Vaalco Energy Declares Quarterly Dividend and Sustains Cash Return

By Tamara Parker • Monday, February 26 16:33 • Permanent Link

Vaalco Energy, Inc. (NYSE: EGY; LSE: EGY) has declared a quarterly cash dividend of $0.0625 per share of common stock for the first quarter of 2024 ($0.25 annualized). This represents a continuation of the company's dividend payments to its shareholders. In 2022, Vaalco paid $0.13 per share, which increased to $0.25 per share in 2023. With the current declaration, the company is on track to deliver another $0.25 per share in 2024.

Vaalco's Chief Executive Officer, George Maxwell, highlighted the company's focus on operational excellence and productivity enhancement of its diverse asset base, leading to the sustained return of cash to shareholders through dividends and share buybacks. The company's cash position also remains robust, with over $120 million in cash on hand as of December 31, 2023.

The company, founded in 1985 and based in Houston, Texas, owns a diverse portfolio of operated production, development, and exploration assets across Gabon, Egypt, Equatorial Guinea, and Canada.

Vaalco's commitment to returning cash to shareholders while growing its cash position reflects its confidence in the future and the potential of its premier assets to generate strong operational and financial results. The company continues to execute on its strategic vision.

For the first quarter of 2024, the dividend is payable on March 28, 2024, to stockholders of record at the close of business on March 8, 2024. Future declarations of quarterly dividends and the establishment of record and payment dates are subject to approval by the board of directors.

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