VAALCO Energy第二季收入增近四成 上半年受累衍生工具虧損錄淨虧損

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Table of Contents

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
FORM 10-Q
______________________
(Mark One)

xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026 
or

oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______
Commission File Number 1-32167
______________________
VAALCO Energy, Inc.
(Exact name of registrant as specified in its charter)
______________________

Delaware
76-0274813

(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)

2500 CityWest Blvd.
Suite 400
Houston, Texas 
77042

(Address of principal executive offices)
(Zip code)

(713) 623-0801
(Registrant’s telephone number, including area code)
______________________
Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading symbol(s)Name of each exchange on which registered
Common StockEGYNew York Stock Exchange
Common StockEGYLondon Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  x   No  o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes  x   No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 

Large accelerated fileroAccelerated filerx
Non‑accelerated fileroSmaller reporting companyo

Emerging growth companyo

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.      o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes  o   No  x
As of August 4, 2026, there were outstanding 105,191,778 shares of common stock, $0.10 par value per share, of the registrant. 

Table of Contents

VAALCO ENERGY, INC. AND SUBSIDIARIES
Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Condensed Consolidated Balance Sheets June 30, 2026 and December 31, 2025
2

Condensed Consolidated Statements of Operations and Comprehensive Income Three and Six Months Ended June 30, 2026 and 2025
3

Condensed Consolidated Statements of Shareholders’ Equity Three and Six Months Ended June 30, 2026 and 2025
4

Condensed Consolidated Statements of Cash Flows Six Months Ended June 30, 2026 and 2025
5

Notes to Condensed Consolidated Financial Statements (unaudited)
7

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
22

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
34

ITEM 4. CONTROLS AND PROCEDURES
36

PART II. OTHER INFORMATION
37

ITEM 1. LEGAL PROCEEDINGS
37

ITEM 1A. RISK FACTORS
37

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
37

ITEM 5. OTHER INFORMATION
37

ITEM 6. EXHIBITS
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PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

VAALCO ENERGY, INC. AND SUBSIDIARIES 
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) 
(in thousands, except share amounts)As of 
June 30, 2026As of 
December 31, 2025

ASSETS
Current assets:
Cash and cash equivalents$30,394 $58,900 
Restricted cash112 136 
Receivables:
Trade21,465 39,924 
Accounts with joint venture owners, net of allowance for credit losses of $3.1 million and 
  $2.7 million, respectively
7,302 5,420 
Other, net of allowance for credit losses of $0.4 million and $— million, respectively
1,603 2,277 
Crude oil inventory5,106 1,774 
Prepayments and other22,910 24,370 
Current assets held for sale — 179 
Total current assets88,892 132,980 
Crude oil, natural gas and NGLs properties and equipment, net709,653 586,095 
Other noncurrent assets:
Restricted cash1,659 1,659 
Value added tax and other receivables8,056 7,149 
Right of use operating lease assets21,779 16,596 
Right of use finance lease assets62,704 68,615 
Deferred tax assets60,966 54,825 
Abandonment funding6,268 6,268 
Other long-term assets8,593 7,362 
Noncurrent assets held for sale— 31,826 
Total assets$968,570 $913,375 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable$41,006 $44,661 
Accounts with joint venture owners106 3,193 
Accrued liabilities and other135,824 106,444 

Operating lease liabilities - current portion6,987 5,744 
Finance lease liabilities - current portion12,337 12,119 
Foreign income taxes payable7,650 19,656 
Current liabilities held for sale— 183 
Total current liabilities203,910 192,000 
Asset retirement obligations81,635 78,406 
Operating lease liabilities - net of current portion14,631 11,183 
Finance lease liabilities - net of current portion50,825 57,256 
Deferred tax liabilities60,234 63,630 
Long-term debt177,000 60,000 

Noncurrent liabilities held for sale— 7,403 
Total liabilities588,235 469,878 
Commitments and Contingencies (Note 9)
Shareholders’ equity:
Preferred stock, $25 par value; 500,000 shares authorized, none issued
— — 
Common stock, $0.10 par value; 160,000,000 shares authorized, 124,320,737 and 123,017,656 shares issued, and 105,191,778 and 104,258,253 shares outstanding, respectively
12,432 12,302 
Additional paid-in capital371,427 368,536 
Accumulated other comprehensive loss— (498)
Less treasury stock, 19,128,959 and 18,759,403 shares, respectively, at cost
(80,718)(78,733)
Retained earnings77,194 141,890 
Total shareholders’ equity380,335 443,497 
Total liabilities and shareholders’ equity$968,570 $913,375 

