VAALCO Energy, Inc., an independent energy company, engages in the acquisition, exploration, development, and production of crude oil, natural gas, and natural gas liquids in Gabon, Egypt, Equatorial Guinea, Cote d'Ivoire, Equatorial Guinea, Nigeria, and Canada. It holds 58.8% interest in the Etame production sharing contract related to the Etame Marin block covering an area of approximately 46,200 gross acres located offshore in the Republic of Gabon in West Africa. The company also holds 100% interest in the Eastern Desert, which contains West Gharib, West Bakr, and Northwest Gharib merged concessions covering an area of approximately 45,067 acres, as well as Western Desert, which contains the South Ghazalat concession covering an area of approximately 7,340 acres located in Egypt. In addition, it holds 27.4% non-operated working interest in CI-40 in the deepwater producing Baobab field in Block CI-40, offshore Cote d'Ivoire in West Africa. Further, the company owns production and working interests in Cardium light oil and Mannville liquids-rich gas assets in Harmattan, within the Western Canadian Sedimentary Basin, approximately 80 kilometers north of Calgary, Alberta; and a 60% working interest in an undeveloped portion of block P offshore Equatorial Guinea. VAALCO Energy, Inc. was incorporated in 1985 and is headquartered in Houston, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $359M | $92M | $-41M | $-43M | -9.3% | -25.0% | -170.8% |
| 2024 | $479M | $287M | $58M | $11M | 11.7% | 5.3% | -3.1% |
| 2023 | $455M | $272M | $60M | $126M | 12.6% | 28.4% | 16.3% |
| 2022 | $354M | $173M | $52M | $-31M | 11.1% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 354.33 | 455.07 | 478.99 | 359.27 |
| Cost Of Revenue | 160.80 | 268.46 | 306.53 | 268.15 |
| Gross Profit | 193.52 | 186.61 | 172.45 | 91.12 |
| Operating Expense | 13.38 | 20.47 | 35.96 | 44.50 |
| Operating Income | 180.14 | 166.14 | 136.50 | 46.62 |
| EBITDA | 173.49 | 271.88 | 286.56 | 91.65 |
| EBIT | 125.34 | 156.58 | 143.53 | -18.33 |
| Pretax Income | 123.31 | 150.13 | 139.80 | -26.57 |
| Tax Provision | 71.42 | 89.78 | 81.31 | 14.82 |
| Net Income | 51.89 | 60.35 | 58.49 | -41.39 |
| Net Income Common Stockholders | 51.30 | 59.72 | 57.78 | -41.87 |
| Total Expenses | 174.18 | 288.93 | 342.49 | 312.65 |
| Interest Expense | 2.03 | 6.45 | 3.73 | 8.24 |
| Interest Income | 0 | 0 | 0 | 0 |
| Selling General And Administration | 10.08 | 23.84 | 29.68 | 33.09 |
| Normalized EBITDA | 209.35 | 280.55 | 273.78 | 156 |
| Normalized Income | 80.22 | 67.20 | 48.39 | 9.44 |
| Basic EPS | 0.74 | 0.56 | 0.56 | -0.40 |
| Diluted EPS | 0.73 | 0.56 | 0.56 | -0.40 |
| Tax Effect Of Unusual Items | -7.53 | -1.82 | 2.69 | -13.51 |
| Tax Rate For Calcs | 0.21 | 0.21 | 0.21 | 0.21 |
| Total Unusual Items | -35.86 | -8.66 | 12.79 | -64.35 |
| Total Unusual Items Excluding Goodwill | -35.86 | -8.66 | 12.79 | -64.35 |
| Net Income From Continuing Operation Net Minority Interest | 51.89 | 60.35 | 58.49 | -41.39 |
| Reconciled Depreciation | 48.14 | 115.30 | 143.03 | 109.98 |
| Reconciled Cost Of Revenue | 160.80 | 268.46 | 306.53 | 268.15 |
| Net Interest Income | -2.03 | -6.45 | -3.73 | -8.24 |
| Net Income From Continuing And Discontinued Operation | 51.89 | 60.35 | 58.49 | -41.39 |
| Total Operating Income As Reported | 171.28 | 158.66 | 136.50 | -20.61 |
| Diluted Average Shares | 69.98 | 106.56 | 103.75 | 104.06 |
| Basic Average Shares | 69.57 | 106.38 | 103.67 | 104.06 |
| Diluted NI Availto Com Stockholders | 51.30 | 59.72 | 57.78 | -41.87 |
| Average Dilution Earnings | 0 | 0 | 0 | 0 |
| Otherunder Preferred Stock Dividend | 0.59 | 0.63 | 0.71 | 0.47 |
| Net Income Including Noncontrolling Interests | 51.89 | 60.35 | 58.49 | -41.39 |
| Net Income Discontinuous Operations | -0.07 | -0.01 | 0 | 0 |
| Net Income Continuous Operations | 51.89 | 60.35 | 58.49 | -41.39 |
| Other Income Expense | -54.80 | -9.56 | 7.03 | -64.94 |
| Other Non Operating Income Expenses | -18.94 | -0.89 | -5.75 | -0.59 |
| Special Income Charges | 1.95 | -8.90 | 13.53 | -67.22 |
| Gain On Sale Of Ppe | -8.87 | -7.48 | 0 | 0 |
| Write Off | 3.08 | -4.91 | 0 | 0 |
| Impairment Of Capital Assets | 0 | 0 | 0 | 67.22 |
| Restructuring And Mergern Acquisition | -10.82 | 1.41 | -13.53 | 0 |
| Gain On Sale Of Security | -37.81 | 0.23 | -0.74 | 2.88 |
| Net Non Operating Interest Income Expense | -2.03 | -6.45 | -3.73 | -8.24 |
| Total Other Finance Cost | 2.03 | 6.45 | 0 | 0 |
| Interest Expense Non Operating | 2.03 | 6.45 | 3.73 | 8.24 |
| Interest Income Non Operating | 0 | 0 | 0 | 0 |
| Other Operating Expenses | 0.22 | 1.53 | -0.03 | 11.30 |
| Provision For Doubtful Accounts | 3.08 | -4.91 | 6.30 | 0.11 |
| General And Administrative Expense | 10.08 | 23.84 | 29.68 | 33.09 |
| Other Gand A | 10.08 | 23.84 | 29.68 | 33.09 |
| Operating Revenue | 354.33 | 455.07 | 478.99 | 359.27 |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| VAALCO Energy, Inc.this co. | EGY | $713M | - | 1.57 | -9.3% | 4.90 |
| Core Laboratories Inc. | CLB | $809M | 27.08 | 3.02 | 11.2% | 13.29 |
| Granite Ridge Resources, Inc. | GRNT | $789M | 33.22 | 1.30 | 4.0% | 3.43 |
| Vitesse Energy, Inc. | VTS | $788M | 29.52 | 1.22 | 4.0% | 5.18 |
| Riley Exploration Permian, Inc. | REPX | $787M |
| 4.77 |
| 1.24 |
| 25.4% |
| 4.33 |
| Forum Energy Technologies, Inc. | FET | $731M | - | 2.46 | -3.3% | 17.46 |
| Hallador Energy Company | HNRG | $714M | 15.79 | 4.16 | 26.2% | 7.30 |
| Oil States International, Inc. | OIS | $709M | - | 1.23 | -19.1% | 11.39 |
| W&T Offshore, Inc. | WTI | $667M | - | -3.34 | 75.1% | 9.17 |
| Peer Median | - | 27.08 | 1.27 | 7.6% | 8.24 | |