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VAALCO ENERGY, INC. ANNOUNCES
FOURTH QUARTER AND FULL YEAR 2018 RESULTS
REPORTS $10.5 MILLION, OR $0.17 PER DILUTED SHARE, IN INCOME FROM CONTINUING OPERATIONS FOR THE FOURTH QUARTER OF 2018
HOUSTON –March 6, 2019 –VAALCO Energy, Inc. (NYSE: EGY) today reported operational and financial results for the fourth quarter and full year of 2018.
Highlights and Recent Key Items:
For the fourth quarter of 2018, VAALCO reported income from continuing operations of $10.5 million, or $0.17 per diluted share. This included the impact from approximately $5.6 million, or $0.09 per diluted share for non-cash mark-to-market gains related to the Company’s crude oil swaps and primarily non-cash gains for employee SARs of approximately $1.5 million, or $0.02 per diluted share. In the same period in 2017, the Company reported income from continuing operations of $3.5 million, or $0.06 per diluted share, and in the third quarter of 2018 reported income from continuing operations of $78.6 million, or $1.28 per diluted share. The average realized price for crude oil in the fourth quarter of 2018 was $64.52 per barrel, an increase of 8% from $59.89 per barrel in the fourth quarter of 2017. In the third quarter of 2018, the average realized price for crude oil was $75.40 per barrel.
Adjusted income from continuing operations for the fourth quarter of 2018 totaled $19.8 million, or $0.32 per diluted share, after adding back $9.3 million in non-cash deferred income tax expense. In the same period in 2017, adjusted income from operations was $2.3 million, or $0.04 per diluted share, and in the third quarter of 2018 was $9.1 million, or $0.15 per diluted share. Adjusted EBITDAX totaled $16.9 million in the fourth quarter of 2018 compared with $3.9 million in the same period of 2017, and $16.0 million in the third quarter of 2018.
The following information was filed by Vaalco Energy Inc (EGY) on Thursday, March 7, 2019 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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