Vaalco Energy, Inc. · NYSE:EGY
Vaalco Energy — Q4 2024 Earnings Presentation
22 slides from Vaalco Energy's earnings presentation, Mar 14, 2025
Slide 1: Q4 2024 Supplemental Information
Q4 2024 Supplemental Information Profitably and Sustainably Growing Value March 2025
Slide 2: Safe Harbor Statement
Q4 2024 Supplemental Information: Profitably and Sustainably Growing Value March 2025 Safe Harbor Statement Forward Looking Statements This presentation of Vaalco Energy, Inc. (“Vaalco”) includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended
Slide 3: Transformative Results Through Focused Execution
Q4 2024 Supplemental Information: Profitably and Sustainably Growing Value March 2025 Transformative Results Through Focused Execution Record Operational and Financial Results Total Revenues ($millions) 0.3% Avg Realized Price (US$/BOE) 5% 2024 $479 2023 $455 2024 $66 2023 $66 Sales up 6% slightly o
Slide 4: FY2024 & YTD2025 Highlights
Q4 2024 Supplemental Information: Profitably and Sustainably Growing Value March 2025 FY2024 & YTD2025 Highlights Reported record results in multiple operational and financial metrics for FY 2024 Generated net income of $58.5 MM and Adjusted EBITDAX of $303 MM WI production of 24,738 BOEPD and NRI S
Slide 5: Strategically Expanding Our Diversified African-Focused Portfolio
Q4 2024 Supplemental Information: Profitably and Sustainably Growing Value March 2025 Strategically Expanding Our Diversified African-Focused Portfolio Building Scale and Diversification with a Full-cycle, Low-risk, High Return Portfolio A Growing, Diversified Footprint in Africa Supported by High-Q
Slide 6: Step Change in Total Production and Reserves
Q4 2024 Supplemental Information: Profitably and Sustainably Growing Value March 2025 Step Change in Total Production and Reserves Significant Increase in Size and Scale Production (WI) SEC Proved Reserves(1) (MMBOE) 27,500 50.0 45.0 25,000 40.0 45.0 35.0 24,738 30.0 22,500 23,946 25.0 27.9 28.6 20.
Slide 7: Solid Financial Foundation with No Bank Debt
Q4 2024 Supplemental Information: Profitably and Sustainably Growing Value March 2025 Solid Financial Foundation with No Bank Debt Fully Funding Shareholder Returns and Capital Programs Strong Adjusted EBITDAX Generation (US$ millions) Liquidity (US$ millions) Returning Cash to Shareholders (US$ mil
Slide 8: Convincing Value Proposition
Q4 2024 Supplemental Information: Profitably and Sustainably Growing Value March 2025 Convincing Value Proposition Vaalco Share Price Undervalued Compared to Peers Annualized Dividend Yield % Enterprise Value/2024E EBITDA 12.0% 12.0x › Top quartile dividend yield of income stocks on NYSE and 10.0% 1
Slide 9: Svenska Acquisition
Q4 2024 Supplemental Information: Profitably and Sustainably Growing Value March 2025 Svenska Acquisition Highlights Utilizing strong balance sheet to deliver value accretive M&A. FPSO Baobab Ivoirien MV10 No issuance of debt or equity; acquisition funded with a portion of cash on hand. Cote d’Ivoir
Slide 10: CI-705 Farm-in Agreement Offshore Côte d'Ivoire
Q4 2024 Supplemental Information: Profitably and Sustainably Growing Value March 2025 CI-705 Farm-in Agreement Offshore Côte d’Ivoire Announced March 2025 Operator of CI-705 exploration block 70% WI and a 100% paying interest at commercial terms through the seismic reprocessing and interpretation st
Slide 11: Côte d'Ivoire Update
Q4 2024 Supplemental Information: Profitably and Sustainably Growing Value March 2025 Côte d’Ivoire Update Boosted Production in 2024 and Preparing for 2025 FPSO Upgrade 4Q 2024 Asset Stats Asset Highlights › Three shared liftings occurred in Q4 2024 3,997 BOEPD 100% / 0% / 0% WI Production Oil NGL
