Quarterly ResultMay 11, 2026, 04:19 PM
VAALCO Energy Q1 Net Loss $(93.8)M; Revenue Down 43%; Debt Up
AI Summary
VAALCO Energy reported a significant net loss of $(93.8) million for the first quarter of 2026, a sharp decline from a net income of $7.7 million in the prior year period. This was primarily driven by a substantial $(70.6) million net loss on derivative instruments and a 43% decrease in total revenues to $62.6 million. The company also increased its outstanding borrowings under the 2025 RBL Facility to $152.0 million and completed the Canada Assets Divestment, which resulted in a $1.2 million loss.
Key Highlights
- VAALCO Energy reported a Q1 2026 net loss of $(93.8) million, down from a Q1 2025 net income of $7.7 million.
- Basic net loss per share was $(0.90) in Q1 2026, compared to $0.07 in Q1 2025.
- Total revenues decreased 43% to $62.6 million in Q1 2026 from $110.3 million in Q1 2025.
- The company incurred a $(70.6) million net loss on derivative instruments in Q1 2026.
- Outstanding borrowings under the 2025 RBL Facility increased to $152.0 million from $60.0 million.
- The Canada Assets Divestment closed for $25.5 million, resulting in a $1.2 million loss on sale.
- Exploration expense was $22.4 million in Q1 2026, mainly in Gabon, including an unsuccessful well.
- Cash and cash equivalents decreased to $48.0 million at March 31, 2026, from $58.9 million.
Price Impact
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