VAALCO Energy Shares Rise 8% in 6 Days Since Earnings Call

Key highlights

• Net income reached $42.4 million for the second quarter of 2026
• Adjusted EBITDAX for the period was reported at $54.8 million
• Gabon production increased to 9,300 working interest barrels per day
• Management raised production guidance for the Egyptian operational segment
• Final Investment Decision for Venus Block P is targeted for the fourth quarter of 2026

Financial Performance

VAALCO Energy reported total revenue of $177.9 million for the second quarter of 2026. The net income of $42.4 million represents a significant recovery compared to the net loss of $93.8 million reported in the first quarter of 2026 and the $58.6 million loss in the fourth quarter of 2025. This profitability was bolstered by an adjusted EBITDAX of $54.8 million. The company successfully leveraged increased production volumes in its West African assets to offset earlier fiscal challenges.

Up 8.3% since our story on 7 Oct: $5.78 when we broke it → $6.26 at the close on 13 Oct. Daily closing prices. Source: Yahoo Finance.

Show the prices

14 Sep	$6.27
15 Sep	$6.52
16 Sep	$6.17
17 Sep	$6.24
18 Sep	$6.06
21 Sep	$5.96
22 Sep	$5.84
23 Sep	$5.84
24 Sep	$5.94
25 Sep	$5.82
28 Sep	$5.76
29 Sep	$5.64
30 Sep	$5.66
1 Oct	$5.80
2 Oct	$5.73
5 Oct	$5.79
6 Oct	$5.78
7 Oct	$5.79
8 Oct	$6.00
9 Oct	$6.01
12 Oct	$6.10
13 Oct	$6.26

Management Outlook

Leadership has reaffirmed its full-year 2026 capital expenditures guidance, which is expected to range between $290 million and $360 million. A primary focus for the second half of the year includes a robust drilling campaign in Egypt, with plans to complete between 10 and 15 wells. Furthermore, the company is progressing toward a Final Investment Decision for the Venus Block P project, which is currently slated for the fourth quarter of 2026.

Business Overview

VAALCO Energy is an independent energy company focused on the acquisition, exploration, development, and production of crude oil and natural gas. The company maintains a diversified portfolio across Africa, with core producing assets in Gabon and Egypt, alongside development opportunities in Cote d'Ivoire and Equatorial Guinea. The Gabon operations remain the company's largest production driver, recently reaching 9,300 working interest barrels.

Sector Dynamics

During the call, management addressed technical challenges common in mature oil fields, specifically regarding the Bury 5H well in Gabon. The well experienced a faster-than-anticipated increase in water cut, which is now approaching the field-wide average of 75% to 80%. Despite these technical hurdles, production optimization strategies in Cote d'Ivoire and Egypt have allowed the company to maintain a positive production trajectory amidst volatile global energy conditions.

What to Watch

• Final Investment Decision for the Venus Block P project in Q4 2026
• Operational results from the 10-15 well drilling program in Egypt
• Management of water cut levels and infrastructure efficiency at the Bury field
• Third quarter 2026 financial and operating results scheduled for November 9, 2026

VAALCO Energy, Inc. · financial snapshot

Share price	$5.78
Market cap	$608M
Revenue (annual)	$359M
1-month price change	-4.30%
Sector	EnergyOil & Gas E&P

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.