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VAALCO ENERGY, INC. ANNOUNCES
FIRST QUARTER 2017 RESULTS
REPORTS $0.07 EARNINGS PER SHARE, HIGHEST SINCE SECOND QUARTER 2014
HOUSTON – MAY 8, 2017 – VAALCO Energy, Inc. (NYSE: EGY) today reported operational and financial results for the first quarter 2017.
First Quarter 2017 and recent key items:
For the first quarter of 2017, VAALCO reported income from continuing operations of $4.4 million, or $0.07 per diluted share. In the same period in 2016, the Company reported a loss from continuing operations of $15.4 million, or a loss of $0.26 per diluted share. The average realized price for crude oil in the first quarter of 2017 was $51.99 per barrel, up 92% from $27.07 per barrel in the first quarter of 2016. Adjusted EBITDAX totaled $10.4 million in the first quarter of 2017 compared with a loss of $10.7 million in the same period of 2016.
Adjusted EBITDAX is a Non-GAAP financial measure and is described and reconciled to net income (loss) in the attached table under “Non-GAAP Financial Measures.”
Cary Bounds, VAALCO’s Chief Executive Officer commented: “We continue to enhance value by delivering solid production results and minimizing costs. We successfully completed two well interventions utilizing a cost effective hydraulic workover unit versus the traditional method of mobilizing a more expensive drilling rig. VAALCO produced 4,622 BOPD of net production which, coupled with improved pricing, allowed us to grow operating income and Adjusted EBITDAX significantly versus the fourth quarter 2016. Our focus in 2017 is to maximize margins through operational excellence and continue to execute on our corporate strategy while
The following information was filed by Vaalco Energy Inc (EGY) on Monday, May 8, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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