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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2015
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Dec. 31, 2014
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|---|---|---|
| Current assets: | ||
| Cash and cash equivalents | $ 46,552us-gaap_CashAndCashEquivalentsAtCarryingValue | $ 69,051us-gaap_CashAndCashEquivalentsAtCarryingValue |
| Restricted cash | 1,197us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue | 1,584us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue |
| Receivables: | ||
| Trade | 19,209us-gaap_ReceivablesNetCurrent | 19,527us-gaap_ReceivablesNetCurrent |
| Accounts with partners, net of allowance $7.6 million at March 31, 2015 and December 31, 2014 | 30,283us-gaap_DueFromRelatedPartiesCurrent | 10,903us-gaap_DueFromRelatedPartiesCurrent |
| Other, net of allowance of $2.4 million at March 31, 2015 and December 31, 2014 | 6,089us-gaap_OtherAssetsCurrent | 3,285us-gaap_OtherAssetsCurrent |
| Crude oil inventory | 1,692us-gaap_InventoryCrudeOilProductsAndMerchandise | 1,905us-gaap_InventoryCrudeOilProductsAndMerchandise |
| Materials and supplies | 233us-gaap_OtherInventorySupplies | 286us-gaap_OtherInventorySupplies |
| Prepayments and other | 5,854us-gaap_PrepaidExpenseAndOtherAssets | 6,509us-gaap_PrepaidExpenseAndOtherAssets |
| Total current assets | 111,109us-gaap_AssetsCurrent | 113,050us-gaap_AssetsCurrent |
| Property and equipment - successful efforts method: | ||
| Wells, platforms and other production facilities | 359,105us-gaap_CapitalizedCostsProvedProperties | 338,641us-gaap_CapitalizedCostsProvedProperties |
| Undeveloped acreage | 19,412egy_UndevelopedAcreage | 22,133egy_UndevelopedAcreage |
| Work in progress | 17,213us-gaap_ConstructionInProgressGross | 25,157us-gaap_ConstructionInProgressGross |
| Equipment and other | 11,290us-gaap_PropertyPlantAndEquipmentOther | 11,907us-gaap_PropertyPlantAndEquipmentOther |
| Property, plant and equipment, gross, Total | 407,020us-gaap_PropertyPlantAndEquipmentGross | 397,838us-gaap_PropertyPlantAndEquipmentGross |
| Accumulated depreciation, depletion and amortization | (300,014)us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment | (289,714)us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment |
| Net property and equipment | 107,006us-gaap_PropertyPlantAndEquipmentNet | 108,124us-gaap_PropertyPlantAndEquipmentNet |
| Other assets: | ||
| Restricted cash | 15,830us-gaap_RestrictedCashAndCashEquivalentsNoncurrent | 20,830us-gaap_RestrictedCashAndCashEquivalentsNoncurrent |
| Deferred tax asset | 1,349us-gaap_DeferredTaxAssetsNetNoncurrent | 1,349us-gaap_DeferredTaxAssetsNetNoncurrent |
| Deferred finance charge | 1,799us-gaap_DeferredFinanceCostsNoncurrentNet | 1,959us-gaap_DeferredFinanceCostsNoncurrentNet |
| Abandonment funding | 3,537egy_AbandonmentFunding | 3,537egy_AbandonmentFunding |
| Total Assets | 240,630us-gaap_Assets | 248,849us-gaap_Assets |
| Current liabilities: | ||
| Accounts payable and accrued liabilities | 61,942us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent | 38,540us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent |
| Accounts with partners | 4,812us-gaap_DueToRelatedPartiesCurrent | |
| Total current liabilities | 66,754us-gaap_LiabilitiesCurrent | 38,540us-gaap_LiabilitiesCurrent |
| Asset retirement obligations | 15,290us-gaap_AssetRetirementObligationsNoncurrent | 14,846us-gaap_AssetRetirementObligationsNoncurrent |
| Long term debt | 15,000us-gaap_LongTermDebtNoncurrent | 15,000us-gaap_LongTermDebtNoncurrent |
| Total liabilities | 97,044us-gaap_Liabilities | 68,386us-gaap_Liabilities |
| Commitments and contingencies (Note 4) | ||
| VAALCO Energy Inc. shareholders’ equity: | ||
| Common stock, $0.10 par value, 100,000,000 authorized shares, 65,823,346 and 65,194,828 shares issued with 7,508,699 and 7,393,714 shares in treasury at March 31, 2015 and December 31, 2014, respectively | 6,554us-gaap_CommonStockValue | 6,519us-gaap_CommonStockValue |
| Additional paid-in capital | 67,016us-gaap_AdditionalPaidInCapitalCommonStock | 64,351us-gaap_AdditionalPaidInCapitalCommonStock |
| Retained earnings | 107,887us-gaap_RetainedEarningsAccumulatedDeficit | 146,892us-gaap_RetainedEarningsAccumulatedDeficit |
| Less treasury stock, at cost | (37,871)us-gaap_TreasuryStockValue | (37,299)us-gaap_TreasuryStockValue |
| Total Equity | 143,586us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 180,463us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest |
| Total Liabilities and Equity | $ 240,630us-gaap_LiabilitiesAndStockholdersEquity | $ 248,849us-gaap_LiabilitiesAndStockholdersEquity |
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- Definition
Abandonment funding. No definition available.
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- Definition
Undeveloped acreage. No definition available.
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- Definition
Sum of the carrying values as of the balance sheet date of obligations incurred through that date and due within one year (or the operating cycle, if longer), including liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received, taxes, interest, rent and utilities, accrued salaries and bonuses, payroll taxes and fringe benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Noncurrent portion of the carrying amount of a liability for an asset retirement obligation. An asset retirement obligation is a legal obligation associated with the disposal or retirement of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Capitalized costs of proved properties incurred for any combination mineral interests acquisitions; wells and related equipment; support equipment and facilities; and uncompleted wells and equipment and other costs not previously disclosed within this table. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of structure or a modification to a structure under construction. Includes recently completed structures or modifications to structures that have not been placed into service. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Net amount of long-term deferred finance costs capitalized at the end of the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount after allocation of valuation allowances of noncurrent deferred tax asset attributable to deductible temporary differences and carryforwards. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate amount of receivables to be collected from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth, at the financial statement date. which are usually due within one year (or one business cycle). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount as of the balance sheet date of finished goods inventories for petroleum products, crude oil, petrochemical products, and other oil and gas inventories. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, excluding amounts to be repaid within one year or the normal operating cycle, if longer (current maturities). Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of current assets not separately disclosed in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount before valuation and LIFO reserves of other supplies used within the manufacturing or production process expected to be consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets. No definition available.
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- Definition
Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount before accumulated depreciation, depletion and amortization of other physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The total amount due to the entity within one year of the balance sheet date (or one operating cycle, if longer) from outside sources, including trade accounts receivable, notes and loans receivable, as well as any other types of receivables, net of allowances established for the purpose of reducing such receivables to an amount that approximates their net realizable value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. For a classified balance sheet represents the current portion only (the noncurrent portion has a separate concept); there is a separate and distinct element for unclassified presentations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Cash and equivalents whose use in whole or in part is restricted for the long-term, generally by contractual agreements or regulatory requirements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount allocated to treasury stock. Treasury stock is common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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