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Highlights
- Vaalco Energy reported record production volumes of 24,550 to 25,050 WI BOEPD for 2024.
- Sales volumes for 2024 were within guidance, averaging 24,100 to 24,600 WI BOEPD.
- CEO George Maxwell highlights growth opportunities and a focus on shareholder value.
Vaalco Energy, Inc. (NYSE: EGY; LSE: EGY) has successfully completed another year of strong operational performance in 2024. The company announced its full-year sales and production volumes, both of which exceeded expectations, reaffirming its position as a leader in the oil and gas industry. Notably, Vaalco reported record production volumes and solid operational metrics across key indicators.
For 2024, Vaalco's sales volumes ranged between 24,100 and 24,600 working interest (WI) barrels of oil equivalent per day (BOEPD), which is in line with the company’s guidance. At the midpoint of this range, the company's sales volumes came in at approximately 23,850 WI BOEPD, further underscoring the successful year for Vaalco.
The net revenue interest (NRI) sales volumes for 2024 were also robust, between 19,400 and 19,800 NRI BOEPD, with the midpoint of this range aligning closely to the company's forecast of 19,050 NRI BOEPD. These figures reflected strong operational management and consistent performance in a dynamic market.
For the fourth quarter (Q4) of 2024, Vaalco achieved sales volumes of approximately 23,600 to 24,000 WI BOEPD, translating to about 19,100 to 19,500 NRI BOEPD. Both of these figures met the company's Q4 guidance, reinforcing its ability to maintain consistent output across its operations.
Production volumes were similarly strong, with the company reporting WI production in the range of 24,550 to 25,050 BOEPD for the full year, aligning with the midpoint of its guidance range of 24,100 to 25,400 WI BOEPD. The company’s NRI production volumes for the full year were between 19,800 and 20,200 NRI BOEPD, slightly exceeding the midpoint of the company’s guidance range of 19,300 to 20,600 NRI BOEPD.
In Q4 2024, Vaalco’s production volumes were equally impressive, with the company producing between 25,100 and 25,600 WI BOEPD, or 20,600 to 21,000 NRI BOEPD. This performance once again met the company’s expectations for the quarter, demonstrating its ability to consistently execute its operational strategy.
Commenting on the successful year, George Maxwell, Vaalco’s Chief Executive Officer, said, “We completed another successful year in 2024, achieving record operational performance. Looking ahead to 2025, we are excited about the major projects in our pipeline, which are expected to deliver a step-change in organic growth across our portfolio.” Maxwell also highlighted Vaalco's commitment to maximizing shareholder value through strong cash flow generation and capital returns via the company's quarterly dividend policy.
As Vaalco moves into 2025, the company’s strategic focus remains on capturing value from its organic growth opportunities while ensuring consistent production and operational efficiency.
