VAALCO ENERGY INC /DE/
For the period ended Sep 30, 2025. Filed Nov 10, 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.
Sep 30, 2025 · Filed Nov 10, 2025
EGY$5.37-0.4%Stored close · as of Nov 10, 2026
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Condensed Consolidated Statements of Cash Flows Nine Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| (in thousands) | ||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net income | $17,212 | $46,827 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation, depletion and amortization | 79,133 | 105,987 |
| Bargain purchase gain | — | (19,898) |
| Amortization of deferred financing costs | 809 | — |
| Deferred tax benefit | (19,569) | (7,762) |
| Unrealized foreign exchange gain | (347) | (613) |
| Stock-based compensation expense | 4,683 | 3,208 |
| Derivative instruments loss, net | 767 | 209 |
| Cash settlements paid on matured derivative contracts, net | (141) | (15) |
| Credit losses and other | 485 | 5,304 |
| Equipment and other expensed in operations | 3,937 | 1,589 |
| Change in operating assets and liabilities: | ||
| Trade receivables, net | (23,772) | (39,456) |
| Accounts with joint venture owners, net | (4,292) | (4,739) |
| Egypt receivables and other, net | 32,159 | (394) |
| Crude oil inventory | 483 | 12,153 |
| Prepayments and other | (7,258) | (1,847) |
| Value added tax and other receivables | 5,643 | (5,713) |
| Other long-term assets | — | 1,808 |
| Accounts payable | 7,120 | (9,034) |
| Foreign income taxes payable | (18,328) | 24,327 |
| Accrued liabilities and other | (11,230) | (42,756) |
| Net cash provided by operating activities | 67,494 | 69,185 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Property and equipment expenditures | (152,728) | (61,530) |
| Cash acquired in business combination, net of cash paid | — | 412 |
| Acquisition of oil and gas properties | (3,034) | — |
| Net cash used in investing activities | (155,762) | (61,118) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Proceeds from the issuances of common stock | — | 447 |
| Proceeds from borrowings | 60,000 | — |
| Dividend distribution | (19,807) | (19,647) |
| Payments for treasury shares | (709) | (6,803) |
| Deferred financing costs paid | (7,100) | — |
| Payments of finance lease | (9,781) | (6,261) |
| Net cash provided by (used in) in financing activities | 22,603 | (32,264) |
| Effects of exchange rate changes on cash | 53 | (4) |
| NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (65,612) | (24,201) |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 97,726 | 129,178 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | $32,114 | $104,977 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS SUPPLEMENTAL DISCLOSURES (Unaudited)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| (in thousands) | ||
| Supplemental disclosure of cash flow information: | ||
| Income taxes paid in-kind with crude oil | $32,263 | $— |
| Interest paid, net of amounts capitalized | $5,043 | $4,900 |
| Supplemental disclosure of non-cash investing and financing activities: | ||
| Property and equipment additions incurred but not paid at end of period | $1,260 | $8,894 |
| Recognition of right-of-use finance lease assets and liabilities | $2,372 | $— |
| Recognition of right-of-use operating lease assets and liabilities | $— | $2,035 |
| Asset retirement obligation revisions | $58 | $15,796 |
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