| Quarterly Financial Information |
| 15. |
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) |
The following represents our unaudited quarterly results for years ended December 31, 2011 and 2010. The quarterly results were prepared in accordance with generally accepted accounting principles and reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results. These adjustments are of a normal recurring nature.
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| (In thousands of dollars except per share information) |
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1st
Quarter |
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2nd
Quarter |
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3rd
Quarter |
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4th
Quarter |
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2011
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Total revenues(1)
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$ |
46,772 |
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$ |
58,547 |
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$ |
37,350 |
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$ |
67,767 |
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Total operating costs and expenses
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15,430 |
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16,035 |
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17,531 |
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28,879 |
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Operating income
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31,342 |
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42,512 |
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19,819 |
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38,888 |
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Net income
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12,896 |
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13,510 |
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3,455 |
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10,701 |
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Net income attributable to noncontrolling interest
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(1,657 |
) |
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(1,723 |
) |
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(1,056 |
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(1,981 |
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Net income attributable to VAALCO Energy, Inc.
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11,239 |
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11,787 |
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2,399 |
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8,720 |
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Basic net income per share attributable to VAALCO Energy, Inc.(2)
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$ |
0.20 |
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$ |
0.21 |
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$ |
0.04 |
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$ |
0.15 |
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Diluted net income per share attributable to VAALCO Energy, Inc.(2)
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$ |
0.19 |
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$ |
0.20 |
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$ |
0.04 |
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$ |
0.15 |
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| (In thousands of dollars except per share information) |
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1st
Quarter |
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2nd
Quarter |
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3rd
Quarter |
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4th
Quarter |
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2010
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Total revenues
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$ |
30,006 |
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$ |
33,675 |
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$ |
32,604 |
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$ |
38,187 |
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Total operating costs and expenses
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12,127 |
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13,582 |
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11,001 |
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19,639 |
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Operating income
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17,879 |
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20,093 |
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21,603 |
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18,548 |
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Net income
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6,924 |
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11,414 |
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13,933 |
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10,116 |
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Net income attributable to noncontrolling interest
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(956 |
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(1,378 |
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(1,482 |
) |
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(1,231 |
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Net income attributable to VAALCO Energy, Inc.
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5,968 |
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10,036 |
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12,451 |
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8,885 |
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Basic net income per share attributable to VAALCO Energy, Inc.(2)
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$ |
0.11 |
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$ |
0.18 |
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$ |
0.22 |
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$ |
0.16 |
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Diluted net income per share attributable to VAALCO Energy, Inc.(2)
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$ |
0.11 |
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$ |
0.18 |
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$ |
0.22 |
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$ |
0.15 |
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| (1) |
The number of oil liftings conducted offshore Gabon were 3, 3, 2, and 4 for the 1st quarter, the 2nd quarter, the 3rd quarter, and the 4th quarter, respectively.
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| (2) |
Quarterly income per share is based on the weighted average number of shares outstanding during the quarter. Because of changes in the number of shares outstanding during the quarters due to the exercise of stock options and issuance of common stock, the sum of quarterly earnings per share may not equal earnings per share for the year. |
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