See notes to unaudited condensed consolidated financial statements.
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VAALCO ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited)

Three Months Ended
June 30,Six Months Ended
June 30,
2026202520262025
(in thousands, except per share amounts) 

Revenues:
Crude oil, natural gas and natural gas liquids sales$135,166 $96,893 $197,765 $207,222 
Operating costs and expenses:
Production expense45,470 40,393 73,849 85,198 

Exploration expense65 2,520 22,459 2,520 
Depreciation, depletion and amortization34,272 28,273 52,484 58,578 
Loss on sale of assets— — 1,202 — 
General and administrative expense11,194 8,496 19,470 17,548 
Credit losses and other573 29 844 2 
Total operating costs and expenses91,574 79,711 170,308 163,846 

Operating income43,592 17,182 27,457 43,376 
Other income (expense):
Derivative gain (loss), net18,720 400 (51,861)326 
Interest expense, net(2,750)(2,572)(4,449)(3,866)

Other income (expense), net(325)353 (1,359)(659)
Total other income (expense), net15,645 (1,819)(57,669)(4,199)
Income (loss) before income taxes59,237 15,363 (30,212)39,177 
Income tax expense16,792 6,983 21,107 23,066 
Net income (loss)$42,445 $8,380 $(51,319)$16,111 
Other comprehensive income
Currency translation adjustments— 4,759 112 4,876 
Comprehensive income (loss)$42,445 $13,139 $(51,207)$20,987 

Basic net income (loss) per share:
Net income (loss) per share$0.39 $0.08 $(0.49)$0.15 
Basic weighted average shares outstanding104,518103,936104,389103,848
Diluted net income (loss) per share:
Net income (loss) per share$0.39 $0.08 $(0.49)$0.15 
Diluted weighted average shares outstanding104,643103,958104,389103,872

See notes to unaudited condensed consolidated financial statements.
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VAALCO ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited) 

Common Shares
IssuedTreasury SharesCommon StockAdditional Paid-In
CapitalAccumulated Other
Comprehensive Income (Loss)Treasury StockRetained EarningsTotal
(in thousands)
Balance at January 1, 2026123,018(18,759)$12,302 $368,536 $(498)$(78,733)$141,890 $443,497 

Stock-based compensation expense——— 1,360 — — — 1,360 

Dividend distributions ($0.0625 per share)
——— — — — (6,687)(6,687)
Other comprehensive income——— — 498 — — 498 
Net loss——— — — — (93,764)(93,764)
Balance at March 31, 2026123,018(18,759)$12,302 $369,896 $— $(78,733)$41,439 $344,904 
Shares issued - stock-based compensation1,303—130 (130)— — — — 
Stock-based compensation expense———1,661 — — — 1,661 
Treasury stock—(370)— — — (1,985)— (1,985)
Dividend distributions ($0.0625 per share)
——— — — — (6,690)(6,690)

Net income——— — — — 42,445 42,445 
Balance at June 30, 2026124,321 (19,129)$12,432 $371,427 $— $(80,718)$77,194 $380,335 

See notes to unaudited condensed consolidated financial statements. 

Common Shares
IssuedTreasury SharesCommon StockAdditional Paid-In
CapitalAccumulated Other
Comprehensive Income (Loss)Treasury StockRetained Earnings Total
(in thousands)
Balance at January 1, 2025122,304(18,561)$12,230 $362,578 $(4,962)$(78,024)$209,761 $501,583 
Shares issued - stock-based compensation116—12 (12)— — — — 
Stock-based compensation expense——— 1,389 — — — 1,389 
Treasury stock—(40)— — — (155)— (155)
Dividend distributions ($0.0625 per share)
——— — — — (6,570)(6,570)
Other comprehensive income——— — 117 — — 117 
Net income——— — — — 7,730 7,730 
Balance at March 31, 2025122,420(18,601)$12,242 $363,955 $(4,845)$(78,179)$210,921 $504,094 
Shares issued - stock-based compensation598—60 (60)— — — — 
Stock-based compensation expense———1,437 — — — 1,437 
Treasury stock—(158)— — — (554)— (554)
Dividend distributions ( $0.0625 per share)
——— — — — (6,557)(6,557)
Other comprehensive income——— — 4,759 — — 4,759 
Net income——— — — — 8,380 8,380 
Balance at June 30, 2025123,018 (18,759)$12,302 $365,332 $(86)$(78,733)$212,744 $511,559 

