VAALCO Energy Inc
vaalco.comWhat Do They Do?
Produces crude oil, natural gas and natural gas liquids for oil buyers and government customers in Africa.
10-K for FY2025, filed Mar 16, 2026We are an independent energy company headquartered in Houston, Texas engaged in the acquisition, exploration, development and production of…View ↗
Revenue recognition – The Company’s revenues are derived from contracts with customers. Royalties are considered to be part of the price of…View ↗
Revenues from sales in Egypt are generally made through direct sales to EGPC or through contracts with customers pursuant to crude oil…View ↗
How Do They Make Money?
VAALCO sells crude oil, natural gas and natural gas liquids; buyers pay for delivered liftings, with Gabon payments made 30 days after the bill of lading and Egyptian lifting sales collected within 30 days.
10-K for FY2025, filed Mar 16, 2026Revenues from contracts with customers are recognized when the Company satisfies a performance obligation by transferring a good or service…View ↗
Customer sales generally occur on a monthly basis when the customer’s tanker arrives at the FPSO or FSO and the crude oil is delivered to…View ↗
For each lifting completed under a COSPA or COSMA, payment is made by the customer in U.S. dollars by electronic transfer 30 days after the…View ↗
Customer sales generally occur when sales are directly to EGPC or haphazardly production is sold through a cargo lifting. The Company…View ↗
EGPC owns the storage and export facilities where the Company's production is delivered and the Company requires EGPC’s cooperation and…View ↗
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10-K for FY2025, filed Mar 16, 2026
FY2025 revenue by reportable segment ↗
$359.3M
-
10-K for FY2025, filed Mar 16, 2026
$359.3M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Gabon
Sold outright
10-K for FY2025, filed Mar 16, 2026 |
51%
FY2022: 87%
|
Gabon, FY2025
$181.7M Sources
|
Sold outright |
|
Egypt
Sold outright
10-K for FY2025, filed Mar 16, 2026 |
39%
FY2022: 11%
|
Egypt, FY2025
$140M Sources
|
Sold outright |
|
Canada
Sold outright
|
5.3%
FY2022: 2.8%
|
Canada, FY2025
$19.2M Sources
|
Sold outright |
|
Equatorial Guinea
|
0.0%
FY2022: 0.0%
|
Equatorial Guinea, FY2025
$0 Sources
|
|
|
Cote d'Ivoire
Sold outright
|
5.1% |
Cote d'Ivoire, FY2025
$18.4M Sources
|
Sold outright |
Who Are Their Customers?
VAALCO sells crude to buyers taking cargoes at offshore vessels in Gabon. In Egypt, it sells directly to EGPC and markets crude to international purchasers through cargo liftings.
10-K for FY2025, filed Mar 16, 2026Revenues from contracts with customers are generated from sales in Gabon pursuant to crude oil sales and purchase agreements (“COSPAs”) or…View ↗
Customer sales generally occur on a monthly basis when the customer’s tanker arrives at the FPSO or FSO and the crude oil is delivered to…View ↗
Revenues from sales in Egypt are generally made through direct sales to EGPC or through contracts with customers pursuant to crude oil…View ↗
EGPC owns the storage and export facilities where the Company's production is delivered and the Company requires EGPC’s cooperation and…View ↗
Do Revenues Turn Into Profits?
No. It lost $41.4M in FY2025.
10-K for FY2025, filed Mar 16, 2026
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 10, 2026
$42.4MView ↗
- ▲ +407%
- vs $8.4M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 10, 2026
Open tableView ↗
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May 7, 2026
VAALCO raised its full-year production and sales guidance
It raised 2026 production and sales guidance by 8% and 12%, respectively, at the midpoint, while keeping capital budget guidance unchanged.
Sources
8-K, filed May 7, 2026
Successfully drilled, completed and placed on production the Etame 14H development well in April 2026 at an initial rate of 4,850 gross…View ↗
Growing. Revenue grew 80% in 4 years, from $199.1M in FY2021 to $359.3M in FY2025, about 16% a year.
Exit from Canada
The older report describes producing properties in Canada; the newer report says VAALCO sold all Canadian operating assets and exited Canadian oil and gas operations.
10-K for FY2022, filed Apr 6, 2023 10-K for FY2025, filed Mar 16, 2026We own crude oil, natural gas and NGLs producing properties and conduct operating activities in Egypt, Canada, and offshore Gabon, with a…View ↗
On February 4, 2026, the Company entered into an asset purchase agreement (the “Canada APA”) to sell all the operating assets in Canada…View ↗
Côte d'Ivoire operations
The older report describes operations in Gabon, Egypt and Canada; the newer report also describes producing and development properties in Côte d'Ivoire.
10-K for FY2022, filed Apr 6, 2023 10-K for FY2025, filed Mar 16, 2026We own crude oil, natural gas and NGLs producing properties and conduct operating activities in Egypt, Canada, and offshore Gabon, with a…View ↗
We are an independent energy company headquartered in Houston, Texas engaged in the acquisition, exploration, development and production of…View ↗
Cote d'Ivoire SegmentView ↗
In connection with the planned dry dock refurbishment, the Baobab FPSO ceased hydrocarbon production on January 31, 2025, with the final…View ↗
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