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

Quarterly report pursuant to Section 13 or 15(d)

Cover
- Document and Entity Information
Financial Statements
Notes to Financial Statements
Accounting Policies
- Organization and Accounting Policies (Policies)
Notes Tables
Notes Details

Commitments and Contingencies (Tables)

v3.19.2

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2019

Commitments and Contingencies [Abstract]

Components of Lease Costs


	Three Months Ended June 30, 2019		Six Months Ended June 30, 2019
Lease cost:	($ in thousands)
Operating lease cost	$	3,775	$	7,334
Short-term lease cost		101		404
Variable lease cost		1,408		2,738
Total lease cost	$	5,284	$	10,476

Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from (to) operating leases			$	8,913
Weighted-average remaining lease term				3.18 years
Weighted-average discount rate				6.25%

Lease Cost on Consolidated Statement of Operations


	Three Months Ended June 30, 2019		Six Months Ended June 30, 2019
	(in thousands)
Production expense	$	1,626	$	3,223
General and administrative expense		49		98
Lease costs billed to the joint venture owners		3,609		7,155
Total lease costs	$	5,284	$	10,476

Schedule of Future Maturities of Operating Lease Liabilities


	Lease Obligation
Year	(in thousands)
2019	$	6,164
2020		11,979
2021		11,224
2022		8,088
2023		—
		37,455
Less: imputed interest		3,331
Total lease liabilities	$	34,124

Estimated Obligations and Companies Share for the Annual Charter Payment


	Balance at December 31, 2018
(in thousands)	Full Charter Payment		VAALCO, Net
Year
2019	$	31,294	$	9,718
2020		22,634		7,029
2021		—		—
2022		—		—
2023		—		—
Total	$	53,928	$	16,747

Operating Lease Obligations for Rentals



(in thousands)	Gross Obligation		VAALCO, Net
Year
2019	$	1,110	$	627
2020		693		450
2021		—		—
2022		—		—
2023		—		—
Total	$	1,803	$	1,077

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Tabular disclosure of contractual obligation by timing of payment due. Includes, but is not limited to, long-term debt obligation, lease obligation, and purchase obligation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
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Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

+ References

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