VAALCO Energy, Inc. has recently released its 10-Q report, detailing its operations in Gabon, Egypt, Equatorial Guinea, Canada, and Cote d'Ivoire. The company holds interests in various production sharing contracts and concessions, including the Etame production sharing contract in Gabon, the Eastern and Western Desert concessions in Egypt, and assets in Canada and Cote d'Ivoire. VAALCO is primarily engaged in the acquisition, exploration, development, and production of crude oil, natural gas, and natural gas liquids.
In its 10-Q report, VAALCO Energy, Inc. discussed various factors that could affect its future results and cause them to differ materially from its forward-looking statements. These factors include volatility in crude oil, natural gas, and natural gas liquids prices, reserves discovery and replacement, capital requirements, liquidity, cash flow generation, operational hazards, competition, and governmental regulations. The company also highlighted its limited control over certain assets, ongoing audit operations in Gabon, and the impact of scheduled maintenance on its operations.
VAALCO Energy, Inc. recently announced a quarterly cash dividend of $0.0625 per share of common stock for the second quarter of 2024 ($0.25 annualized), paid on June 21, 2024. The company stated that the payment of future dividends, if any, will be at the discretion of the board of directors, considering factors such as financial condition, tax implications, operating results, and cash needs.
In its operational updates, VAALCO reported on its activities in Gabon, Egypt, Canada, and Cote d'Ivoire. In Gabon, the company focused on operational excellence, production uptime, and enhancement to minimize decline until the next drilling campaign. In Egypt, it deferred 2024 drilling to work on a robust drilling program expected to commence in September 2024. The company also provided details on its workover campaigns in Egypt and Canada, including well completion zones and initial production rates. Additionally, VAALCO discussed its lifting activities and FPSO dry dock project in Cote d'Ivoire.
As a result of these announcements, the company's shares have moved -1.9% on the market, and are now trading at a price of $6.35. For the full picture, make sure to review VAALCO Energy's 10-Q report.
