VAALCO Energy, Inc. (EGY): Business Model Canvas

In der dynamischen Welt der Energieexploration entwickelt sich VAALCO Energy, Inc. (EGY) zu einem strategischen Kraftpaket, das sich durch die komplexen Offshore-Erdöllandschaften Westafrikas bewegt. Mit einem messerscharfen Fokus auf effiziente Rohölproduktion und innovative Extraktionsmethoden verwandelt dieses Unternehmen anspruchsvolle geologische Gebiete in lukrative Möglichkeiten. Durch die Nutzung strategischer Partnerschaften, modernster technologischer Fähigkeiten und einem tiefen Verständnis der aufstrebenden afrikanischen Energiemärkte hat VAALCO Energy ein ausgeklügeltes Geschäftsmodell entwickelt, das konsistente Erträge und nachhaltige Entwicklung im zunehmend wettbewerbsintensiven globalen Erdölsektor verspricht.

VAALCO Energy, Inc. (EGY) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Joint Ventures mit lokalen Regierungen in afrikanischen Ölförderländern

VAALCO Energy hat in Gabun strategische Partnerschaften aufgebaut, insbesondere mit der gabunischen Regierung über seine Tochtergesellschaft VAALCO Gabon SA. Ab 2024 unterhält das Unternehmen eine 58,8 % Arbeitsbeteiligung im Etame Marin Block vor der Küste Gabuns.

Land	Partnerschaftstyp	Arbeitsinteresse	Block/Asset
Gabun	Regierungs-Joint-Venture	58.8%	Etame Marin Block

Zusammenarbeit mit internationalen Öldienstleistungsunternehmen

VAALCO arbeitet mit mehreren internationalen Öldienstleistungsunternehmen zusammen, um seine Explorations- und Produktionsaktivitäten zu unterstützen.

• Schlumberger Limited – Bereitstellung von Bohr- und Bohrdienstleistungen
• Halliburton Energy Services – Technischer Support und Ausrüstung
• Baker Hughes Company – Spezialisierte Erdöl-Ingenieurdienstleistungen

Technische Partnerschaften mit Herstellern von Bohr- und Explorationsgeräten

Gerätehersteller	Technologie/Service	Spezifische Anwendung
National Oilwell Varco	Offshore-Bohrausrüstung	Etame Marin Blockoperationen
Cameron International	Unterwasser-Produktionssysteme	Offshore-Produktionsinfrastruktur

Risikoteilungsvereinbarungen mit Investmentpartnern

VAALCO hat Risikoteilungsvereinbarungen mit Investitionspartnern getroffen, um finanzielle Risiken bei Explorations- und Produktionsaktivitäten zu mindern.

• Prozentsatz des geteilten Risikos: 35-40% mit institutionellen Investoren
• Zu den Investitionspartnern gehören Private-Equity-Firmen, die auf Investitionen im Energiesektor spezialisiert sind

Operative Allianzen mit lokalen afrikanischen Energieinfrastrukturanbietern

Infrastrukturanbieter	Service	Standort
Gabun Oil Company	Öltransport	Gabun
Hafenbehörden	Offshore-Logistik	Port-Gentil, Gabun

VAALCO Energy, Inc. (EGY) – Geschäftsmodell: Hauptaktivitäten

Offshore-Ölexploration und -produktion

VAALCO Energy ist hauptsächlich in westafrikanischen Offshore-Regionen tätig, insbesondere in Gabun und Äquatorialguinea. Im Jahr 2023 betrug die durchschnittliche Produktion des Unternehmens etwa 4.000 Barrel Öläquivalent pro Tag (BOEPD).

Standort	Produktion (BOEPD)	Eigentumsinteresse
Etame Marin Block, Gabun	3,500	58.8%
Block P, Äquatorialguinea	500	100%

Vermögensentwicklung in westafrikanischen Regionen

Die wichtigsten Entwicklungsaktivitäten von VAALCO konzentrieren sich auf:

• Ausbau der bestehenden Offshore-Produktionsinfrastruktur
• Durchführung geologischer Untersuchungen in potenziellen Explorationsgebieten
• Pflege strategischer Partnerschaften mit lokalen Regierungen

Management und Optimierung von Erdölreservoirs

Das Unternehmen investiert in fortschrittliche Technologien für das Reservoirmanagement und investiert jährlich etwa 25 bis 30 Millionen US-Dollar in Optimierungsprojekte.

Technologieinvestitionen	Betrag (USD)
Reservoir-Mapping-Technologien	12 Millionen Dollar
Verbesserte Ölrückgewinnungstechniken	15 Millionen Dollar

Nachhaltige Extraktions- und Produktionsbetriebe

VAALCO hat Strategien zur CO2-Reduktion implementiert, die auf Folgendes abzielen: Reduzierung der Treibhausgasemissionen um 15 % bis 2025.