See notes to unaudited condensed consolidated financial statements. 
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VAALCO ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

Six Months Ended June 30,
20262025
(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)$(51,319)$16,111 
Adjustments to reconcile net income (loss) to net cash provided by (used in) 
operating activities:
Depreciation, depletion and amortization52,484 58,578 
Loss on Canada Assets Divestment1,202 — 
Amortization of deferred financing costs851 461 
Deferred tax benefit(9,537)(7,399)
Unrealized foreign exchange loss432 305 
Exploration expense13,378 — 
Stock-based compensation expense3,021 2,976 

Derivative instruments (gain) loss, net51,861 (326)
Cash settlements received (paid) on matured derivative contracts, net(32,587)214 

Credit losses and other844 2 

Equipment and other expensed in operations3,560 2,448 
Change in operating assets and liabilities:
Trade receivables, net16,697 (47,137)
Accounts with joint venture owners, net(2,970)(853)
Other receivables158 31,200 
Crude oil inventory(3,331)8,180 
Premiums paid on commodity derivative contracts(1,354)— 
Prepayments and other(2,896)(1,673)
Value added tax and other receivables1,373 6,178 

Accounts payable(3,479)11,212 
Foreign income taxes payable(11,867)(20,118)

Accrued liabilities and other7,954 (9,310)
Net cash provided by operating activities34,475 51,049 
CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment expenditures, including exploration expense(181,636)(104,426)
Proceeds from the Canada Assets Divestment25,474 — 
Acquisition of oil and gas properties— (3,034)
Net cash used in investing activities(156,162)(107,460)
CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from borrowings117,000 60,000 
Dividend distribution(13,435)(13,127)
Payments for treasury shares(1,985)(709)
Deferred financing costs paid(2,180)(6,910)
Payments of finance leases(6,211)(6,332)
Net cash provided by financing activities93,189 32,922 
Effects of exchange rate changes on cash(32)96 
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH(28,530)(23,393)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD66,963 97,726 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD$38,433 $74,333 

See notes to unaudited condensed consolidated financial statements.
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VAALCO ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS SUPPLEMENTAL DISCLOSURES (Unaudited)

Six Months Ended June 30,
20262025
(in thousands)
Supplemental disclosure of cash flow information:
Income taxes paid in-kind with crude oil$26,737 $32,263 
Interest paid, net of interest capitalized$2,834 $3,160 
Supplemental disclosure of non-cash investing and financing activities:
Property and equipment additions incurred but not paid at end of period$7,614 $9,491 
Recognition of right-of-use finance lease assets and liabilities$— $2,372 
Recognition of right-of-use operating lease assets and liabilities$8,058 $— 
Changes in asset retirement obligation$77 $126 

See notes to unaudited condensed consolidated financial statements.
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VAALCO ENERGY, INC. AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1 . ORGANIZATION AND ACCOUNTING POLICIES

Vaalco Energy, Inc. (together with its consolidated subsidiaries “we”, “us”, “our”, “Vaalco” or the “Company”) is a Houston, Texas-based independent energy company engaged in the acquisition, exploration, development and production of crude oil, natural gas and natural gas liquids (“NGLs”) properties. We have a diversified African-focused asset portfolio in Gabon, Egypt, Côte d’Ivoire, Nigeria and Equatorial Guinea, and, prior to the Canada Assets Divestment (defined below), producing properties in Canada.
These unaudited condensed consolidated financial statements (“Financial Statements”) reflect the opinion of management and all adjustments necessary for a fair presentation of results for the interim periods presented. All adjustments are of a normal recurring nature unless disclosed otherwise. Interim period results are not necessarily indicative of results expected for the full year. 
These Financial Statements have been prepared in accordance with rules of the Securities and Exchange Commission (“SEC”) and do not include all the information and disclosures required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. They should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, which includes a summary of the significant accounting policies.
Allowance for credit losses and other – The Company estimates the current expected credit losses based primarily on either an aging analysis or a discounted cash flow methodology that incorporates consideration of current and future conditions that could impact its counterparties’ credit quality and liquidity. Uncollectible receivables are written off when a settlement is reached for an amount that is less than the outstanding historical balance or when the Company has determined that the balance will not be collected.
The following table provides an analysis of the change in the aggregate credit loss allowance and other allowances.

