VAALCO Energy, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable increase in total assets, rising to $937.9 million from $823.2 million at the end of 2023. Current assets also saw a slight increase, reaching $236.8 million, while cash and cash equivalents decreased to $89.1 million from $121.0 million. Trade receivables surged to $84.3 million, reflecting a strong sales performance.

For the three months ended September 30, 2024, VAALCO generated $140.3 million in crude oil, natural gas, and NGLs sales, a 21% increase from $116.3 million in the same period of 2023. This revenue growth was attributed to higher sales volumes in Gabon, Egypt, and Canada, despite lower realized prices. Operating income for the quarter rose to $44.1 million, compared to $35.5 million in the prior year, while net income increased to $11.0 million from $6.1 million.

For the nine months ended September 30, 2024, total revenues reached $357.3 million, up from $305.9 million in 2023. However, net income for this period was $46.8 million, significantly higher than $16.4 million in the previous year. The increase in revenues was driven by a rise in sales volumes, with total sales volume for the nine months at 5,388 MBoe, compared to 4,839 MBoe in 2023.

The company’s strategic acquisition of Svenska Petroleum Exploration Aktiebolag, completed on April 30, 2024, for a net purchase price of $40.2 million, contributed to its growth. The acquisition added $67.0 million in sales from Cote d'Ivoire for the period from April 30 to September 30, 2024. However, the overall operating income for the nine-month period decreased to $98.0 million from $77.7 million in 2023, reflecting increased operating costs.

VAALCO's total liabilities increased to $436.9 million from $344.4 million, with total current liabilities rising to $176.2 million. Shareholders' equity also grew to $501.0 million from $478.8 million. The company declared a quarterly cash dividend of $0.0625 per share for Q3 2024, maintaining its commitment to returning value to shareholders.

The company continues to navigate challenges, including geopolitical conflicts affecting operations and supply chains, while focusing on responsible environmental stewardship and compliance with evolving regulations.