VAALCO Energy is a company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Houston, Texas with operations primarily in the Etame Marin block offshore Gabon. As of December 31, 2021, the company had 11.218 million barrels of oil equivalent (68,630,000 GJ) of proved reserves, all of which was petroleum.3 It was founded in 1985.1 Its shares trade on NYSE under the symbol EGY.1Wikipedia text CC BY-SA 4.0
VAALCO Energy is a company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Houston, Texas with operations primarily in the Etame Marin block offshore Gabon.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Total assets171112131410$913.4M in 2025+332% since 2019Total liabilities171112131410$469.9M in 2025+361% since 2019Shareholders’ equity12131410$443.5M in 2025+304% since 2019Cash171112131410$58.9M in 2025+28% since 2019Long-term debt131410$60.0M in 2025
Total assets1516$968.6M in Q2 FY2026+6% since Q1 FY2025Total liabilities1516$588.2M in Q2 FY2026+25% since Q1 FY2025Shareholders’ equity1516$380.3M in Q2 FY2026−14% since Q1 FY2025Cash1516$30.4M in Q2 FY2026−48% since Q1 FY2025Long-term debt1516$177.0M in Q2 FY2026+195% since Q1 FY2025
Cash from operations1112131410$212.7M in 2025+703% since 2019Dividends paid12131410$26.5M in 2025Share buybacks1112131410$709.0K in 2025−82% since 2019
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Vaalco Energy sits at the top of its group. 16 entities, 5 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Svenska Nigeria Exploration & Production Ltd Subsidiary · Nigeria
VAALCO Energy (EG), Inc. Subsidiary · Delaware, United States
VAALCO Energy (G), Inc. Subsidiary · Delaware, United States
VAALCO Energy (H), Inc. Subsidiary · Delaware, United States
VAALCO Energy (Holdings), LLC Subsidiary · Delaware, United States
VAALCO Energy (International) LLC Subsidiary · Delaware, United States
VAALCO Energy Canada, Inc. Subsidiary · Calgary, Alberta, Canada
VAALCO Energy CDI 2, Inc. Subsidiary · Delaware, United States
VAALCO Energy Cote d’Ivoire AB Subsidiary · Sweden
VAALCO Energy Cote d’Ivoire Holding AB Subsidiary · Sweden
VAALCO Energy Cote d’Ivoire SPE AB Subsidiary · Sweden
VAALCO Gabon (Etame), Inc. Subsidiary · Delaware, United States
VAALCO Gabon S.A. Subsidiary · Gabon
VAALCO International Management, LLC Subsidiary · Delaware, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Vaalco Energy reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
The location and general character of our principal crude oil, natural gas and NGLs assets, production facilities, and other important physical properties have been described by segment under Item 1. “Business.” Information about crude oil, natural gas and NGLs reserves, including the basis for their estimation, is discussed in Item 1. “Business.” Our principal executive office is located at 2500 CityWest Boulevard, Houston, Texas 77042. As of December 31, 2025, we maintained offices in Houston, Texas; London, United Kingdom; Port-Gentil, Gabon; Calgary, Alberta; Cairo, Egypt; Abidjan, Cote d’Ivoire; and Malabo, Equatorial Guinea. All of our office space is leased. While we may in the future require additional office space as our business expands, we believe that our existing facilities are adequate to meet our needs for the immediate future and that additional facilities will be available on commercially reasonable terms as needed. For information regarding the Company’s obligations under its office leases, see Part IV, Item 15., Note 13. Leases to the Consolidated Financial Statements.
In 2000, the company sold a 32.5% interest in the Etame Marin permit offshore Gabon to PanAfrican Energy Corp.
In November 2012, the company acquired a 31% non-operating working interest in a production and development area offshore Equatorial Guinea from Petronas for $10 million.
In November 2016, the company acquired an additional 3.23% participating interest (2.98% working interest) in the Etame Marin permit offshore Gabon.
In December 2016, Cary Bounds was named chief executive officer of the company.
Apr 21, 2026Reported quarterly or annual results63
Mar 12, 2026Reported quarterly or annual results64
Feb 10, 2026Reported quarterly or annual results65
Jan 15, 2026Reported quarterly or annual results66
Nov 10, 2025Reported quarterly or annual results67
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
319 filings to the SEC since October 2021: 7 annual reports, 15 quarterly reports, 93 major events, 132 insider forms, 21 large holders, 51 other. The latest 20:
26 open-market trades by officers, directors and large owners since October 2021: 13 buys and 13 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Mar 16, 2026 (Section 12(b) of the Exchange Act).19
Risk factors and legal proceedings
The risks Vaalco Energy names in Item 1A of its 10-K filed Mar 16, 2026: 44 risks under these headings, as written.19
Risks Relating to Our Business, Operations and Strategy
Our business requires significant capital expenditures and we may not be able to obtain needed capital or financing to fund our exploration and development activities or potential acquisitions on satisfactory terms or at all.
Unless we are able to replace the proved reserve quantities that we have produced through acquiring or developing additional reserves, our cash flows and production will decrease over time.
The Company does not always control decisions made under joint operating agreements, and the parties under such agreements may fail to meet their obligations.
Provisions of our agreements could discourage an acquisition of us by a third-party.
We have limited control over the assets we do not operate.
Our offshore operations involve special risks that could adversely affect our results of operations.
