Annual report pursuant to Section 13 and 15(d)

Quarterly Financial Information (Unaudited)

v2.4.0.8
Quarterly Financial Information (Unaudited)
12 Months Ended
Dec. 31, 2013
Quarterly Financial Information (Unaudited)

12.

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

The following represents our unaudited quarterly results for years ended December 31, 2013 and 2012. The quarterly results were prepared in accordance with accounting principles generally accepted in the United States of America, and reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results. These adjustments are of a normal recurring nature.

 

(In thousands of dollars except per share information)

1st Quarter

 

 

2nd Quarter

 

 

3rd Quarter

 

 

4th Quarter

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues (1)

$

44,137

  

 

$

29,118

  

 

$

37,740

  

 

$

58,282

  

Total operating costs and expenses

 

22,634

  

 

 

17,452

  

 

 

29,636

  

 

 

22,331

  

Operating income

 

21,503

  

 

 

11,666

  

 

 

8,104

  

 

 

35,951

  

Net income

 

7,188

  

 

 

7,121

  

 

 

2,386

  

 

 

26,377

 

Basic net income per share.

$

0.12

  

 

$

0.12

  

 

$

0.4

 

 

$

0.46

 

Diluted net income per share.

$

0.12

  

 

$

0.12

  

 

$

0.4

  

 

$

0.46

 

 

(In thousands of dollars except per share information)

1st Quarter

 

 

2nd Quarter

 

 

3rd Quarter

 

 

4th Quarter

 

2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues (1)

$

45,286

  

 

$

58,818

  

 

$

37,630

  

 

$

53,553

  

Total operating costs and expenses

 

15,180

  

 

 

20,186

  

 

 

22,036

  

 

 

51,292

  

Operating income

 

30,106

  

 

 

38,632

  

 

 

15,594

  

 

 

2,261

  

Net income

 

10,527

  

 

 

12,317

  

 

 

1,412

  

 

 

(18,917

Net income attributable to noncontrolling interest

 

(1,509

 

 

(1,893

 

 

(1,306

 

 

-

  

Net income attributable to VAALCO Energy, Inc.

 

9,018

  

 

 

10,424

  

 

 

106

  

 

 

(18,917

Basic net income per share attributable to VAALCO Energy, Inc.

$

0.16

  

 

$

0.18

  

 

$

-

  

 

$

(0.33

Diluted net income per share attributable to VAALCO Energy, Inc.

$

0.15

  

 

$

0.18

  

 

$

-

  

 

$

(0.32

(1)

Gabon crude oil sales are a function of the number and size of crude oil liftings in each quarter from the floating production, storage and offloading (“FPSO”) facility.

Quarterly income per share is based on the weighted average number of shares outstanding during the quarter. Because of changes in the number of shares outstanding during the quarters due to the exercise of stock options and issuance of common stock, the sum of quarterly earnings per share may not equal earnings per share for the year.