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

Quarterly report pursuant to Section 13 or 15(d)

Cover
- Document and Entity Information
Financial Statements
Notes to Financial Statements
Accounting Policies
- Organization And Accounting Policies (Policies)
Notes Tables
Notes Details

Commitments And Contingencies (Tables)

v3.19.1

Commitments And Contingencies (Tables)

3 Months Ended

Mar. 31, 2019

Commitments And Contingencies [Abstract]

Components of Lease Costs


	Three Months Ended March 31, 2019
Lease cost:	(in thousands)
Operating lease cost:	$	3,559
Short-term lease cost		303
Variable lease cost		1,330
Total lease cost	$	5,192

Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from (to) operating leases	$	3,695
Weighted-average remaining lease term		3.42 years
Weighted-average discount rate		6.26%

Lease Cost on Consolidated Statement of Operations


	Three Months Ended March 31, 2019
	(in thousands)
Production expense	$	1,597
General and administrative expense		49
Lease costs billed to the joint venture owners		3,546
Total lease costs	$	5,192

Schedule of Future Maturities of Operating Lease Liabilities


	Lease Obligation
Year	(in thousands)
2019	$	9,216
2020		11,979
2021		11,224
2022		8,088
2023		—
Total lease payments		40,507
Less: imputed interest		3,876
Total lease liabilities	$	36,631

Estimated Obligations and Companies Share for the Annual Charter Payment


	Balance at December 31, 2018
(in thousands)	Full Charter Payment		VAALCO, Net
Year
2019	$	31,294	$	9,718
2020		22,634		7,029
2021		—		—
2022		—		—
2023		—		—
Total	$	53,928	$	16,747

Operating Lease Obligations for Rentals



(in thousands)	Gross Obligation		VAALCO, Net
Year
2019	$	1,110	$	627
2020		693		450
2021		—		—
2022		—		—
2023		—		—
Total	$	1,803	$	1,077

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Tabular disclosure of the aggregate amount of payments due on known contractual obligations for the five years following the date of the latest balance sheet and the combined aggregate amount of maturities of known contractual obligations.

+ References

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-Publisher SEC
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-Section 303
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
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Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date.

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