VAALCO Energy, Inc. (NYSE:EGY) Q1 2022 Results Conference Call May 4, 2022 10:00 AM ET

Company Participants

Al Petrie - IR

George Maxwell - CEO

Ron Bain - CFO

Conference Call Participants

John White - ROTH Capital

Charlie Sharp - Canaccord

Stephane Foucaud - Auctus

Jamie Willin - Willin Management

Kenneth Pounds - Castlebury Advisory

Richard Dearnley - Longport Partners

Robert Carlson - Janney

Operator

Good morning, and welcome to the VAALCO Energy First Quarter 2022 Earnings Conference Call. [Operator Instructions] 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 First Quarter 2022 Earnings 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.

[Operator Instructions] I'd like to point out that we posted a first 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 filed with the SEC, including our Form 10-K. Please note that this conference call is being recorded.

Let me now turn the call over to George.

George Maxwell

Thank you, Al. Good morning, everyone, and welcome to our first quarter 2022 earnings conference call. We continued to execute on our strategic vision, built around accretive growth while creating and returning value to our shareholders. Production in Q1 2022 was up 6% and adjusted EBITDA increased by 49% over fourth quarter of 2021. We have now successfully drilled, completed and placed on production the first two development wells of our current drilling campaign at Etame.