.1M | $354.3M | $199.1M | $67.2M | $84.5M | $104.9M | $77.0M | $59.8M |
| SG&A | $33.1M | $29.7M | $23.8M | $10.1M | $14.8M | $10.7M | $14.9M | $11.4M | $10.4M | $9.6M |
| Total operating expenses | $377.5M | $342.6M | $296.8M | $183.1M | $119.5M | $92.8M | $58.9M | $54.0M | $57.0M | $63.9M |
| Operating income | -$20.6M | $136.5M | $158.7M | $171.3M | $79.1M | -$27.3M | $21.2M | $51.3M | $20.0M | -$4.4M |
| Interest expense | — | — | — | — | — | — | $733.0K | $145.0K | $1.4M | $2.6M |
| Pre-tax income | -$26.6M | $139.8M | $150.1M | $123.3M | $59.8M | -$20.4M | $21.0M | $55.5M | $20.6M | -$9.0M |
| Income tax | $14.8M | $81.3M | $89.8M | $71.4M | $22.2M | $27.7M | $23.9M | $43.3M | $10.4M | $9.2M |
| Net income | -$41.4M | $58.5M | $60.4M | $51.9M | $81.8M | -$48.2M | $2.6M | $98.2M | $9.7M | -$26.6M |
| EPS, basic | -0.40 | 0.56 | 0.56 | 0.74 | 1.38 | -0.83 | 0.04 | 1.64 | 0.16 | -0.45 |
| EPS, diluted | -0.40 | 0.56 | 0.56 | 0.73 | 1.37 | -0.83 | 0.04 | 1.62 | 0.16 | -0.45 |
| Shares, diluted (wtd. avg.) | $104.1M | $103.7M | $106.6M | $70.0M | $58.8M | $57.6M | $59.1M | $60.0M | $58.7M | $58.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $58.9M | $82.7M | $121.0M | $37.2M | $48.7M | $47.9M | $59.1M | $46.7M | $32.3M | $30.6M |
| Receivables | $39.9M | $94.8M | $44.9M | $52.1M | $22.5M | — | $14.3M | $11.9M | $3.6M | $6.8M |
| Total current assets | $133.0M | $237.9M | $228.1M | $200.1M | $88.3M | $64.0M | $69.8M | $58.8M | $36.5M | $38.5M |
| Property, plant and equipment | $586.1M | $538.1M | $459.8M | $495.3M | $94.3M | $37.0M | $68.3M | $52.7M | $23.2M | $28.0M |
| Total assets | $913.4M | $955.0M | $823.2M | $855.6M | $263.1M | $141.2M | $211.5M | $166.3M | $79.6M | $81.0M |
| Accounts payable | — | — | — | $59.9M | $18.8M | $16.7M | $15.9M | $8.1M | $11.6M | $19.1M |
| Short-term debt | — | — | — | — | — | — | — | — | $6.7M | $7.5M |
| Total current liabilities | $192.0M | $181.7M | $127.5M | $162.1M | $84.3M | $52.6M | $63.8M | $41.0M | $46.6M | $55.6M |
| Long-term debt | $60.0M | $0 | $0 | $0 | — | — | — | — | $2.3M | $6.9M |
| Total liabilities | $469.9M | $453.4M | $344.4M | $389.5M | $118.8M | $79.8M | $101.8M | $56.5M | $69.3M | $81.4M |
| Retained earnings | $141.9M | $209.8M | $177.5M | $147.0M | $104.5M | $22.7M | $70.8M | $68.6M | -$29.7M | -$39.3M |
| Total equity | $443.5M | $501.6M | $478.8M | $466.1M | $144.3M | $61.5M | $109.7M | $109.8M | $10.3M | -$358.0K |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $212.7M | $113.7M | $223.6M | $128.8M | $50.1M | $27.4M | $26.5M | $37.2M | $9.0M | -$79.0K |
| Depreciation and amortisation | — | $143.0M | $115.3M | $48.1M | $21.1M | $9.4M | $7.1M | $5.6M | $6.5M | $6.9M |
| Stock-based compensation | $6.2M | $4.3M | $2.9M | $2.2M | $2.5M | $114.0K | $3.5M | $2.4M | $1.1M | $192.0K |
| Capital expenditure | — | — | — | — | — | — | $10.3M | $14.1M | $1.8M | $8.7M |
| Investing cash flow | -$255.9M | -$102.1M | -$97.2M | -$123.2M | -$39.1M | -$24.3M | -$10.3M | -$14.1M | -$1.5M | -$16.5M |
| Financing cash flow | $12.4M | -$43.0M | -$56.8M | -$18.0M | -$57.0K | -$929.0K | -$3.7M | -$8.7M | -$5.8M | -$144.0K |
| Dividends paid | $26.5M | $26.2M | $26.8M | $9.4M | $0 | $0 | — | — | — | — |
| Buybacks | $709.0K | $6.8M | $23.6M | $3.8M | $1.4M | $992.0K | $3.9M | $58.0K | $20.0K | $51.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-048000.
Others in SIC 1311
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| EOG | EOG RESOURCES INC | $76.16B | 15.9x | -4.5% |
| OXY | OCCIDENTAL PETROLEUM CORP /DE/ | $60.02B | 37.3x | -5.0% |
| FANG | Diamondback Energy, Inc. | $55.79B | 34.8x | 35.8% |
| DVN | DEVON ENERGY CORP/DE | $52.87B | 11.5x | 5.4% |
| EQT | EQT Corp | $34.51B | 16.7x | 63.9% |
| EXE | EXPAND ENERGY Corp | $23.42B | 12.9x | 186.3% |
| PR | Permian Resources Corp | $19.57B | 18.2x | 1.3% |
| OVV | Ovintiv Inc. | $17.84B | 13.5x | -3.1% |