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

Quarterly report pursuant to Section 13 or 15(d)

Note 12 - Leases (Tables)

Note 12 - Leases (Tables)

6 Months Ended

Jun. 30, 2022

Notes Tables

Lease, Cost [Table Text Block]

		*Three Months Ended June 30,*								*Six Months Ended June 30,*
		*2022*				*2021*				*2022*				*2021*
		*(in thousands)*
Lease cost:
Finance lease cost (1)		$	98			$	—			$	164			$	—
Operating lease cost			4,265				4,490				8,461				8,880
Short-term lease cost (2)			199				449				1,213				1,243
Variable lease cost (3)			1,909				1,627				3,247				3,061
Total lease expense			6,471				6,566				13,085				13,184
Lease costs capitalized			651				—				1,423				—
Total lease costs		$	7,122			$	6,566			$	14,508			$	13,184

		*2022*				*2021*
Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows attributable to finance leases		$	26			$	—
Weighted-average remaining lease term (in years)			5.17				—
Weighted-average discount rate			3.54	%			—

Operating cash flows attributable to operating leases		$	12,816			$	11,863
Weighted-average remaining lease term (in years)			0.7				1.25
Weighted-average discount rate			5.62	%			6.09	%

Summary of Lease Costs in Consolidated Statements of Operations [Table Text Block]

		*Three Months Ended June 30,*								*Six Months Ended June 30,*
		*2022*				*2021*				*2022*				*2021*
		*(in thousands)*
Finance lease cost		$	57			$	—			$	96			$	—
Production expense			3,720				3,852				7,558				6,501
General and administrative expense			47				47				63				96
Lease costs billed to the joint venture owners			2,884				2,667				5,886				6,587
Total lease expense			6,708				6,566				13,603				13,184
Lease costs capitalized			414				—				905				—
Total lease costs		$	7,122			$	6,566			$	14,508			$	13,184

Lessee, Operating and Finance Lease Liability, Maturity [Table Text Block]

		*Operating Leases*				*Finance Leases*
		*(in thousands)*
Year
2022		$	2,892			$	201
2023			371				368
2024			197				368
2025			33				368
Thereafter			—				537
			3,493				1,842
Less: imputed interest			38				185
Total lease liabilities		$	3,455			$	1,657