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, 2022

Organization and Accounting Policies [Abstract]

Reconciliation of Cash, Cash Equivalents, and Restricted Cash


		As of March 31,
		2022			2021
		(in thousands)
Cash and cash equivalents		$	18,939		$	19,251
Restricted cash - current			4,230			82
Restricted cash - non-current			1,752			1,752
Abandonment funding			21,369			22,862
Total cash, cash equivalents and restricted cash		$	46,290		$	43,947

Analysis of Change in Allowance for Doubtful Accounts


		Three Months Ended March 31,
		2022			2021
		(in thousands)
Allowance for bad debt
Balance at beginning of period		$	(5,741)		$	(2,273)
Bad debt charge, net of receipts			(492)			(101)
Adjustment associated with Sasol Acquisition			—			(2,879)
Foreign currency gain			98			161
Balance at end of period		$	(6,135)		$	(5,092)

Assets and Liabilities Measured on Recurring Basis


			As of March 31, 2022
	Balance Sheet Line		Level 1			Level 2			Level 3			Total
			(in thousands)
Liabilities
SARs liability	Accrued liabilities and other		$	—		$	1,422		$	—		$	1,422
Derivative liability - crude oil swaps	Accrued liabilities and other			—			24,064			—			24,064
			$	—		$	25,486		$	—		$	25,486

			As of December 31, 2021
	Balance Sheet Line		Level 1			Level 2			Level 3			Total
			(in thousands)
Liabilities
SARs liability	Accrued liabilities and other		$	—		$	609		$	—		$	609
Derivative liability - crude oil swaps	Accrued liabilities and other			—			4,806			—			4,806
			$	—		$	5,415		$	—		$	5,415