Vaalco Energy, Inc. (EGY): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da exploração energética, a Vaalco Energy, Inc. (Egy) surge como uma potência estratégica que navega nas complexas paisagens petrolíferas offshore da África Ocidental. Com um foco nítido na produção eficiente de petróleo e metodologias inovadoras de extração, esta empresa transforma terrenos geológicos desafiadores em oportunidades lucrativas. Ao alavancar parcerias estratégicas, capacidades tecnológicas de ponta e um profundo entendimento dos mercados de energia africana emergentes, a Vaalco Energy criou um modelo de negócios sofisticado que promete retornos consistentes e desenvolvimento sustentável no setor global de petróleo cada vez mais competitivo.

Vaalco Energy, Inc. (EGY) - Modelo de negócios: Parcerias -chave

Joint ventures estratégicos com governos locais em países produtores de petróleo africanos

A Vaalco Energy estabeleceu parcerias estratégicas no Gabão, especificamente com o governo gabonês por meio de sua subsidiária Vaalco Gabão SA. A partir de 2024, a empresa mantém um 58,8% juros de trabalho No Etame Marin Block Offshore Gabão.

País	Tipo de parceria	Interesse de trabalho	Bloco/ativo
Gabão	Joint venture do governo	58.8%	Etame Marin Block

Colaboração com empresas internacionais de serviços petrolíferos

A Vaalco colabora com várias empresas internacionais de serviços de petróleo para apoiar suas operações de exploração e produção.

• Schlumberger Limited - fornecendo serviços de perfuração e poço
• Serviços de energia Halliburton - Suporte e equipamento técnico
• Baker Hughes Company - Serviços especializados de engenharia de petróleo

Parcerias técnicas com fabricantes de equipamentos de perfuração e exploração

Fabricante de equipamentos	Tecnologia/serviço	Aplicação específica
Nacional Oilwell Varco	Equipamento de perfuração offshore	Operações de bloqueio de etame Marin
Cameron International	Sistemas de produção submarina	Infraestrutura de produção offshore

Acordos de compartilhamento de risco com parceiros de investimento

A Vaalco estabeleceu acordos de compartilhamento de riscos com parceiros de investimento para mitigar riscos financeiros nas atividades de exploração e produção.

• Porcentagem de riscos compartilhados: 35-40% com investidores institucionais
• Parceiros de investimento incluem empresas de private equity especializadas em investimentos no setor de energia

Alianças operacionais com provedores locais de infraestrutura de energia africana

Provedor de infraestrutura	Serviço	Localização
Companhia de petróleo do Gabão	Transporte de petróleo	Gabão
Autoridades portuárias	Logística offshore	Port-Gentil, Gabão

Vaalco Energy, Inc. (EGY) - Modelo de negócios: Atividades -chave

Exploração e produção de petróleo offshore

A Vaalco Energy opera principalmente em regiões offshore da África Ocidental, especificamente no Gabão e na Guiné Equatorial. Em 2023, a produção da empresa teve uma média de aproximadamente 4.000 barris de petróleo equivalente por dia (BOEPD).

Localização	Produção (BOEPD)	Juros de propriedade
Etame Marin Block, Gabão	3,500	58.8%
Bloco P, Guiné Equatorial	500	100%

Desenvolvimento de ativos nas regiões da África Ocidental

As principais atividades de desenvolvimento da Vaalco se concentram em:

• Expandindo a infraestrutura de produção offshore existente
• Realização de pesquisas geológicas em possíveis áreas de exploração
• Mantendo parcerias estratégicas com governos locais

Gerenciamento e otimização do reservatório de petróleo

A Companhia investe em tecnologias avançadas para gerenciamento de reservatórios, com despesas de capital de aproximadamente US $ 25 a 30 milhões anualmente para projetos de otimização.

Investimento em tecnologia	Quantidade (USD)
Tecnologias de mapeamento do reservatório	US $ 12 milhões
Técnicas aprimoradas de recuperação de petróleo	US $ 15 milhões

Operações sustentáveis ​​de extração e produção

A Vaalco implementou estratégias de redução de carbono, direcionando -se Redução de 15% nas emissões de gases de efeito estufa até 2025.

