POST Online Media Lite Edition



 

VAALCO Energy net income $26.4 million

Staff writer |
VAALCO Energy, Inc reported results for the fourth quarter and full-year 2013. For Q4 2013 VAALCO reported net income of $26.4 million, or $0.46 per diluted share, compared to a net loss attributable to VAALCO of $18.9 million, or a loss of $0.33 per diluted share, for Q4 2012.

Article continues below






For the year ended December 31, 2013, VAALCO reported record net income of $43.1 million, or $0.74 per diluted share, compared to net income attributable to VAALCO of $0.6 million, or $0.01 per diluted share, for the year ended December 31, 2012. The increase in net income in 2013 versus 2012 is primarily attributable to lower income taxes paid in Gabon as well as lower exploration costs.

Gabon crude oil revenues for the three months ended December 31, 2013, were $58.0 million, as compared to revenues of $52.9 million for the same period in 2012. During the fourth quarter of 2013, VAALCO sold approximately 531,000 net barrels of oil at an average price of $109.12/Bbl in Gabon compared to 482,000 net barrels of oil at an average price of $109.80/Bbl in 2012.

United States condensate sales were $0.1 million, resulting from the sale of approximately 1,000 net barrels of oil condensate at an average price of $97.90/Bbl. For the same period in 2012, condensate sales were $0.2 million resulting from the sale of approximately 2,000 net barrels of oil condensate at an average price of $77.96/Bbl.

United States natural gas revenues including revenues from natural gas liquids for the three months ended December 31, 2013, were $0.3 million compared to $0.4 million for the comparable period in 2012. Natural gas sales were approximately 100 MMcf at an average price of $4.51/Mcf for the three months ended December 31, 2013. For the same period of 2012, natural gas sales were approximately 100 MMcf at an average price of $3.73/Mcf.

Total production expenses for the fourth quarter of 2013 were $8.6 million, comparable to $8.7 million of production expenses in the fourth quarter of 2013.

Exploration expenses were $2.5 million in the fourth quarter of 2013 compared to $36.0 million of costs in the comparable period in 2012. Exploration expense in the fourth quarter of 2013 is primarily related to the unsuccessful efforts of an exploration well offshore Gabon, whereas the fourth quarter of 2012 included four unsuccessful exploration wells drilled in the United States.

Income tax expenses for the fourth quarter of 2013 were $9.6 million, compared to $2.1 million for the same period in 2012 with the increase primarily due to increased sales volumes and the impact of a lower cost account.

Full year total oil and gas sales for 2013 were $169.3 million as compared to $195.3 million for 2012.

Gabon crude oil revenues for 2013 were $167.4 million, as compared to revenues of $192.5 million for the same period in 2012. VAALCO sold approximately 1,544,000 net barrels of oil at an average price of $108.42/Bbl in Gabon in 2013, as compared to 1,740,000 net barrels of oil at an average price of $111.24/Bbl in 2012.

United States condensate sales were $0.4 million, resulting from the sale of approximately 5,000 net barrels of oil condensate at an average price of $85.67/Bbl. For the same period in 2012, condensate sales were $0.8 million resulting from the sale of approximately 10,000 net barrels of oil condensate at an average price of $81.68/Bbl.

United States atural gas revenues including revenues from natural gas liquids for the year 2013 were $1.5 million compared to $1.9 million for the comparable period in 2012. Natural gas sales were approximately 300 MMcf at an average price of $4.50/Mcf for 2013. For the same period of 2012, natural gas sales were approximately 500 MMcf at an average price of $3.66/Mcf.


What to read next

C&J Energy Services Q4 net income $22.3 million
CenterPoint Energy Q4 net income $176 million
CenterPoint Energy Q2 net income $77 million