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- **Production Growth**: Full-year guidance raised by 5% to 15,405 BOE/day, driven by Gabon and Egypt efficiency.
- **Cost Efficiency**: Production costs down 26% QoQ, Egypt drilling program 8 wells completed within budget.
- **Project Milestones**: Côte d’Ivoire FPSO on track for Q2 2026 return, Gabon drilling delayed to Q4 2025.
- **Financial Strength**: EBITDA $130.5M YTD, dividend yield 7%, hedging 40% of 2026 H1 oil at $62/barrel.

**CEO Summary Section**
- **Production Performance**: NRI production of 15,405 BOE/day (high end of guidance), working interest production of 19,887 BOE/day (above midpoint). Full-year production guidance raised by 5%, capital guidance reduced by 20%.
- **Project Updates**: Côte d’Ivoire FPSO refurbishment on track, Gabon drilling campaign delayed until Q4 2025 due to rig availability. Egypt drilling program efficient, 8 additional wells drilled within budget.
- **Egypt Operations**: Strong operational performance, production expense down $1/BOE. Workover and drilling programs economic in low commodity price environments.

**CFO Financial Commentary**
- **Financial Results**: Q3 net income $1.1M, adjusted EBITDA $23.7M. Full-year EBITDA $130.5M despite Côte d’Ivoire offline. Production costs reduced 26% QoQ, G&A stable.
- **Cost Management**: Absolute production expense down $1/BOE. Hedging program for 2026 with 40% of H1 oil production hedged at $62/barrel.
- **Capital Allocation**: Q4 CapEx $90-110M, focused on Gabon drilling and Côte d’Ivoire. RBL utilization $60M, dividend yield ~7%.

**Q&A Key Highlights**
- **CapEx Mix**: 2025 CapEx reduced by $60M, Gabon drilling delayed to 2026. Egypt efficiency gains expected to persist. Côte d’Ivoire CapEx for FPSO on track.
- **South Gazala**: Exploration results indicate potential oil and gas zones. Additional wells planned to assess aerial extent and pressure dynamics.
- **Drilling Timelines**: Gabon drilling to start Q4 2025, Côte d’Ivoire drilling Q2 2026. FPSO reconnection in Gabon by May 2026.
- **Liquidity**: Unrestricted cash $24M, EGPC collections $103.6M YTD, receivables balance expected to halve by year-end.

VAALCO Energy, Inc. (EGY) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

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Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

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Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

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Net Income from Continuing Operations

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Other Items Before Net Income

Net Income

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Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

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Diluted EPS from Discontinued Operations

EGY

EGY fundamentals

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