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

Annual report pursuant to Section 13 and 15(d)

Note 14 - Leases (Tables)

Note 14 - Leases (Tables)

12 Months Ended

Dec. 31, 2022

Notes Tables

Lease, Cost [Table Text Block]

		*Year Ended December 31,*
		*2022*				*2021*				*2020*
Lease cost:		(in thousands)
Finance lease cost ⁽¹⁾		$	3,682			$	—			$	—
Operating lease cost			11,040				17,692				17,528
Short-term lease cost ⁽²⁾			5,213				2,258				1,408
Variable lease cost ⁽³⁾			4,513				6,188				7,572
Total lease expense			24,448				26,138				26,508
Lease costs capitalized			4,127				232				3,456
Total lease costs		$	28,575			$	26,370			$	29,964

		*2022*				*2021*				*2020*
Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows attributable to finance leases		$	3,039			$	—			$	—
Weighted-average remaining lease term (in years)			9.65				—				—
Weighted-average discount rate			4.59	%			—				—

Operating cash flows attributable to operating leases		$	19,300			$	23,925			$	26,178
Weighted-average remaining lease term (in years)			1.35				0.91				1.80
Weighted-average discount rate			9.91	%			5.91	%			6.09	%

Summary of Lease Costs in Consolidated Statements of Operations [Table Text Block]

		*Year Ended December 31,*
		*2022*				*2021*				*2020*
		(in thousands)
Finance lease cost		$	2,188			$	—			$	—
Production expense			12,222				13,457				7,904
General and administrative expense			160				193				197
Lease costs billed to the joint venture owners			11,390				12,573				20,692
Total lease expense			25,960				26,223				28,793
Lease costs capitalized			2,615				147				1,171
Total lease costs		$	28,575			$	26,370			$	29,964

Lessee, Operating and Finance Lease Liability, Maturity [Table Text Block]

		*Operating Leases*				*Finance Leases*
Year		(in thousands)
2023		$	2,478			$	11,619
2024			671				11,495
2025			33				13,495
2026			—				13,893
2027			—				12,350
Thereafter			—				42,097
			3,182				104,949
Less: imputed interest			182				18,890
Total lease liabilities		$	3,000			$	86,059