VAALCO ENERGY Reports Q2 FY2023 Earnings Results for June 30 2023
August 22, 2023
☀️Earnings Overview
On August 9 2023, VAALCO ENERGY ($NYSE:EGY) reported its financial results for the second quarter of FY2023, ending June 30 2023. Total revenue for the period totaled USD 109.2 million, a 14.3% decrease from the same quarter of FY2022. Net income decreased to USD 6.8 million, representing a 55.3% decrease from Q2 of the preceding year.
Price History
On Wednesday, VAALCO Energy reported its second quarter earnings results for the fiscal year 2023, ending June 30th 2023. The company’s stock opened at $4.4 and closed at the same price, showing a 1.4% increase from its last closing price of $4.3. The increase in net income was attributed to higher oil and gas prices and increased production from the Etame Marin field in Gabon. Overall, VAALCO’s second quarter earnings report showed signs of positive growth in terms of revenue and cash flow.
The company’s focus on increasing production and executing cost cutting measures should further strengthen its balance sheet. Investors remain optimistic about the company’s future prospects and anticipate further growth in the next quarter. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Vaalco Energy. More…
| Total Revenues | Net Income | Net Margin |
| 410.18 | 35.17 | 8.5% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Vaalco Energy. More…
| Operations | Investing | Financing |
| 137.41 | -117.77 | -39.91 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Vaalco Energy. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 829.01 | 377.01 | 4.22 |
Key Ratios Snapshot
Some of the financial key ratios for Vaalco Energy are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 67.5% | 100.3% | 23.6% |
| FCF Margin | ROE | ROA |
| -4.2% | 13.4% | 7.3% |
Analysis
GoodWhale has conducted an analysis of VAALCO ENERGY‘s wellbeing. Our Star Chart shows that VAALCO ENERGY is classified as a ‘gorilla’, a type of company we have concluded that achieved stable and high revenue or earning growth due to its strong competitive advantage. This type of company may be interesting to investors looking for strong growth and profitability, with medium dividend and asset yields. Furthermore, VAALCO ENERGY has a high health score of 8/10, indicating it is capable to pay off debt and fund future operations through its cashflows and debt. This makes VAALCO ENERGY an attractive investment opportunity for those seeking a stable and highly profitable company. More…
Peers
VAALCO Energy Inc is an oil and natural gas company with a focus on exploration and production. The company operates in the United States, Angola, and Gabon. VAALCO’s competitors include SM Energy Co, Athabasca Oil Corp, and ADX Energy Ltd.
– SM Energy Co ($NYSE:SM)
SM Energy Co is a natural gas and oil company with a market cap of 5.48B as of 2022. The company has a Return on Equity of 31.47%. SM Energy Co is engaged in the exploration, development, production, and acquisition of natural gas and oil properties.
– Athabasca Oil Corp ($TSX:ATH)
Athabasca Oil Corporation is a Canadian oil sands company with a market capitalization of $1.57 billion as of 2022. The company’s return on equity is 32.24%. Athabasca Oil Corporation is engaged in the exploration, development, and production of oil and natural gas in the province of Alberta, Canada. The company’s primary asset is the MacKay River oil sands project, which is located approximately 40 kilometers north of Fort McMurray, Alberta.
– ADX Energy Ltd ($ASX:ADX)
ADX Energy Ltd is an oil and gas exploration and production company with a focus on Italy, Romania and Tunisia. The company has a market capitalization of 21.03 million as of 2022 and a return on equity of -70.9%. The company’s operations are focused on the development and production of oil and gas assets in the onshore Pannonian and Adriatic Basins in Italy, the Black Sea in Romania and the Mahdia Permit in Tunisia.
Summary
Investors may be wary of the quarterly earnings report from VAALCO ENERGY for Q2 2023. Total revenue for the period dropped 14.3% year over year and net income declined by 55.3%. While the results are undeniably disappointing, investors should carefully consider all factors before making an investment decision. It will be important to keep an eye out for any changes in revenue or expense trends in order to gauge the company’s performance.
Analysts will also want to review management’s plans for increasing revenues and reducing expenses, as well as the quality and sustainability of the company’s financials. Ultimately, investors must determine whether the firm is a good fit for their portfolio in light of the current market outlook.
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