VAALCO ENERGY INC /DE/
For the period ended Mar 31, 2025. Filed May 12, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 12, 2025
EGY$5.37-0.4%Stored close · as of Nov 10, 2026
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Condensed Consolidated Statements of Cash Flows
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
| Three Months Ended March 31, | ||
|---|---|---|
| 2025 | 2024 | |
| (in thousands) | ||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net income | $7,730 | $7,686 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation, depletion and amortization | 30,305 | 25,824 |
| Amortization of deferred financing costs | 146 | — |
| Deferred tax benefit | (1,519) | (3,441) |
| Unrealized foreign exchange loss | 1,673 | (102) |
| Stock-based compensation expense | 1,475 | 898 |
| Cash settlements paid on exercised stock appreciation rights | — | (154) |
| Derivative instruments loss, net | 74 | 847 |
| Cash settlements paid on matured derivative contracts, net | 123 | (24) |
| Cash settlements paid on asset retirement obligations | — | (29) |
| Credit losses and other | (27) | 1,812 |
| Other operating loss, net | — | 166 |
| Equipment and other expensed in operations | 972 | 302 |
| Change in operating assets and liabilities: | ||
| Trade receivables, net | (34,671) | (9) |
| Accounts with joint venture owners, net | (2,234) | (683) |
| Egypt receivables and other, net | 32,230 | 1,346 |
| Crude oil inventory | 1,451 | (438) |
| Prepayments and other | (769) | (2,278) |
| Value added tax and other receivables | 5,310 | (2,734) |
| Other long-term assets | — | (1,017) |
| Accounts payable | 7,219 | (5,984) |
| Foreign income taxes receivable/(payable) | (18,035) | 18,912 |
| Accrued liabilities and other | 1,253 | (19,068) |
| Net cash provided by (used in) operating activities | 32,706 | 21,832 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Property and equipment expenditures | (58,527) | (16,618) |
| Acquisition of oil and gas properties | (247) | — |
| Net cash provided by (used in) investing activities | (58,774) | (16,618) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Proceeds from the issuances of common stock | — | 447 |
| Dividend distribution | (6,570) | (6,463) |
| Payments for treasury shares | (155) | (6,344) |
| Deferred financing costs paid | (5,118) | — |
| Payments of finance lease | (2,943) | (2,095) |
| Net cash provided by (used in) in financing activities | (14,786) | (14,455) |
| Effects of exchange rate changes on cash | 27 | (208) |
| NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (40,827) | (9,449) |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 97,726 | 129,178 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | $56,899 | $119,729 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS SUPPLEMENTAL DISCLOSURES (Unaudited)
| Three Months Ended March 31, | ||
|---|---|---|
| 2025 | 2024 | |
| (in thousands) | ||
| Supplemental disclosure of cash flow information: | ||
| Income taxes paid in-kind with crude oil | $30,284 | $— |
| Interest paid, net of amounts capitalized | $1,398 | $1,409 |
| Supplemental disclosure of non-cash investing and financing activities: | ||
| Property and equipment additions incurred but not paid at end of period | $6,366 | $19,226 |
| Recognition of right-of-use finance lease assets and liabilities | $2,372 | $— |
| Asset retirement obligation revisions | $126 | $— |
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