Investimento contínuo em recursos de exploração tecnológica

Redução de investimentos em tecnologia para 2023:

• Tecnologias de imagem sísmica: US $ 8 milhões
• Sistemas de eficiência de perfuração: US $ 6 milhões
• Plataformas de análise de dados: US $ 4 milhões

Investimento em tecnologia total para recursos de exploração: US $ 18 milhões em 2023.

Vaalco Energy, Inc. (EGY) - Modelo de negócios: Recursos -chave

Ativos de petróleo offshore

A Vaalco Energy é mantida 100% de interesse de trabalho Em Etame Marin bloqueia o Gabão Offshore, cobrindo aproximadamente 13.500 quilômetros quadrados. Os ativos de produção atuais incluem:

Localização	Interesse de trabalho	Capacidade de produção
Etame Marin Block, Gabão	100%	Aproximadamente 5.000 barris por dia
Bloco P, Guiné Equatorial	27.5%	Oportunidades de exploração em potencial

Equipamento de exploração especializado

O portfólio de equipamentos da Vaalco inclui:

• Platas de perfuração de águas profundas
• Sistemas de produção submarina
• Tecnologia avançada de imagem sísmica
• Navios de produção offshore

Experiência técnica

Os recursos técnicos incluem:

• Mais de 15 anos de experiência de extração de petróleo em águas profundas
• Equipes de exploração offshore especializadas
• Técnicas avançadas de gerenciamento de reservatórios

Capital financeiro

Métrica financeira	Valor (a partir do quarto trimestre 2023)
Total de ativos	US $ 214,3 milhões
Caixa e equivalentes de dinheiro	US $ 68,4 milhões
Orçamento de despesas de capital	US $ 35-40 milhões para 2024

Equipe de gerenciamento

A liderança chave inclui:

• CEO com Mais de 25 anos Experiência do setor de energia internacional
• Equipe de liderança técnica Média 20 anos na exploração offshore
• Membros do conselho com antecedentes globais de energia a montante

Vaalco Energy, Inc. (EGY) - Modelo de negócios: proposições de valor

Produção eficiente de petróleo bruto em mercados africanos emergentes

A produção da Vaalco Energy no Gabão a partir do terceiro trimestre de 2023:

Métrica de produção	Volume
Produção diária	16.600 barris de petróleo por dia
Produção anual	6.049.000 barris
Blocos offshore	Etame Marin Block, Gabão

Estratégias operacionais de baixo custo na extração de petróleo

Estrutura de custo operacional para 2023:

• Custos de levantamento: US $ 12,04 por barril
• Despesas operacionais: US $ 26,9 milhões anualmente
• Despesas de capital: US $ 38,5 milhões

Exploração direcionada de reservas offshore de alto potencial

Investimento de exploração em 2023:

Área de exploração	Investimento	Potenciais reservas
Gabão Offshore	US $ 15,2 milhões	Estimado de 30 a 50 milhões de barris

Compromisso com o desenvolvimento de energia sustentável e responsável

Métricas de desempenho ambiental:

• Redução de emissões de gases de efeito estufa: 12% ano a ano
• Taxa de reciclagem de água: 65%
• Taxa de incidente de segurança: 0,8 por 200.000 horas de trabalho

Potencial para retornos consistentes em ambientes geológicos desafiadores

O desempenho financeiro destaca para 2023:

Métrica financeira	Quantia
Receita	US $ 241,3 milhões
Resultado líquido	US $ 82,6 milhões
Dinheiro das operações	US $ 156,4 milhões

Vaalco Energy, Inc. (Egy) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de longo prazo com compradores globais de petróleo

A partir do quarto trimestre de 2023, a Vaalco Energy mantém 3 contratos ativos de fornecimento de petróleo a longo prazo com compradores internacionais, com durações de contratos que variam de 2 a 5 anos. Valor total do contrato estimado em US $ 157,4 milhões.

Região	Duração do contrato	Volume anual (barris)	Valor do contrato
África Ocidental	3 anos	1,250,000	US $ 62,3 milhões
Mercado europeu	5 anos	1,750,000	US $ 85,6 milhões
Mercado asiático	2 anos	750,000	US $ 9,5 milhões

Engajamento direto com agências nacionais de compras de energia

Atualmente, a Vaalco Energy mantém as relações diretas de compras com 4 agências de energia nacional, principalmente nos países da África Ocidental.

