Vaalco Energy, Inc. · NYSE:EGY
Vaalco Energy — Q1 2025 Earnings Presentation
19 slides from Vaalco Energy's earnings presentation, May 9, 2025
Slide 1: Q1 2025 Supplemental Information
Q1 2025 Supplemental Information Profitably and Sustainably Growing Value May 2025
Slide 2: Safe Harbor Statement
Q1 2025 Supplemental Information: Profitably and Sustainably Growing Value May 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: Q1 2025 Highlights
Q1 2025 Supplemental Information: Profitably and Sustainably Growing Value May 2025 Q1 2025 Highlights Reported strong operational results at or above guidance NRI production of 17,764 above the high end of guidance WI production of 22,402 BOEPD and NRI Sales of 19,074 BOEPD, both at high end of gui
Slide 4: Strategically Expanding Our Diversified African-Focused Portfolio
Q1 2025 Supplemental Information: Profitably and Sustainably Growing Value May 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-Qua
Slide 5: Solid Financial Foundation with No Bank Debt
Q1 2025 Supplemental Information: Profitably and Sustainably Growing Value May 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$ milli
Slide 6: Convincing Value Proposition
Q1 2025 Supplemental Information: Profitably and Sustainably Growing Value May 2025 Convincing Value Proposition Vaalco Share Price Undervalued Compared to Peers Annualized Dividend Yield % Enterprise Value/2025E EBITDA 10.0% 5.0x › 7.7% dividend yield is top quartile 9.0% 4.5x of income stocks on N
Slide 7: CI-705 Farm-in Agreement Offshore Côte d'Ivoire
Q1 2025 Supplemental Information: Profitably and Sustainably Growing Value May 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 stag
Slide 8: Côte d'Ivoire Update
Q1 2025 Supplemental Information: Profitably and Sustainably Growing Value May 2025 Côte d’Ivoire Update Boosted Production in 2024 and 2025 FPSO Upgrade Underway 1Q 2025 Asset Stats Asset Highlights › Two shared liftings occurred in Q1 2025 1,235 BOEPD 100% / 0% / 0% WI Production Oil NGL Gas ‐ In
Slide 9: Gabon Update
Q1 2025 Supplemental Information: Profitably and Sustainably Growing Value May 2025 Gabon Update Production Optimization 1Q 2025 Asset Stats Asset Highlights › Strong operational production uptime and 8,522 BOEPD 100% / 0% / 0% WI Production Oil NGL Gas optimization efforts, offsetting decline ‐ Ach
Slide 10: Egypt Update
Q1 2025 Supplemental Information: Profitably and Sustainably Growing Value May 2025 Egypt Update Production & Drilling Optimization 1Q 2025 Asset Stats Asset Highlights › In 2024 and thus far in 2025, achieved 10,225 BOEPD 100% / 0% / 0% WI Production Oil NGL Gas 4.3-million-man hours without a lost
Slide 11: Canada Update
Q1 2025 Supplemental Information: Profitably and Sustainably Growing Value May 2025 Canada Update Optimizing Lateral Lengths, Frac Intensity and Facilities 1Q 2025 Asset Stats Asset Highlights › Based on successful 2023 capital program, 2,420 BOEPD 37% / 32% / 31% moving to longer laterals exclusive
Slide 12: Equatorial Guinea: Future Growth Potential
Q1 2025 Supplemental Information: Profitably and Sustainably Growing Value May 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 Unrisked
Slide 13: 2025 Full Year Capital Expenditures Guidance Reduced by ~10%
Q1 2025 Supplemental Information: Profitably and Sustainably Growing Value May 2025 2025 Full Year Capital Expenditures Guidance Reduced by ~10% (As of May 8, 2025) FY2025 Capex, excluding acquisitions, guidance range reduced from $270 - $330 million to $250 - $300 million Capex Highlights by Asset
Slide 14: Q2 and Full Year 2025 Guidance
Q1 2025 Supplemental Information: Profitably and Sustainably Growing Value May 2025 Q2 and Full Year 2025 Guidance (As of May 8, 2025) Q2 2025 FY 2025 WI Production1 (BOEPD) Gabon 7,800 - 8,600 7,000 - 8,300 Egypt 10,100 - 11,200 9,750 - 11,100 Canada 2,100 - 2,300 2,200 - 2,600 Cote d’Ivoire 0 300
Slide 15: Cash Flow Movement and Hedging
Q1 2025 Supplemental Information: Profitably and Sustainably Growing Value May 2025 Cash Flow Movement and Hedging Cash Movement December 31, 2024 to March 31, 2025 (US$ millions) Hedging Positions $180.0 $160.0 $140.0 44.5 $120.0 75.8 $100.0 37.1 $80.0 82.5 $60.0 29.2 6.5 $40.0 40.9 $20.0 $- Cash a
Slide 16: Accelerating Shareholder Returns and Value Growth
Q1 2025 Supplemental Information: Profitably and Sustainably Growing Value May 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 meanin
Slide 17: Step Change in Total Production and Reserves
Q1 2025 Supplemental Information: Profitably and Sustainably Growing Value May 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 20.0
Slide 18: Reconciliations of Non-GAAP Measures
Q1 2025 Supplemental Information: Profitably and Sustainably Growing Value May 2025 Reconciliations of Non-GAAP Measures Please refer to Q1 2025 Earnings Release for additional reconciliations Vaalco Energy 18
Slide 19: 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