6th Apr 2023 14:00
Vaalco Energy Inc - Houston, Texas-based company engaged in hydrocarbon exploration - Reports net income of USD51.9 million for 2022, down from USD81.8 million in 2021, while adjusted net income amounts to USD104.3 million, up significantly from USD39.6 million. Says total production expenses increase to USD107.9 million compared to USD72.6 million in 2021, driven by higher sales and costs associated with the TransGlobe combination as well as inflationary pressures in 2022. Net income for the fourth quarter is USD17.8 million, down from USD34.4 million a year earlier. Declares a quarterly cash dividend of USD0.063 per share for 2023, up from USD0.325 per share a year prior.
Chief Executive Officer George Maxwell says: "In 2022, we transformed Vaalco into a diversified, multi- country company focused on sustainable growth and returning value to shareholders. We delivered record financial results, completed a major acquisition and successfully executed multiple high-impact operational projects."
Current stock price: 360.00 pence each
12-month change: down 31%
By Xindi Wei, Alliance News reporter
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