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The unaudited pro forma operating income for the nine months ended September 30, 2022 removes the $26.0 million impairment reversal recorded by TransGlobe in 2022, reclassifies depreciation expense, for certain leases identified as operating leases, to production expense and adjusts depreciation, depletion and
amortization expense related to the depletable assets and asset retirement obligations acquired in the acquisition based on the purchase price allocation.
Excludes assets acquired in the TransGlobe acquisition.
The unaudited pro forma net revenues associated with Crude oil, natural gas and natural gas liquids sales have been adjusted for shipping and handling costs based on the Company’s historical policy and revenue recognition is based on the Company’s working interest, less royalties, the entitlement method.
The unaudited pro forma net income for the nine months ended September 30, 2022 reclassifies interest expense, for certain leases identified as operating leases, as production expense.
The unaudited pro forma operating income for the three months ended September 30, 2022 reclassifies depreciation expense, for certain leases identified as operating leases, to production expense and adjusts depreciation, depletion and amortization expense related to the depletable assets and asset retirement obligations acquired in the acquisition based on the purchase price allocation.
The unaudited pro forma net income for the three months ended September 30, 2022 reclassifies interest expense, for certain leases identified as operating leases, as production expense.
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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2023
or
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from _______ to _______
Commission File Number 1-32167
VAALCO Energy, Inc.
(Exact name of registrant as specified in its charter)
Delaware | 76-0274813 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| |
9800 Richmond Avenue Suite 700 Houston, Texas | 77042 |
(Address of principal executive offices) | (Zip code) |
(713) 623-0801
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading symbol(s) | Name of each exchange on which registered |
Common Stock | EGY | New York Stock Exchange |
Common Stock | EGY | London Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer | ☐ | | Accelerated filer | ☒ |
Non‑accelerated filer | ☐ | | Smaller reporting company Emerging growth company | ☐ ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of November 3, 2023, there were outstanding 105,158,757 shares
of common stock, $0.10 par value per share, of the registrant.
VAALCO ENERGY, INC. AND SUBSIDIARIES
Table of Contents
PART I. FINANCIAL INFORMATION
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
VAALCO ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
| | As of September 30, 2023 | | | As of December 31, 2022 | |
| | (in thousands) | |
ASSETS | | | | | | | | |
Current assets: | | | | | | | | |
Cash and cash equivalents | | $ | 103,353 | | | $ | 37,205 | |
Restricted cash | | | 111 | | | | 222 | |
Receivables: | | | | | | | | |
Trade, net | | | 22,788 | | | | 52,147 | |
Accounts with joint venture owners, net of allowance for credit losses of $0.6 and $0.3 million, respectively | | | 1,635 | | | | 15,830 | |
Foreign income taxes receivable | | | — | | | | 2,769 | |
Other, net of allowance for credit losses of $3.5 and $0.0 million, respectively | | | 64,826 | | | | 68,519 | |
Crude oil inventory | | | 9,287 | | | | 3,335 | |
Prepayments and other | | | 16,115 | | | | 20,070 | |
Total current assets | | | 218,115 | | | | 200,097 | |
| | | | | | | | |
Crude oil and natural gas properties, equipment and other - successful efforts method, net | | | 467,877 | | | | 495,272 | |
Other noncurrent assets: | | | | | | | | |
Restricted cash | | | 1,787 | | | | 1,763 | |
Value added tax and other receivables, net of allowance of $9.9 million and $8.4 million, respectively | | | 9,462 | | | | 7,150 | |
Right of use operating lease assets | | | 3,510 | | | | 2,777 | |
Right of use finance lease assets | | | 87,971 | | | | 90,698 | |
Deferred tax assets | | | 31,222 | | | | 35,432 | |
Abandonment funding | | | 6,268 | | | | 20,586 | |
Other long-term assets | | | 1,616 | | | | 1,866 | |
Total assets | | $ | 827,828 | | | $ | 855,641 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | |
Current liabilities: | | | | | | | | |
Accounts payable | | $ | 43,924 | | | $ | 59,886 | |
Accounts with joint venture owners | | | 1,151 | | | | — | |
Accrued liabilities and other | | | 76,470 | | | | 91,392 | |
Operating lease liabilities - current portion | | | 3,539 | | | | 2,314 | |
Finance lease liabilities - current portion | | | 7,810 | | | | 7,811 | |
Foreign income taxes payable | | | 33,256 | | | | — | |
Current liabilities - discontinued operations | | | 673 | | | | 687 | |
Total current liabilities | | | 166,823 | | | | 162,090 | |
Asset retirement obligations | | | 45,201 | | | | 41,695 | |
Operating lease liabilities - net of current portion | | | 82 | | | | 686 | |
Finance lease liabilities - net of current portion | | | 77,862 | | | | 78,248 | |
Deferred tax liabilities | | | 76,120 | | | | 81,223 | |
Other long-term liabilities | | | 17,369 | | | | 25,594 | |
Total liabilities | | | 383,457 | | | | 389,536 | |
Commitments and contingencies (Note 10) | | | | | | | | |
Shareholders’ equity: | | | | | | | | |
Preferred stock, $25 par value; 500,000 shares authorized, none issued | | | — | | | | — | |
Common stock, $0.10 par value; 160,000,000 shares authorized, 121,341,251 and 119,482,680 shares issued, 105,714,499 and 107,852,857 shares outstanding, respectively | | | 12,134 | | | | 11,948 | |
Additional paid-in capital | | | 356,424 | | | | 353,606 | |
Accumulated other comprehensive income | | | 844 | | | | 1,179 | |
Less treasury stock, 15,626,752 and 11,629,823 shares, respectively, at cost | | | (65,145 | ) | | | (47,652 | ) |
Retained earnings | | | 140,114 | | | | 147,024 | |
Total shareholders' equity | | | 444,371 | | | | 466,105 | |
Total liabilities and shareholders' equity | | $ | 827,828 | | | $ | 855,641 | |
See notes to condensed consolidated financial statements.
VAALCO ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
(in thousands, except per share amounts) |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil, natural gas and natural gas liquids sales |
|
$ |
116,269 |
|
|
$ |
78,097 |
|
|
$ |
305,912 |
|
|
$ |
257,738 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production expense |
|
|
39,956 |
|
|
|
23,312 |
|
|
|
106,760 |
|
|
|
67,147 |
|
FPSO Demobilization |
|
|
— |
|
|
|
8,867 |
|
|
|
5,647 |
|
|
|
8,867 |
|
Exploration expense |
|
|
1,194 |
|
|
|
56 |
|
|
|
1,259 |
|
|
|
250 |
|
Depreciation, depletion and amortization |
|
|
32,538 |
|
|
|
8,963 |
|
|
|
94,958 |
|
|
|
21,827 |
|
General and administrative expense |
|
|
6,216 |
|
|
|
1,979 |
|
|
|
16,835 |
|
|
|
10,507 |
|
Credit losses and other |
|
|
822 |
|
|
|
1,020 |
|
|
|
2,437 |
|
|
|
2,083 |
|
Total operating costs and expenses |
|
|
80,726 |
|
|
|
44,197 |
|
|
|
227,896 |
|
|
|
110,681 |
|
Other operating income (expense), net |
|
|
5 |
|
|
|
— |
|
|
|
(298 |
) |
|
|
(5 |
) |
Operating income |
|
|
35,548 |
|
|
|
33,900 |
|
|
|
77,718 |
|
|
|
147,052 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative instruments gain (loss), net |
|
|
(2,320 |
) |
|
|
3,778 |
|
|
|
(2,268 |
) |
|
|
(37,522 |
) |
Interest expense, net |
|
|
(1,426 |
) |
|
|
(234 |
) |
|
|
(5,375 |
) |
|
|
(355 |
) |
Other income (expense), net |
|
|
183 |
|
|
|
(7,707 |
) |
|
|
(1,494 |
) |
|
|
(10,514 |
) |
Total other expense, net |
|
|
(3,563 |
) |
|
|
(4,163 |
) |
|
|
(9,137 |
) |
|
|
(48,391 |
) |
Income from continuing operations before income taxes |
|
|
31,985 |
|
|
|
29,737 |
|
|
|
68,581 |
|
|
|
98,661 |
|
Income tax expense (benefit) |
|
|
25,844 |
|
|
|
22,843 |
|
|
|
52,203 |
|
|
|
64,467 |
|
Income from continuing operations |
|
|
6,141 |
|
|
|
6,894 |
|
|
|
16,378 |
|
|
|
34,194 |
|
Loss from discontinued operations, net of tax |
|
|
— |
|
|
|
(26 |
) |
|
|
(15 |
) |
|
|
(58 |
) |
Net income |
|
$ |
6,141 |
|
|
$ |
6,868 |
|
|
$ |
16,363 |
|
|
$ |
34,136 |
|
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency translation adjustments |
|
|
(2,216 |
) |
|
|
— |
|
|
|
(335 |
) |
|
|
— |
|
Comprehensive income |
|
$ |
3,925 |
|
|
$ |
6,868 |
|
|
$ |
16,028 |
|
|
$ |
34,136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
|
$ |
0.06 |
|
|
$ |
0.12 |
|
|
$ |
0.15 |
|
|
$ |
0.57 |
|
Loss from discontinued operations, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net income per share |
|
$ |
0.06 |
|
|
$ |
0.12 |
|
|
$ |
0.15 |
|
|
$ |
0.57 |
|
Basic weighted average shares outstanding |
|
|
106,289 |
|
|
|
59,068 |
|
|
|
106,876 |
|
|
|
58,900 |
|
Diluted net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
|
$ |
0.06 |
|
|
$ |
0.11 |
|
|
$ |
0.15 |
|
|
$ |
0.57 |
|
Loss from discontinued operations, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net income per share |
|
$ |
0.06 |
|
|
$ |
0.11 |
|
|
$ |
0.15 |
|
|
$ |
0.57 |
|
Diluted weighted average shares outstanding |
|
|
106,433 |
|
|
|
59,450 |
|
|
|
107,072 |
|
|
|
59,335 |
|
See notes to condensed consolidated financial statements.
VAALCO ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited)
|
|
Common Shares Issued |
|
|
Treasury Shares |
|
|
Common Stock |
|
|
Additional Paid-In Capital |
|
|
Accumulated Other Comprehensive Loss |
|
|
Treasury Stock |
|
|
Retained Earnings |
|
|
Total |
|
|
|
(in thousands) |
|
Balance at January 1, 2023 |
|
|
119,483 |
|
|
|
(11,630 |
) |
|
$ |
11,948 |
|
|
$ |
353,606 |
|
|
$ |
1,179 |
|
|
$ |
(47,652 |
) |
|
$ |
147,024 |
|
|
$ |
466,105 |
|
Shares issued - stock-based compensation |
|
|
633 |
|
|
|
(187 |
) |
|
|
64 |
|
|
|
210 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
274 |
|
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
683 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
683 |
|
Common shares purchased |
|
|
— |
|
|
|
(981 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,517 |
) |
|
|
— |
|
|
|
(4,517 |
) |
Treasury stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(860 |
) |
|
|
— |
|
|
|
(860 |
) |
Dividend distributions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,735 |
) |
|
|
(6,735 |
) |
Cumulative effect of adjustment upon adoption of ASU 2016-13 on January 1, 2023 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,120 |
) |
|
|
(3,120 |
) |
Other comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(125 |
) |
|
|
— |
|
|
|
— |
|
|
|
(125 |
) |
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,470 |
|
|
|
3,470 |
|
Balance at March 31, 2023 |
|
|
120,116 |
|
|
|
(12,798 |
) |
|
$ |
12,012 |
|
|
$ |
354,499 |
|
|
$ |
1,054 |
|
|
$ |
(53,029 |
) |
|
$ |
140,639 |
|
|
$ |
455,175 |
|
Shares issued - stock-based compensation |
|
|
1,090 |
|
|
|
(249 |
) |
|
|
109 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
108 |
|
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
708 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
708 |
|
Common shares purchased |
|
|
— |
|
|
|
(1,161 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,023 |
) |
|
|
— |
|
|
|
(5,023 |
) |
Treasury stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,003 |
) |
|
|
— |
|
|
|
(1,003 |
) |
Dividend distributions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,717 |
) |
|
|
(6,717 |
) |
Other comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,006 |
|
|
|
— |
|
|
|
— |
|
|
|
2,006 |
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,752 |
|
|
|
6,752 |
|
Balance at June 30, 2023 |
|
|
121,206 |
|
|
|
(14,208 |
) |
|
$ |
12,121 |
|
|
$ |
355,206 |
|
|
$ |
3,060 |
|
|
$ |
(59,055 |
) |
|
$ |
140,674 |
|
|
$ |
452,006 |
|
Shares issued - stock-based compensation |
|
|
135 |
|
|
|
(16 |
) |
|
|
13 |
|
|
|
198 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
211 |
|
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,020 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,020 |
|
Common Shares Purchased |
|
|
— |
|
|
|
(1,403 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,026 |
) |
|
|
— |
|
|
|
(6,026 |
) |
Treasury stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(64 |
) |
|
|
— |
|
|
|
(64 |
) |
Dividend Distributions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,701 |
) |
|
|
(6,701 |
) |
Other comprehensive income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,216 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2,216 |
) |
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,141 |
|
|
|
6,141 |
|
Balance at September 30, 2023 |
|
|
121,341 |
|
|
|
(15,627 |
) |
|
$ |
12,134 |
|
|
$ |
356,424 |
|
|
$ |
844 |
|
|
$ |
(65,145 |
) |
|
$ |
140,114 |
|
|
$ |
444,371 |
|
|
|
Common Shares Issued |
|
|
Treasury Shares |
|
|
Common Stock |
|
|
Additional Paid-In Capital |
|
|
Accumulated Other Comprehensive Loss |
|
|
Treasury Stock |
|
|
Retained Earnings |
|
|
Total |
|
|
|
(in thousands) |
|
Balance at January 1, 2022 |
|
|
69,562 |
|
|
|
(10,939 |
) |
|
$ |
6,956 |
|
|
$ |
76,700 |
|
|
$ |
— |
|
|
$ |
(43,847 |
) |
|
$ |
104,488 |
|
|
$ |
144,297 |
|
Shares issued - stock-based compensation |
|
|
300 |
|
|
|
(64 |
) |
|
|
30 |
|
|
|
168 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
198 |
|
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
404 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
404 |
|
Treasury stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(387 |
) |
|
|
— |
|
|
|
(387 |
) |
Dividend Distributions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
(1,929 |
) |
|
|
(1,929 |
) |
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12,164 |
|
|
|
12,164 |
|
Balance at March 31, 2022 |
|
|
69,862 |
|
|
|
(11,003 |
) |
|
$ |
6,986 |
|
|
$ |
77,272 |
|
|
$ |
— |
|
|
$ |
(44,234 |
) |
|
$ |
114,723 |
|
|
$ |
154,747 |
|
Shares issued - stock-based compensation |
|
|
263 |
|
|
|
(54 |
) |
|
|
27 |
|
|
|
31 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
58 |
|
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
616 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
616 |
|
Treasury stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(401 |
) |
|
|
— |
|
|
|
(401 |
) |
Dividend Distribution |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,943 |
) |
|
|
(1,943 |
) |
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15,104 |
|
|
|
15,104 |
|
Balance at June 30, 2022 |
|
|
70,125 |
|
|
|
(11,057 |
) |
|
$ |
7,013 |
|
|
$ |
77,919 |
|
|
$ |
— |
|
|
$ |
(44,635 |
) |
|
$ |
127,884 |
|
|
$ |
168,181 |
|
Shares issued - stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
581 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
581 |
|
Treasury stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Dividend Distribution |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,944 |
) |
|
|
(1,944 |
) |
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,868 |
|
|
|
6,868 |
|
Balance at September 30, 2022 |
|
|
70,125 |
|
|
|
(11,057 |
) |
|
$ |
7,013 |
|
|
$ |
78,500 |
|
|
$ |
— |
|
|
$ |
(44,635 |
) |
|
$ |
132,808 |
|
|
$ |
173,686 |
|
See notes to condensed consolidated financial statements.
VAALCO ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
|
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
|
(in thousands) |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
16,363 |
|
|
$ |
34,136 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Loss from discontinued operations, net of tax |
|
|
15 |
|
|
|
58 |
|
Depreciation, depletion and amortization |
|
|
94,958 |
|
|
|
21,827 |
|
Bargain purchase gain |
|
|
1,412 |
|
|
|
— |
|
Exploration Expense |
|
|
1,194 |
|
|
|
— |
|
Deferred taxes |
|
|
(2,305 |
) |
|
|
39,540 |
|
Unrealized foreign exchange loss |
|
|
932 |
|
|
|
914 |
|
Stock-based compensation |
|
|
2,332 |
|
|
|
2,300 |
|
Cash settlements paid on exercised stock appreciation rights |
|
|
(282 |
) |
|
|
(805 |
) |
Derivative instruments (gain) loss, net |
|
|
2,268 |
|
|
|
37,522 |
|
Cash settlements paid on matured derivative contracts, net |
|
|
(62 |
) |
|
|
(42,683 |
) |
Cash settlements paid on asset retirement obligations |
|
|
(4,796 |
) |
|
|
— |
|
Credit losses and other |
|
|
2,437 |
|
|
|
2,083 |
|
Other operating loss, net |
|
|
317 |
|
|
|
5 |
|
Operational expenses associated with equipment and other |
|
|
2,560 |
|
|
|
953 |
|
Change in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Trade receivables |
|
|
29,364 |
|
|
|
5,683 |
|
Accounts with joint venture owners |
|
|
15,090 |
|
|
|
(11,118 |
) |
Other receivables |
|
|
694 |
|
|
|
(2,904 |
) |
Crude oil inventory |
|
|
(5,952 |
) |
|
|
(2,661 |
) |
Prepayments and other |
|
|
1,198 |
|
|
|
(1,120 |
) |
Value added tax and other receivables |
|
|
(3,719 |
) |
|
|
(5,371 |
) |
Other long-term assets |
|
|
2,942 |
|
|
|
(2,842 |
) |
Accounts payable |
|
|
(10,083 |
) |
|
|
4,129 |
|
Foreign income taxes receivable/payable |
|
|
36,025 |
|
|
|
24,928 |
|
Accrued liabilities and other |
|
|
(11,076 |
) |
|
|
25,182 |
|
Net cash provided by (used in) continuing operating activities |
|
|
171,826 |
|
|
|
129,756 |
|
Net cash used in discontinued operating activities |
|
|
(15 |
) |
|
|
(57 |
) |
Net cash provided by (used in) operating activities |
|
|
171,811 |
|
|
|
129,699 |
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Property and equipment expenditures |
|
|
(77,365 |
) |
|
|
(103,853 |
) |
Net cash provided by (used in) continuing investing activities |
|
|
(77,365 |
) |
|
|
(103,853 |
) |
Net cash used in discontinued investing activities |
|
|
— |
|
|
|
— |
|
Net cash provided by (used in) investing activities |
|
|
(77,365 |
) |
|
|
(103,853 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Proceeds from the issuances of common stock |
|
|
593 |
|
|
|
257 |
|
Dividend distribution |
|
|
(20,153 |
) |
|
|
(5,816 |
) |
Treasury shares |
|
|
(17,493 |
) |
|
|
(788 |
) |
Deferred financing costs |
|
|
(83 |
) |
|
|
(1,535 |
) |
Payments of finance lease |
|
|
(5,246 |
) |
|
|
(193 |
) |
Net cash provided by (used in) in continuing financing activities |
|
|
(42,382 |
) |
|
|
(8,075 |
) |
Net cash used in discontinued financing activities |
|
|
— |
|
|
|
— |
|
Net cash provided by (used in) in financing activities |
|
|
(42,382 |
) |
|
|
(8,075 |
) |
Effects of exchange rate changes on cash |
|
|
(321 |
) |
|
|
— |
|
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
|
|
51,743 |
|
|
|
17,771 |
|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD |
|
|
59,776 |
|
|
|
72,314 |
|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD |
|
$ |
111,519 |
|
|
$ |
90,085 |
|
See notes to condensed consolidated financial statements.
VAALCO ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS SUPPLEMENTAL DISCLOSURES (Unaudited)
|
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
|
(in thousands) |
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
|
Interest paid, net of amounts capitalized |
|
$ |
6,622 |
|
|
$ |
401 |
|
Supplemental disclosure of non-cash investing and financing activities: |
|
|
|
|
|
|
|
|
Property and equipment additions incurred but not paid at end of period |
|
$ |
23,820 |
|
|
$ |
39,105 |
|
Recognition of right-of-use operating lease assets and liabilities |
|
$ |
2,582 |
|
|
$ |
— |
|
Recognition of right-of-use finance lease assets and liabilities |
|
$ |
3,273 |
|
|
$ |
1,851 |
|
Asset retirement obligations |
|
$ |
2,487 |
|
|
$ |
— |
|
See notes to condensed consolidated financial statements.
VAALCO ENERGY, INC. AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. ORGANIZATION AND ACCOUNTING POLICIES
VAALCO Energy, Inc. (together with its consolidated subsidiaries “we”, “us”, “our”, “VAALCO” or the “Company”) is a Houston, Texas-based independent energy company engaged in the acquisition, exploration, development and production of crude oil, natural gas and natural gas liquids ("NGLs") properties. As operator, the Company has production operations and conducts exploration activities in Gabon and Canada and hold interests in two production sharing contracts (“PSCs”) in Egypt. The Company has opportunities to participate in development and exploration activities in Equatorial Guinea, West Africa. As discussed further in Note 3 below, VAALCO has discontinued operations associated with activities in Angola, West Africa and Yemen.
The Company’s consolidated subsidiaries are VAALCO Gabon (Etame), Inc., VAALCO Production (Gabon), Inc., VAALCO Gabon S.A., VAALCO Angola (Kwanza), Inc., VAALCO Energy (EG), Inc., VAALCO Energy Mauritius (EG) Limited, VAALCO Energy, Inc. (UK Branch), VAALCO Energy (USA), Inc., VAALCO Energy (International), LLC, VAALCO Energy (Holdings), LLC, TransGlobe Energy Corporation, TG Energy UK Ltd., TransGlobe Petroleum International Inc., TG Holdings Yemen Inc., TransGlobe West Bakr Inc., TransGlobe West Gharib Inc., TG Energy Marketing Inc., and TG NW Gharib Inc., TG S Ghazalat Inc.
These unaudited condensed consolidated financial statements (“Financial Statements”) reflect the opinion of management and all adjustments necessary for a fair presentation of results for the interim periods presented. All adjustments are of a normal recurring nature unless disclosed otherwise. Interim period results are not necessarily indicative of results expected for the full year.
These condensed consolidated financial statements have been prepared in accordance with rules of the Securities and Exchange Commission (“SEC”) and do not include all the information and disclosures required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. They should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, which includes a summary of the significant accounting policies.
Allowance for credit losses and other – On January 1, 2023, the Company adopted Accounting Standards Update 2016-13, Financial Instruments—Credit Losses (“ASU 2016-13”). ASU 2016-13 requires an entity to measure credit losses of certain financial assets, including trade receivables, utilizing a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to form credit loss estimates.
The Company estimates the current expected credit losses based primarily using either an aging analysis or discounted cash flow methodology that incorporates consideration of current and future conditions that could impact its counterparties’ credit quality and liquidity. Uncollectible receivables are written off when a settlement is reached for an amount that is less than the outstanding historical balance or when the Company has determined that the balance will not be collected.
The following table provides an analysis of the change of the aggregate credit loss allowance and other allowances.
| | Three Months Ended September 30, | | | Nine Months Ended September 30, | |
| | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| | (in thousands) | |
Allowance for credit losses and other | | | | | | | | | | | | | | | | |
Balance at beginning of period | | $ | (13,519 | ) | | $ | (6,389 | ) | | $ | (8,704 | ) | | $ | (5,741 | ) |
Credit loss charges and other, net of receipts | | | (822 | ) | | | (1,020 | ) | | | (2,437 | ) | | | (2,083 | ) |
Cumulative effect of adjustment upon adoption of ASU 2016-13 on January 1, 2023 | | | — | | | | — | | | | (3,120 | ) | | | — | |
Foreign currency gain (loss) | | | 238 | | | | 355 | | | | 158 | | | | 770 | |
Balance at end of period | | $ | (14,103 | ) | | $ | (7,054 | ) | | $ | (14,103 | ) | | $ | (7,054 | ) |
Prepayments and Other – Included in “Prepayments and other” line item of the Company’s September 30, 2023 condensed consolidated balance sheet are $2.3 million of prepayments related to fixed assets, $4.3 million of prepayments related to royalties in Gabon, $1.0 million in Gabon and corporate prepaid insurance, $1.2 million in short-term employees loans and advances to Gabon employees, $4.0 million in Egyptian advances to contractors, and $3.3 million in other prepaid items.
Fair value of financial instruments
| | | As of September 30, 2023 | |
| Balance Sheet Line | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| | | (in thousands) | |
Assets | | | | | | | | | | | | | | | | | |
Derivative asset | Prepayments and other | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
Liabilities | | | | | | | | | | | | | | | | | |
SARs liability | Accrued liabilities and other | | $ | — | | | $ | 239 | | | $ | — | | | $ | 239 | |
Derivative liability | Accrued liabilities and other | | | — | | | | 2,162 | | | | — | | | | 2,162 | |
| | | $ | — | | | $ | 2,401 | | | $ | — | | | $ | 2,401 | |
` | | | | As of December 31, 2022 | |
| | Balance Sheet Line | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| | | | (in thousands) | |
Assets | | | | | | | | | | | | | | | | | | |
Derivative asset | | Prepayments and other | | $ | — | | | $ | 102 | | | $ | — | | | $ | 102 | |
| | | $ | — | | | $ | 102 | | | $ | — | | | $ | 102 | |
Liabilities | | | | | | | | | | | | | | | | | | |
SARs liability | | Accrued liabilities and other | | $ | — | | | $ | 556 | | | $ | — | | | $ | 556 | |
| | | $ | — | | | $ | 556 | | | $ | — | | | $ | 556 | |
2. NEW ACCOUNTING STANDARDS
Adopted
The Company adopted ASU 2016-13 (“ASC 326”) on January 1, 2023 using the modified-retrospective approach. The modified-retrospective approach consists of applying the amendments in ASU 2016-03 through a cumulative-effect adjustment, if required, to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Company’s current method and timing of recognizing credit losses is in accordance with ASC 326 and is consistent with the previous method of recognizing credit losses, except for one receivable, which now utilizes the Discounted Cash Flow method for computing its Expected Credit Loss (“ECL”). The Company recorded an ECL allowance of $3.1 million as an opening balance adjustment to retained earnings at January 1, 2023.
On October 3, 2023 the Company adopted the provisions of ASU 2022-06, “Reference Rate Reform (Topic 848)”: Deferral of the Sunset Date of Topic 848, to extend the expiration date of Topic 848 through December 31, 2024 and ASU 2020-04, which provides optional expedients and exceptions for applying U.S. GAAP to debt contracts, receivables, leases, derivatives, and other contracts impacted by reference rate reform and other transactions affected by the cessation of the LIBOR. The adoption of these provisions changed the LIBOR rate interest rate component under the Company’s RBL Facility to a Secured Overnight Financing Rate (“SOFR”) plus margin and changed the discount rate component under the Company’s RBL Facility from a 6 month LIBOR to a 6 month SOFR rate. Due to the provisions of ASU 2020-04 and 2023-06, the Company accounted for the change as a modification of debt.
3. ACQUISITIONS AND DISPOSITIONS
TransGlobe Merger
In 2022 VAALCO completed the acquisition of TransGlobe during the fourth quarter. Subsequent to the acquisition, during the first quarter of 2023, a bargain purchase gain adjustment was recorded, impacting the deferred tax liability. At September 30, 2023, the purchase accounting for the business combination has been completed. During the three months ended September 30, 2023 the deferred tax liability in Egypt did not change. During the nine months ended September 30, 2023, the deferred tax liability in Egypt was increased by $1.4 million, respectively, as of the date of the acquisition. This resulted in a decrease to the bargain purchase gain of a corresponding $1.4 million for the nine months ended September 30, 2023, and is reflected in VAALCO's condensed consolidated statements of operations in the line, “Other expense, net.”
