EGY earnings analysis
What we found in EGY's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Q2 2026 revenue of $135.166 million represented a substantial rebound from $63 million in Q1 2026 and $97 million in Q2 2025, while EPS improved to $0.00 from a $0.90 loss sequentially but missed the $0.07 consensus estimate. The provided filing text does not include current gross margin, operating margin, free cash flow, segment results, or quantitative guidance. Key risks remain the $177.0 million RBL balance, unhedged interest-rate exposure, currency liabilities of $103.2 million in XAF, and sensitivity to oil prices.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Rebounded Sharply
- Q2 2026 revenue was $135.166 million, up approximately 114% from $63 million in Q1 2026 and 39% from $97 million in Q2 2025.
- EPS Improved Sequentially
- Reported EPS was $0.00 versus a $0.90 loss in Q1 2026 and $0.08 profit in Q2 2025; EPS was $0.07 below the consensus estimate.
- Commodity Hedges Provide Downside Support
- The company had open crude-oil derivative collars covering 2.891 million barrels from July 2026 through September 2027, with weighted-average floor prices ranging from $63.85 to $70.99 per barrel.
- No Impairment Recorded
- Management reported that no impairment triggering events were identified and no impairment was recorded at June 30, 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Material Debt and Interest Exposure
- VAALCO had $177.0 million of borrowings under its 2025 RBL Facility at June 30, 2026. The debt was priced at weighted-average SOFR of 3.7% plus a 6.5% applicable margin, and the company does not hedge its interest-rate exposure.
- Gabon Currency Risk
- The company reported net monetary liabilities of $103.2 million denominated in XAF. It estimates that a 10% weakening of the CFA relative to the U.S. dollar would reduce the value of these net liabilities by $9.4 million.
- Oil Price Sensitivity
- Commodity prices remain the company’s major market-risk exposure. A $5-per-barrel decrease in crude prices would reduce six-month revenue by $6.4 million in Gabon and $6.8 million in Egypt, while reducing operating income by $5.7 million and $4.0 million, respectively.
- No Formal Risk-Factor Update
- The filing states that there were no material changes in risk factors from those described in the 2025 Form 10-K; therefore, no new formal risk-factor additions were identified in this quarter.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.0
What they said about what is next.
The provided 10-Q text does not include quantitative revenue, EPS, production, or cash-flow guidance; no explicit outlook was identified.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 11, 2026
- Vaalco Energy, Inc. reported a significant decline in Q1 2026 financial performance, with revenues of $62.6 million, down 43% from $110.3 million in Q1 2025. This resulted in a net loss of $93.8 million, or -$0.90 per…
- 10-K · March 16, 2026
- VAALCO positions itself as an African-focused independent E&P with assets in Gabon, Egypt, Côte d’Ivoire, Equatorial Guinea and Nigeria and a stated strategy to maximize value of current resources, control costs and…
- 10-Q · November 10, 2025
- VAALCO reported Q3 revenue of $61,007,000 (down from $140,334,000 in Q3 2024) and diluted EPS of $0.01 for the quarter. Operating income compressed to $898,000 (operating margin ~1.5%) from $44,083,000 (31.3%) year‑ago…
- 10-Q · August 11, 2025
- VAALCO reported Q2 2025 revenue of $96,893,000 and GAAP diluted EPS of $0.08, down versus Q2 2024 revenue of $116,778,000 and EPS $0.27. Operating income declined to $17,182,000 from $20,400,000 a year ago. The company…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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