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

Annual report pursuant to Section 13 and 15(d)

Note 5 - Segment Information (Tables)

Note 5 - Segment Information (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	*Year ended December 31, 2022*
*(in thousands)*	*Gabon*			*Egypt*			*Canada*		*Equatorial Guinea*			*Corporate and Other*			*Total*
Revenues:
Crude oil, natural gas and natural gas liquids sales	$	306,775		$	37,710		$	9,841	$	—		$	—		$	354,326
Operating costs and expenses:
Production expense		96,854			11,936			1,972		1,899			—			112,661
FPSO demobilization		8,867			—			—		—			—			8,867
Exploration expense		258			—			—		—			—			258
Depreciation, depletion and amortization		34,651			10,444			2,921		—			127			48,143
General and administrative expense		3,101			—			—		538			6,438			10,077
Bad debt expense and other		2,743			—			—		339			—			3,082
Total operating costs and expenses		146,474			22,380			4,893		2,776			6,565			183,088
Other operating income, net		38			—			—		—			—			38
Operating income (loss)		160,339			15,330			4,948		(2,776	)		(6,565	)		171,276
Other income (expense):
Derivative instruments gain (loss), net		—			—			13		—			(37,825	)		(37,812	)
Interest (expense) income, net		(1,446	)		(596	)		—		—			8			(2,034	)
Other expense, net		(1,484	)		—			—		—			(6,564	)		(8,048	)
Total other Income (expense), net		(2,930	)		(596	)		13		—			(44,381	)		(47,894	)
Income (loss) from continuing operations before income taxes		157,409			14,734			4,961		(2,776	)		(50,946	)		123,382
Income tax (benefit) expense		68,509			6,254			—		1			(3,344	)		71,420
Income (loss) from continuing operations		88,900			8,480			4,961		(2,777	)		(47,602	)		51,962
Loss from discontinued operations, net of tax		—			—			—		—			(72	)		(72	)
Net income (loss)	$	88,900		$	8,480		$	4,961	$	(2,777	)	$	(47,674	)	$	51,890
Consolidated capital expenditures ⁽¹⁾	$	162,375		$	168,012		$	103,263	$	—		$	710		$	434,360

	*Year Ended December 31, 2021*
*(in thousands)*	*Gabon*			*Equatorial Guinea*			*Corporate and Other*			*Total*
Revenues:
Crude oil and natural gas sales	$	199,075		$	—		$	—		$	199,075
Operating costs and expenses:
Production expense		80,717			532			6			81,255
Exploration expense		1,579			—			—			1,579
Depreciation, depletion and amortization		20,972			—			88			21,060
General and administrative expense		1,301			321			13,144			14,766
Bad debt expense and other		875			-			—			875
Total operating costs and expenses		105,444			853			13,238			119,535
Other operating expense, net		(440	)		—			—			(440	)
Operating income		93,191			(853	)		(13,238	)		79,100
Other income (expense):
Derivative instruments loss, net		—			—			(22,826	)		(22,826	)
Interest income, net		—			—			10			10
Other (expense) income, net		6,925			(3	)		(3,428	)		3,494
Total other income (expense), net		6,925			(3	)		(26,244	)		(19,322	)
Income (loss) from continuing operations before income taxes		100,116			(856	)		(39,482	)		59,778
Income tax (benefit) expense		12,392			1			(34,549	)		(22,156	)
Income (loss) from continuing operations		87,724			(857	)		(4,933	)		81,934
Loss from discontinued operations, net of tax		—			—			(98	)		(98	)
Net income (loss)	$	87,724		$	(857	)	$	(5,031	)	$	81,836
Consolidated capital expenditures ⁽¹⁾	$	79,169		$	—		$	52		$	79,221

	*Year Ended December 31, 2020*
*(in thousands)*	*Gabon*			*Equatorial Guinea*			*Corporate and Other*			*Total*
Revenues:
Crude oil and natural gas sales	$	67,176		$	—		$	—		$	67,176
Operating costs and expenses:
Production expense		37,298			1			16			37,315
Exploration expense		3,588			—			—			3,588
Depreciation, depletion and amortization		9,028			—			354			9,382
Impairment of proved crude oil and natural gas properties		30,625			—			—			30,625
General and administrative expense		1,064			430			9,201			10,695
Bad debt expense and other		1,165			—			—			1,165
Total operating costs and expenses		82,768			431			9,571			92,770
Other operating expense, net		(1,669	)		—			—			(1,669	)
Operating loss		(17,261	)		(431	)		(9,571	)		(27,263	)
Other income (expense):
Derivative instruments gain, net		—			—			6,577			6,577
Interest income, net		—			—			155			155
Other (expense) income, net		194			3			(68	)		129
Total other expense, net		194			3			6,664			6,861
Loss from continuing operations before income taxes		(17,067	)		(428	)		(2,907	)		(20,402	)
Income tax expense		16,204			1			11,476			27,681
Loss from continuing operations		(33,271	)		(429	)		(14,383	)		(48,083	)
Loss from discontinued operations, net of tax		—			—			(98	)		(98	)
Net loss	$	(33,271	)	$	(429	)	$	(14,481	)	$	(48,181	)
Consolidated capital expenditures	$	10,503		$	—		$	(9	)	$	10,494

Reconciliation of Assets from Segment to Consolidated [Table Text Block]

(in thousands)	Gabon		Egypt		Canada		Equatorial Guinea		Corporate and Other		Total
Long-lived assets from continuing operations:
As of December 31, 2022 ⁽¹⁾	$	213,204	$	168,012	$	103,263	$	10,000	$	793	$	495,272
As of December 31, 2021 ⁽²⁾		84,156	$	—	$	—	$	10,000	$	168	$	94,324

(in thousands)	*Gabon*		*Egypt*		*Canada*		*Equatorial Guinea*		*Corporate and Other*		*Total*
Total assets from continuing operations:
As of December 31, 2022 ⁽¹⁾	$	395,393	$	293,640	$	110,071	$	10,861	$	45,676	$	855,641
As of December 31, 2021 ⁽²⁾		201,748	$	—	$	—	$	10,548	$	50,794	$	263,090