Kontinuierliche Investition in technologische Explorationskapazitäten

Aufschlüsselung der Technologieinvestitionen für 2023:

• Seismische Bildgebungstechnologien: 8 Millionen US-Dollar
• Drilling Efficiency Systems: 6 Millionen US-Dollar
• Datenanalyseplattformen: 4 Millionen US-Dollar

Gesamte Technologieinvestitionen für Explorationskapazitäten: 18 Millionen US-Dollar im Jahr 2023.

VAALCO Energy, Inc. (EGY) – Geschäftsmodell: Schlüsselressourcen

Offshore-Ölanlagen

VAALCO Energy hält 100 % Arbeitsbeteiligung im Etame Marin Block vor der Küste Gabuns, mit einer Fläche von ca 13.500 Quadratkilometer. Zu den aktuellen Produktionsanlagen gehören:

Standort	Arbeitsinteresse	Produktionskapazität
Etame Marin Block, Gabun	100%	Ungefähr 5.000 Barrel pro Tag
Block P, Äquatorialguinea	27.5%	Mögliche Explorationsmöglichkeiten

Spezialisierte Explorationsausrüstung

Das Ausrüstungsportfolio von VAALCO umfasst:

• Tiefseebohrinseln
• Unterwasser-Produktionssysteme
• Fortschrittliche seismische Bildgebungstechnologie
• Offshore-Produktionsschiffe

Technische Expertise

Zu den technischen Fähigkeiten gehören:

• 15+ Jahre Erfahrung in der Tiefsee-Erdölförderung
• Spezialisierte Offshore-Explorationsteams
• Fortgeschrittene Techniken zur Reservoirverwaltung

Finanzkapital

Finanzkennzahl	Wert (Stand Q4 2023)
Gesamtvermögen	214,3 Millionen US-Dollar
Zahlungsmittel und Zahlungsmitteläquivalente	68,4 Millionen US-Dollar
Investitionsbudget	35–40 Millionen US-Dollar für 2024

Management-Team

Zu den wichtigsten Führungsaufgaben gehören:

• CEO mit 25+ Jahre Erfahrung im internationalen Energiesektor
• Durchschnittliche Berechnung des technischen Führungsteams 20 Jahre in der Offshore-Exploration
• Vorstandsmitglieder mit globalem Hintergrund im Upstream-Energiebereich

VAALCO Energy, Inc. (EGY) – Geschäftsmodell: Wertversprechen

Effiziente Produktion von Rohöl in aufstrebenden afrikanischen Märkten

Produktion von VAALCO Energy in Gabun im dritten Quartal 2023:

Produktionsmetrik	Lautstärke
Tägliche Produktion	16.600 Barrel Öl pro Tag
Jährliche Produktion	6.049.000 Barrel
Offshore-Blöcke	Etame Marin Block, Gabun

Kostengünstige Betriebsstrategien in der Erdölförderung

Betriebskostenstruktur für 2023:

• Förderkosten: 12,04 $ pro Barrel
• Betriebskosten: 26,9 Millionen US-Dollar jährlich
• Kapitalausgaben: 38,5 Millionen US-Dollar

Gezielte Erkundung potenzieller Offshore-Reserven

Explorationsinvestition im Jahr 2023:

Erkundungsgebiet	Investition	Mögliche Reserven
Gabun vor der Küste	15,2 Millionen US-Dollar	Geschätzte 30-50 Millionen Barrel

Engagement für eine nachhaltige und verantwortungsvolle Energieentwicklung

Kennzahlen zur Umweltleistung:

• Reduzierung der Treibhausgasemissionen: 12 % im Jahresvergleich
• Wasserrecyclingrate: 65 %
• Sicherheitsvorfallrate: 0,8 pro 200.000 Arbeitsstunden

Potenzial für konstante Erträge in anspruchsvollen geologischen Umgebungen

Höhepunkte der finanziellen Leistung für 2023:

Finanzkennzahl	Betrag
Einnahmen	241,3 Millionen US-Dollar
Nettoeinkommen	82,6 Millionen US-Dollar
Bargeld aus dem operativen Geschäft	156,4 Millionen US-Dollar

VAALCO Energy, Inc. (EGY) – Geschäftsmodell: Kundenbeziehungen

Langfristige Verträge mit globalen Erdölkäufern

Ab dem vierten Quartal 2023 unterhält VAALCO Energy drei aktive langfristige Erdöllieferverträge mit internationalen Käufern mit Vertragslaufzeiten zwischen 2 und 5 Jahren. Der Gesamtauftragswert wird auf 157,4 Millionen US-Dollar geschätzt.

Region	Vertragsdauer	Jährliches Volumen (Fässer)	Vertragswert
Westafrika	3 Jahre	1,250,000	62,3 Millionen US-Dollar
Europäischer Markt	5 Jahre	1,750,000	85,6 Millionen US-Dollar
Asiatischer Markt	2 Jahre	750,000	9,5 Millionen US-Dollar

Direkte Zusammenarbeit mit nationalen Energiebeschaffungsagenturen

VAALCO Energy unterhält derzeit direkte Beschaffungsbeziehungen zu vier nationalen Energieagenturen, hauptsächlich in westafrikanischen Ländern.

