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

Annual report pursuant to Section 13 and 15(d)

Note 5 - Segment Information (Tables)

Note 5 - Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

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

	*Year ended December 31, 2023*
*(in thousands)*	*Gabon*			*Egypt*			*Canada*			*Equatorial Guinea*			*Corporate and Other*			*Total*
Revenues:
Crude oil, natural gas and natural gas liquids sales	$	260,346		$	161,049		$	33,671		$	—		$	—		$	455,066
Operating costs and expenses:
Production expense		87,131			54,779			9,463			1,481			303			153,157
FPSO demobilization and other costs		7,484			—			—			—			—			7,484
Exploration expense		51			1,914			—			—			—			1,965
Depreciation, depletion and amortization		62,622			35,095			17,398			—			187			115,302
General and administrative expense		1,769			974			—			416			20,681			23,840
Credit (recovery) losses and other		(10,596	)		5,182			—			508			—			(4,906	)
Total operating costs and expenses		148,461			97,944			26,861			2,405			21,171			296,842
Other operating income (expense), net		(55	)		(241	)		729			—			—			433
Operating income (loss)		111,830			62,864			7,539			(2,405	)		(21,171	)		158,657
Other income (expense):
Derivative instruments gain (loss), net		—			—			—			—			232			232
Interest (expense) income, net		(5,563	)		(2,110	)		(4	)		—			1,225			(6,452	)
Other income (expense), net		(820	)		—			2			(6	)		(1,467	)		(2,291	)
Total other income (expense), net		(6,383	)		(2,110	)		(2	)		(6	)		(10	)		(8,511	)
Income (loss) from continuing operations before income taxes		105,447			60,754			7,537			(2,411	)		(21,181	)		150,146
Income tax expense		50,692			32,859			—			—			6,226			89,777
Income (loss) from continuing operations		54,755			27,895			7,537			(2,411	)		(27,407	)		60,369
Loss from discontinued operations, net of tax		—			—			—			—			(15	)		(15	)
Net income (loss)	$	54,755		$	27,895		$	7,537		$	(2,411	)	$	(27,422	)	$	60,354
Consolidated capital expenditures	$	17,011		$	37,866		$	16,809		$	—		$	950		$	72,636

	*Year Ended December 31, 2022*
(in thousands)	*Gabon*			*Egypt*			*Canada*		*Equatorial Guinea*			*Corporate and Other*			*Total*
Revenues:
Crude oil, natural gas and natural gas liquids sales	$	306,775		$	37,710		$	9,841	$	—		$	—		$	354,326
Operating costs and expenses:
Production expense		96,854			11,936			1,972		1,899			—			112,661
FPSO demobilization and other costs		8,867			—			—		—			—			8,867
Exploration expense		258			—			—		—			—			258
Depreciation, depletion and amortization		34,651			10,444			2,921		—			127			48,143
General and administrative expense		3,101			—			—		538			6,438			10,077
Credit (recovery) losses and other		2,743			—			—		339			—			3,082
Total operating costs and expenses		146,474			22,380			4,893		2,776			6,565			183,088
Other operating income (expense), net		38			—			—		—			—			38
Operating income (loss)		160,339			15,330			4,948		(2,776	)		(6,565	)		171,276
Other income (expense):
Derivative instruments gain (loss), net		—			—			13		—			(37,825	)		(37,812	)
Interest (expense) income, net		(1,446	)		(596	)		—		—			8			(2,034	)
Other expense, net		(1,484	)		—			—		—			(6,564	)		(8,048	)
Total other income (expense), net		(2,930	)		(596	)		13		—			(44,381	)		(47,894	)
Income (loss) from continuing operations before income taxes		157,409			14,734			4,961		(2,776	)		(50,946	)		123,382
Income tax (benefit) expense		68,509			6,254			-		1			(3,344	)		71,420
Income (loss) from continuing operations		88,900			8,480			4,961		(2,777	)		(47,602	)		51,962
Loss from discontinued operations, net of tax		—			—			—		—			(72	)		(72	)
Net income (loss)	$	88,900		$	8,480			4,961		(2,777	)	$	(47,674	)	$	51,890
Consolidated capital expenditures ⁽¹⁾	$	162,375		$	168,012			103,263		—		$	710		$	434,360

	*Year Ended December 31, 2021*
(in thousands)	*Gabon*			*Equatorial Guinea*			*Corporate and Other*			*Total*
Revenues:
Crude oil and natural gas sales	$	199,075		$	—		$	—		$	199,075
Operating costs and expenses:
Production expense		80,717			532			6			81,255
Exploration expense		1,579			—			—			1,579
Depreciation, depletion and amortization		20,972			—			88			21,060
General and administrative expense		1,301			321			13,144			14,766
Credit (recovery) losses and other		875			—			—			875
Total operating costs and expenses		105,444			853			13,238			119,535
Other operating income (expense), net		(440	)		—			—			(440	)
Operating income (loss)		93,191			(853	)		(13,238	)		79,100
Other income (expense):
Derivative instruments loss, net		—			—			(22,826	)		(22,826	)
Interest income, net		—			—			10			10
Other income (expense), net		6,925			(3	)		(3,428	)		3,494
Total other income (expense), net		6,925			(3	)		(26,244	)		(19,322	)
Income (loss) from continuing operations before income taxes		100,116			(856	)		(39,482	)		59,778
Income tax (benefit) expense		12,392			1			(34,549	)		(22,156	)
Income (loss) from continuing operations		87,724			(857	)		(4,933	)		81,934
Loss from discontinued operations, net of tax		—			—			(98	)		(98	)
Net income (loss)	$	87,724		$	(857	)	$	(5,031	)	$	81,836
Consolidated capital expenditures	$	79,169		$	—		$	52		$	79,221

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

(in thousands)	*Gabon*		*Egypt*		*Canada*		*Equatorial Guinea*		*Corporate and Other*		*Total*
Long-lived assets from continuing operations:
As of December 31, 2023	$	171,787	$	171,224	$	105,189	$	10,000	$	1,586	$	459,786
As of December 31, 2022	$	213,204	$	168,012	$	103,263	$	10,000	$	793	$	495,272

(in thousands)	*Gabon*		*Egypt*		*Canada*		*Equatorial Guinea*		*Corporate and Other*		*Total*
Total assets from continuing operations:
As of December 31, 2023	$	309,394	$	263,015	$	114,215	$	11,327	$	125,265	$	823,216
As of December 31, 2022	$	395,393	$	293,640	$	110,071	$	10,861	$	45,676	$	855,641