VAALCO reports record FY2023 net income $60.4M, 83% production growth; to acquire Svenska

VAALCO ENERGY INC /DE/

FY 2023 net income $60.4M ($0.56 diluted EPS); record Adj EBITDAX $280.4M; FCF $119.7M.
Production averaged 18,710 NRI BOEPD (+83% YoY); Q4 net income $44.0M ($0.41 diluted EPS).
Announced all-cash acquisition of Svenska (4,500 BOEPD, 13.0 MMBOE 1P reserves) expected to be accretive.
Returned $50.3M to shareholders in 2023 (42% of FCF); targets returning >$25M in 2024.
Ended 2023 with $121M cash, bank debt free; 2024 capex planned at $70M–$90M.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.85

VAALCO ENERGY INC /DE/ reported fourth quarter and full year of 2023 results: net income $60.4 million ($0.56 per diluted share) for FY 2023. Guidance initiated.

Period: fourth quarter and full year of 2023
Net income: $60.4 million ($0.56 per diluted share) for FY 2023
Guidance: initiated
Result: reported results

Exact text from the filing

VAALCO Energy, Inc. (the "Company") issued a press release announcing its financial results for the fourth quarter of 2023 and guidance for the first quarter 2024 and the total year 2024.

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Source: SEC EDGAR

accession 0001437749-24-007723

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