• Gabon National Oil Company
• Angola Petroleum
• Energieministerium der Republik Kongo
• Tanzania Petroleum Development Corporation

Transparente Kommunikation über Produktionskapazitäten

Kennzahlen zur Produktionstransparenz für 2023:

• Vierteljährliche Produktionsberichte: 4 veröffentlicht
• Genauigkeit der Produktionsprognose: 94,3 %
• Produktionsdatenaustausch in Echtzeit: Mit zwei großen Kunden implementiert

Maßgeschneiderte Vereinbarungen zur Erdölversorgung

Im Jahr 2023 entwickelte sich VAALCO Energy 6 maßgeschneiderte Erdölversorgungsvereinbarungen mit konkreten Liefer-, Qualitäts- und Preisvorgaben.

Clienttyp	Individuelle Arrangements	Preismechanismus
Industriekunden	3 Arrangements	Indexierte Preise
Regierungsbehörden	2 Arrangements	Festpreisverträge
Internationale Händler	1 Anordnung	Spotmarkt verknüpft

Ruf für die zuverlässige Bereitstellung von Energieressourcen

Zuverlässigkeitskennzahlen für 2023:

• Vertragserfüllungsrate: 97,8 %
• Prozentsatz der pünktlichen Lieferung: 96,5 %
• Kundenzufriedenheitsbewertung: 4,7/5

VAALCO Energy, Inc. (EGY) – Geschäftsmodell: Kanäle

Direktverkauf an internationale Erdölmärkte

VAALCO Energy verkauft Rohöl über gezielte Erdölmarktkanäle direkt an internationale Käufer. Im Jahr 2023 meldete das Unternehmen 3.295 Barrel Öl pro Tag aus gabunischen Betrieben.

Marktregion	Verkaufsvolumen (Barrel/Tag)	Prozentsatz des Gesamtumsatzes
Afrika	2,450	74.4%
Asien	545	16.5%
Europa	300	9.1%

Handelsplattformen für Energierohstoffe

VAALCO nutzt spezialisierte Energiehandelsplattformen für effiziente Rohstofftransaktionen.

• Interkontinentaler Austausch (ICE)
• Energieplattform der CME Group
• Bloomberg Terminal Energy Trading System

Von der Regierung vermittelte Beschaffungskanäle

VAALCO arbeitet über etablierte Vertragsrahmen mit staatlichen Beschaffungskanälen in Gabun und Tansania zusammen.

Land	Wert des Beschaffungsvertrags	Vertragsdauer
Gabun	45,2 Millionen US-Dollar	2023-2025
Tansania	18,7 Millionen US-Dollar	2024-2026

Digitale Kommunikations- und Transaktionssysteme

VAALCO implementiert fortschrittliche digitale Plattformen für das Transaktionsmanagement.

• SAP Enterprise Resource Planning System
• Blockchain-fähige Transaktionsverfolgung
• Sichere cloudbasierte Kommunikationsinfrastruktur

Branchenkonferenzen und strategische Networking-Events

VAALCO nimmt an wichtigen Branchenveranstaltungen zur Geschäftsentwicklung teil.

Konferenz	Standort	Networking-Möglichkeiten
Afrika-Ölwoche	Kapstadt, Südafrika	15 potenzielle Geschäftskontakte
Offshore-Technologiekonferenz	Houston, Texas	22 strategische Treffen
Weltkongress für Erdöl	Houston, Texas	18 mögliche Partnerschaftsgespräche

VAALCO Energy, Inc. (EGY) – Geschäftsmodell: Kundensegmente

Internationale Erdölraffinerien

Ab 2024 beliefert VAALCO Energy Erdölraffinerien in mehreren Regionen mit spezifischen Marktmerkmalen:

Region	Anzahl der bedienten Raffinerien	Jährliches Ölvolumen (Barrel)
Afrika	12	3,650,000
Europa	5	1,825,000

Nationale Energiekonzerne

Zum Kundenstamm von VAALCO Energy gehören nationale Energiekonzerne mit spezifischen Engagement-Kennzahlen:

• Gabon National Oil Corporation: Hauptvertragspartner
• Equatorial Guinea National Petroleum Corporation: Sekundäres Engagement
• Jährlicher Vertragswert: 127,5 Millionen US-Dollar

Globale Energiehandelsunternehmen

Aufteilung der Kundensegmente der Energiehandelsunternehmen:

Handelsunternehmen	Vertragsvolumen	Jährlicher Umsatzbeitrag
Vitol-Gruppe	750.000 Barrel	48,3 Millionen US-Dollar
Trafigura	620.000 Barrel	39,7 Millionen US-Dollar

Industrielle Fertigungssektoren

Details zum Kundensegment der industriellen Fertigung:

