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% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 354.33 | 455.07 | 478.99 | 359.27 |
| Operating 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 |
| Selling General And Administration | - | 10.08 | 23.84 | 29.68 | 33.09 |
| Total Expenses | - | 174.18 | 288.92 | 342.49 | 312.65 |
| Operating Income | - | 180.14 | 166.14 | 136.50 | 46.62 |
| Total Operating Income As Reported | - | 171.28 | 158.66 | 136.50 | -20.61 |
| EBITDA | - | 173.49 | 271.88 | 286.56 | 91.65 |
| Normalized EBITDA | - | 209.35 | 280.55 | 273.78 | 156 |
| EBIT | - | 125.34 | 156.58 | 143.53 | -18.33 |
| Interest Income | 0.01 | - | - | - | - |
| Interest Expense | - | 2.03 | 6.45 | 3.73 | 8.24 |
| Net Interest Income | - | -2.03 | -6.45 | -3.73 | -8.24 |
| Other Non Operating Income Expenses | - | -18.94 | -0.89 | -5.75 | -0.60 |
| Other Income Expense | - | -54.80 | -9.56 | 7.03 | -64.94 |
| Interest Income Non Operating | 0.01 | - | - | - | - |
| Interest Expense Non Operating | - | 2.03 | 6.45 | 3.73 | 8.24 |
| Net Non Operating Interest Income Expense | - | -2.03 | -6.45 | -3.73 | -8.24 |
| Pretax Income | - | 123.31 | 150.13 | 139.80 | -26.57 |
| Tax Provision | - | 71.42 | 89.78 | 81.31 | 14.82 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -7.53 | -1.82 | 2.69 | -13.51 |
| Net Income Continuous Operations | - | 51.89 | 60.35 | 58.49 | -41.39 |
| Net Income From Continuing And Discontinued Operation | - | 51.89 | 60.35 | 58.49 | -41.39 |
| Net Income From Continuing Operation Net Minority Interest | - | 51.89 | 60.35 | 58.49 | -41.39 |
| Net Income | - | 51.89 | 60.35 | 58.49 | -41.39 |
| Net Income Common Stockholders | - | 51.30 | 59.72 | 57.78 | -41.87 |
| Net Income Including Noncontrolling Interests | - | 51.89 | 60.35 | 58.49 | -41.39 |
| Normalized Income | - | 80.22 | 67.20 | 48.39 | 9.44 |
| Diluted NI Availto Com Stockholders | - | 51.30 | 59.72 | 57.78 | -41.87 |
| Basic Average Shares | - | 69.57 | 106.38 | 103.67 | 104.06 |
| Diluted Average Shares | - | 69.98 | 106.56 | 103.75 | 104.06 |
| Reconciled Depreciation | - | 48.14 | 115.30 | 143.03 | 109.98 |
| Reconciled Cost Of Revenue | - | 160.80 | 268.46 | 306.53 | 268.15 |
| 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 Discontinuous Operations | -0.10 | -0.07 | -0.02 | - | - |
| Special Income Charges | - | 1.95 | -8.90 | 13.53 | -67.22 |
| Write Off | 0.88 | 3.08 | -4.91 | - | - |
| 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 |
| General And Administrative Expense | - | 10.08 | 23.84 | 29.68 | 33.09 |
| Other Gand A | - | 10.08 | 23.84 | 29.68 | 33.09 |
| Gain On Sale Of Ppe | - | -8.87 | -7.48 | 0 | 0 |
| Total Other Finance Cost | -0.01 | 2.03 | 6.45 | - | - |
| Other Operating Expenses | - | 0.22 | 1.53 | -0.03 | 11.30 |
| Provision For Doubtful Accounts | - | 3.08 | -4.91 | 6.30 | 0.11 |
| Otherunder Preferred Stock Dividend | - | 0.59 | 0.63 | 0.71 | 0.48 |
| Average Dilution Earnings | - | 0 | 0 | 0 | 0 |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| VAALCO Energy, Inc.this co. | EGY | $600M | -14.50 | 1.35 | -9.3% | 7.50 |
| Vitesse Energy, Inc. | VTS | $743M | 29.39 | 1.18 | 4.0% | 5.00 |
| Granite Ridge Resources, Inc. | GRNT | $658M | 27.03 | 1.09 | 4.0% | 3.76 |
| Core Laboratories Inc. | CLB | $630M | 21.22 | 2.37 | 11.2% | 10.84 |
| W&T Offshore, Inc. | WTI | $610M | -4.06 |
| - |
| - |
| - |
| - |
| - |
| -3.05 |
| 75.1% |
| 9.56 |
| Forum Energy Technologies, Inc. | FET | $606M | -62.77 | 2.08 | -3.3% | 11.53 |
| SandRidge Energy, Inc. | SD | $578M | 8.23 | 1.13 | 13.7% | 4.32 |
| Oil States International, Inc. | OIS | $523M | - | 0.91 | -19.1% | - |
| Natural Gas Services Group, Inc. | NGS | $521M | 26.15 | 1.90 | 7.3% | 9.94 |
| Peer Median | - | 21.22 | 1.16 | 5.6% | 9.56 | |