VAALCO Energy Q4 net loss $80.8 million, $1.38 per share
This includes a $52.1 million non-cash impairment charge primarily due to lower projected oil prices, an $8.8 million non-cash charge to exploration expense for undeveloped leasehold costs and several other adjustments totaling $6.3 million.
Excluding these charges, VAALCO’s Adjusted Net Loss was $13.6 million, or $0.23 loss per diluted share. The benefit of increased production from five successful 2015 development wells offshore Gabon was more than offset by lower crude oil prices.
In the fourth quarter of 2014, VAALCO reported a net loss of $98.3 million, or $1.70 per diluted share.
Despite the strong production results, Brent Crude decreased approximately 23% in the fourth quarter of 2015 which resulted in fourth quarter Adjusted EBITDAX of $1.2 million. ■