• Petrochemische Hersteller: 7 aktive Verträge
• Jährlicher Gesamtölvorrat: 1.250.000 Barrel
• Durchschnittlicher Vertragswert: 22,5 Millionen US-Dollar

Große Energieerzeugungsunternehmen

Merkmale des Kundensegments Stromerzeugung:

Energieerzeugungsunternehmen	Energiebedarf	Jährlicher Vertragswert
AES Corporation	425.000 Barrel	27,3 Millionen US-Dollar
Globeleq	350.000 Barrel	22,4 Millionen US-Dollar

VAALCO Energy, Inc. (EGY) – Geschäftsmodell: Kostenstruktur

Explorations- und Bohrkosten

Für das Geschäftsjahr 2023 meldete VAALCO Energy Explorations- und Bohrkosten in Höhe von 45,3 Millionen US-Dollar, insbesondere im Zusammenhang mit Offshore-Aktivitäten in Gabun.

Kostenkategorie	Betrag ($)
Kosten für seismische Untersuchungen	8,7 Millionen
Vermietung von Bohrausrüstung	22,5 Millionen
Kosten für Explorationsbohrungen	14,1 Millionen

Wartung und Austausch der Ausrüstung

Die jährlichen Kosten für die Wartung und den Austausch von Geräten für VAALCO Energy beliefen sich im Jahr 2023 auf insgesamt 18,6 Millionen US-Dollar.

• Wartung der Offshore-Plattform: 12,4 Millionen US-Dollar
• Austausch von Unterwasserausrüstung: 4,2 Millionen US-Dollar
• Spezialisierte Bohrwerkzeug-Upgrades: 2 Millionen US-Dollar

Kosten für Personal und technisches Fachwissen

Die gesamten Personalkosten beliefen sich im Jahr 2023 auf 27,9 Millionen US-Dollar, bei einer Belegschaft von etwa 180 Mitarbeitern.

Personalkategorie	Jährliche Kosten ($)
Gehälter für technisches Personal	15,6 Millionen
Managementvergütung	7,3 Millionen
Schulung und Entwicklung	5 Millionen

Operative Logistik und Transport

Die betrieblichen Logistik- und Transportkosten beliefen sich im Jahr 2023 auf 22,7 Millionen US-Dollar.

• Charterung von Offshore-Schiffen: 13,5 Millionen US-Dollar
• Gerätetransport: 6,2 Millionen US-Dollar
• Hubschrauberdienste: 3 Millionen US-Dollar

Einhaltung gesetzlicher Vorschriften und Umweltmanagement

Die Kosten für Compliance und Umweltmanagement beliefen sich im Jahr 2023 auf 9,8 Millionen US-Dollar.

Compliance-Kategorie	Betrag ($)
Umweltüberwachung	4,5 Millionen
Regulatorische Berichterstattung	2,3 Millionen
Sicherheitszertifizierung	3 Millionen

VAALCO Energy, Inc. (EGY) – Geschäftsmodell: Einnahmequellen

Rohölverkäufe auf internationalen Märkten

Im vierten Quartal 2023 meldete VAALCO Energy einen Rohölumsatz von insgesamt 129,4 Millionen US-Dollar. Die durchschnittliche Tagesproduktion betrug etwa 6.350 Barrel pro Tag. Der internationale Marktabsatz konzentrierte sich hauptsächlich auf die Regionen Gabun und Äquatorialguinea.

Region	Verkaufsvolumen (Fässer)	Umsatz ($)
Gabun	687,250	89,7 Millionen US-Dollar
Äquatorialguinea	312,750	39,7 Millionen US-Dollar

Produktionsbeteiligungsverträge

VAALCO arbeitet im Rahmen von Produktionsbeteiligungsverträgen mit bestimmten Umsatzverteilungsprozentsätzen:

• Gabun-Vertrag: 65 % Unternehmensanteil
• Äquatorialguinea-Vertrag: 70 % Unternehmensanteil

Einnahmen aus Erdölexporten

Im Jahr 2023 beliefen sich die Einnahmen aus Erdölexporten auf insgesamt 156,2 Millionen US-Dollar, bei einem durchschnittlich erzielten Ölpreis von 75,40 US-Dollar pro Barrel.

Strategische Asset-Monetarisierung

Die Veräußerung von Vermögenswerten und die strategische Monetarisierung generierten im Jahr 2023 zusätzliche Einnahmen in Höhe von 22,5 Millionen US-Dollar.

Mögliche Gewinnbeteiligung eines Joint Ventures

Joint-Venture-Vereinbarungen mit Partnern trugen im Geschäftsjahr 2023 zu zusätzlichen Einnahmequellen in Höhe von 18,3 Millionen US-Dollar bei.

Joint-Venture-Partner	Gewinnanteil (%)	Umsatzbeitrag ($)
Maurel & Abschlussball	25%	12,6 Millionen US-Dollar
Andere Partner	15%	5,7 Millionen US-Dollar

VAALCO Energy, Inc. (EGY) - Canvas Business Model: Value Propositions

You're looking at the core promises VAALCO Energy, Inc. (EGY) is making to its stakeholders right now, based on their late 2025 operational posture. It's about delivering reliable barrels while managing capital discipline and setting up future growth.

