6th Nov 2020 14:59
Vaalco Energy Inc - hydrocarbon exploration company - Says it has achieved strong production performance of 4,405 net revenue interest barrels of crude oil per day, or 5,064 working interest barrels of crude oil per day in the third quarter of 2020, despite planned full field maintenance shutdown in September and production curtailment due to an OPEC+ mandate for Gabon. The company reports third-quarter net income of USD7.6 million, adjusted net income of USD2.3 million and generated adjusted earnings before interest, tax, depreciation, amortization and exploration of USD7.0 million. "Given that the vast majority of our operating expenses are fixed, our higher sales volumes and proactive measures to manage costs have helped to drive down our unit production costs and enhanced our profit margins year-over-year," says Chief Executive Cary Bounds.
Current stock price: 80 pence
Year-to-date change: down 47%
By Evelina Grecenko; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Vaalco Energy