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

Annual report pursuant to Section 13 and 15(d)

Cover
- Document and Entity Information
Financial Statements
Notes to Financial Statements
Accounting Policies
- Summary of Significant Accounting Policies (Policies)
- Capitalization of Exploratory Well Costs (Policies)
Notes Tables
Notes Details

Income Taxes (Tables)

v2.4.1.9

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Provision for Income Taxes

Provision for income taxes consists of the following:

(in thousands)	Year Ended December 31,
	2014		2013		2012
U.S. Federal:
Current	$	-	$	-	$	-
Deferred		-		-		-
Foreign:
Current		22,486		34,115		81,813
Deferred		-		-		-
Total	$	22,486	$	34,115	$	81,813

Summary of Differences between the Financial Statement and Tax Bases of Assets and Liabilities

The primary differences between the financial statement and tax bases of assets and liabilities at December 31, 2014 and 2013 are as follows: (In thousands)

	2014			2013
Deferred Tax Assets:
Basis difference in fixed assets	$	63,931		$	31,440
Foreign tax credit carry forward		48,928			55,908
Alternative minimum tax credit carryover		1,349			1,349
Foreign net operating losses		44,228			42,688
Asset retirement obligations		5,196			4,012
Other		3,828			3,300
	$	167,460		$	138,697
Valuation allowance		(166,111	)		(137,348	)
Total deferred tax asset	$	1,349		$	1,349

Pretax Income

Pretax income (loss) is comprised of the following:

(in thousands)	Year Ended December 31,
	2014			2013			2012
United States	$	(6,349	)	$	(17,649	)	$	(56,979	)
Foreign		(48,715	)		94,836			144,131
	$	(55,064	)	$	77,187		$	87,152

Statutory Rate Reconciliation

The statutory rate reconciliation is as follows:

(In Thousands)	Year Ended December 31,
	2014			2013			2012
Tax Provision Computed at Statutory Rate	$	(19,273	)	$	27,015		$	30,503
Foreign taxes not offset in U.S. by foreign tax credits		4,433			(2,072	)		25,266
Permanent Differences		135			973			2,370
Foreign Tax Credit Adjustments		8,417			(28,027	)
Increase/(Decrease) in Valuation Allowance		28,762			37,752			23,675
Other		12			(1,526	)		-
Total Tax Expense	$	22,486		$	34,115		$	81,813

Income Tax Years Subject to Examination by Major Tax Jurisdictions

The following table summarizes the tax years that remain subject to examination by major tax jurisdictions:

United States		2008-2014
Gabon		2007-2014

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Provision for income taxes.

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