VAALCO Energy (NYSE: EGY) is an independent upstream oil and gas company that explores for, develops, and produces crude oil, natural gas, and natural gas liquids across international assets. Revenue is transactional, earned from selling produced hydrocarbons at market prices benchmarked primarily to Dated Brent. The company is incorporated in Delaware (1985) and headquartered in Houston, Texas. Operations span Gabon, Egypt, Cote d'Ivoire, and Canada. Net crude oil, natural gas, and NGLs revenue was $359.3 million in FY2025, down from $479.0 million in FY2024, reflecting lower realized prices (average $56.11 per Boe in FY2025 vs. $65.64 per Boe in FY2024) and reduced volumes (6,370 MBoe sold in FY2025 vs. 7,262 MBoe in FY2024). The company pays a quarterly cash dividend of $0.0625 per common share, totaling $0.25 per share in FY2025. West Africa, particularly Gabon and Egypt, accounts for the majority of production volumes.

Revenue model

Transactional revenue from sale of crude oil, natural gas, and NGLs at market prices. Crude oil dominates volumes across all segments. Pricing is referenced to Dated Brent spot prices ($69.14/Bbl average in FY2025). No subscription or royalty revenue streams disclosed in the filing.

Products and services

Crude oil, natural gas, and natural gas liquids (NGLs). FY2025 production: crude oil 5,590 MBbl, natural gas 1,449 MMcf, NGLs 212 MBbl. Crude oil is the primary commodity across Gabon, Egypt, and Cote d'Ivoire segments; Canada contributes crude oil, natural gas, and NGLs.

Customers and end markets

End market is global commodity purchasers of crude oil and natural gas. No specific customer names or concentration disclosures are provided in the filing excerpts.

Value-chain role

Upstream exploration and production. The company holds working interests in producing fields and development blocks, drills and operates wells, and sells hydrocarbons directly into commodity markets. It does not have disclosed midstream, refining, or downstream operations.

Geographic exposure

Gabon (2,535 MBbl crude production FY2025), Egypt (2,730 MBbl crude production FY2025), Cote d'Ivoire (111 MBbl crude production FY2025), Canada (214 MBbl crude oil plus 1,449 MMcf natural gas and 212 MBbl NGLs FY2025). West Africa carries geopolitical and security risk noted in the FY2025 10-K.

Source: SEC 10-K, filed 2026-03-16

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