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in thousands)

Balance at beginning of period$(2,922)$(2,527)$(2,652)$(2,554)
Credit losses and other(574)(326)(844)(637)
Credit recoveries and other— 297 — 635 

Balance at end of period$(3,496)$(2,556)$(3,496)$(2,556)

Derivative instruments and hedging activities – The Company enters into crude oil hedging arrangements from time to time in an effort to mitigate the effects of commodity price volatility and enhance the predictability of cash flows relating to the marketing of a portion of our crude oil production. While these instruments mitigate the cash flow risk of future decreases in commodity prices, they may also curtail benefits from future increases in commodity prices. 

The Company records balances resulting from commodity risk management activities in the consolidated balance sheets as either assets or liabilities measured at fair value. The Company has previously elected not to offset fair value amounts of qualifying derivatives under a master netting arrangement and associated fair value amounts for cash collateral receivables and payables. Beginning during the three months ended March 31, 2026 and effective during such period and for subsequent periods thereafter, the Company changed the presentation of derivative assets and liabilities on the Consolidated Balance Sheets from a gross basis to a net basis by counterparty when a legally enforceable master netting arrangement exists. The Company believes that net presentation better reflects the rights and obligations associated with these derivative instruments. This change affects presentation only and does not affect the recognition, measurement, or classification of the derivative assets and liabilities. It also had no impact on the Company’s consolidated statements of operations, cash flows, or shareholders’ equity. Prior period amounts have been conformed to the current presentation. Gains and losses from the change in fair value of derivative instruments and cash settlements on commodity derivatives are presented in the “Derivative instruments gain (loss), net” line item located within the “Other income (expense)” section of the consolidated statements of operations and comprehensive income (loss). 
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Fair Value of Derivative Instruments – The following table, set forth by level within the fair value hierarchy, shows the Company’s derivatives that were accounted for at fair value as of June 30, 2026 and December 31, 2025.

As of June 30, 2026
Balance Sheet LineLevel 1Level 2Level 3Total
(in thousands)
Assets
Derivative assets, currentPrepayments and other$— $2,335 $— $2,335 

$— $2,335 $— $2,335 
Liabilities
Derivative liabilitiesAccrued liabilities and other$— $11,262 $— $11,262 
$— $11,262 $— $11,262 

As of December 31, 2025
Balance Sheet LineLevel 1Level 2Level 3Total
(in thousands)
Assets
Derivative assetPrepayments and other$— $2,846 $— $2,846 

$— $2,846 $— $2,846 

The Company’s commodity price derivatives primarily represent crude oil collar contracts and fixed price swap contracts and differential swap contracts. The asset and liability measurements for the Company’s commodity price derivative contracts are determined using Level 2 inputs. The asset and liability values attributable to the Company’s commodity price derivatives were determined based on inputs that include, but are not limited to, the contractual price of the underlying position, current market prices, crude oil forward curves, discount rates, and volatility factors. 
See Note 7. Derivatives for further details of the Company’s derivative contracts.

2 . NEW ACCOUNTING STANDARDS

Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Accounting Standards Update 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses to improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of adopting this ASU on its notes to the consolidated financial statements and processes.
In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The ASU introduces a practical expedient and, for non-public business entities, an accounting policy election to simplify the application of credit loss guidance to short-term receivables and contract assets by allowing consideration of post-balance-sheet collections. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company has elected to not adopt the practical expedient and therefore, the Company, when estimating its credit losses, will continue to consider available information that is relevant to its assessment of the collectability of cash flows, including historical losses, current economic conditions, and reasonable and supportable forecasts. Management will continue to monitor changes in the Company’s portfolio, economic conditions, and future guidance issued by the Financial Accounting Standards Board to determine whether election of the practical expedient would be appropriate in future reporting periods.
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3 . ACQUISITION AND DIVESTMENT

Assumption of Operatorship

In February 2026, the Company became the operator with a 60% working interest in the Kossipo field on the CI-40 Block with a field development plan expected to be completed in the first half of 2027.

Canada Assets Divestment

As of December 31, 2025, the assets and liabilities associated with the Canada Assets Divestment (defined below) were classified as held for sale. The Company recorded an impairment loss of $67.2 million at the time it classified the assets as held for sale to adjust the carrying value of the assets held for sale to their estimated fair value less cost to sell. 

On February 4, 2026, the Company entered into an asset purchase agreement to sell all of its operating assets in Canada (the “Canada Assets Divestment”) to a third party purchaser for a purchase price of $24.4 million (C$33.4 million) to be settled in cash, subject to customary post-closing adjustments. The Canada Assets Divestment closed on February 19, 2026 for an adjusted purchase price of $25.5 million (C$34.9 million), subject to customary post-closing adjustments, resulting in a $1.2 million loss on sale of assets recognized in the six months ended June 30, 2026. The sale had an effective date of February 1, 2026. 

