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)

3 Months Ended

Mar. 31, 2021

Organization and Accounting Policies [Abstract]

Reconciliation of Cash, Cash Equivalents, and Restricted Cash


		As of March 31,
		2021			2020
		(in thousands)
Cash and cash equivalents		$	19,251		$	60,973
Restricted cash - current			82			994
Restricted cash - non-current			1,752			925
Abandonment funding			22,862			11,227
Total cash, cash equivalents and restricted cash		$	43,947		$	74,119

Rollforward of Aggregate Allowance for Bad Debt


	Three Months Ended March 31,
	2021			2020
	(in thousands)
Allowance for bad debt
Balance at beginning of period	$	(2,273)		$	(1,508)
Bad debt charge		(101)			(810)
Adjustment associated with reversal of allowance on Mutamba receivable		—			593
Adjustment associated with Sasol Acquisition		(2,879)			—
Foreign currency gain (loss)		161			—
Balance at end of period	$	(5,092)		$	(1,725)

Assets and Liabilities Measured on Recurring Basis


			As of March 31, 2021
	Balance Sheet Line		Level 1			Level 2			Level 3			Total
			(in thousands)
Liabilities
SARs liability	Accrued liabilities		$	—		$	2,792		$	—		$	2,792
Derivative liability - crude oil swaps	Accrued liabilities			—			4,244			—			4,244
Contingent payment	Accrued liabilities			—			5,000			—			5,000
SARs liability	Other long-term liabilities			—			73			—			73
			$	—		$	12,109		$	—		$	12,109

			As of December 31, 2020
	Balance Sheet Line		Level 1			Level 2			Level 3			Total
			(in thousands)
Liabilities
SARs liability	Accrued liabilities		$	—		$	2,289		$	—		$	2,289
SARs liability	Other long-term liabilities			—			193			—			193
			$	—		$	2,482		$	—		$	2,482