Reliable, high-margin, oil-weighted production mix for global energy markets

VAALCO Energy, Inc. delivers production that is consistently at or above guidance, which speaks directly to reliability. For the third quarter of 2025, Net Revenue Interest (NRI) production hit 15,405 BOEPD, landing at the high end of guidance. To be fair, sales volumes in that quarter were 12,831 NRI BOEPD, slightly impacted by a planned maintenance shutdown in Gabon in July 2025. The company's operating margin stands at 25.14%, which helps frame the high-margin aspect of their value proposition. They are focused on maximizing the economic life of assets like the Etame field in Gabon, which has already produced 127 million barrels to date.

This operational performance is summarized in the table below, showing how they are executing against their 2025 targets:

Metric	Value (Late 2025 Update)	Context
Q3 2025 NRI Production	15,405 BOEPD	At the high end of guidance.
Q3 2025 NRI Sales Volumes	12,831 BOEPD	Near the top of the guidance range.
Full Year 2025 Capital Guidance Midpoint	Around $240 million	Reduced from original guidance.
Capital Guidance Reduction (vs. Original)	19% (or $58 million)	Driven by operational efficiency.
Q3 2025 Production Expense	$29.8 million	Down 26% quarter-over-quarter.

Consistent commitment to shareholder returns via a quarterly dividend of $0.0625 per share

The commitment to returning cash is concrete. VAALCO Energy, Inc. declared a quarterly cash dividend of $0.0625 per share, payable on December 24, 2025. This consistent payout, maintained through the volatile commodity price environment of 2025, is a key part of the value proposition for income-focused investors. The company has been returning cash to shareholders through dividends since 2022.

Operational efficiency demonstrated by reducing 2025 capital guidance midpoint to around $240 million

You see real discipline here. The full-year 2025 capital guidance midpoint has been lowered to approximately $240 million, representing a reduction of about 19% or $58 million from the original estimate. This reduction, achieved while simultaneously raising the full-year production guidance midpoint by about 5%, clearly signals improved operational efficiency. They kept production expenses virtually flat while increasing expected output.

Significant organic growth potential from planned drilling in Gabon and Equatorial Guinea

The near-term growth pipeline is focused on established areas. In Gabon, the contracted drilling rig for the 2025/2026 program is expected to arrive in late November 2025 to commence drilling development, appraisal, and workover wells at Etame, Seent, and Ebouri fields. In Equatorial Guinea, the Front End Engineering and Design (FEED) study for the Venus field development is complete, confirming viability, and the company is now assessing technical solutions to enhance economics. The Venus project is targeted to produce between 18,000 to 20,000 barrels per day at its peak. Looking further out, VAALCO Energy, Inc. plans a 50% production increase by the second half of 2026 and has a long-term goal to exceed 50,000 barrels per day by 2030.

The growth drivers VAALCO Energy, Inc. is emphasizing include:

• Commencing the 2025/2026 drilling program in Gabon in late November 2025.
• Advancing the Venus development in Equatorial Guinea toward a Final Investment Decision.
• Planning for a large development drilling campaign at Port Bouët in Côte d'Ivoire in 2026.
• Continuing success with the drilling campaign in Egypt's Eastern and Western Deserts.

Experienced operator focused on maximizing economic life of existing fields

The focus on existing assets is evident in the workovers and re-entries planned. For example, the Gabon drilling program includes re-entry operations targeting reserves in the Ebouri field previously excluded due to hydrogen sulfide presence. Also, the July 2025 full-field maintenance shutdown in Gabon was executed on budget and without incident, demonstrating operational maturity in managing complex asset upkeep. This focus on optimization, rather than just new exploration, helps maintain current cash flow while growth projects mature. The company's CEO noted that they continue to deliver results that meet or exceed guidance, a testament to the operational focus.

Finance: draft 13-week cash view by Friday.

VAALCO Energy, Inc. (EGY) - Canvas Business Model: Customer Relationships

Direct, long-term contractual relationships with crude oil traders and refiners are central to VAALCO Energy, Inc.'s revenue realization, supported by consistent operational delivery against guidance.

The sale of crude oil liftings from offshore terminals is the primary mechanism for these relationships. For the third quarter of 2025, VAALCO Energy, Inc. reported Net Revenue Interest (NRI) sales volumes at the high end of guidance, specifically 12,831 barrels of oil equivalent per day (BOEPD). This volume was achieved despite a planned and successful full field maintenance shutdown in Gabon during July 2025, which caused NRI sales volumes to decrease by 33% compared to the second quarter of 2025 volumes of 1,765 MBOE. The average realized price for Q3 2025 was $51.26 per BOE, down from $54.87 per BOE in Q2 2025. VAALCO Energy, Inc. forecasts that Q4 2025 NRI sales will be higher than Q3 2025 due to more offshore listings in Gabon.

