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

Annual report pursuant to Section 13 and 15(d)

Note 10 - Derivatives and Fair Value

Note 10 - Derivatives and Fair Value

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Derivatives and Fair Value [Text Block]

10. DERIVATIVES AND FAIR VALUE

Commodity swaps

Outstanding derivative contracts at December 31, 2023 are as follows:

Settlement Period	*Type of Contract*	*Index*	*Average Monthly Volumes*		*Weighted Average Put Price*		*Weighted Average Call Price*
			(Bbls)		(per Bbl)		(per Bbl)
January 2024 - March 2024	Collars	Dated Brent		85,000	$	65.00	$	97.00
April 2024 - June 2024	Collars	Dated Brent		65,000	$	65.00	$	100.00

The following table sets forth the gain (loss) on derivative instruments on the Company’s consolidated statements of operations and comprehensive income (loss):

		*Twelve Months Ended December 31,*
Derivative Item	*Statements of Operations Line*	*2023*			*2022*			*2021*
		*(in thousands)*
Commodity derivatives	Cash settlements paid on matured derivative contracts, net	$	(127	)	$	(42,935	)	$	(18,020	)
	Unrealized gain (loss)		359			5,123			(4,806	)
	Derivative instruments gain (loss), net	$	232		$	(37,812	)	$	(22,826	)