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VAALCO ENERGY, INC. ANNOUNCES
SECOND QUARTER 2017 RESULTS
REPORTS $5.6 MILLION IN OPERATING INCOME AND $0.04 EARNINGS PER SHARE
HOUSTON – August 8, 2017 – VAALCO Energy, Inc. (NYSE: EGY) today reported operational and financial results for the second quarter 2017.
Second Quarter 2017 and recent key items:
For the second quarter of 2017, VAALCO reported income from continuing operations of $2.5 million, or $0.04 per diluted share. In the same period in 2016, the Company reported a loss from continuing operations of $0.5 million, or a loss of $0.01 per diluted share, and in the first quarter of 2017 reported income from continuing operations of $4.4 million, or $0.07 earnings per diluted share. The average realized price for crude oil in the second quarter of 2017 was $46.83 per barrel, up 15% from $40.79 per barrel in the second quarter of 2016. In the first quarter of 2017, the average realized price for crude oil was $51.99 per barrel. Adjusted EBITDAX totaled $8.6 million in the second quarter of 2017 compared with $7.7 million in the same period of 2016, and $10.4 million in the first quarter of 2017.
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.”
The following information was filed by Vaalco Energy Inc (EGY) on Wednesday, August 9, 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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