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VAALCO ENERGY, INC. ANNOUNCES
FIRST QUARTER 2019 RESULTS AND
PLAN TO SEEK DUAL LISTING OF ITS COMMON STOCK
ON THE LONDON STOCK EXCHANGE
HOUSTON – May 8, 2019 - VAALCO Energy, Inc. (NYSE: EGY) today reported operational and financial results for the first quarter 2019.
Highlights and Recent Key Items:
Net income totaled $6.5 million in the first quarter of 2019 compared with $8.7 million in the same period of 2018, and $10.4 million in the fourth quarter of 2018. Net income for the first quarter of 2019 was impacted by non-cash benefits and charges of: income of $5.7 million from discontinued operations, net of tax, due to the settlement of outstanding obligations in Angola ($0.09 per diluted share); $3.0 million ($0.05 per diluted share) related to the unrealized loss on crude oil swaps; and an expense of $1.8 million ($0.03 per diluted share) related to deferred income tax. Adjusting for the net positive impact of these non-cash items totaling $0.9 million, first quarter Adjusted Net Income would have been $5.6 million ($0.09 per diluted share). First quarter 2019 net income was also impacted by a $1.7 million ($0.03 per diluted share) non-cash charge for Stock Appreciation Rights (“SARs”). Adjusted EBITDAX totaled $9.7 million in the first quarter of 2019 compared with $14.5 million in the same period of 2018, and $16.9 million in the fourth quarter of 2018. The average realized price for crude oil in the first quarter of 2019 was $64.17
The following information was filed by Vaalco Energy Inc (EGY) on Wednesday, May 8, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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