Vaalco Energy, Inc. · NYSE:EGY
Vaalco Energy — Q3 2025 Earnings Presentation
20 slides from Vaalco Energy's earnings presentation, November 2025
Slide 1: Q3 2025 Supplemental Information
Q3 2025 Supplemental Information Profitably and Sustainably Growing Value November 2025
Slide 2: Forward Looking Statements Safe Harbor
Q3 2025 Supplemental Information: Profitably and Sustainably Growing Value November 2025 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,
Slide 3: Q3 2025 Highlights
Q3 2025 Supplemental Information: Profitably and Sustainably Growing Value November 2025 Q3 2025 Highlights Reported strong operational results at or above guidance NRI production of 15,405 and NRI Sales of 12,831 BOEPD, both at the high end of guidance WI production of 19,887 BOEPD toward the high
Slide 4: YTD 2025 Key Metrics
Q3 2025 Supplemental Information: Profitably and Sustainably Growing Value November 2025 YTD 2025 Key Metrics YTD 2025 Reported Production 21,305 BOEPD (Avg. WI Daily Production Volumes) Adjusted EBITDAX1 $130.5 million Net Income $17.2 million Diluted Net Income per Share 0.16 Cents Solid Operation
Slide 5: Increasing Production and Sales Guidance
Q3 2025 Supplemental Information: Profitably and Sustainably Growing Value November 2025 Increasing Production and Sales Guidance Delivering Meaningful Results Despite Lowering Full-Year Capital Guidance Key Highlights 16,800 › Production midpoint guidance (NRI) increased 6% over previous guidance 1
Slide 6: Reducing Capex and Opex per Boe Guidance
Q3 2025 Supplemental Information: Profitably and Sustainably Growing Value November 2025 Reducing Capex and Opex per Boe Guidance Cost Control, Capital Efficiencies and Capital Program Timing Key Highlights 300 $300 27.0 › Full-year capital expenditure guidance reduced nearly 20% from original 26.0
Slide 7: Strategically Expanding Our Diversified African-Focused Portfolio
Q3 2025 Supplemental Information: Profitably and Sustainably Growing Value November 2025 Strategically Expanding Our Diversified African-Focused Portfolio Building Scale and Diversification with a Full-cycle, Low-risk, High Return Portfolio A Growing, Diversified Footprint in Africa Supported by Hig
Slide 8: Solid Financial Foundation
Q3 2025 Supplemental Information: Profitably and Sustainably Growing Value November 2025 Solid Financial Foundation Generating Strong Adjusted EBITDAX to Fund Opportunities and Return Cash to Shareholders Strong Adjusted EBITDAX Generation (US$ millions) Liquidity (US$ millions) Returning Cash to Sh
Slide 9: CI-705 Farm-in Agreement Offshore Côte d'Ivoire
Q3 2025 Supplemental Information: Profitably and Sustainably Growing Value November 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
Slide 10: Côte d'Ivoire Update
Q3 2025 Supplemental Information: Profitably and Sustainably Growing Value November 2025 Côte d’Ivoire Update Boosted Production in 2024 and 2025 FPSO Upgrade Underway 3Q 2025 Asset Stats Asset Highlights › FPSO project began on schedule in Q1 2025 0 BOEPD 100% / 0% / 0% which enables future drillin
Slide 11: Gabon Update
Q3 2025 Supplemental Information: Profitably and Sustainably Growing Value November 2025 Gabon Update Production Optimization 3Q 2025 Asset Stats Asset Highlights › Strong operational production uptime and 7,118 BOEPD 100% / 0% / 0% WI Production Oil NGL Gas optimization efforts, offsetting decline
Slide 12: Egypt Update
Q3 2025 Supplemental Information: Profitably and Sustainably Growing Value November 2025 Egypt Update Production & Drilling Optimization 3Q 2025 Asset Stats Asset Highlights › Continued the drilling program in 2025 and 10,812 BOEPD 100% / 0% / 0% WI Production Oil NGL Gas have completed 14 wells YTD
Slide 13: Canada Update
Q3 2025 Supplemental Information: Profitably and Sustainably Growing Value November 2025 Canada Update Optimizing Lateral Lengths, Frac Intensity and Facilities 3Q 2025 Asset Stats Asset Highlights › Based on successful capital programs, moving to 1,957 BOEPD 29% / 31% / 40% WI Production Oil NGL Ga
Slide 14: Equatorial Guinea: Future Growth Potential
Q3 2025 Supplemental Information: Profitably and Sustainably Growing Value November 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 Unr
Slide 15: Q4 and Full Year 2025 Guidance
Q3 2025 Supplemental Information: Profitably and Sustainably Growing Value November 2025 Q4 and Full Year 2025 Guidance (As of November 10, 2025) Q4 2025 FY 2025 WI Production1 (BOEPD) Gabon 8,000 - 8,800 7,900 – 8,400 Egypt 10,400 – 11,300 10,400 – 11,100 Canada 1,900 – 2,100 2,000 – 2,200 Cote d’I
Slide 16: Cash Flow Movement and Hedging
Q3 2025 Supplemental Information: Profitably and Sustainably Growing Value November 2025 Cash Flow Movement and Hedging Cash Movement June 30, 2025 to September 30, 2025 (US$ millions) Hedging Positions as of Sept 30, 2025 $160 $140 $120 $55.9 $76.6 $100 $80 $35.9 $60 $40 $20.9 $66.6 $6.5 $20 $23.9
Slide 17: Accelerating Shareholder Returns and Value Growth
Q3 2025 Supplemental Information: Profitably and Sustainably Growing Value November 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 m
Slide 18: Step Change in Total Production and Reserves
Q3 2025 Supplemental Information: Profitably and Sustainably Growing Value November 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
Slide 19: Reconciliations of Non-GAAP Measures
Q3 2025 Supplemental Information: Profitably and Sustainably Growing Value November 2025 Reconciliations of Non-GAAP Measures Please refer to Q3 2025 Earnings Release for additional reconciliations Vaalco Energy 19
Slide 20: 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