Quarterly ResultMay 7, 2026, 04:32 PM
Vaalco Q1 Net Loss $93.8M; Increases Full-Year Production Guidance
AI Summary
Vaalco Energy reported a net loss of $93.8 million ($0.90 per diluted share) for Q1 2026, primarily due to hedging losses and exploration expenses. Despite the financial challenges, the company achieved operational successes including successful drilling in Gabon and the planned restart of Côte d'Ivoire production in Q2 2026. Vaalco increased its full year 2026 production and sales guidance while maintaining its capital budget, anticipating a stronger financial performance in the second half of 2026.
Key Highlights
- Vaalco reported a net loss of $93.8 million ($0.90 per diluted share) for Q1 2026.
- Adjusted EBITDAX was $11.6 million in Q1 2026, down from $42.9 million in Q4 2025.
- Capital expenditures totaled $78.1 million in Q1 2026, below guidance of $90-110 million.
- Divested all Canadian properties for an adjusted purchase price of $25.5 million.
- Q1 2026 NRI production was 15,110 BOEPD and sales were 12,157 BOEPD.
- Increased full year 2026 production and sales NRI volumes by 8% and 12% respectively.
- Expecting Q2 2026 sales volumes to range between 16,800 and 18,300 NRI BOPD.
- Declared a quarterly cash dividend of $0.0625 per share to be paid on June 26, 2026.