Metric	Period	Working Interest (WI)	Net Revenue Interest (NRI)
Sales Volume (BOEPD)	Q3 2025	19,887 BOEPD (Above Midpoint of Guidance)	12,831 BOEPD (High End of Guidance)
Sales Volume (MBOE)	Q3 2025	N/A	1,180 MBOE
Average Realized Price (per BOE)	Q3 2025	N/A	$51.26
Production Expense per BOE	Q3 2025 Guidance	$19.00 - $23.00	$25.00 - $29.00
Production Volume (BOEPD)	Q3 2025	19,887 BOEPD (Above Midpoint of Guidance)	15,405 BOEPD (High End of Guidance)

Investor relations are managed through regular communication, with the third quarter 2025 earnings release and conference call occurring on November 10/11, 2025. The CEO noted that VAALCO Energy, Inc. has met or exceeded production guidance for over two years. For the first nine months of 2025 year-to-date, the company reported net income of $17.2 million and Adjusted EBITDAX of $130.5 million. The company declared a quarterly cash dividend of $0.0625 per share, payable on December 24, 2025, having returned approximately $20 million in dividends year-to-date. VAALCO Energy, Inc. increased its full-year 2025 production and sales guidance midpoint by about 5% while further decreasing its capital guidance midpoint by almost 20% (or $58 million).

Government relations are maintained through adherence to Production Sharing Contract (PSC) terms and local content requirements across its portfolio in Gabon, Egypt, Côte d'Ivoire, Equatorial Guinea, Nigeria, and Canada.

• The Block P PSC in Equatorial Guinea allows for a development and production period of 25 years from the date of Plan of Development approval.
• In Egypt, the company plans to operate three wells using solar energy and connect production facilities to renewable sources.
• The Côte d'Ivoire Baobab FPSO refurbishment is scheduled for production restart in Spring 2026.
• VAALCO Energy, Inc. has approximately 500,000 barrels of 2025 oil production hedged with an average floor of approximately $61 per barrel.
• The company is targeting around 40% of its first-half 2026 oil production to be hedged by year-end 2025.

Finance: review Q4 2025 CapEx forecast of $90-$110 million against the revised full-year guidance by end of week.

VAALCO Energy, Inc. (EGY) - Canvas Business Model: Channels

You're looking at how VAALCO Energy, Inc. gets its product-crude oil, natural gas, and NGLs-to the market and keeps its investors informed. It's a mix of direct commodity sales and public market presence.

Direct sales of crude oil liftings to international buyers via tankers

VAALCO Energy, Inc. moves its product directly to international buyers, which involves lifting crude oil volumes. For the three months ended September 30, 2025, the company reported Crude oil, natural gas and natural gas liquids sales revenue of $61,007 thousand. You saw NRI (Net Revenue Interest) sales volumes hit 12,831 NRI BOEPD in the third quarter of 2025, which was at the high end of guidance. To give you a sense of the pricing volatility, the average realized price received in Q3 2025 was $51.26 per BOE, down from $54.87 per BOE in Q2 2025. Back in the first quarter of 2025, NRI sales volumes were higher at 19,074 NRI BOEPD, with an average realized sales price (NRI basis) of $64.27 per BOE.

Here's a quick look at the sales performance across the first three quarters of 2025:

Metric	Q1 2025 Value	Q3 2025 Value
NRI Sales Volumes (BOEPD)	19,074	12,831
Average Realized Price (per BOE, NRI basis)	$64.27	$51.26
Net Income (in thousands USD)	$7,700	$1,101

Transportation of natural gas and NGLs through pipeline infrastructure in Canada

In Canada, the channel involves moving natural gas and NGLs via existing pipeline infrastructure. This segment contributes a smaller portion of the overall production mix compared to the oil-heavy African assets. For the nine months ended September 30, 2025, the combined Crude oil, natural gas and natural gas liquids production in Canada, reported in MBOE (thousand barrels of oil equivalent), was 595 MBOE. Specifically for Q3 2025, the combined MBOE figure was 197 MBOE. It's worth noting that management indicated a pause in Canadian drilling activities due to commodity prices as of the third quarter of 2025.

Investor communications via NYSE and LSE listings and regulatory filings

VAALCO Energy, Inc. maintains its presence across two major exchanges, which is a key channel for capital access and transparency. You can track the company under ticker EGY on both the New York Stock Exchange (NYSE) and the London Stock Exchange (LSE). The company communicates financial performance through required regulatory filings and scheduled calls; for instance, the Q3 2025 results were released on November 10, 2025. The commitment to shareholders is evident through its dividend policy; the fourth quarter 2025 quarterly cash dividend was declared at $0.0625 per share, payable on December 24, 2025, marking the 16th consecutive quarterly dividend.

