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

Note 4 - Segment Information (Tables)

9 Months Ended

Sep. 30, 2022

	*Three Months Ended September 30, 2022*
*(in thousands)*	*Gabon*			*Equatorial Guinea*			*Corporate and Other*			*Total*
Revenues:
Crude oil and natural gas sales	$	78,097		$	—		$	—		$	78,097
Operating costs and expenses:
Production expense		22,828			484			—			23,312
FPSO demobilization		8,867			—			—			8,867
Exploration expense		56			—			—			56
Depreciation, depletion and amortization		8,940			—			23			8,963
General and administrative expense		915			120			944			1,979
Bad debt expense and other		681			339			—			1,020
Total operating costs and expenses		42,287			943			967			44,197
Other operating expense, net		—			—			—			—
Operating income		35,810			(943	)		(967	)		33,900
Other income (expense):
Derivative instruments loss, net		—			—			3,778			3,778
Interest (expense) income, net		(351	)		—			117			(234	)
Other (expense) income, net		(1,305	)		1			(6,403	)		(7,707	)
Total other expense, net		(1,656	)		1			(2,508	)		(4,163	)
Income from continuing operations before income taxes		34,154			(942	)		(3,475	)		29,737
Income tax (benefit) expense		25,415			—			(2,572	)		22,843
Income from continuing operations		8,739			(942	)		(903	)		6,894
Loss from discontinued operations, net of tax		—			—			(26	)		(26	)
Net income	$	8,739		$	(942	)	$	(929	)	$	6,868
Consolidated capital expenditures	$	51,610		$	—		$	53		$	51,663

	*Nine Months Ended September 30, 2022*
*(in thousands)*	*Gabon*			*Equatorial Guinea*			*Corporate and Other*			*Total*
Revenues:
Crude oil and natural gas sales	$	257,738		$	—		$	—		$	257,738
Operating costs and expenses:
Production expense		66,269			878			—			67,147
FPSO demobilization		8,867			—			—			8,867
Exploration expense		250			—			—			250
Depreciation, depletion and amortization		21,766			—			61			21,827
General and administrative expense		2,073			329			8,105			10,507
Bad debt expense and other		1,744			339			—			2,083
Total operating costs and expenses		100,969			1,546			8,166			110,681
Other operating expense, net		(5	)		—			—			(5	)
Operating income		156,764			(1,546	)		(8,166	)		147,052
Other income (expense):
Derivative instruments loss, net		—			—			(37,522	)		(37,522	)
Interest (expense) income, net		(515	)		—			160			(355	)
Other (expense) income, net		(2,799	)		(1	)		(7,714	)		(10,514	)
Total other expense, net		(3,314	)		(1	)		(45,076	)		(48,391	)
Income from continuing operations before income taxes		153,450			(1,547	)		(53,242	)		98,661
Income tax (benefit) expense		74,671			1			(10,205	)		64,467
Income from continuing operations		78,779			(1,548	)		(43,037	)		34,194
Loss from discontinued operations, net of tax		—			—			(58	)		(58	)
Net income	$	78,779		$	(1,548	)	$	(43,095	)	$	34,136
Consolidated capital expenditures	$	121,492		$	—		$	120		$	121,612

	*Three Months Ended September 30, 2021*
*(in thousands)*	*Gabon*			*Equatorial Guinea*			*Corporate and Other*			*Total*
Revenues:
Crude oil and natural gas sales	$	55,899		$	—		$	—		$	55,899
Operating costs and expenses:
Production expense		24,967			229			12			25,208
Exploration expense		479			—			—			479
Depreciation, depletion and amortization		6,953			—			17			6,970
General and administrative expense		394			42			2,504			2,940
Bad debt expense and other		318			—			—			318
Total operating costs and expenses		33,111			271			2,533			35,915
Other operating expense, net		46			—			—			46
Operating income		22,834			(271	)		(2,533	)		20,030
Other income (expense):
Derivative instruments loss, net		—			—			(5,147	)		(5,147	)
Interest (expense) income, net		—			—			3			3
Other (expense) income, net		(318	)		(1	)		(9	)		(328	)
Total other expense, net		(318	)		(1	)		(5,153	)		(5,472	)
Income from continuing operations before income taxes		22,516			(272	)		(7,686	)		14,558

Income tax (benefit) expense		839			—			(18,022	)		(17,183	)
Income from continuing operations		21,677			(272	)		10,336			31,741
Loss from discontinued operations, net of tax		—			—			(20	)		(20	)
Net income	$	21,677		$	(272	)	$	10,316		$	31,721
Consolidated capital expenditures ⁽¹⁾	$	6,696		$	—		$	—		$	6,696

	*Nine Months Ended September 30, 2021*
*(in thousands)*	*Gabon*			*Equatorial Guinea*			*Corporate and Other*			*Total*
Revenues:
Crude oil and natural gas sales	$	142,696		$	—		$	—		$	142,696
Operating costs and expenses:
Production expense		57,478			261			21			57,760
Exploration expense		1,286			—			—			1,286
Depreciation, depletion and amortization		16,860			—			68			16,928
General and administrative expense		885			244			11,092			12,221
Bad debt expense and other		814			—			—			814
Total operating costs and expenses		77,323			505			11,181			89,009
Other operating expense, net		(87	)		—			(353	)		(440	)
Operating income		65,286			(505	)		(11,534	)		53,247
Other income (expense):
Derivative instruments loss, net		—			—			(21,070	)		(21,070	)
Interest (expense) income, net		—			—			9			9
Other (expense) income, net		6,854			(2	)		(2,764	)		4,088
Total other expense, net		6,854			(2	)		(23,825	)		(16,973	)
Income from continuing operations before income taxes		72,140			(507	)		(35,359	)		36,274
Income tax (benefit) expense		10,318			1			(21,591	)		(11,272	)
Income from continuing operations		61,822			(508	)		(13,768	)		47,546
Loss from discontinued operations, net of tax		—			—			(72	)		(72	)
Net income	$	61,822		$	(508	)	$	(13,840	)	$	47,474
Consolidated capital expenditures ⁽¹⁾	$	10,993		$	—		$	—		$	10,993

*(in thousands)*	*Gabon*		*Equatorial Guinea*		*Corporate and Other*		*Total*
Long-lived assets from continuing operations:
As of September 30, 2022	$	184,484	$	10,000	$	227	$	194,711
As of December 31, 2021	$	84,156	$	10,000	$	168	$	94,324

*(in thousands)*	*Gabon*		*Equatorial Guinea*		*Corporate and Other*		*Total*
Total assets from continuing operations:
As of September 30, 2022	$	313,746	$	10,689	$	70,338	$	394,773
As of December 31, 2021	$	201,748	$	10,548	$	50,794	$	263,090