Revenue: As of FY2025 Q4, the actual value is USD 91.04 M, beating the estimate of USD 90.1 M.EPS: As of FY2025 Q4, the actual value is USD -0.56.EBIT: As of FY2025 Q4, the actual value is USD -62.84 M.<h4>Full Year 2025 Highlights</h4><ul><li>Sold Volumes (NRI BOEPD): 17,452, exceeding the high end of guidance .</li><li>Production (NRI BOEPD): 16,556 .</li><li>Production (WI BOEPD): 21,160 .</li><li>Net Loss: - $41.4 million (- $0.40 per diluted share) .</li><li>Adjusted Net Loss: - $4.0 million (- $0.04 per diluted share) .</li><li>Adjusted EBITDAX: $173.4 million .</li><li>Net Cash from Operating Activities: $212.7 million .</li><li>Year-End 2025 SEC Proved Reserves: 43.0 million barrels of oil equivalent (MMBOE), including 4 MMBOE of positive revisions, organic additions, and extensions, replacing two-thirds of 2025 production .</li><li>Capital Returned to Shareholders: $26.5 million through dividends .</li></ul><h4>Fourth Quarter 2025 Highlights</h4><ul><li>Sold Volumes (NRI BOEPD): 18,566, 10% above the high end of guidance .</li><li>Production (NRI BOEPD): 16,128 .</li><li>Production (WI BOEPD): 20,729 .</li><li>Net Loss: - $58.6 million (- $0.56 per diluted share) .</li><li>Adjusted Net Loss: - $2.3 million (- $0.02 per diluted share) .</li><li>Adjusted EBITDAX: $42.9 million .</li><li>Capital Expenditures: $100.1 million .</li></ul><h4>Quarterly Financial Performance (Q4 2025 vs. Q3 2025 and Q4 2024)</h4><ul><li>Net Revenue: $91,042 thousand in Q4 2025, an increase of 49% compared to $61,007 thousand in Q3 2025, and lower than $121,721 thousand in Q4 2024 .</li><li>Oil Sales (Q4 2025): $56,238 thousand from Gabon, $54,842 thousand from Egypt, $2,966 thousand from Canada, and - $0- from Côte d’Ivoire, totaling $114,046 thousand .</li><li>Gas Sales (Q4 2025): $648 thousand from Canada, totaling $648 thousand .</li><li>NGL Sales (Q4 2025): $1,444 thousand from Canada, totaling $1,444 thousand .</li><li>Production Expense (excluding offshore workovers and stock comp): $43.0 million in Q4 2025, up 44% from Q3 2025 ($29.8 million) and up 18% from Q4 2024 ($36.5 million) .</li><li>Production Expense per BOE (excluding offshore workovers and stock comp): $25.20 in Q4 2025, compared to $25.23 in Q3 2025 and $19.49 in Q4 2024 .</li><li>Depreciation, Depletion and Amortization (DD&amp;A): $30.8 million in Q4 2025, up 50% from Q3 2025 ($20.6 million) and down 17% from Q4 2024 ($37.0 million) .</li><li>General and Administrative (G&amp;A) Expense (excluding stock-based compensation): $5.2 million in Q4 2025, down from $7.2 million in Q3 2025 and $7.1 million in Q4 2024 .</li><li>Exploration Expense: $6.0 million for Q4 2025, compared to $0.4 million for Q3 2025 and minimal in Q4 2024 .</li><li>Total Other Income (Expense), Net: $1.6 million income for Q4 2025, compared to - $3.4 million expense for Q3 2025 and - $9.7 million expense for Q4 2024 .</li><li>Income Tax Benefit: - $4.6 million for Q4 2025 .</li></ul><h4>Full Year Financial Performance (2025 vs. 2024)</h4><ul><li>Net Sales (MBOE): 6,370 in 2025, a decrease from 7,262 in 2024 .</li><li>Average Realized Price: $56.11 per BOE in 2025, a 15% decrease from $65.64 in 2024 .</li><li>Net Loss: - $41.4 million in 2025, compared to a net income of $58.5 million in 2024, including a - $67.2 million non-cash impairment charge on Canadian assets held for sale in 2025 .</li><li>Total Gross Sales (2025): $476,045 thousand, with Gabon at $208,353 thousand, Egypt at $225,957 thousand, Canada at $23,339 thousand, and Côte d’Ivoire at $18,396 thousand .</li><li>Total Net Revenue (2025): $359,272 thousand, with Gabon at $181,738 thousand, Egypt at $139,964 thousand, Canada at $19,174 thousand, and Côte d’Ivoire at $18,396 thousand .</li></ul><h4>Balance Sheet and Cash Flow</h4><ul><li>Unrestricted Cash Balance: $58.9 million as of December 31, 2025 .</li><li>Working Capital Deficit: - $59.0 million at December 31, 2025, compared to $56.2 million at December 31, 2024 .</li><li>Adjusted Working Capital Deficit: - $41.2 million at December 31, 2025, compared to $73.1 million at December 31, 2024 .</li><li>Outstanding Borrowings (2025 RBL Facility): $60.0 million as of December 31, 2025 .</li><li>Long-term debt: $60,000 thousand at December 31, 2025 .</li><li>Net Debt: $1,100 thousand at December 31, 2025 .</li><li>Free Cash Flow: - $4,283 thousand for the year ended December 31, 2025 .</li></ul><h4>Reserves</h4><ul><li>Year-End 2025 SEC Proved Reserves: 43.0 MMBOE, a 5% decrease from 45.0 MMBOE at December 31, 2024, including 17.5 MMBOE in proved developed reserves and 25.5 MMBOE in proved undeveloped reserves .</li><li>Reserve Replacement Ratio: 66% in 2025 .</li><li>Standardized Measure of SEC Proved Reserves: $410.0 million at December 31, 2025, up from $379.4 million at December 31, 2024 .</li><li>2P WI CPR Estimates: 90.7 MMBOE at year-end 2025, a 6% decrease from 96.1 MMBOE at December 31, 2024 .</li><li>PV-10 of 2P WI CPR Reserves: $858.8 million at year-end 2025, up 26% from $684.1 million at December 31, 2024 .</li></ul><h4>Outlook / Guidance for 2026</h4>VAALCO Energy, Inc. (瓦可能源) plans a 2026 capital budget ranging from $290 million to $360 million, which includes drilling campaigns and the FPSO Refurbishment/Reconnection Project . For the first quarter of 2026, projected capital expenditures are $90 million to $110 million . The company aims to achieve 225% organic production growth by 2030 .

Vaalco Energy | 8-K: FY2025 Q4 Revenue Beats Estimate at USD 91.04 M