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VAALCO Energy Inc. (EGY-8.08%) has filed its annual report for the fiscal year ended December 31, 2024 filing.
The report details the company's financial performance, highlighting a net income of $58.5 million for the year, compared to $60.4 million in the previous year. The slight decrease in net income is attributed to higher depreciation, depletion, and amortization expenses.
VAALCO's revenues increased to $479 million, up from $455 million in 2023, primarily due to contributions from its Cote d'Ivoire segment following the acquisition of Svenska Petroleum Exploration Aktiebolag.
The company reported production expenses of $163.5 million, an increase from $153.2 million in 2023, driven by inflationary pressures and adjustments in Gabon.
In 2024, VAALCO completed the acquisition of Svenska Petroleum Exploration Aktiebolag for $40.2 million, enhancing its asset portfolio in Cote d'Ivoire and Nigeria.
The company's capital expenditures for 2024 amounted to $109.4 million, with significant investments in Gabon, Egypt, Canada, and Cote d'Ivoire.
VAALCO's cash and cash equivalents at the end of 2024 were $82.6 million, compared to $121 million at the end of 2023.
The report also notes the company's ongoing focus on expanding its asset base through strategic acquisitions and disciplined capital allocation.
VAALCO's Board of Directors continued its quarterly cash dividend policy, distributing $0.0625 per share throughout 2024.
The company identified material weaknesses in its internal control over financial reporting, specifically in its procure-to-pay system, and is implementing remediation plans.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the VAALCO Energy Inc. annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.