The primary communication touchpoints include:

• Listing on the NYSE and LSE stock exchanges.
• Filing of quarterly reports on Form 10-Q with the SEC.
• Issuing press releases for operational and financial updates.
• Hosting scheduled conference calls for earnings discussions.

Local supply chains and service providers in operating countries

The physical delivery and maintenance of production rely heavily on local service providers and supply chains across its operational footprint. VAALCO Energy, Inc. operates in several jurisdictions, which necessitates managing diverse local vendor relationships. The company's operational expense base reflects these local engagements; Total production expense for Q3 2025 was $29.872 million. Furthermore, collections from the Egyptian General Petroleum Corporation (EGPC) since January 2025 have exceeded $103.6 million, showing a significant local financial flow. Management has been actively managing capital deployment, reducing the full year 2025 capital guidance midpoint by almost $58 million to around $240 million in total, signaling a focus on efficiency in these local service channels.

The key operating countries that define these local channels are:

• Gabon
• Egypt
• Côte d'Ivoire
• Equatorial Guinea
• Canada

Finance: draft 13-week cash view by Friday.

VAALCO Energy, Inc. (EGY) - Canvas Business Model: Customer Segments

You're looking at the key groups VAALCO Energy, Inc. sells to and draws capital from as of late 2025. It's a mix of direct commodity buyers and the financial market participants who fund the whole operation.

International crude oil traders and refiners seeking African sweet crude

These customers buy the physical barrels VAALCO Energy, Inc. lifts from its operated fields in Gabon, Egypt, and Equatorial Guinea. The sales volume is key here, showing the immediate demand for their output. For the third quarter of 2025, VAALCO Energy, Inc. sold 12,831 NRI BOEPD (Net Revenue Interest Barrels of Oil Equivalent Per Day). This is a segment VAALCO Energy, Inc. is actively working to grow, with plans for a late 2025 drilling campaign in Gabon.

The realized price they get directly impacts revenue. In Q3 2025, the average realized price was $51.26 per BOE (Barrel of Oil Equivalent). Compare that to Q2 2025, where the average realized price was $54.87 per BOE.

Global energy markets that purchase oil and gas commodities

This segment represents the total transactional volume flowing into VAALCO Energy, Inc.'s coffers from commodity sales across all producing assets. The company generated total commodity sales of $96.9 million for the third quarter of 2025. For the first half of 2025, oil sales from the Egyptian operations alone exceeded $112.844 million. The Gabon segment is noted as the one generating maximum revenue for VAALCO Energy, Inc..

Here's a quick look at the sales volumes for the first three quarters of 2025:

Period Ending	NRI Sales Volume (BOEPD)	NRI Sales Volume (MBOE)
March 31, 2025 (Q1)	19,074	1,717
June 30, 2025 (Q2)	(Not explicitly stated in BOEPD)	1,765
September 30, 2025 (Q3)	12,831	1,180

Institutional and retail investors seeking exposure to a dividend-paying E&P company

These are the capital providers who own shares of VAALCO Energy, Inc. (EGY) on the NYSE and LSE. The company supports this segment with a commitment to shareholder returns. VAALCO Energy, Inc. declared a quarterly cash dividend of $0.0625 per share in Q3 2025, payable on December 24, 2025. The 2025 guidance targets returning over $25 million to shareholders through the dividend program. As of November 4, 2025, the market capitalization stood at $395M, based on 104M shares outstanding.

The appeal to this segment is tied to the company's financial health and growth prospects, evidenced by the trailing twelve-month revenue of $390M as of September 30, 2025.

• Quarterly Dividend Declared (Q3 2025): $0.0625 per share
• 2025 Shareholder Return Target: Over $25 million
• Market Capitalization (Nov 4, 2025): $395 million

Host governments receiving royalties and profit oil/gas under PSCs

These governments are critical partners under the Production Sharing Contracts (PSCs) that grant VAALCO Energy, Inc. access to reserves. The company operates in Gabon, Egypt, Côte d'Ivoire, and Equatorial Guinea. A significant relationship is the one in Equatorial Guinea for Block P, where the PSC provides a development and production period of 25 years from approval. VAALCO Energy, Inc. operates this block with a 60% Working Interest (WI).

The company is advancing the Venus field development in Equatorial Guinea, having completed the FEED study and targeting a Final Investment Decision by the end of 2025. This structure ensures the host governments receive their contractual share of production and associated revenues.

VAALCO Energy, Inc. (EGY) - Canvas Business Model: Cost Structure

You're looking at the core outflows VAALCO Energy, Inc. has to manage to keep the lights on and the wells flowing, focusing on the numbers from late 2025.

Production expenses, which are the day-to-day costs of getting oil and gas out of the ground, showed discipline in the third quarter. For Q3 2025, these expenses, excluding offshore workovers and stock compensation, clocked in at $29.8 million. This was a significant drop, down 26% quarter-over-quarter from Q2 2025 and 29% compared to Q3 2024. For the full year 2025, VAALCO Energy, Inc. guided production expenses to be in the range of $152 million and $158 million.

