VAALCO Energy, Inc. (EGY): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la exploración energética, Vaalco Energy, Inc. (Egy) surge como una potencia estratégica que navega por los complejos paisajes petroleros en alta mar de África occidental. Con un enfoque afilado en la producción eficiente de petróleo crudo y metodologías de extracción innovadora, esta compañía transforma los terrenos geológicos desafiantes en oportunidades lucrativas. Al aprovechar las asociaciones estratégicas, las capacidades tecnológicas de vanguardia y una comprensión profunda de los mercados de energía africanos emergentes, Vaalco Energy ha creado un modelo comercial sofisticado que promete rendimientos consistentes y un desarrollo sostenible en el sector del petróleo global cada vez más competitivo.

Vaalco Energy, Inc. (Egy) - Modelo de negocios: asociaciones clave

Empresas conjuntas estratégicas con gobiernos locales en países productores de petróleo africanos

Vaalco Energy ha establecido asociaciones estratégicas en Gabón, específicamente con el gobierno de Gabóne a través de su subsidiaria Vaalco Gabon SA. A partir de 2024, la compañía mantiene un 58.8% de interés laboral En el Etame Marin Block Offshore Gabon.

País	Tipo de asociación	Interés de trabajo	Bloque/activo
Gabón	Empresa conjunta del gobierno	58.8%	Etame Marin Block

Colaboración con compañías internacionales de servicios petroleros

Vaalco colabora con múltiples compañías internacionales de servicios petroleros para apoyar sus operaciones de exploración y producción.

• Schlumberger Limited: proporcionar servicios de perforación y pozos
• Halliburton Energy Services - Soporte técnico y equipo
• Baker Hughes Company - Servicios especializados de ingeniería de petróleo

Asociaciones técnicas con fabricantes de equipos de perforación y exploración

Fabricante de equipos	Tecnología/servicio	Aplicación específica
National Oilwell Varco	Equipo de perforación en alta mar	Operaciones de bloque de marin de Etame
Cameron International	Sistemas de producción submarina	Infraestructura de producción en alta mar

Acuerdos de intercambio de riesgos con socios de inversión

Vaalco ha establecido acuerdos de riesgo compartido con socios de inversión para mitigar los riesgos financieros en las actividades de exploración y producción.

• Porcentaje de riesgo compartido: 35-40% con inversores institucionales
• Los socios de inversión incluyen empresas de capital privado que se especializan en inversiones en el sector energético

Alianzas operativas con proveedores locales de infraestructura energética africana

Proveedor de infraestructura	Servicio	Ubicación
Gabon Oil Company	Transporte de petróleo	Gabón
Autoridades portuarias	Logística en alta mar	Port-Gentil, Gabón

Vaalco Energy, Inc. (Egy) - Modelo de negocio: actividades clave

Exploración y producción de petróleo en alta mar

Vaalco Energy opera principalmente en las regiones de África Occidental en alta mar, específicamente en Gabón y Guinea Ecuatorial. A partir de 2023, la producción de la compañía promedió aproximadamente 4,000 barriles de aceite equivalente por día (BOEPD).

Ubicación	Producción (BOEPD)	Interés de propiedad
Etame Marin Block, Gabón	3,500	58.8%
Bloque P, Guinea Ecuatorial	500	100%

Desarrollo de activos en regiones de África occidental

Las actividades clave de desarrollo de Vaalco se centran en:

• Expandir la infraestructura de producción en alta mar existente
• Realización de encuestas geológicas en posibles áreas de exploración
• Mantener asociaciones estratégicas con los gobiernos locales

Gestión y optimización de los depósitos de petróleo

La compañía invierte en tecnologías avanzadas para la gestión de embalses, con gastos de capital de aproximadamente $ 25-30 millones anuales para proyectos de optimización.

Inversión tecnológica	Cantidad (USD)
Tecnologías de mapeo de yacimientos	$ 12 millones
Técnicas mejoradas de recuperación de aceite	$ 15 millones

Operaciones de extracción y producción sostenibles

Vaalco ha implementado estrategias de reducción de carbono, dirigido a un Reducción del 15% en las emisiones de gases de efecto invernadero para 2025.

