VAALCO Energy, Inc. Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019


	December 31,
	2019		2018
	(in thousands)
Cash and cash equivalents	$	45,917	$	33,360
Restricted cash - current		911		804
Restricted cash - non-current		925		920
Abandonment funding		11,371		11,571
Total cash, cash equivalents and restricted cash	$	59,124	$	46,655


	Years Ended December 31,
	2019		2018		2017
	(in thousands)
Allowance for bad debt
Balance at beginning of year	$	(2,535)	$	(7,033)	$	(5,211)
Bad debt recovery (charge)		341		77		(452)
Reclassification to leasehold costs related to signing bonus		—		4,197		—
Reclassification of Sojitz acquisition		—		—		(694)
Adjustment associated with settlement of customs audit		623		—		—
Foreign currency gain		63		224		(676)
Balance at end of period	$	(1,508)	$	(2,535)	$	(7,033)


			As of December 31, 2019
	Balance Sheet Line		Level 1		Level 2		Level 3		Total
			(in thousands)
Assets
Derivative asset commodity swaps		Prepayments and other	$	—	$	636	$	—	$	636
			$	—	$	636	$	—	$	636
Liabilities
SARs liability		Accrued liabilities	$	—	$	2,638	$	—	$	2,638
SARs liability		Other long-term liabilities		—		852		—		852
			$	—	$	3,490	$	—	$	3,490

			As of December 31, 2018
	Balance Sheet Line		Level 1		Level 2		Level 3		Total
			(in thousands)
Assets
Derivative asset commodity swaps		Prepayments and other	$	—	$	3,520	$	—	$	3,520
			$	—	$	3,520	$	—	$	3,520
Liabilities
SARs liability		Accrued liabilities	$	—	$	1,007	$	—	$	1,007
SARs liability		Other long-term liabilities		—		625		—		625
			$	—	$	1,632	$	—	$	1,632