Depreciation, Depletion, and Amortization (DD&A) expense also saw movement. In Q3 2025, the DD&A expense decreased compared to both Q2 2025 and Q3 2024, primarily due to a reduction in the Côte d'Ivoire segment. Specifically, the Q3 2025 DD&A was down 27% quarter-over-quarter and 56% year-over-year.

Capital expenditures (CapEx) for drilling and development are a major variable cost. VAALCO Energy, Inc. revised its full-year 2025 capital guidance midpoint down to around $240 million. This represented a reduction of almost 20% from the original 2025 guidance midpoint. The company spent $48.3 million in cash CapEx in Q3 2025, which was below the guidance range of $70 million to $90 million for that quarter. The spending profile shifts for the end of the year, with Q4 2025 CapEx anticipated to be higher, guided between $90 million to $110 million as the Gabon drilling campaign was set to begin in late November.

General and Administrative (G&A) expenses reflect the corporate overhead. For Q3 2025, G&A expense, excluding stock-based compensation, was $7.2 million, which was essentially flat compared to $7.1 million in Q2 2025. This was an increase from $6.0 million in Q3 2024, driven by higher professional service fees and salaries. Cash G&A for Q3 2025 was reported at the midpoint of the Company's guidance.

Costs related to major maintenance events are also critical. The refurbishment of the Baobab FPSO in Côte d'Ivoire was a significant 2025 activity. The vessel ceased production on January 31, 2025, and departed for the shipyard in Dubai in late March 2025 for its dry dock refurbishment. By the time of the Q3 2025 results, the vessel was five months into its dry-dock operations. This project is intended to extend the production life of the asset until at least 2038.

Here is a breakdown of the key reported cost figures from the third quarter of 2025:

Cost Category	Q3 2025 Amount (USD)	Comparison/Context
Production Expense (excl. workovers/stock comp)	$29.8 million	Down 26% QoQ
General & Administrative (excl. stock comp)	$7.2 million	Flat vs. Q2 2025 ($7.1 million)
Cash Capital Expenditures	$48.3 million	Below Q3 guidance of $70 million to $90 million
DD&A Expense	Not explicitly stated	Down 56% YoY

The overall capital plan for 2025 was managed with discipline:

• Full Year 2025 CapEx midpoint guidance reduced to around $240 million.
• Total reduction in full-year capital guidance midpoint was approximately $58 million from the original plan.
• The original 2025 CapEx outlook midpoint was between $270 million and $330 million.
• Q4 2025 CapEx is forecasted higher, between $90 million and $110 million.

You should keep an eye on how the Gabon drilling rig availability impacts the Q4 spend versus the revised annual forecast. Finance: draft 13-week cash view by Friday.

VAALCO Energy, Inc. (EGY) - Canvas Business Model: Revenue Streams

The revenue streams for VAALCO Energy, Inc. (EGY) are fundamentally tied to the sale of hydrocarbons produced from its geographically diverse asset base across Africa and Canada.

The company's top-line performance for the trailing twelve-month period ending September 30, 2025, registered at $389.95M. This revenue is derived from the sale of crude oil and natural gas/NGLs.

A significant component of the revenue generation is the production volume achieved across its working interests. For the third quarter of 2025, VAALCO Energy, Inc. reported working interest (WI) production of 19,887 BOEPD (Barrels of Oil Equivalent Per Day).

The sources of this production and subsequent revenue include:

• Sales of crude oil from assets located in Gabon, Egypt, and Côte d'Ivoire.
• Sales of natural gas and Natural Gas Liquids (NGLs) from Canadian assets.

The company also benefits from cash inflows related to the settlement of outstanding balances with national oil companies. Collections from the Egyptian General Petroleum Corporation (EGPC) since January 1, 2025, totaled over $103.6 million as of the third quarter of 2025.

To provide a clearer picture of the financial performance underpinning these revenue streams through the first nine months of 2025, here are key figures:

Financial Metric	Amount	Period/Date
Revenue (Q3 2025)	$61 million	Quarter ending September 30, 2025
Revenue (TTM)	$389.95M	Trailing Twelve Months ending September 30, 2025
Adjusted EBITDAX	$130.5 million	First 9 Months of 2025
EGPC Collections YTD	>$103.6 million	Since January 1, 2025 (as of Q3 2025)

Further detail on the Egyptian segment's contribution to sales revenue shows strong performance in the first half of the year:

• Oil sales from VAALCO Energy, Inc.'s Egyptian operations reached $112.844 million for the six months ending June 30, 2025.
• Net revenues from Egypt for the same H1 2025 period were $67.177 million.

The Q3 2025 operational performance, which directly impacts revenue realization, is summarized below:

Production/Sales Metric	Value	Unit
Working Interest (WI) Production	19,887	BOEPD (Q3 2025)
Net Revenue Interest (NRI) Production	15,405	BOEPD (Q3 2025)
NRI Sales Volumes	12,831	BOEPD (Q3 2025)