Inversión continua en capacidades de exploración tecnológica

Desglose de inversión tecnológica para 2023:

• Tecnologías de imágenes sísmicas: $ 8 millones
• Sistemas de eficiencia de perforación: $ 6 millones
• Plataformas de análisis de datos: $ 4 millones

Inversión tecnológica total para capacidades de exploración: $ 18 millones en 2023.

Vaalco Energy, Inc. (Egy) - Modelo de negocio: recursos clave

Activos de aceite en alta mar

Vaalco Energy se mantiene 100% de interés laboral En Etame Marin Block Offshore Gabon, cubriendo aproximadamente 13,500 kilómetros cuadrados. Los activos de producción actuales incluyen:

Ubicación	Interés de trabajo	Capacidad de producción
Etame Marin Block, Gabón	100%	Aproximadamente 5,000 barriles por día
Bloque P, Guinea Ecuatorial	27.5%	Oportunidades de exploración potenciales

Equipo de exploración especializado

La cartera de equipos de Vaalco incluye:

• Plataformas de perforación de aguas profundas
• Sistemas de producción submarina
• Tecnología avanzada de imágenes sísmicas
• Buques de producción en alta mar

Experiencia técnica

Las capacidades técnicas incluyen:

• Más de 15 años de experiencia de extracción de petróleo de aguas profundas
• Equipos especializados de exploración en alta mar
• Técnicas avanzadas de gestión de yacimientos

Capital financiero

Métrica financiera	Valor (a partir del cuarto trimestre 2023)
Activos totales	$ 214.3 millones
Equivalentes de efectivo y efectivo	$ 68.4 millones
Presupuesto de gastos de capital	$ 35-40 millones para 2024

Equipo de gestión

El liderazgo clave incluye:

• CEO con Más de 25 años Experiencia internacional del sector energético
• Promedio del equipo de liderazgo técnico 20 años En la exploración en alta mar
• Miembros de la junta con fondos de energía aguas arriba global

Vaalco Energy, Inc. (Egy) - Modelo de negocio: propuestas de valor

Producción eficiente de petróleo crudo en los mercados africanos emergentes

Producción de Vaalco Energy en Gabón a partir del tercer trimestre de 2023:

Métrica de producción	Volumen
Producción diaria	16,600 barriles de aceite por día
Producción anual	6,049,000 barriles
Bloques en alta mar	Etame Marin Block, Gabón

Estrategias operativas de bajo costo en extracción de petróleo

Estructura de costos operativos para 2023:

• Costos de elevación: $ 12.04 por barril
• Gastos operativos: $ 26.9 millones anuales
• Gasto de capital: $ 38.5 millones

Exploración dirigida de reservas en alta mar de alto potencial

Inversión de exploración en 2023:

Área de exploración	Inversión	Reservas potenciales
Gabón en alta mar	$ 15.2 millones	Estimado de 30-50 millones de barriles

Compromiso con el desarrollo de energía sostenible y responsable

Métricas de desempeño ambiental:

• Reducción de emisiones de gases de efecto invernadero: 12% año tras año
• Tasa de reciclaje de agua: 65%
• Tasa de incidentes de seguridad: 0.8 por cada 200,000 horas de trabajo

Potencial para rendimientos consistentes en entornos geológicos desafiantes

Destacado de rendimiento financiero para 2023:

Métrica financiera	Cantidad
Ganancia	$ 241.3 millones
Lngresos netos	$ 82.6 millones
Efectivo de las operaciones	$ 156.4 millones

Vaalco Energy, Inc. (Egy) - Modelo de negocio: relaciones con los clientes

Contratos a largo plazo con compradores de petróleo global

A partir del cuarto trimestre de 2023, Vaalco Energy mantiene 3 contratos activos de suministro de petróleo a largo plazo con compradores internacionales, con duraciones contractuales que van desde 2 a 5 años. Valor total del contrato estimado en $ 157.4 millones.

Región	Duración del contrato	Volumen anual (barriles)	Valor de contrato
África occidental	3 años	1,250,000	$ 62.3 millones
Mercado europeo	5 años	1,750,000	$ 85.6 millones
Mercado asiático	2 años	750,000	$ 9.5 millones

Compromiso directo con agencias nacionales de adquisición de energía

Vaalco Energy actualmente mantiene las relaciones de adquisición directa con 4 agencias nacionales de energía, principalmente en países de África occidental.

