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

Quarterly report pursuant to Section 13 or 15(d)

Note 4 - Segment Information (Tables)

Note 4 - Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

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

	*Three Months Ended June 30, 2024*
*(in thousands)*	*Gabon*			*Egypt*			*Canada*			*Equatorial Guinea*			*Cote d'Ivoire*			*Corporate and Other*			*Total*
Revenues:
Crude oil, natural gas and natural gas liquids sales	$	53,674		$	35,481		$	10,383		$	—		$	17,240		$	—		$	116,778
Operating costs and expenses:
Production expense		18,486			13,424			3,359			272			16,905			—			52,446
Exploration expense		—			—			—			—			—			—			—
Depreciation, depletion and amortization		13,344			8,416			5,294			—			6,049			29			33,132
General and administrative expense		319			207			(127	)		93			124			6,975			7,591
Credit losses and other		—			3,178			—			163			—			—			3,341
Total operating costs and expenses		32,149			25,225			8,526			528			23,078			7,004			96,510
Other operating income (expense), net		132			—			—			—			—			—			132
Operating income		21,657			10,256			1,857			(528	)		(5,838	)		(7,004	)		20,400
Other income (expense):
Derivative instruments loss, net		—			—			—			—			—			257			257
Interest (expense) income, net		(1,158	)		(350	)		14			—			(1,540	)		1,917			(1,117	)
Bargain purchase gain		—			—			—			—			—			19,898			19,898
Other (expense) income, net		(137	)		—			5			3			(301	)		(1,554	)		(1,984	)
Total other expense, net		(1,295	)		(350	)		19			3			(1,841	)		20,519			17,054
Income (loss) before income taxes		20,362			9,906			1,876			(525	)		(7,679	)		13,515			37,454
Income tax (benefit) expense		9,731			8,749			—			—			(3,050	)		(6,127	)		9,303
Net income (loss)	$	10,631		$	1,157		$	1,876		$	(525	)	$	(4,630	)	$	19,642		$	28,151
Consolidated capital expenditures	$	5,102		$	1,868		$	7,155		$	—		$	7,152		$	1,153		$	22,431

	*Six Months Ended June 30, 2024*
*(in thousands)*	*Gabon*			*Egypt*			*Canada*			*Equatorial Guinea*			*Cote d'Ivoire*			*Corporate and Other*			*Total*
Revenues:
Crude oil, natural gas and natural gas liquids sales	$	111,178		$	72,442		$	16,073		$	—		$	17,240		$	—		$	216,933
Operating costs and expenses:
Production expense		35,199			26,175			5,738			517			16,905			1			84,535
Exploration expense		—			48			—			—			—			—			48
Depreciation, depletion and amortization		26,795			16,752			9,191			—			6,049			169			58,956
General and administrative expense		953			376			(115	)		171			124			12,792			14,301
Credit losses and other		20			4,812			—			321			—			—			5,153
Total operating costs and expenses		62,967			48,163			14,814			1,009			23,078			12,962			162,993
Other operating income, net		(34	)		—			—			—			—			—			(34	)
Operating income (loss)		48,177			24,279			1,259			(1,009	)		(5,838	)		(12,962	)		53,906
Other income (expense):
Derivative instruments gain, net		—			—			—			—			—			(590	)		(590	)
Interest (expense) income, net		(2,475	)		(760	)		38			—			(1,540	)		2,685			(2,052	)
Bargain purchase gain		—			—			—			—			—			19,898			19,898
Other income (expense), net		(231	)		—			5			2			(301	)		(3,259	)		(3,784	)
Total other expense, net		(2,706	)		(760	)		43			2			(1,841	)		18,735			13,472
Income (loss) before income taxes		45,471			23,519			1,302			(1,007	)		(7,679	)		5,773			67,378
Income tax expense (benefit)		26,024			15,782			—			—			(3,050	)		(7,215	)		31,541
Net income (loss)	$	19,447		$	7,737		$	1,302		$	(1,007	)	$	(4,630	)	$	12,988		$	35,837
Consolidated capital expenditures	$	11,389		$	6,196		$	19,714		$	—		$	7,152		$	2,001		$	46,453

