Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Vaalco Energy Inc on Thursday reported a significantly lower interim profit as operating costs ballooned.
The Houston, Texas-based company engaged in hydrocarbon exploration said pretax profit in the first half of 2023 fell to $36.6 million from $68.9 million a year ago.
This was mainly due to operating costs which increased to $147.2 million from $66.5 million. Further, the interest expense was higher at $3.9 million compared to $121,000 a year before.
Revenue from crude oil, natural gas and natural gas liquids sales rose 5.6% to $189.6 million from $179.6 million.
Meanwhile, in the second quarter of 2023, the realised crude oil price declined 48% to $59.37 per barrel from $113.38 a year before. For the first half of 2023, the average realised crude price was $61.92 per barrel, down 45% from $111.92 a year ago.
Vaalco Energy shares were flat at 305.00 pence each on Thursday morning in London.
Copyright 2023 Alliance News Ltd. All Rights Reserved.