VAALCO Energy, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Organization and Accounting Policies (Tables)

Organization and Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2020

Organization and Accounting Policies [Abstract]

Reconciliation of Cash, Cash Equivalents, and Restricted Cash


		As of September 30,
		2020			2019
		(in thousands)
Cash and cash equivalents		$	41,986		$	57,227
Restricted cash - current			82			769
Restricted cash - non-current			925			924
Abandonment funding			11,885			11,112
Total cash, cash equivalents and restricted cash		$	54,878		$	70,032

Rollforward of Aggregate Allowance for Bad Debt


		Three Months Ended September 30,						Nine Months Ended September 30,
		2020				2019		2020			2019
		(in thousands)
Allowance for bad debt
Balance at beginning of period		$	(1,904)		$	(1,876)		$	(1,508)		$	(2,535)
Bad debt charge			(151)			(54)			(1,140)			(30)
Adjustment associated with reversal of allowance on Mutamba receivable			—			—			593			—
Adjustment associated with settlement of customs audit			—			—			—			623
Foreign currency gain			—			53			—			65
Balance at end of period		$	(2,055)		$	(1,877)		$	(2,055)		$	(1,877)

Assets and Liabilities Measured on Recurring Basis


					As of September 30, 2020
		Balance Sheet Line			Level 1			Level 2			Level 3			Total
					(in thousands)
Liabilities
SARs liability			Accrued liabilities		$	—		$	823		$	—		$	823
SARs liability			Other long-term liabilities			—			43			—			43
					$	—		$	866		$	—		$	866

					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