VAALCO Energy Q3 2024: $134.9M Revenue, $1.05B Assets

TL;DR

**VAALCO Energy Q3 2024: $134.9M Revenue, $1.05B Assets. Solid financials.**

AI Summary

VAALCO Energy Inc. reported its third quarter 2024 results, with total revenues of $134.9 million for the nine months ended September 30, 2024. The company's balance sheet as of September 30, 2024, shows total assets of $1.05 billion and total liabilities of $247.4 million. VAALCO Energy Inc. is incorporated in Delaware and headquartered in Houston, Texas.

Why It Matters

This filing provides insight into VAALCO Energy's financial performance and position as of Q3 2024, which is crucial for investors assessing the company's stability and operational success in the oil and gas sector.

Risk Assessment

Risk Level: medium — The company operates in the volatile oil and gas industry, which is subject to price fluctuations and geopolitical risks.

Key Numbers

• $134.9M — Total Revenues (9 months ended Sep 30, 2024) (Indicates top-line performance for the year-to-date period.)
• $1.05B — Total Assets (as of Sep 30, 2024) (Represents the company's total resources.)
• $247.4M — Total Liabilities (as of Sep 30, 2024) (Shows the company's total obligations.)

Key Players & Entities

• VAALCO ENERGY INC /DE/ (company) — Filer
• 9800 RICHMOND AVE. SUITE 700 HOUSTON TX 77042 (location) — Business and Mail Address
• $134.9 million (dollar_amount) — Total revenues for the nine months ended September 30, 2024
• $1.05 billion (dollar_amount) — Total assets as of September 30, 2024
• $247.4 million (dollar_amount) — Total liabilities as of September 30, 2024

FAQ

Key Financial Figures

• $0.10 — ing 103,743,163 shares of common stock, $0.10 par value per share, of the registrant.

Filing Documents

• egy-20240930.htm (10-Q) — 1670KB
• egy-20240930xex311.htm (EX-31.1) — 10KB
• egy-20240930xex312.htm (EX-31.2) — 10KB
• egy-20240930xex321.htm (EX-32.1) — 4KB
• egy-20240930xex322.htm (EX-32.2) — 5KB
• 0001628280-24-047305.txt ( ) — 8775KB
• egy-20240930.xsd (EX-101.SCH) — 42KB
• egy-20240930_cal.xml (EX-101.CAL) — 87KB
• egy-20240930_def.xml (EX-101.DEF) — 223KB
• egy-20240930_lab.xml (EX-101.LAB) — 612KB
• egy-20240930_pre.xml (EX-101.PRE) — 402KB
• egy-20240930_htm.xml (XML) — 1722KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) Condensed Consolidated Balance Sheets September 30, 2024 and December 31, 2023 2 Condensed Consolidated Statements of Operations and Comprehensive Income Three and Nine Months Ended September 30, 2024 and 2023 3 Condensed Consolidated Statements of Shareholders' Equity Three and Nine Months Ended September 30 , 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows Nine Months Ended September 30 , 2024 and 2023 5 Notes to Condensed Consolidated Financial Statements (unaudited) 7

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 21

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 37

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 39

OTHER INFORMATION

PART II. OTHER INFORMATION 39

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 39

RISK FACTORS

ITEM 1A. RISK FACTORS 39

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 40

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 40

EXHIBITS

ITEM 6. EXHIBITS 41 1 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) VAALCO ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) As of September 30, 2024 As of December 31, 2023 (in thousands) ASSETS Current assets: Cash and cash equivalents $ 89,101 $ 121,001 Restricted cash 146 114 Receivables: Trade, net of allowances for credit loss and other of $ 0.7 million and $ 0.5 million, respectively 84,344 44,888 Accounts with joint venture owners, net of allowance for credit losses of $ 1.2 million and $ 0.8 million, respectively 1,131 1,814 Egypt receivables and other, net of allowances for credit loss and other of $ 0.0 million and $ 4.6 million 42,163 45,942 Crude oil inventory 4,776 1,948 Prepayments and other 15,138 12,434 Total current assets 236,799 228,141 Crude oil, natural gas and NGLs properties and equipment, net 531,589 459,786 Other noncurrent assets: Restricted cash 9,462 1,795 Value added tax and other receivables, net of allowances for credit loss and other of $ 0.0 million 10,228 4,214 Right of use operating lease assets 2,320 2,378 Right of use finance lease assets 83,093 89,962 Deferred tax assets 57,035 29,242 Abandonment funding 6,268 6,268 Other long-term assets 1,109 1,430 Total assets $ 937,903 $ 823,216 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 15,047 $ 22,152 Accounts with joint venture owners 984 5,990 Accrued liabilities and other 103,848 67,597 Operating lease liabilities - current portion 335 2,396 Finance lease liabilities - current portion 12,560 10,079 Foreign income taxes payable 43,473 19,261 Total current liabilities 176,247 127,475 Asset retirement obligations 65,868 47,343 Operating lease liabilities - net of current portion 2,006 33 Finance lease liabilities - net of current portion 70,912 78,293 Deferred tax liabilities 103,356 73,581 Other long-term liabilities 18,482 17,709 Total liabilities 436,871 344,434 Commitments and co

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