Annual report pursuant to Section 13 and 15(d)

Selected Quarterly Financial Information (Detail)

v3.3.1.900
Selected Quarterly Financial Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Revenues-oil and natural gas sales $ 17,523 [1] $ 17,546 [1] $ 27,137 [1] $ 18,239 [1] $ 23,037 [1] $ 24,486 [1] $ 52,098 [1] $ 28,071 [1] $ 80,445 $ 127,691 $ 169,277
Total operating costs and expenses 89,301 [2] 49,667 [2] 28,225 [2] 53,857 [2] 117,308 [2] 17,799 18,270 28,721 221,050 182,097 92,052
Operating income (loss) (75,124) (32,121) (1,030) (35,278) (94,270) 6,687 33,828 (650) (143,553) (54,406) 77,225
Net income (loss) $ (80,779) $ (33,668) $ (5,204) $ (39,005) $ (98,332) $ 3,109 $ 24,711 $ (7,038) $ (158,656) $ (77,550) $ 43,072
Basic net income (loss) per share $ (1.38) $ (0.58) $ (0.09) $ (0.67) $ (1.70) $ 0.05 $ 0.43 $ (0.12) $ (2.72) $ (1.36) $ 0.75
Diluted net income (loss) per share $ (1.38) $ (0.58) $ (0.09) $ (0.67) $ (1.70) $ 0.05 $ 0.43 $ (0.12) $ (2.72) $ (1.36) $ 0.74
Impairment of proved properties $ 52,100 $ 18,000 $ 5,800 $ 5,400 $ 98,300       $ 81,322 $ 98,341  
Impairments of undeveloped leasehold costs 8,800 0 $ 600 2,700 2,300 $ 0 $ 800 $ 800      
Dry hole costs   9,000   $ 24,500     $ 2,000 $ 9,700 45,652 13,273 $ 22,490
Bad debt expense   2,700     $ 600 $ 1,800     2,968 2,400 3,326
Inventory write-off 3,400                    
Scenario, Adjustment [Member]                      
Operating income (loss)   3,600                  
Impairments of undeveloped leasehold costs   $ 3,600             7,000    
Scenario, Adjustment [Member] | Gabon [Member]                      
Revenues-oil and natural gas sales (2,300)                    
Misstatement [Member]                      
Operating income (loss) $ (2,300)                    
VAALCO ENERGY, INC.                      
Total operating costs and expenses                 10,162 6,834 5,813
Operating income (loss)                 (10,162) (6,834) (5,813)
Net income (loss)                 $ (158,656) $ (77,550) $ 43,072
[1] As discussed in Note 3 to the consolidated financial statements an error was identified the prepaid royalty account that caused previous periods to be misstated. Total revenues were corrected through an out of period adjustment in the fourth quarter of 2015 with reduction of $2.3 million, overstating operating loss and net loss by $2.3 million.
[2] Significant cost and expense items that caused total operating costs and expenses to vary among the quarters are impairments of proved properties and undeveloped leasehold costs, dry hole costs, bad debt expense and inventory write-offs.