Acquisitions and divestitures of properties and businesses may subject us to additional risks and uncertainties, including that acquired assets may not produce as projected, may subject us to additional liabilities and may not be successfully integrated with our business. In addition, any sales or divestments of properties we make may result in certain liabilities that we are required to retain under the terms of such sales or divestments.
Our reserve information represents estimates that may turn out to be incorrect if the assumptions on which these estimates are based are inaccurate. Any material inaccuracies in these reserve estimates or underlying assumptions will materially affect the quantities and present values of our reserves.
If our assumptions underlying accruals for abandonment and decommissioning costs are too low, we could be required to expend greater amounts than expected.
We could lose our interest in Block P in Equatorial Guinea if we do not meet our commitments under the production sharing contract.
The FPSO in Côte d’Ivoire ceased hydrocarbon production on January 31, 2025 for scheduled maintenance. Our results will be adversely affected until the FPSO is returned to service which may be a time later than we expect.
The other 33 risks
Commodity derivative transactions that we enter into may fail to protect us from declines in commodity prices and could result in financial losses or reduce our income.
We are exposed to the credit risks of the third parties with whom we contract.
Our business could be materially and adversely affected by security threats, including cybersecurity threats, and other disruptions.
Current and future geopolitical events outside of our control could adversely impact our business, results of operations, cash flows, financial condition and liquidity.
Production cuts mandated by the government of Gabon, a member of OPEC, could adversely affect our revenues, cash flow and results of operations.
We have less control over our investments in foreign properties than we would have over our domestic investments.
Our operations may be adversely affected by political and economic circumstances in the countries in which we operate.
Inflation could adversely impact our ability to control costs, including operating expenses and capital costs.
Our results of operations, financial condition and cash flows could be adversely affected by changes in currency exchange rates.
We operate in international jurisdictions, and we could be adversely affected by violations of the U.S. Foreign Corrupt Practices Act and similar worldwide anti-corruption laws.
Our business could suffer if we lose the services of, or fail to attract, key personnel.
We are subject to relinquishment obligations under certain of our title documents.
Our results of operations, financial condition and cash flows could be adversely affected by changes in currency regulations.
Our results of operations, financial condition and cash flows could be adversely affected by changes to interest rates.
The development of our estimated proved undeveloped reserves may take longer and may require higher levels of capital expenditures than we currently anticipate. Therefore, our estimated proved undeveloped reserves may not be ultimately developed or produced.
Risks Relating to Our Industry
Crude oil, natural gas and NGLs prices are highly volatile and a depressed price regime, if prolonged, may negatively affect our financial results.
Exploring for, developing, or acquiring reserves is capital intensive and uncertain.
Competitive industry conditions may negatively affect our ability to conduct operations.
Weather, unexpected subsurface conditions and other unforeseen operating hazards may adversely impact our crude oil, natural gas and NGLs activities.
An increased societal and governmental focus on ESG matters, including climate change issues, may adversely impact our business, hinder access to investors and financing, and decrease demand for our product.
We face various risks associated with increased opposition to and activism against crude oil, natural gas and NGLs exploration and development activities.
Risks Relating to Legal and Regulatory Matters
Our operations are subject to risks associated with climate change and potential regulatory programs meant to address climate change; these programs may impact or limit our business plans, result in significant expenditures or reduce demand for our product.
Compliance with applicable environmental laws and other government regulations could be costly and could negatively impact production.
We have been, and in the future may become, involved in legal proceedings with governmental bodies and private litigants, and, as a result, may incur substantial costs in connection with those proceedings.
Risks Relating to the 2025 Facility Agreement
A significant level of indebtedness incurred under the 2025 Facility may limit our ability to borrow additional funds or capitalize on acquisition or other business opportunities in the future. In addition, the covenants in the 2025 Facility impose restrictions that may limit our ability and the ability of our subsidiaries to take certain actions. Our failure to comply with these covenants could result in the acceleration of any future outstanding indebtedness under the 2025 Facility.
The borrowing base under the 2025 RBL Facility may be reduced pursuant to the terms of the 2025 Facility Agreement, which may limit our available funding for exploration and development. We may have difficulty obtaining additional credit, which could adversely affect our operations and financial position.
Risks Relating to Ownership of Our Common Stock
The price of our Common Stock may fluctuate significantly.
We currently intend to pay dividends on our common stock; however, no assurance can be given that we will be able to pay dividends to our stockholders in the future at indicated levels or at all.
Dual-listing on the NYSE and the LSE may lead to an inefficient market in our common stock.
Substantial future sales of our common stock, or the perception that such sales might occur, or additional offerings of our common stock could depress the market price of our common stock.
Any issuance of preferred shares will rank in priority to our shares of common stock.
Our certificate of incorporation and bylaws do not contain any rights of pre-emption in favor of existing stockholders, which means that stockholders may be diluted if additional shares of common stock are issued.
The choice of forum provisions in our Third Amended and Restated Bylaws (the “Bylaws”) could limit our stockholders’ ability to obtain a favorable judicial forum for disputes.
Legal proceedings
We are subject to litigation claims and tax, governmental and regulatory proceedings arising in the ordinary course of business. While we cannot predict the occurrence or outcome of these proceedings with certainty, it is management’s opinion that all claims and litigation we are currently involved in are not likely to have a material adverse effect on our consolidated financial position, cash flows or results of operations.
