Please wait while we load the requested 10-Q report or click the link below:
VAALCO ENERGY, INC. ANNOUNCES
SECOND QUARTER 2019 RESULTS
HOUSTON – August 7, 2019 - VAALCO Energy, Inc. (NYSE: EGY) today reported operational and financial results for the second quarter 2019.
Operational and Financial Highlights for the second quarter of 2019 include:
Net loss totaled $1.0 million in the second quarter of 2019 compared with net income of $0.5 million in the same period of 2018, and $6.5 million in the first quarter of 2019. The net loss for the second quarter of 2019 was impacted by a non-cash expense of $5.9 million ($0.10 per diluted share) related to deferred income tax, a $4.4 million ($0.07 per diluted share) charge related to the resolution of a legacy issue related to Etame joint venture owners’ audit findings for the periods from 2007 to 2016 and by a loss of $0.2 million ($0.00 per diluted share) from discontinued operations. This was partially offset by a non-cash benefit of $1.5 million ($0.02 per diluted share) related to unrealized gains on crude oil swaps. Adjusting for the net impact of these items totaling $9.0 million, second quarter Adjusted Net Income was $8.0 million ($0.13 per diluted share). Second quarter 2019 net loss was also impacted by a $(0.1) million ($0.00 per diluted share) non-cash benefit for stock options, restricted stock and stock appreciation rights (“SARs”).
Adjusted EBITDAX totaled $12.9 million in the second quarter of 2019, up 46% compared with $8.8 million for the same period of 2018, and up 32% compared with $9.7 million in the first quarter of 2019. The average realized price for crude oil in the second quarter of 2019 was $68.62 per barrel, a decrease of 8% from $74.36 per barrel in the second quarter of 2018 but up 7% from $64.17 per barrel in the first quarter of 2019. Sales volumes increased 12% to 357,000 barrels in the second quarter of 2019 from 319,000 barrels in the second quarter of 2018 and 20% from 297,000 barrels sold in the first quarter of 2019.
The following information was filed by Vaalco Energy Inc (EGY) on Thursday, August 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.
View differences made from one quarter to another to evaluate Vaalco Energy Inc's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Vaalco Energy Inc.