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…
Earnings analysis · 10-Q
EGY earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.0
What stood out
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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.
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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.
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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.
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No Impairment Recorded
Management reported that no impairment triggering events were identified and no impairment was recorded at June 30, 2026.
What to watch
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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.
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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.
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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.
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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.
Management's outlook
The provided 10-Q text does not include quantitative revenue, EPS, production, or cash-flow guidance; no explicit outlook was identified.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.