VAALCO Energy, Inc. (NYSE:EGY) Q2 2022 Earnings Conference Call August 11, 2022 10:00 AM ET

Company Participants

Al Petrie - IR,

George Maxwell - CEO

Ron Bain - CFO

Conference Call Participants

William Dezellem - Tieton Capital

Operator

Good day, and welcome to the VAALCO Energy Second Quarter 2022 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. Please note this event is being recorded.

I would now like to turn the conference over to Al Petrie, Investor Relations Coordinator. Please go ahead.

Al Petrie

Thank you, operator. Good morning, everyone, and welcome to VAALCO Energy's second quarter 2022 conference call. After I cover the forward-looking statements, George Maxwell, our CEO will review key highlights along with operational results. Ron Bain, our CFO, will then provide a more in-depth financial review. George will then return for some closing comments before we take your questions.

During our question-and-answer session, we ask you to limit your questions to one and a follow-up. You can always reenter the queue with additional questions. I'd like to point out that we posted a second quarter 2022 supplemental investor deck on our website this morning that has additional financial analysis, comparisons and guidance that should be helpful.

With that, let me proceed with our forward-looking statement comments. During the course of this conference call, the company will be making forward-looking statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements.

VAALCO disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. Accordingly you should not place undue reliance on forward-looking statements. These and other risks are described in yesterday's press release, the presentation posted on our website and in the reports we file with the SEC, including our Form 10-K. Please note that this conference call is being recorded.

And now, let me turn the call over to George.

George Maxwell

Thank you, Al. Good morning, everyone and welcome to our second quarter 2022 earnings conference call. We had a very strong second quarter, which included record sales volumes of almost 1 million barrels. We also benefited from substantial high Brent pricing over $113 per barrel. This combination allowed us to generate significant cash flow, execute our accretive growth strategy and fully fund our capital commitments. We continue to pay out dividends to our shareholders and with a debt-free balance sheet, we are clearly in a very strong financial position.