The net cash proceeds from the divestment were primarily used to fund our capital expenditures and for working capital purposes. The Canada Assets Divestment represents the Company’s complete exit of its Canadian oil and gas operations.

4 . EARNINGS PER SHARE
Basic earnings per share (“EPS”) is calculated using the weighted average number of shares of common stock outstanding during each period. For the calculation of diluted shares, the Company assumes that restricted stock is outstanding on the date of vesting, and the Company assumes the issuance of shares from the exercise of stock options using the treasury stock method.
A reconciliation of reported net income (loss) to net income (loss) used in calculating EPS as well as a reconciliation from basic to diluted shares follows:

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in thousands)
Net income (loss) (numerator):
Net income (loss)$42,445 $8,380 $(51,319)$16,111 
Income attributable to unvested shares(1,197)(100)(344)(197)
Numerator for basic41,248 8,280 (51,663)15,914 
Income attributable to unvested shares— — — — 
Numerator for dilutive$41,248 $8,280 $(51,663)$15,914 

Weighted average shares (denominator):
Basic weighted average shares outstanding104,518103,936104,389103,848
Effect of dilutive securities12522— 24
Diluted weighted average shares outstanding104,643103,958104,389103,872
Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be antidilutive7141,3124,2101,321

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5 . REVENUE
Production Sharing Contracts
Exploration and production activities of our assets in Gabon, Egypt, Côte d’Ivoire, and Equatorial Guinea are generally governed by PSCs.
Our oil entitlement under the PSCs is generally the sum of cost oil, profit oil and excess cost oil, if applicable. Under the terms of the PSCs, the Company is typically the contractor partner (“Contractor”) and bears the risk and cost of exploration, development, and production activities. In return, if exploration is successful, the Contractor receives entitlement to variable physical volumes of hydrocarbons, representing recovery of the costs incurred (“Cost Oil”) and a stipulated share of production after cost recovery (“Profit Oil”).
The Contractor may be obligated to make royalty payments to the host government of each country using a variable percentage based on gross daily production levels. The remaining oil production, after deducting the gross royalty, if any, is split between Cost Oil and Profit Oil. Cost Oil is up to a maximum percentage and is allocated to recover approved operating and capital costs spent on specific projects. Excess Cost Oil, which is Cost Oil less the actual cost recovery, is further shared between the host government and the Contractor. Except as otherwise disclosed, all crude oil sales are priced at current market rates at the time of sale.
Our share of royalties is paid out of the government's share of production. Additionally, the income tax to which the Contractor is subject (“Profit Oil Tax”) is deemed to have been paid to the host government as part of the payment of Profit Oil or is captured in the entitled share of Profit Oil production paid in-kind to the host government, and therefore no additional tax burden is due. Under this arrangement, taxation is based on a set percentage of average daily production volume.
Gabon

The following table presents revenues from contracts with customers as well as revenues associated with the obligations under the Etame PSC.

Three Months Ended
June 30,Six Months Ended
June 30,
2026202520262025
Revenues from customer contracts:(in thousands)
Sales under the COSPA or COSMA(1)
$101,142 $65,984 $100,974 $97,434 
Gabonese government share of Profit Oil 2,201 1,980 26,738 30,394 
Carried interest recoupment4,241 65 4,241 65 
Royalties and other(15,786)(9,462)(18,754)(17,139)
Net revenues$91,798 $58,567 $113,199 $110,754 

(1) Crude oil sales and purchase agreements (“COSPAs”) or crude oil sales and marketing agreements (“COSMA” or “COSMAs”).
With respect to the government’s share of Profit Oil, the Etame PSC provides that corporate income tax is satisfied through the payment of Profit Oil. In the unaudited condensed consolidated statements of operations and comprehensive income, the government’s share of revenues from Profit Oil is reported in revenues with a corresponding amount reflected in the current provision for income tax expense. Payments of the income tax expense are reported in the period that the government takes its Profit Oil in-kind, which is the period in which it lifts the crude oil. As of June 30, 2026 and December 31, 2025, the Company’s Gabon segment had $6.0 million and $18.8 million of foreign income tax payable, respectively.
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Egypt
The following table presents revenues in Egypt from contracts with customers: 

