Cash CapEx was $45.9 million and dividends returned $6.5 million to shareholders, maintaining a dividend yield of around 7%.
G&A costs fell by 9% quarter-over-quarter, supporting margin maximization and cash flow growth.
In Q2 2025, VAALCO Energy reported net income of $8.4 million or $0.08 per share and adjusted EBITDAX of $49.9 million.
In Q2, VAALCO drew on its reserve-based credit facility for the first time but closed with cash on hand exceeding bank debt by $7.9 million before July receipts.
NRI production was 16,956 BOE per day, above the high end of guidance, and working interest production was 21,654 BOE per day, at the high end of guidance.
Production costs were at the low end of guidance on an absolute basis and below the low end on a per barrel basis at $22.87.
Sales were up 3% quarter-over-quarter, driven by an extra lifting in late June in Gabon, despite a 15% decrease in pricing quarter-over-quarter.
Unrestricted cash at quarter end was $67.9 million, with $24 million of receipts collected in July, including $19 million from Gabon lifting and $5 million from EGPC.
First half results were impacted by dilution from December equity financings and the CPUC cost of capital phase 2 decision from October 2024.
Nonfuel O&M cost reductions exceeded $200 million annually in 2022, 2023, and 2024, with confidence to continue beating the 2% target in 2025 and beyond.
PG&E reported core earnings per share of $0.31 for Q2 2025 and $0.54 for the first half of 2025, consistent with internal plans but light relative to a full year run rate due to timing factors.
PG&E's $63 billion capital investment plan through 2028 remains reaffirmed, with an additional at least $5 billion of customer beneficial work not included in the plan.
The 2027 general rate case (GRC) proposal is the lowest GRC percentage increase requested in 10 years, aiming to stabilize customer bills with a modest increase in base GRC revenues offset by reductions in other items.
The company has no plans for further equity issuance through 2028 and targets a 20% dividend payout by 2028.
The company reaffirmed full year EPS guidance of $1.48 to $1.52 for 2025, with a bias toward the midpoint, representing a 10% increase over 2024.
Dafinchi