• Gabon National Oil Company
• Angola petróleo
• Ministerio de Energía de la República del Congo
• Corporación de Desarrollo de Petróleo de Tanzania

Comunicación transparente con respecto a las capacidades de producción

Métricas de transparencia de producción para 2023:

• Informes de producción trimestrales: 4 publicados
• Precisión de pronóstico de producción: 94.3%
• Compartir datos de producción en tiempo real: implementado con 2 clientes principales

Arreglos de suministro de petróleo personalizados

En 2023, Vaalco Energy se desarrolló 6 Arreglos de suministro de petróleo personalizados con entrega específica, calidad y especificaciones de precios.

Tipo de cliente	Arreglos personalizados	Mecanismo de precios
Clientes industriales	3 arreglos	Fijación de precios indexados
Agencias gubernamentales	2 arreglos	Contratos de precio fijo
Comerciantes internacionales	1 arreglo	Mercado spot vinculado

Reputación para entrega confiable de recursos energéticos

Métricas de confiabilidad para 2023:

• Tasa de cumplimiento del contrato: 97.8%
• Porcentaje de entrega a tiempo: 96.5%
• Calificación de satisfacción del cliente: 4.7/5

Vaalco Energy, Inc. (Egy) - Modelo de negocio: canales

Ventas directas a los mercados internacionales de petróleo

Vaalco Energy vende petróleo crudo directamente a los compradores internacionales a través de canales de mercado de petróleo específicos. En 2023, la compañía reportó 3.295 barriles de petróleo por día de las operaciones de Gabón.

Región de mercado	Volumen de ventas (barriles/día)	Porcentaje de ventas totales
África	2,450	74.4%
Asia	545	16.5%
Europa	300	9.1%

Plataformas de comercio de productos básicos de energía

VAALCO utiliza plataformas especializadas de comercio de energía para transacciones eficientes de productos básicos.

• Intercontinental Exchange (ICE)
• Plataforma de energía del grupo CME
• Sistema de comercio de energía terminal de Bloomberg

Canales de adquisición mediados por el gobierno

Vaalco se involucra con los canales de adquisición del gobierno en Gabón y Tanzania a través de marcos contractuales establecidos.

País	Valor de contrato de adquisición	Duración del contrato
Gabón	$ 45.2 millones	2023-2025
Tanzania	$ 18.7 millones	2024-2026

Sistemas de comunicación digital y transacciones

Vaalco implementa plataformas digitales avanzadas para la gestión de transacciones.

• Sistema de planificación de recursos de SAP Enterprise
• Seguimiento de transacciones habilitadas para blockchain
• Infraestructura de comunicación segura basada en la nube

Conferencias de la industria y eventos de redes estratégicas

Vaalco participa en eventos clave de la industria para el desarrollo de negocios.

Conferencia	Ubicación	Oportunidades de redes
Semana del petróleo de África	Ciudad del Cabo, Sudáfrica	15 contactos comerciales potenciales
Conferencia de tecnología en alta mar	Houston, Texas	22 reuniones estratégicas
Congreso de petróleo mundial	Houston, Texas	18 Discusiones potenciales de asociación

Vaalco Energy, Inc. (Egy) - Modelo de negocio: segmentos de clientes

Refinerías internacionales de petróleo

A partir de 2024, Vaalco Energy sirve refinerías de petróleo en múltiples regiones con características específicas del mercado:

Región	Número de refinerías atendidas	Volumen de aceite anual (barriles)
África	12	3,650,000
Europa	5	1,825,000

Corporaciones Nacionales de Energía

La base de clientes de Vaalco Energy incluye corporaciones de energía nacional con métricas de participación específicas:

• Gabon National Oil Corporation: socio contractual principal
• Guinea Ecuatorial National Petroleum Corporation: participación secundaria
• Valor anual del contrato: $ 127.5 millones

Empresas de comercio de energía global

Desglose del segmento de clientes de la empresa de comercio de energía:

