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

Annual report pursuant to Section 13 and 15(d)

Cover
- Document and Entity Information
Financial Statements
Notes to Financial Statements
Accounting Policies
- Organization (Policy)
- Summary of Significant Accounting Policies (Policy)
Notes Tables
Notes Details

Leases (Tables)

v3.20.4

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Components of Lease Costs


	Year Ended December 31,
	2020		2019
Lease cost:	(in thousands)
Operating lease cost	$	17,528	$	16,428
Short-term lease cost		1,408		3,470
Variable lease cost		7,572		5,819
Total lease expense		26,508		25,717
Lease costs capitalized		3,456		3,653
Total lease costs	$	29,964	$	29,370

Other information:
Cash paid for amounts included in the measurement of lease liabilities:	2020		2019
Operating cash flows attributable to operating leases	$	26,178	$	19,229
Weighted-average remaining lease term		1.8 years		2.7 years
Weighted-average discount rate		6.09%		6.18%

Lease Cost on Consolidated Statement of Operations


	Year Ended December 31,
	2020		2019
	(in thousands)
Production expense	$	7,904	$	7,859
General and administrative expense		197		196
Lease costs billed to the joint venture owners		20,692		20,181
Total lease expense		28,793		28,236
Lease costs capitalized		1,171		1,134
Total lease costs	$	29,964	$	29,370

Schedule of Future Maturities of Operating Lease Liabilities


	Lease Obligation
Year	(in thousands)
2021	$	13,864
2022		9,685
2023		179
		23,728
Less: imputed interest		1,167
Total lease liabilities	$	22,561

- Definition

Summary Of Lease Costs In Consolidated Statements Of Operations [Table Text Block]

+ References

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- Definition

Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980

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- Definition

Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980

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