VAALCO Energy, Inc. reported a net loss of $41.4 million for the fiscal year ending December 31, 2025, a significant decline from a net income of $58.5 million in 2024. This downturn was primarily attributed to an impairment loss on assets held for sale related to the company's Canadian operations, alongside a decrease in revenues. Total revenues fell by approximately 25% to $359.3 million, down from $479.0 million in the previous year, largely due to lower crude oil prices and production volumes across its segments, particularly in Gabon and Côte d'Ivoire.
In terms of operational performance, VAALCO's total production volumes decreased to 6,043 MBoe in 2025 from 7,296 MBoe in 2024. The average realized price for crude oil also dropped to $56.11 per Boe, compared to $65.64 per Boe in the prior year. The Gabon segment generated $181.7 million in revenue, down from $206.0 million, while the Egypt segment contributed $140.0 million, a decrease from $146.0 million. The company’s Canadian operations, which were divested in early 2026, saw revenues decline to $19.2 million from $32.0 million in 2024.
Strategically, VAALCO has made significant moves, including the acquisition of a 70% working interest in the CI-705 block offshore Côte d'Ivoire and the divestment of its Canadian assets for approximately $25.5 million. The company is focusing on enhancing production through its ongoing drilling programs in Gabon and Egypt, with plans to resume production in Côte d'Ivoire following the refurbishment of the Baobab FPSO, expected to return to service in the second quarter of 2026.
As of December 31, 2025, VAALCO had 281 full-time employees and reported a total of 42,983 MBoe in estimated proved reserves. The company is actively managing its capital expenditures, which are projected to range between $290 million to $360 million for 2026, prioritizing free cash flow generation and shareholder returns. The outlook remains cautious, with the company acknowledging the volatility in commodity prices and the potential impact of geopolitical events on its operations and financial performance.
About VAALCO ENERGY INC /DE/
VAALCO Energy, Inc. is an independent energy company based in Houston, Texas, focused on the acquisition, exploration, development, and production of crude oil, natural gas, and natural gas liquids (NGLs). With operations in Gabon, Egypt, Côte d'Ivoire, and Canada, VAALCO aims to maximize shareholder value through strategic acquisitions and cost management. Recent initiatives include the acquisition of Svenska Petroleum and plans for new developments in Côte d'Ivoire, targeting growth in a dynamic market.
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