Compañía comercial	Volumen de contrato	Contribución anual de ingresos
Grupo vitol	750,000 barriles	$ 48.3 millones
Traficigura	620,000 barriles	$ 39.7 millones

Sectores de fabricación industrial

Detalles del segmento de clientes de fabricación industrial:

• Fabricantes petroquímicos: 7 contratos activos
• Suministro de petróleo anual total: 1,250,000 barriles
• Valor promedio del contrato: $ 22.5 millones

Empresas de generación de energía a gran escala

Características del segmento de clientes de generación de energía:

Empresa de generación de energía	Requisito de energía	Valor anual del contrato
AES Corporation	425,000 barriles	$ 27.3 millones
Globeleq	350,000 barriles	$ 22.4 millones

Vaalco Energy, Inc. (Egy) - Modelo de negocio: Estructura de costos

Gastos de exploración y perforación

Para el año fiscal 2023, Vaalco Energy informó gastos de exploración y perforación de $ 45.3 millones, específicamente relacionados con las operaciones en alta mar en Gabón.

Categoría de costos	Monto ($)
Costos de encuesta sísmica	8.7 millones
Alquiler de equipos de perforación	22.5 millones
Costos de exploración del pozo	14.1 millones

Mantenimiento y reemplazo del equipo

Los costos anuales de mantenimiento y reemplazo de equipos para Vaalco Energy en 2023 totalizaron $ 18.6 millones.

• Mantenimiento de la plataforma en alta mar: $ 12.4 millones
• Reemplazo del equipo submarino: $ 4.2 millones
• Actualizaciones de herramientas de perforación especializada: $ 2 millones

Costos de personal y experiencia técnica

Los gastos totales de personal para 2023 fueron de $ 27.9 millones, con una fuerza laboral de aproximadamente 180 empleados.

Categoría de personal	Costo anual ($)
Salarios técnicos del personal	15.6 millones
Compensación de gestión	7.3 millones
Capacitación y desarrollo	5 millones

Logística operativa y transporte

La logística operativa y los gastos de transporte para 2023 ascendieron a $ 22.7 millones.

• Carta de buques en alta mar: $ 13.5 millones
• Transporte del equipo: $ 6.2 millones
• Servicios de helicóptero: $ 3 millones

Cumplimiento regulatorio y gestión ambiental

Los costos de cumplimiento y gestión ambiental para 2023 fueron de $ 9.8 millones.

Categoría de cumplimiento	Monto ($)
Monitoreo ambiental	4.5 millones
Informes regulatorios	2.3 millones
Certificación de seguridad	3 millones

Vaalco Energy, Inc. (Egy) - Modelo de negocios: flujos de ingresos

Ventas de petróleo crudo en mercados internacionales

A partir del cuarto trimestre de 2023, Vaalco Energy reportó ventas totales de petróleo crudo de $ 129.4 millones. La producción diaria promedio fue de aproximadamente 6.350 barriles por día. Las ventas del mercado internacional se centraron principalmente en las regiones de Gabón y Guinea Ecuatorial.

Región	Volumen de ventas (barriles)	Ingresos ($)
Gabón	687,250	$ 89.7 millones
Guinea Ecuatorial	312,750	$ 39.7 millones

Contratos de producción compartida

Vaalco opera bajo contratos de producción compartida con porcentajes de asignación de ingresos específicos:

• Contrato de Gabón: 65% de participación de la empresa
• Contrato de Guinea Ecuatorial: 70% de participación de la empresa

Ingresos de exportación de petróleo

2023 Los ingresos por exportación de petróleo totalizaron $ 156.2 millones, con un precio promedio de petróleo realizado de $ 75.40 por barril.

Monetización de activos estratégicos

La desinversión de activos y la monetización estratégica generaron $ 22.5 millones en ingresos adicionales durante 2023.

Posente participación en las ganancias de la empresa conjunta

Los acuerdos de empresa conjunta con socios contribuyeron con $ 18.3 millones en fuentes de ingresos suplementarios para el año fiscal 2023.

Socio de empresa conjunta	Participación de ganancias (%)	Contribución de ingresos ($)
Maurel & Paseo	25%	$ 12.6 millones
Otros socios	15%	$ 5.7 millones

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)