• Companhia nacional de petróleo do Gabão
• Angola Petróleo
• Ministério da Energia da República do Congo
• Corporação de Desenvolvimento de Petróleo da Tanzânia

Comunicação transparente sobre recursos de produção

Métricas de transparência de produção para 2023:

• Relatórios trimestrais de produção: 4 publicado
• Previsão de produção precisão: 94,3%
• Compartilhamento de dados de produção em tempo real: implementado com 2 principais clientes

Arranjos de fornecimento de petróleo personalizados

Em 2023, a Vaalco Energy se desenvolveu 6 Acordos personalizados de suprimento de petróleo com entrega específica, qualidade e especificações de preços.

Tipo de cliente	Arranjos personalizados	Mecanismo de preços
Clientes industriais	3 arranjos	Preço indexado
Agências governamentais	2 arranjos	Contratos de preço fixo
Comerciantes internacionais	1 arranjo	Mercado Spot ligado

Reputação de entrega confiável de recursos energéticos

Métricas de confiabilidade para 2023:

• Taxa de atendimento ao contrato: 97,8%
• Porcentagem de entrega no tempo: 96,5%
• Classificação de satisfação do cliente: 4.7/5

Vaalco Energy, Inc. (EGY) - Modelo de Negócios: Canais

Vendas diretas para mercados internacionais de petróleo

A Vaalco Energy vende petróleo bruto diretamente a compradores internacionais através de canais de mercado de petróleo segmentados. Em 2023, a empresa registrou 3.295 barris de petróleo por dia nas operações do Gabão.

Região de mercado	Volume de vendas (barris/dia)	Porcentagem de vendas totais
África	2,450	74.4%
Ásia	545	16.5%
Europa	300	9.1%

Plataformas de negociação de commodities energéticas

A Vaalco utiliza plataformas de negociação de energia especializadas para transações eficientes de commodities.

• Intercontinental Exchange (gelo)
• CME Group Energy Platform
• Bloomberg Terminal Energy Trading System

Canais de compras mediadas pelo governo

A Vaalco se envolve com canais de compras governamentais no Gabão e na Tanzânia por meio de estruturas contratuais estabelecidas.

País	Valor do contrato de compras	Duração do contrato
Gabão	US $ 45,2 milhões	2023-2025
Tanzânia	US $ 18,7 milhões	2024-2026

Sistemas de comunicação e transação digitais

A Vaalco implementa plataformas digitais avançadas para gerenciamento de transações.

• Sistema de planejamento de recursos da SAP Enterprise
• Rastreamento de transações habilitado para blockchain
• Infraestrutura de comunicação baseada em nuvem segura

Conferências do setor e eventos estratégicos de rede

A Vaalco participa de eventos importantes do setor para o desenvolvimento de negócios.

Conferência	Localização	Oportunidades de networking
Semana do petróleo da África	Cidade do Cabo, África do Sul	15 contatos comerciais em potencial
Conferência de Tecnologia Offshore	Houston, Texas	22 reuniões estratégicas
Congresso do Petróleo Mundial	Houston, Texas	18 discussões em parceria em potencial

Vaalco Energy, Inc. (EGY) - Modelo de negócios: segmentos de clientes

Refinarias internacionais de petróleo

A partir de 2024, a Vaalco Energy serve refinarias de petróleo em várias regiões com características específicas do mercado:

Região	Número de refinarias servidas	Volume anual de óleo (barris)
África	12	3,650,000
Europa	5	1,825,000

Empresas nacionais de energia

A base de clientes da Vaalco Energy inclui empresas nacionais de energia com métricas específicas de engajamento:

• Gabão National Oil Corporation: Parceiro de contrato primário
• Equatorial Guiné National Petroleum Corporation: Engajamento secundário
• Valor anual do contrato: US $ 127,5 milhões

Empresas globais de comércio de energia

Energy Trading Company Customer Segment Breakdown:

Empresa comercial	Volume de contrato	Contribuição anual da receita
Grupo Vitol	750.000 barris	US $ 48,3 milhões
Trafigura	620.000 barris	US $ 39,7 milhões

