Vaalco Energy (EGY) has released an update.
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Vaalco Energy Inc. has reported a strong financial and operational performance in the second quarter of 2024, including the completion of the Svenska Petroleum Exploration AB acquisition for $40.2 million and a significant increase in proved reserves. The company achieved a net income of $28.2 million and increased its Adjusted EBITDAX by 17% to $72.5 million, driven by robust sales and successful Canadian drilling results. With a focus on future growth, Vaalco plans to invest in major projects set to deliver organic growth in 2025 and continues to reward shareholders with a quarterly dividend.
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