Vaalco Energy, Inc. · NYSE:EGY
Vaalco Energy — Q1 2026 Earnings Presentation
18 slides from Vaalco Energy's earnings presentation, May 2026
Slide 1: Q1 2026 Supplemental Information
Q1 2026 Supplemental Information Profitably and Sustainably Growing Value May 2026
Slide 2: Safe Harbor Statement
Safe Harbor Statement Forward Looking Statements Safe Harbor This presentation of VAALCO Energy, Inc. (“Vaalco” or the “Company”) includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities
Slide 3: Q1 2026 Highlights
Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026 Q1 2026 Highlights Invested $78.1 Million in Capital Expenditures, Primarily in Gabon and Côte d’Ivoire Successfully placed Etame 14H well on production in April 2026 at an initial rate of 4,850 gross BOPD Successful
Slide 4: Strategically Expanding Our Diversified African-Focused Portfolio
Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026 Strategically Expanding Our Diversified African-Focused Portfolio Building Scale and Diversification with a Full-cycle, Low-risk, High Return Portfolio A Growing, Diversified Footprint in Africa Organic Growth Opport
Slide 5: Solid Financial Foundation
Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026 Solid Financial Foundation Generating Strong Adjusted EBITDAX to Fund Opportunities and Return Cash to Shareholders Strong Adjusted EBITDAX Generation (US$ millions) Liquidity (US$ millions) Returning Cash to Shareho
Slide 6: Vaalco's Material Asset Base in Côte d'Ivoire
Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026 Vaalco’s Material Asset Base in Côte d’Ivoire High-Quality Infrastructure Drives Asset Development CI40 Baobab Field › Baobab Ivoirien FPSO moored in place, connecting risers/umbilicals and expect field restart in Q2
Slide 7: Kossipo Discovery Enhances Asset Development Pipeline
Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026 Kossipo Discovery Enhances Asset Development Pipeline Seismic Results Indicate New Prospect of Growth in Dynamic Côte d’Ivoire Portfolio Key Highlights › Significant oil discovery ready to develop with nearly 293 MMB
Slide 8: Gabon Update
Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026 Gabon Update Production Optimization 1Q 2026 Asset Stats Asset Highlights › Commenced 2025/2026 drilling campaign in December 2025 and announced successful pilot in January 2026 7,516 BOEPD 100% / 0% / 0% › Successfu
Slide 9: Egypt Update
Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026 Egypt Update Drilling and Improving Financial Health 1Q 2026 Asset Stats Asset Highlights › Completed 22 wells as part of continuous drilling program 11,264 BOEPD 100% / 0% / 0% WI Production Oil NGL Gas › Completed
Slide 10: Equatorial Guinea: Future Growth Potential
Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026 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 11: 2026 Full Year Capital Expenditures Guidance
Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026 2026 Full Year Capital Expenditures Guidance (As of May 7, 2026) 2026 Full-Year Capital Guidance: $290 - $360 million EG Capitalized ✓CDI - Finalizing FPSO Refurbishment and Tie-In ~1% Interest ($65MM - $70MM), Initi
Slide 12: Q2 and Full Year 2026 Guidance
Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026 Q2 and Full Year 2026 Guidance (As of May 7, 2026) Q2 2026 FY 2026 WI Production1,4 (BOEPD) Gabon 9,900 - 10,900 9,300 – 10,300 Egypt 10,400 – 11,500 10,400 – 11,500 Canada 0 250 – 300 Cote d’Ivoire 1,300 – 1,400 2,1
Slide 13: Cash Flow Movement and Hedging
Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026 Cash Flow Movement and Hedging (As of March 31, 2026) Cash Movement December 31, 2025 to March 31, 2026 (US$ millions) Hedging Positions as of March 31, 2026 $250.0 $200.0 $92.0 $93.4 $150.0 $25.7 $100.0 $53.4 $42.9
Slide 14: Accelerating Shareholder Returns and Value Growth
Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026 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 15: Step Change in Total Production and Reserves
Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026 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 43.0 35.0 24,738 30.0 23,946 25.0 22,500 23,275 27.
Slide 16: 2025 2P WI CPR Reserves
Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026 2025 2P WI CPR Reserves (As of December 31, 2025) 2P WI CPR: 90.6 MMBOE 2P NRI CPR: 73.5 MMBOE 100.0 80.0 90.0 70.0 NRI 2P CPR Reserves (MMBOE) 13.7 11.8 WI 2P CPR Reserves (MMBOE) 80.0 60.0 70.0 13.8 14.2 50.0 60.0
Slide 17: Reconciliations of Non-GAAP Measures
Q1 2026 Supplemental Information: Profitably and Sustainably Growing Value May 2026 Reconciliations of Non-GAAP Measures Please refer to Q1 2026 Earnings Release for additional reconciliations Vaalco Energy 17
Slide 18: 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