Slide 12: Gabon Update
Q4 2024 Supplemental Information: Profitably and Sustainably Growing Value March 2025 Gabon Update Production Optimization 4Q 2024 Asset Stats Asset Highlights › Strong operational production uptime and 8,598 BOEPD 100% / 0% / 0% WI Production Oil NGL Gas optimization efforts, offsetting decline ‐ A
Slide 13: Egypt Update
Q4 2024 Supplemental Information: Profitably and Sustainably Growing Value March 2025 Egypt Update Production & Drilling Optimization 4Q 2024 Asset Stats Asset Highlights › 4Q 2024 performed two recompletions 10,035 BOEPD 100% / 0% / 0% WI Production Oil NGL Gas › In 2024 and thus far in 2025, achie
Slide 14: Canada Update
Q4 2024 Supplemental Information: Profitably and Sustainably Growing Value March 2025 Canada Update Optimizing Lateral Lengths, Frac Intensity and Facilities 4Q 2024 Asset Stats Asset Highlights › Based on successful 2023 capital program, 2,669 BOEPD 40% / 31% / 29% moving to longer laterals exclusi
Slide 15: Equatorial Guinea: Future Growth Potential
Q4 2024 Supplemental Information: Profitably and Sustainably Growing Value March 2025 Equatorial Guinea: Future Growth Potential Maximizing the value in Vaalco’s portfolio VENUS EUROPA SW GRANDE DISCOVERY DISCOVERY PROSPECT Potential to add: Upside potential: Upside potential: 2P CPR reserves Unrisk
Slide 16: Key Milestones and Catalysts Across Diversified Asset Base
Q4 2024 Supplemental Information: Profitably and Sustainably Growing Value March 2025 Key Milestones and Catalysts Across Diversified Asset Base 2024 2025 2026 Successful Ebouri Field CSP Study 2025/2026 campaign including workovers with options GABON Sign rig contract Finalized exploration blocks d
Slide 17: 2025 Full Year Capital Expenditures Guidance
Q4 2024 Supplemental Information: Profitably and Sustainably Growing Value March 2025 2025 Full Year Capital Expenditures Guidance (As of March 13, 2025) FY2025 Capex, excluding acquisitions, guidance range of $270 - $330 million Capex Highlights by Asset › Côte d’Ivoire – forecasted 40 – 45% of FY
Slide 18: Q1 and Full Year 2025 Guidance
Q4 2024 Supplemental Information: Profitably and Sustainably Growing Value March 2025 Q1 and Full Year 2025 Guidance (As of March 13, 2025) Q1 2025 FY 2025 WI Production1 (BOEPD) Gabon 8,000 - 8,600 7,000 - 8,300 Egypt 10,000 - 10,500 9,750 - 11,100 Canada 2,300 - 2,500 2,200 - 2,600 Cote d’Ivoire 1
Slide 19: Generating Cash Flow to Fund Growth and Pay Dividends
Q4 2024 Supplemental Information: Profitably and Sustainably Growing Value March 2025 Generating Cash Flow to Fund Growth and Pay Dividends Cash Movement December 31, 2023 to December 31, 2024 (US$ millions) Initiated Sustainable Dividend Program (US$/share) $0.07 To be Paid in $600.0 Mar’25 $0.06 $
Slide 20: Accelerating Shareholder Returns and Value Growth
Q4 2024 Supplemental Information: Profitably and Sustainably Growing Value March 2025 Accelerating Shareholder Returns and Value Growth A world-class African-focused E&P supporting sustainable shareholder returns and growth Building a diversified, African- Material reserves and focused E&P with mean
Slide 21: Reconciliations of Non-GAAP Measures
Q4 2024 Supplemental Information: Profitably and Sustainably Growing Value March 2025 Reconciliations of Non-GAAP Measures Please refer to Q4 2024 Earnings Release for additional reconciliations Vaalco Energy 21
Slide 22: For More Information
For More Information Vaalco.com Vaalco Energy Corporate Offices Branch Offices United States Vaalco Energy Gabon Vaalco Energy Egypt Vaalco Energy Cote d’Ivoire B.P. 1335, Port Gentil, Gabon 6 Badr Towers Succursale de Côte d’Ivoire 2500 CityWest Blvd., Suite 400 Ring Road, Maadi Abidjan Plateau, Ru