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)

9 Months Ended

Sep. 30, 2022

Notes Tables

Lease, Cost [Table Text Block]

		*Three Months Ended September 30,*								*Nine Months Ended September 30,*
		*2022*				*2021*				*2022*				*2021*
		*(in thousands)*
Lease cost:
Finance lease cost (1)		$	97			$	—			$	261			$	—
Operating lease cost			2,547				4,386				11,008				13,266
Short-term lease cost (2)			3,115				585				4,328				1,828
Variable lease cost (3)			1,264				1,584				4,511				4,645
Total lease expense			7,023				6,555				20,108				19,739
Lease costs capitalized			1,877				—				3,300				—
Total lease costs		$	8,900			$	6,555			$	23,408			$	19,739

		*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)			4.92				—
Weighted-average discount rate			3.54	%			—

Operating cash flows attributable to operating leases		$	19,243			$	18,018
Weighted-average remaining lease term (in years)			1.51				1.0
Weighted-average discount rate			5.12	%			6.09	%

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

		*Three Months Ended September 30,*								*Nine Months Ended September 30,*
		*2022*				*2021*				*2022*				*2021*
		*(in thousands)*
Finance lease cost		$	165			$	—			$	261			$	—
Production expense			4,049				3,827				11,607				10,328
General and administrative expense			48				49				111				145
Lease costs billed to the joint venture owners			3,441				2,679				9,327				9,266
Total lease expense			7,703				6,555				21,306				19,739
Lease costs capitalized			1,197				—				2,102				—
Total lease costs		$	8,900			$	6,555			$	23,408			$	19,739

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

		*Operating Leases*				*Finance Leases*
		*(in thousands)*
Year
2022		$	185			$	92
2023			1,339				368
2024			197				368
2025			33				368
Thereafter			—				537
			1,754				1,733
Less: imputed interest			33				165
Total lease liabilities		$	1,721			$	1,568