VAALCO Energy, Inc. Declares Increased Dividend and Provides Operational Update … – Press Release

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HOUSTON, Feb. 14, 2023 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. EGYEGY)) (“VAALCO” or the “Company”) announced today that the Company has increased its quarterly cash dividend to $0.0625 per share of common stock for the first quarter of 2023 ($0.25 annualized), which is payable March 31, 2023, to stockholders of record at the close of business on March 24, 2023. The Company also provided an operational update including fourth quarter production, sales and capital spending.

Highlights

  • Increased quarterly cash dividend by 92% to $0.0625 per share of common stock for the first quarter of 2023 ($0.25 annualized), from $0.0325 per share ($0.13 annualized) in 2022;
  • Paid $9.3 million in dividends to shareholders in 2022;
  • Returned additional $6 million to shareholders through share buybacks from initiation of program in November 2022 through February 9, 2023;  
  • Reported fourth quarter 2022 production of approximately 18,175 working interest (“WI”) barrels of oil equivalent (“BOEPD”) or about 14,200 net revenue interest (“NRI”) BOEPD;
    • Production was within VAALCO’s fourth quarter 2022 guidance range and was positively impacted by strong Egypt production but offset by delayed Gabon well timing and related lower-than-expected flow rates, as well as weather and operational delays impacting well tie-ins in Canada;
    • Production by area for the fourth quarter of 2022:
      • Egypt: Approximately 8,850 WI BOEPD or 5,975 NRI BOEPD;
      • Gabon: Approximately 7,075 WI BOEPD or 6,150 NRI BOEPD;
      • Canada: Approximately 2,250 WI BOEPD or 2,075 NRI BOEPD;
  • Raised full year 2022 production by 43% year-over-year to approximately 10,150 NRI BOEPD;
  • Generated significant cash flow in 2022 that fully funded record capital investment and shareholder returns;
  • Fourth quarter 2022 capital spending totaled approximately $55 million (subject to final reconciliation and audit), modestly above the guidance range, primarily due to increased costs in Gabon related to the completion of the Floating, Storage and Offloading vessel (“FSO”)…

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