VAALCO Q2 net income $6.8M; raises 2023 production guidance 7%, cuts capex by $10M

VAALCO ENERGY INC /DE/

2023-Q2 EPS reported $0.09 revenue$189,643,000

Q2 net income $6.8M ($0.06/diluted sh); adjusted net income $11.9M ($0.11/sh).
Avg daily production 19,676 NRI BOEPD (+7% QoQ); full-year guidance raised 7% to 17,300-19,000 NRI BOEPD.
Full-year capex guidance reduced by $10M to $65-$75M; adjusted EBITDAX $65.3M (+37% QoQ).
Quarterly dividend increased 92% to $0.0625/sh ($0.25 annualized), payable Sep 22, record Aug 25.
$14.9M returned via share buybacks (3.8M shares since Nov 2022); cash $46.2M, adjusted working capital $55.7M.

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 second quarter of 2023 results: net income $6.8 million, EPS $0.06 per diluted share. Guidance raised.

Period: second quarter of 2023
Net income: $6.8 million
EPS: $0.06 per diluted share
Guidance: raised
Result: reported results

Exact text from the filing

VAALCO Energy, Inc. (the "Company") issued a press release announcing its financial results for the second quarter of 2023 and guidance for the remainder of 2023.

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Source: SEC EDGAR

accession 0001437749-23-022814

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