USA: VAALCO Posts Q2 Net Income of USD 11.8 Million

VAALCO Energy, Inc. today reported net income attributable to VAALCO of $11.8 million, or $0.20 per diluted share, for the second quarter of 2011 compared to a net income attributable to VAALCO of $10 million, or $0.18 per diluted share, for the comparable period in 2010. Second quarter 2011 revenues were $58.5 million compared to $33.7 million in the second quarter of 2010.

Highlights – Six Months 2011 vs. 2010:

  • 65% increase in gross revenues
  • 94% increase in operating income
  • 43% increase in earnings per share
  • Subject to final closing on acreage in Roosevelt County, Montana, assembled approximately 28,200 gross acres (approximately 18,600 acres net) in Bakken prospective acres

Robert Gerry, Chairman and CEO, commented: “VAALCO had a great first six months, primarily driven by increased production and robust commodity prices. We believe our strong balance sheet and cash flow from operations will allow VAALCO to explore in Angola in the first half of 2012 while continuing to add additional reserves and cash flow through our unconventional properties.”

Source: VAALCO Energy, August 09, 2011;

Share this article

Follow Offshore Energy Today

Events>

<< Jan 2020 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply