Vaalco Energy, Inc. · NYSE:EGY
Vaalco Energy — Q4 2025 Earnings Presentation
18 slides from Vaalco Energy's earnings presentation, March 2026
Slide 1: Q4 2025 Supplemental Information
Q4 2025 Supplemental Information Profitably and Sustainably Growing Value March 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: Q4 and FY 2025 Highlights
Q4 2025 Supplemental Information: Profitably and Sustainably Growing Value March 2026 Q4 and FY 2025 Highlights Reported Strong Operational Results Strengthening Asset Development Pipeline ✓ 4Q WI Production of 20,729 WI BOEPD and NRI production of ✓ VAALCO confirmed as operator with a 60% WI in Kos
Slide 4: Strategically Expanding Our Diversified African-Focused Portfolio
Q4 2025 Supplemental Information: Profitably and Sustainably Growing Value March 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 Oppo
Slide 5: Solid Financial Foundation
Q4 2025 Supplemental Information: Profitably and Sustainably Growing Value March 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 Share
Slide 6: Vaalco's Material Asset Base in Côte d'Ivoire
Q4 2025 Supplemental Information: Profitably and Sustainably Growing Value March 2026 Vaalco’s Material Asset Base in Côte d’Ivoire High-Quality Infrastructure Drives Asset Development CI40 Baobab Field › Baobab Ivoirien FPSO on tow back to field and post reconnect targeted for restart in Q2 2026 ›
Slide 7: Kossipo Discovery Enhances Asset Development Pipeline
Q4 2025 Supplemental Information: Profitably and Sustainably Growing Value March 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 M
Slide 8: Gabon Update
Q4 2025 Supplemental Information: Profitably and Sustainably Growing Value March 2026 Gabon Update Production Optimization 4Q 2025 Asset Stats Asset Highlights › Commenced 2025/2026 drilling campaign in December 2025 and announced successful pilot in January 2026 7,743 BOEPD 100% / 0% / 0% › Success
Slide 9: Egypt Update
Q4 2025 Supplemental Information: Profitably and Sustainably Growing Value March 2026 Egypt Update Drilling and Improving Financial Health 4Q 2025 Asset Stats Asset Highlights › Continuous drilling program in 2025 with 19 wells completed 10,963 BOEPD 100% / 0% / 0% WI Production Oil NGL Gas › Reduct
Slide 10: Equatorial Guinea: Future Growth Potential
Q4 2025 Supplemental Information: Profitably and Sustainably Growing Value March 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 Unrisk
Slide 11: 2026 Full Year Capital Expenditures Guidance
Q4 2025 Supplemental Information: Profitably and Sustainably Growing Value March 2026 2026 Full Year Capital Expenditures Guidance(1) (As of March 13, 2026) 2025 Full-Year Capital Breakdown: $236 million 2026 Full-Year Capital Guidance: $290 - $360 million Capitalized Canada EG Capitalized Interest
Slide 12: Q1 and Full Year 2026 Guidance
Q4 2025 Supplemental Information: Profitably and Sustainably Growing Value March 2026 Q1 and Full Year 2026 Guidance (As of March 13, 2026) Q1 2026 FY 2026 WI Production1,4 (BOEPD) Gabon 7,300 - 8,000 8,300 – 9,200 Egypt 10,300 – 11,400 9500 – 10,500 Canada 1,100 – 1,200 200 – 300 Cote d’Ivoire 0 2,
Slide 13: Cash Flow Movement and Hedging
Q4 2025 Supplemental Information: Profitably and Sustainably Growing Value March 2026 Cash Flow Movement and Hedging (As of March 13, 2026) Cash Movement December 31, 2024 to December 31, 2025 (US$ millions) Hedging Positions as of December 31, 2025 $600.0 $500.0 $60.0 $185.3 $400.0 $300.0 $380.8 He
Slide 14: Accelerating Shareholder Returns and Value Growth
Q4 2025 Supplemental Information: Profitably and Sustainably Growing Value March 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 mean
Slide 15: Step Change in Total Production and Reserves
Q4 2025 Supplemental Information: Profitably and Sustainably Growing Value March 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 27.9 28.
Slide 16: 2025 2P CPR Reserves
Q4 2025 Supplemental Information: Profitably and Sustainably Growing Value March 2026 2025 2P CPR Reserves (As of March 13, 2026) WI 2P CPR: 90.6 MMBOE NRI 2P 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 16.9
Slide 17: Reconciliations of Non-GAAP Measures
Q4 2025 Supplemental Information: Profitably and Sustainably Growing Value March 2026 Reconciliations of Non-GAAP Measures Please refer to Q4 2025 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