Vaalco Energy, Inc. Announces First Quarter 2017 Results
Mon May 8, 2017 4:45 PM|GlobeNewswire|About: EGY
Q1: 05-08-17 Earnings Summary
10-Q
News
EPS of $0.07 beats by $0.08 | Revenue of $21.27M (+ 93.7% Y/Y) beats by $1.38M
GlobeNewswire
HOUSTON, May 08, 2017 (GLOBE NEWSWIRE) -- VAALCO Energy, Inc. (EGY) today reported operational and financial results for the first quarter 2017.
First Quarter 2017 and recent key items:
Reported income from continuing operations of $4.4 million or $0.07 earnings per share for the first quarter of 2017, compared with a loss from continuing operations of $15.4 million or a loss of $0.26 per share in the same period in 2016
Generated operating income of $8.1 million in the first quarter of 2017 and Adjusted EBITDAX of $10.4 million
Produced an average of 4,622 barrels of oil per day (BOPD) in the first quarter of 2017, above the high end of the guidance range of 4,500 to 4,600 BOPD
Successfully completed workovers on the South Tchibala 2H and Avouma 2H wells
Reported first quarter 2017 production expense of $20.44 per barrel of oil, excluding workovers, at the low end of the guidance range of $20.00 to $23.00 per barrel.
For the first quarter of 2017, VAALCO reported income from continuing operations of $4.4 million, or $0.07 per diluted share. In the same period in 2016, the Company reported a loss from continuing operations of $15.4 million, or a loss of $0.26 per diluted share. The average realized price for crude oil in the first quarter of 2017 was $51.99 per barrel, up 92% from $27.07 per barrel in the first quarter of 2016. Adjusted EBITDAX totaled $10.4 million in the first quarter of 2017 compared with a loss of $10.7 million in the same period of 2016.
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