	*Three Months Ended June 30, 2023*
*(in thousands)*	*Gabon*			*Egypt*			*Canada*		*Equatorial Guinea*			*Cote d'Ivoire*		*Corporate and Other*			*Total*
Revenues:
Crude oil, natural gas and natural gas liquids sales	$	77,924		$	21,308		$	10,008	$	—		$	—	$	—		$	109,240
Operating costs and expenses:
Production expense		23,931			11,089			3,255		386			—		(57	)		38,604
FPSO demobilization and other costs		5,647			—			—		—			—		—			5,647
Exploration expense		43			14			—		—			—		—			57
Depreciation, depletion and amortization		19,457			13,757			4,747		—			—		42			38,003
General and administrative expense		318			202			—		87			—		4,788			5,395
Credit losses and other		518			—			—		162			—		—			680
Total operating costs and expenses		49,914			25,062			8,002		635			—		4,773			88,386
Other operating income, net		(62	)		(241	)		—		—			—		—			(303	)
Operating income (loss)		27,948			(3,995	)		2,006		(635	)		—		(4,773	)		20,551
Other income (expense):
Derivative instruments gain, net		—			—			—		—			—		31			31
Interest (expense) income, net		(1,376	)		(503	)		—		—			—		176			(1,703	)
Other income (expense), net		(619	)		—			—		1			—		79			(539	)
Total other expense, net		(1,995	)		(503	)		—		1			—		286			(2,211	)
Income (loss) before income taxes		25,953			(4,498	)		2,006		(634	)		—		(4,487	)		18,340
Income tax expense (benefit)		16,251			4,261			—		—			—		(8,924	)		11,588
Net income (loss)	$	9,702		$	(8,759	)	$	2,006	$	(634	)	$	—	$	4,437		$	6,752
Consolidated capital expenditures	$	1,375		$	8,526		$	6,491	$	—		$	—	$	36		$	16,427

	*Six Months June 30, 2023*
*(in thousands)*	*Gabon*			*Egypt*			*Canada*			*Equatorial Guinea*			*Cote d'Ivoire*		*Corporate and Other*			*Total*
Revenues:
Crude oil, natural gas and natural gas liquids sales	$	114,661		$	56,092		$	18,890		$	—		$	—	$	—		$	189,643
Operating costs and expenses:
Production expense		38,346			22,199			5,509			748			—		2			66,804
FPSO demobilization and other costs		5,647			—			—			—			—		—			5,647
Exploration expense		51			14			—			—			—		—			65
Depreciation, depletion and amortization		29,302			24,552			8,458			—			—		108			62,420
General and administrative expense		936			381			—			216			—		9,086			10,619
Credit losses and other		1,453			—			—			162			—		—			1,615
Total operating costs and expenses		75,735			47,146			13,967			1,126			—		9,196			147,170
Other operating income, net		(62	)		(241	)		—			—			—		—			(303	)
Operating income (loss)		38,864			8,705			4,923			(1,126	)		—		(9,196	)		42,170
Other income (expense):
Derivative instruments gain, net		—			—			—			—			—		52			52
Interest (expense) income, net		(2,883	)		(1,311	)		(4	)		—			—		249			(3,949	)
Other income (expense), net		(102	)		—			1			(1	)		—		(1,590	)		(1,692	)
Total other expense, net		(2,985	)		(1,311	)		(3	)		(1	)		—		(1,289	)		(5,589	)
Income (loss) before income taxes		35,879			7,394			4,920			(1,127	)		—		(10,485	)		36,581
Income tax expense (benefit)		22,829			9,253			—			—			—		(5,723	)		26,359
Net income (loss)	$	13,050		$	(1,859	)	$	4,920		$	(1,127	)	$	—	$	(4,762	)	$	10,222
Consolidated capital expenditures	$	5,064		$	20,097		$	16,656		$	—		$	—	$	36		$	41,852

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

*(in thousands)*	*Gabon*		*Egypt*		*Canada*		*Equatorial Guinea*		*Cote d'Ivoire*		*Corporate and Other*		*Total*
Long-lived assets:
As of June 30, 2024	$	160,240	$	160,668	$	112,373	$	10,000	$	101,690	$	3,444	$	548,415
As of December 31, 2023	$	171,787	$	171,224	$	105,189	$	10,000	$	—	$	1,586	$	459,786

*(in thousands)*	*Gabon*		*Egypt*		*Canada*		*Equatorial Guinea*		*Cote d'Ivoire*		*Corporate and Other*		*Total*
Total assets:
As of June 30, 2024	$	289,669	$	260,414	$	119,229	$	11,482	$	145,427	$	91,143	$	917,364
As of December 31, 2023	$	309,394	$	263,015	$	114,215	$	11,327	$	—	$	125,265	$	823,216