Vaalco Energy Inc - Houston, Texas-based exploration and production in West Africa - Posts surging quarterly profit and revenue as it benefits from a surge in oil and gas prices. Pretax profit in the second quarter jumps to USD61.4 million from USD8.7 million a year ago. Revenue grows to USD111.0 million from USD47.0 million. Net income stands at USD15.1 million compared to USD5.9 million a year ago.
Produces 9,211 barrels of oil per day on average, up 15% from 8,018 bopd a year ago.
Sells crude oil for an average of USD113.38 per barrel, surging 63% from USD69.61.
"We had a very strong second quarter, delivering record sales volumes, benefiting from the improved commodity price environment, and generating significant cash flow," says Chief Executive Officer George Maxwell. He adds: "We are poised for continued success in this strong commodity price environment, with no debt and strong free cash flow generation. We will remain firmly focused on delivering meaningful shareholder returns while we continue to progress our strategic objective of accretive growth."
Current stock price: 450.00 pence
12-month change: up 50%
By Tom Budszus; tombudszus@alliancenews.com
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Vaalco Energy (EGY)