Vaalco Energy, Inc. · NYSE:EGY
Vaalco Energy — Q3 2024 Earnings Presentation
19 slides from Vaalco Energy's earnings presentation, Nov 12, 2024
Slide 1: Q3 2024 Supplemental Information
Q3 2024 Supplemental Information Profitably and Sustainably Growing Value November 2024
Slide 2: Safe Harbor Statement
Q3 2024 Supplemental Information: Profitably and Sustainably Growing Value November 2024 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 amen
Slide 3: Q3 2024 Key Metrics
Q3 2024 Supplemental Information: Profitably and Sustainably Growing Value November 2024 Q3 2024 Key Metrics Sequential Year over Q3 2024 Change1 Year Change2 Reported Production 26,709 BOEPD 5% 9% (Avg. WI Daily Production Volumes) Adjusted EBITDAX3 $92.8 million 28% 30% Adjusted Net Income3 $7.9 m
Slide 4: Q3 2024 Global Portfolio
Q3 2024 Supplemental Information: Profitably and Sustainably Growing Value November 2024 Q3 2024 Global Portfolio1 Canada › Diversified and de-risked portfolio of producing assets with individual routes to market and realizations Egypt › African focused business with strong management experience in
Slide 5: Step Change in Total Production and Reserves
Q3 2024 Supplemental Information: Profitably and Sustainably Growing Value November 2024 Step Change in Total Production and Reserves Significant Increase in Size and Scale Production (WI) SEC Proved Reserves(1) (MMBOE) 27,500 35.0 30.0 25,000 25.0 27.9 28.6 24,750 20.0 22,500 23,946 15.0 10.0 20,00
Slide 6: Solid Financial Foundation with No Bank Debt
Q3 2024 Supplemental Information: Profitably and Sustainably Growing Value November 2024 Solid Financial Foundation with No Bank Debt Fully Funding Shareholder Returns and Capital Programs Strong Adjusted EBITDAX Generation (US$ millions) Unrestricted Cash (US$ millions)2 Returning Cash to Sharehold
Slide 7: Svenska Acquisition Aligns with Strategic Vision, Provides Strong Cash Flow
Q3 2024 Supplemental Information: Profitably and Sustainably Growing Value November 2024 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’Iv
Slide 8: Côte d'Ivoire Update
Q3 2024 Supplemental Information: Profitably and Sustainably Growing Value November 2024 Côte d’Ivoire Update Strong Production and Preparing for 2025 FPSO Upgrade 3Q 2024 Asset Stats Asset Highlights › Three liftings occurred in Q3 2024 4,506 BOEPD 100% / 0% / 0% WI Production Oil NGL Gas ‐ In July
Slide 9: Gabon Update
Q3 2024 Supplemental Information: Profitably and Sustainably Growing Value November 2024 Gabon Update Production Optimization 3Q 2024 Asset Stats Asset Highlights › Strong operational production uptime and 8,800 BOEPD 100% / 0% / 0% WI Production Oil NGL Gas optimization efforts, offsetting decline
Slide 10: Egypt Update
Q3 2024 Supplemental Information: Profitably and Sustainably Growing Value November 2024 Egypt Update Production & Drilling Optimization 3Q 2024 Asset Stats Asset Highlights › 3Q 2024 performed three recompletions 10,480 BOEPD 100% / 0% / 0% WI Production Oil NGL Gas › Thus far in 2024 achieved 2.9
Slide 11: Canada Update
Q3 2024 Supplemental Information: Profitably and Sustainably Growing Value November 2024 Canada Update Optimizing Lateral Lengths, Frac Intensity and Facilities 3Q 2024 Asset Stats Asset Highlights › Based on successful 2023 capital program, 2,923 BOEPD 47% / 27% / 26% moving to longer laterals excl
Slide 12: Equatorial Guinea: Future Growth Potential
Q3 2024 Supplemental Information: Profitably and Sustainably Growing Value November 2024 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 13: 2024 Full Year Guidance
Q3 2024 Supplemental Information: Profitably and Sustainably Growing Value November 2024 2024 Full Year Guidance (As of November 11, 2024) Includes impact of acquisition Q4 2024 FY 2024 WI Production1 (BOEPD) Gabon 7,900 - 9,100 8,500 - 8,900 Egypt 9,500 - 10,500 10,100 - 10,600 Canada 2,400 - 2,700
Slide 14: 2024 Netbacks at Different Price Scenarios
Q3 2024 Supplemental Information: Profitably and Sustainably Growing Value November 2024 2024 Netbacks at Different Price Scenarios Significant Increase in Size and Scale Total Company Blended Netback on Working Interest Basis › Strong profitability in current Brent pricing environment FY2024 Margin
Slide 15: Generating Cash Flow to Fund Growth and Pay Dividends
Q3 2024 Supplemental Information: Profitably and Sustainably Growing Value November 2024 Generating Cash Flow to Fund Growth and Pay Dividends Cash Movement March 31, 2024 to September 30, 2024 (US$ millions) Initiated Sustainable Dividend Program (US$/share) $0.07 To be Paid in $400.0 Dec’24 $0.06
Slide 16: Trade Accounts Receivables Movement June 30, 2024 to Sept 30, 2024
Q3 2024 Supplemental Information: Profitably and Sustainably Growing Value November 2024 Trade Accounts Receivables Movement June 30, 2024 to Sept 30, 2024 Trade AR June 30, 2024 % of Vaalco Total June 30, 2024 September 30,2024 Change Trade AR (US$ millions) Gabon 6% Canada 7% Gabon $3.9 $2.7 ($1.2
Slide 17: Accelerating Shareholder Returns and Value Growth
Q3 2024 Supplemental Information: Profitably and Sustainably Growing Value November 2024 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: Reconciliations of Non-GAAP Measures
Q3 2024 Supplemental Information: Profitably and Sustainably Growing Value November 2024 Reconciliations of Non-GAAP Measures Please refer to Q3 2024 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