VAALCO Q1 net income $3.5M ($0.03/diluted); production up 27% YoY; dividend raised 92%

VAALCO ENERGY INC /DE/

2023-Q1 EPS reported $0.03 revenue$80,403,000

Q1 2023 net income of $3.5M ($0.03 diluted EPS); Adjusted Net Income $7.3M ($0.07 diluted EPS).
Average daily production 18,306 NRI BOEPD, up 27% vs Q4 2022; sold 1,224,000 BOE in Q1.
Declared Q2 2023 dividend of $0.0625/share ($0.25 annualized), a 92% increase over 2022.
Returned $10.5M via share buyback (2.2M shares) since Nov 2022 through May 9, 2023.
Cash $52.1M; Q2 2023 NRI sales guidance 1.42-1.57M BOE; finalized Block P Venus docs in Equatorial Guinea.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

VAALCO ENERGY INC /DE/ reported first quarter of 2023 results: net income 3.5 million, EPS 0.03 per diluted share.

Period: first quarter of 2023
Net income: 3.5 million
EPS: 0.03 per diluted share
Result: reported results

Exact text from the filing

Reported Q1 2023 net income of $3.5 million ($ 0.03 per diluted share) and Adjusted Net Income (3) of $7.3 million ( $0.07 per diluted share)

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Source: SEC EDGAR

accession 0001437749-23-013384

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