Three Months Ended
June 30,Six Months Ended
June 30,
2026202520262025
Revenues from customer contracts:(in thousands)
Gross sales$86,356 $55,188 $152,766 $112,844 
Royalties(42,748)(21,752)(70,058)(45,339)
Selling costs(240)(179)(424)(328)
Net revenues$43,368 $33,257 $82,284 $67,177 

As of June 30, 2026 and December 31, 2025, the Company’s Egypt segment had $1.3 million and $0.3 million of foreign income tax payable, respectively.
Côte d’Ivoire
Revenues from contracts with customers are generated from sales in Côte d’Ivoire pursuant to crude oil sales and purchase agreements and revenues are recognized when a lifting is completed.
The following table presents revenues in Côte d’Ivoire from contracts with customers:

Three Months Ended
June 30,Six Months Ended
June 30,
2026202520262025
Revenues from customer contracts:(in thousands)
Sales under the sales and purchase agreements$— $353 $— $16,527 
Côte d’Ivoire government share of Profit Oil taken in-kind— — — 1,869 
Net revenues$— $353 $— $18,396 

Similar to Gabon, the government’s share of Profit Oil attributable to the Company’s equity interest is reported in revenues with a corresponding amount reflected in the current provision for income tax expense. In addition, under the terms of the Côte d’Ivoire PSC, the tax payments to the Ivorian Government are deemed satisfied by its share of the Profit Oil. Payments of the income tax expense are reported in the period that the government takes its Profit Oil in-kind, which is the period in which it lifts the crude oil. At both June 30, 2026 and December 31, 2025, the Company’s Cote d’Ivoire segment had $0.3 million of foreign income tax payable.
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Canada
The following table presents revenues in Canada from contracts with customers:

Three Months Ended
June 30,Six Months Ended
June 30,
2026202520262025
Revenues from customer contracts:(in thousands)
Oil revenue$— $3,751 $1,744 $9,076 
Gas revenue— 572 368 1,208 
NGL revenue— 1,259 723 3,019 
Other revenue— 39 27 87 
Royalties— (666)(437)(2,022)
Selling costs— (240)(143)(473)
Net revenues$— $4,715 $2,282 $10,895 

During the six months ended June 30, 2026, the Canada segment revenues include amounts recognized from January 1, 2026 through the closing date of the Canada Assets Divestment.
Information about the Company’s most significant customers
For the three and six months ended June 30, 2026 and 2025, our revenue concentration by major customers is shown in the table below.

Three Months Ended
June 30,Six Months Ended
June 30,
2026202520262025
Gabon100%100%100%100%
Egypt100%100%100%100%
Côte d’Ivoire—%100%—%100%
Canada—%59%, 17% and 11%
47%, 16% and 14%
55%, 20% and 15%

6 . CRUDE OIL, NATURAL GAS AND NGLS PROPERTIES AND EQUIPMENT, NET
The Company’s crude oil, natural gas and NGLs properties and equipment is comprised of the following: 

As of 
June 30, 2026As of 
December 31, 2025
(in thousands)
Crude oil, natural gas and NGLs properties and equipment, net
Wells, platforms and other production facilities$1,301,580 $1,016,019 
Work-in-progress75,242 214,213 
Unproved properties49,084 52,079 
Capitalized equipment, spare parts and other109,745 84,471 
1,535,651 1,366,782 
Accumulated depreciation, depletion, amortization and impairment(825,998)(780,687)
Crude oil, natural gas and NGLs properties and equipment, net$709,653 $586,095 

At December 31, 2025, the Company classified $31.8 million of net crude oil, natural gas and NGLs properties and equipment, including unproved property costs of $13.1 million, as “Noncurrent asset held for sale” on the Consolidated Balance Sheet.
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Exploration expense

During the three and six months ended June 30, 2026, we incurred exploration expenses of $0.1 million and $22.5 million, respectively, which included the cost of additional seismic data to be used in the Niosi and Guduma blocks, and the costs of an unsuccessful well. During the three and six months ended June 30, 2025, we incurred exploration expenses of $2.5 million attributable to the purchase of seismic data for Block 705 in Côte d’Ivoire.

7 . DERIVATIVES
We have entered into derivative contracts primarily with counterparties that are also lenders under the 2025 RBL Facility (defined below) to hedge price risk associated with a portion of our oil, natural gas and NGLs production. Pricing for these derivative contracts is based on certain market indexes and prices at our primary sales points. See table below for the list of outstanding contracts as of June 30, 2026:

Settlement Period IndexTotal volumes (Bbls)Weighted average