VAALCO Q2 net income $28.2M; closes Svensk acquisition with $19.9M bargain gain

VAALCO ENERGY INC /DE/

2024-Q2 EPS reported $0.34 revenue$216,933,000

Net income $28.2M ($0.27 diluted EPS); Adjusted net income $22.6M ($0.22 diluted EPS).
Closed all-cash acquisition of Svenska for $40.2M, realizing $19.9M bargain purchase gain.
Production 20,588 NRI BOEPD; sales 19,386 BOEPD, above guidance midpoint and 18% above Q1 2024.
Adjusted EBITDAX $72.5M, up 17% from Q1 2024; unrestricted cash $62.9M after acquisition and capex.
Declared quarterly dividend $0.0625/share, payable Sept 20, 2024.

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