Setores industriais de fabricação

Detalhes do segmento de clientes industriais de fabricação:

• Fabricantes petroquímicos: 7 contratos ativos
• Fornecimento anual total de petróleo: 1.250.000 barris
• Valor médio do contrato: US $ 22,5 milhões

Empresas de geração de energia em larga escala

Características do segmento de clientes de geração de energia:

Empresa de geração de energia	Requisito de energia	Valor anual do contrato
AES Corporation	425.000 barris	US $ 27,3 milhões
Globeleq	350.000 barris	US $ 22,4 milhões

Vaalco Energy, Inc. (EGY) - Modelo de negócios: estrutura de custos

Despesas de exploração e perfuração

Para o ano fiscal de 2023, a Vaalco Energy relatou despesas de exploração e perfuração de US $ 45,3 milhões, especificamente relacionadas a operações offshore no Gabão.

Categoria de custo	Valor ($)
Custos de pesquisa sísmica	8,7 milhões
Aluguel de equipamentos de perfuração	22,5 milhões
Custos de exploração do poço	14,1 milhões

Manutenção e substituição de equipamentos

Os custos anuais de manutenção e substituição de equipamentos da Vaalco Energy em 2023 totalizaram US $ 18,6 milhões.

• Manutenção da plataforma offshore: US $ 12,4 milhões
• Subsea Substituição de equipamentos: US $ 4,2 milhões
• Atualizações de ferramentas de perfuração especializadas: US $ 2 milhões

Custos de pessoal e conhecimento técnico

As despesas totais de pessoal para 2023 foram de US $ 27,9 milhões, com uma força de trabalho de aproximadamente 180 funcionários.

Categoria de pessoal	Custo anual ($)
Salários da equipe técnica	15,6 milhões
Compensação de gerenciamento	7,3 milhões
Treinamento e desenvolvimento	5 milhões

Logística operacional e transporte

As despesas operacionais de logística e transporte de 2023 totalizaram US $ 22,7 milhões.

• Charteing de embarcação offshore: US $ 13,5 milhões
• Transporte de equipamentos: US $ 6,2 milhões
• Serviços de helicóptero: US $ 3 milhões

Conformidade regulatória e gestão ambiental

Os custos de conformidade e gestão ambiental para 2023 foram de US $ 9,8 milhões.

Categoria de conformidade	Valor ($)
Monitoramento ambiental	4,5 milhões
Relatórios regulatórios	2,3 milhões
Certificação de segurança	3 milhões

Vaalco Energy, Inc. (EGY) - Modelo de negócios: fluxos de receita

Vendas de petróleo bruto em mercados internacionais

A partir do quarto trimestre de 2023, a Vaalco Energy registrou vendas totais de petróleo de US $ 129,4 milhões. A produção média diária foi de aproximadamente 6.350 barris por dia. As vendas do mercado internacional se concentraram principalmente nas regiões do Gabão e da Guiné equatorial.

Região	Volume de vendas (barris)	Receita ($)
Gabão	687,250	US $ 89,7 milhões
Guiné Equatorial	312,750	US $ 39,7 milhões

Contratos de compartilhamento de produção

A Vaalco opera sob contratos de compartilhamento de produção com porcentagens específicas de alocação de receita:

• Contrato do Gabão: 65% de participação da empresa
• Contrato equatorial da Guiné: 70% da empresa

Receita de exportação de petróleo

2023 As receitas de exportação de petróleo totalizaram US $ 156,2 milhões, com um preço médio realizado no petróleo de US $ 75,40 por barril.

Monetização de ativos estratégicos

O desinvestimento de ativos e a monetização estratégica geraram US $ 22,5 milhões em receita adicional durante 2023.

Compartilhamento de lucro potencial da joint venture

Os acordos de joint venture com parceiros contribuíram com US $ 18,3 milhões em fluxos de receita suplementares para o ano fiscal de 2023.

Parceiro de joint venture	Participação nos lucros (%)	Contribuição da receita ($)
Maurel & Baile de formatura	25%	US $ 12,6 milhões
Outros parceiros	15%	US $ 5,7 milhões

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)