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)

3 Months Ended

Mar. 31, 2024

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

		*Three Months Ended March 31, 2024*
*(in thousands)*	*Gabon*			*Egypt*			*Canada*			*Equatorial Guinea*			*Corporate and Other*			*Total*
Revenues:
Crude oil, natural gas and natural gas liquids sales	$	57,504		$	36,961		$	5,690		$	—		$	—		$	100,155
Operating costs and expenses:
Production expense		16,713			12,751			2,379			245			1			32,089
Exploration expense		—			48			—			—			—			48
Depreciation, depletion and amortization		13,451			8,336			3,897			—			140			25,824
Transaction costs related to acquisition		—			—			—			—			1,313			1,313
General and administrative expense		634			169			12			78			5,817			6,710
Credit losses and other		20			1,634			—			158			—			1,812
Total operating costs and expenses		30,818			22,938			6,288			481			7,271			67,796
Other operating income (expense), net		(166	)		—			—			—			—			(166	)
Operating income		26,520			14,023			(598	)		(481	)		(7,271	)		32,193
Other income (expense):
Derivative instruments loss, net		—			—			—			—			(847	)		(847	)
Interest (expense) income, net		(1,317	)		(410	)		24			—			768			(935	)
Other (expense) income, net		(94	)		—			—			(1	)		(392	)		(487	)
Total other expense, net		(1,411	)		(410	)		24			(1	)		(471	)		(2,269	)
Income (loss) before income taxes		25,109			13,613			(574	)		(482	)		(7,742	)		29,924
Income tax (benefit) expense		16,293			7,033			—			—			(1,088	)		22,238
Net income (loss)	$	8,816		$	6,580		$	(574	)	$	(482	)	$	(6,654	)	$	7,686
Consolidated capital expenditures	$	6,287		$	4,328		$	12,559		$	-		$	848		$	24,022

	*Three Months Ended March 31, 2023*
*(in thousands)*	*Gabon*			*Egypt*			*Canada*			*Equatorial Guinea*			*Corporate and Other*			*Total*
Revenues:
Crude oil, natural gas and natural gas liquids sales	$	36,737		$	34,784		$	8,882		$	—		$	—		$	80,403
Operating costs and expenses:
Production expense		14,415			11,110			2,254			362			59			28,200
Exploration expense		8			—			—			—			—			8
Depreciation, depletion and amortization		9,845			10,795			3,711			—			66			24,417
General and administrative expense		618			179			—			129			4,298			5,224
Credit losses and other		935			—			—			—			—			935
Total operating costs and expenses		25,821			22,084			5,965			491			4,423			58,784
Operating income (loss)		10,916			12,700			2,917			(491	)		(4,423	)		21,619
Other income (expense):
Derivative instruments gain, net		—			—			—			—			21			21
Interest (expense) income, net		(1,507	)		(808	)		(4	)		—			73			(2,246	)
Other income (expense), net		517			—			—			(1	)		(1,669	)		(1,153	)
Total other expense, net		(990	)		(808	)		(4	)		(1	)		(1,575	)		(3,378	)
Income (loss) before income taxes		9,926			11,892			2,913			(492	)		(5,998	)		18,241
Income tax expense (benefit)		6,578			4,992			—			—			3,201			14,771
Net income (loss)	$	3,348		$	6,900		$	2,913		$	(492	)	$	(9,199	)	$	3,470
Consolidated capital expenditures	$	3,689		$	11,571		$	10,165		$	—		$	—		$	25,425

Reconciliation of Assets from Segment to Consolidated [Table Text Block]

*(in thousands)*	*Gabon*		*Egypt*		*Canada*		*Equatorial Guinea*		*Corporate and Other*		*Total*
Long-lived assets:
As of March 31, 2024	$	166,596	$	167,215	$	111,313	$	10,000	$	2,295	$	457,419
As of December 31, 2023	$	171,787	$	171,224	$	105,189	$	10,000	$	1,586	$	459,786

*(in thousands)*	*Gabon*		*Egypt*		*Canada*		*Equatorial Guinea*		*Corporate and Other*		*Total*
Total assets:
As of March 31, 2024	$	302,389	$	253,656	$	120,598	$	11,365	$	121,139	$	809,147
As of December 31, 2023	$	309,394	$	263,015	$	114,215	$	11,327	$	125,265	$	823,216