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Vaalco Energy Inc - Houston, Texas-based company engaged in hydrocarbon exploration - Reports net income of $51.9 million for 2022, down from $81.8 million in 2021, while adjusted net income amounts to $104.3 million, up significantly from $39.6 million. Says total production expenses increase to $107.9 million compared to $72.6 million in 2021, driven by higher sales and costs associated with the TransGlobe combination as well as inflationary pressures in 2022. Net income for the fourth quarter is $17.8 million, down from $34.4 million a year earlier. Declares a quarterly cash dividend of $0.063 per share for 2023, up from $0.325 per share a year prior.
Chief Executive Officer George Maxwell says: ‘In 2022, we transformed Vaalco into a diversified, multi- country company focused on sustainable growth and returning value to shareholders. We delivered record financial results, completed a major acquisition and successfully executed multiple high-impact operational projects.’
Current stock price: 360.00 pence each
12-month change: down 31%
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