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

Quarterly report pursuant to Section 13 or 15(d)

Note 12 - Leases (Tables)

Note 12 - Leases (Tables)

3 Months Ended

Mar. 31, 2023

Notes Tables

Lease, Cost [Table Text Block]

		*Three Months Ended March 31,*
		*2023*				*2022*
Lease cost:		*(in thousands)*
Finance lease cost (1)		$	4,365			$	66
Operating lease cost			583				4,196
Short-term lease cost (2)			1,360				1,014
Variable lease cost (3)			—				1,338
Total lease expense			6,308				6,614
Lease costs capitalized			48				772
Total lease costs		$	6,356			$	7,386

		*Three Months Ended March 31,*
		*2023*				*2022*
Other information:
Cash paid for amounts included in the measurement of lease liabilities:
*Financing cash flows attributable to finance leases (in thousands)*		$	1,701			$	—
*Weighted-average remaining lease term (in years)*			9.33				5.42
Weighted-average discount rate			8.13	%			3.54	%

*Operating cash flows attributable to operating leases (in thousands)*		$	226			$	6,551
*Weighted-average remaining lease term (in years)*			1.14				0.73
Weighted-average discount rate			10.29	%			5.83	%

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

		*Three Months Ended March 31,*
		*2023*				*2022*
		*(in thousands)*
Finance lease cost		$	2,625			$	39
Production expense			1,286				3,838
General and administrative expense			46				16
Lease costs billed to the joint venture owners			2,368				3,002
Total lease expense			6,325				6,895
Lease costs capitalized			31				491
Total lease costs		$	6,356			$	7,386

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

		*Operating Leases*				*Finance Leases*
Year		*(in thousands)*
2023		$	1,829			$	10,377
2024			672				13,759
2025			33				15,559
2026			—				16,156
2027			—				15,023
Thereafter			—				51,561
			2,534				122,435
Less: imputed interest			127				35,058
Total lease liabilities		$	2,407			$	87,377