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

Quarterly report pursuant to Section 13 or 15(d)

Note 4 - Segment Information (Tables)

Note 4 - Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

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

	*Three Months Ended September 30, 2023*
(in thousands)	*Gabon*			*Egypt*			*Canada*		*Equatorial Guinea*			*Corporate and Other*			*Total*
Revenues:
Crude oil, natural gas and natural gas liquids sales	$	57,275		$	50,307		$	8,687	$	—		$	—		$	116,269
Operating costs and expenses:
Production expense		20,731			16,040			2,627		259			299			39,956
FPSO Demobilization		—			—			—		—			—			—
Exploration expense		—			1,194			—		—			—			1,194
Depreciation, depletion and amortization		14,583			12,967			4,948		—			40			32,538
General and administrative expense		348			54			—		94			5,720			6,216
Credit losses and other		684			—			—		138			—			822
Total operating costs and expenses		36,346			30,255			7,575		491			6,059			80,726
Other operating income (expense), net		5			—			—		—			—			5
Operating income		20,934			20,052			1,112		(491	)		(6,059	)		35,548
Other income (expense):
Derivative instruments loss, net		—			—			—		—			(2,320	)		(2,320	)
Interest (expense) income, net		(1,371	)		(270	)		—		—			215			(1,426	)
Other (expense) income, net		111			—			—		(3	)		75			183
Total other expense, net		(1,260	)		(270	)		—		(3	)		(2,030	)		(3,563	)
Income (loss) from continuing operations before income taxes		19,674			19,782			1,112		(494	)		(8,089	)		31,985
Income tax (benefit) expense		13,173			888			—		—			11,783			25,844
Income (loss) from continuing operations		6,501			18,894			1,112		(494	)		(19,872	)		6,141
Loss from discontinued operations, net of tax		—			—			—		—			—			—
Net income (loss)	$	6,501		$	18,894		$	1,112	$	(494	)	$	(19,872	)	$	6,141
Consolidated capital expenditures	$	10,109		$	11,987		$	3,870	$	—		$	—		$	25,966

	Nine Months Ended September 30, 2023
(in thousands)	*Gabon*			*Egypt*			*Canada*			*Equatorial Guinea*			*Corporate and Other*			*Total*
Revenues:
Crude oil, natural gas and natural gas liquids sales	$	171,936		$	106,399		$	27,577		$	—		$	—		$	305,912
Operating costs and expenses:
Production expense		59,077			38,239			8,136			1,007			301			106,760
FPSO Demobilization		5,647			—			—			—			—			5,647
Exploration expense		51			1,208			—			—			—			1,259
Depreciation, depletion and amortization		43,885			37,519			13,406			—			148			94,958
General and administrative expense		1,284			435			—			310			14,806			16,835
Credit losses and other		2,137			—			—			300			—			2,437
Total operating costs and expenses		112,081			77,401			21,542			1,617			15,255			227,896
Other operating income, net		(57	)		(241	)		—			—			—			(298	)
Operating income (loss)		59,798			28,757			6,035			(1,617	)		(15,255	)		77,718
Other income (expense):
Derivative instruments gain, net		—			—			—			—			(2,268	)		(2,268	)
Interest (expense) income, net		(4,254	)		(1,581	)		(4	)		—			464			(5,375	)
Other income (expense), net		9			—			1			(4	)		(1,500	)		(1,494	)
Total other expense, net		(4,245	)		(1,581	)		(3	)		(4	)		(3,304	)		(9,137	)
Income (loss) from continuing operations before income taxes		55,553			27,176			6,032			(1,621	)		(18,559	)		68,581
Income tax expense (benefit)		36,002			10,141			—			—			6,060			52,203
Income (loss) from continuing operations		19,551			17,035			6,032			(1,621	)		(24,619	)		16,378
Loss from discontinued operations, net of tax		—			—			—			—			(15	)		(15	)
Net income (loss)	$	19,551		$	17,035		$	6,032		$	(1,621	)	$	(24,634	)	$	16,363
Consolidated capital expenditures	$	15,173		$	32,084		$	16,008		$	—		$	36		$	63,301

	*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 income (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
Credit losses and other		1,744			339			—			2,083
Total operating costs and expenses		100,969			1,546			8,166			110,681
Other operating income (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

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 September 30, 2023	$	186,966	$	163,639	$	106,561	$	10,000	$	711	$	467,877
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 September 30, 2023	$	353,896	$	254,673	$	112,289	$	11,335	$	95,635	$	827,828
As of December 31, 2022	$	395,393	$	293,640	$	110,071	$	10,861	$	45,676	$	855,641