The actual impact of the TransGlobe acquisition was an increase to “Crude oil, natural gas and NGLs sales” of $134.0 million and $21.0 million of “Net income” in the condensed consolidated statements of operations and comprehensive income for the nine months ended September 30, 2023. The impact for the three months ended September 30, 2023 was an increase to “Crude oil, natural gas and NGLs sales” of $59.0 million and $19.3 million of “Net Income” in the condensed consolidated statements of operations and comprehensive income.
The unaudited pro forma results presented below have been prepared to give the effect of the TransGlobe acquisition discussed above on the Company’s results for the three and nine months ended September 30, 2022, as if the acquisition had been consummated on January 1, 2021. The unaudited pro forma results do not purport to represent what the Company’s actual results of operations would have been if the TransGlobe acquisition had been completed on such date or project the Company’s results of operations for any future date or period.
| | Three Months Ended September 30, | | | | Nine Months Ended September 30, | | |
| | 2022 | | | | 2022 | | |
| | (in thousands) | | | | (in thousands) | | |
Pro forma (unaudited): | | | | | | | | | | |
Crude oil, natural gas and natural gas liquids sales | | $ | 137,926 | | (a) | | $ | 442,718 | | (a) |
Operating income | | $ | 60,176 | | (b) | | $ | 231,694 | | (d) |
Net income | | $ | 32,544 | | (c) | | $ | 105,401 | | (e) |
| | | | | | | | | | |
| | | | | | | | | | |
Basic net income per share: | | $ | 0.30 | | | | $ | 0.97 | | |
Basic weighted average shares outstanding | | | 108,375 | | | | | 108,207 | | |
| | | | | | | | | | |
Diluted net income per share: | | $ | 0.30 | | | | $ | 0.97 | | |
Diluted weighted average shares outstanding | | | 108,757 | | | | | 108,642 | | |
(a) | The unaudited pro forma net revenues associated with Crude oil, natural gas and natural gas liquids sales have been adjusted for shipping and handling costs based on the Company’s historical policy and revenue recognition is based on the Company’s working interest, less royalties, the entitlement method. |
(b) | The unaudited pro forma operating income for the three months ended September 30, 2022 reclassifies depreciation expense, for certain leases identified as operating leases, to production expense and adjusts depreciation, depletion and amortization expense related to the depletable assets and asset retirement obligations acquired in the acquisition based on the purchase price allocation. |
(c) | The unaudited pro forma net income for the three months ended September 30, 2022 reclassifies interest expense, for certain leases identified as operating leases, as production expense. |
(d) | The unaudited pro forma operating income for the nine months ended September 30, 2022 removes the $26.0 million impairment reversal recorded by TransGlobe in 2022, reclassifies depreciation expense, for certain leases identified as operating leases, to production expense and adjusts depreciation, depletion and amortization expense related to the depletable assets and asset retirement obligations acquired in the acquisition based on the purchase price allocation. |
(e) | The unaudited pro forma net income for the nine months ended September 30, 2022 reclassifies interest expense, for certain leases identified as operating leases, as production expense. |
4. SEGMENT INFORMATION
The Company’s operations are based in Gabon, Egypt, and Canada, and the Company has an undeveloped block in Equatorial Guinea. Each of the Company’s reportable operating segments is organized and managed based upon geographic location. The Company’s Chief Executive Officer, who is the chief operating decision maker, and management review and evaluate the operation of each geographic segment separately, primarily based on operating income (loss). The operations of all segments include exploration for and production of hydrocarbons where commercial reserves have been found and developed. Revenues are based on the location of hydrocarbon production. Corporate and other is primarily corporate and operations support costs that are not allocated to the reportable operating segments.
Segment activity of continuing operations for the three and nine months ended September 30, 2023 and 2022 as well as long-lived assets and segment assets at September 30, 2023 and December 31, 2022 are as follows:
| | 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 | |
Credi |