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

Quarterly report pursuant to Section 13 or 15(d)

Acquisitions and Dispositions (Tables)

Acquisitions and Dispositions (Tables)

6 Months Ended

Jun. 30, 2021

Acquisitions and Dispositions [Abstract]

Fair Value of Assets and Liabilities Acquired


		February 25, 2021
		(in thousands)
Purchase Consideration
Cash	$	33,959
Fair value of contingent consideration		4,647
Total purchase consideration	$	38,606

		February 25, 2021
		(in thousands)
Assets acquired:
Wells, platforms and other production facilities	$	37,176
Equipment and other		5,568
Value added tax and other receivables		1,234
Abandonment funding		11,781
Accounts receivable - trade		11,220
Other current assets		3,963
Liabilities assumed:
Asset retirement obligations		(14,564)
Accrued liabilities and other		(10,121)
Bargain purchase gain		(7,651)
Total purchase price	$	38,606

Pro Forma Results of Acquisition


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021			2020
	(in thousands)
Pro forma (unaudited)
Crude oil and natural gas sales	$	47,023	$	34,034	$	104,570		$	68,854
Operating income (loss)		18,874		1,270		43,899			(20,231)
Net income (loss)		5,884		1,703		17,620	(a)		(45,452)	(b)

Basic net income (loss) per share:
Income (loss) from continuing operations	$	0.10	$	0.03	$	0.30		$	(0.79)
Loss from discontinued operations, net of tax		0.00		0.00		0.00			0.00
Net income (loss) per share	$	0.10	$	0.03	$	0.30		$	(0.79)
Basic weighted average shares outstanding		58,072		57,456		57,855			57,716
Diluted net income (loss) per share:
Income (loss) from continuing operations	$	0.10	$	0.03	$	0.30		$	(0.79)
Loss from discontinued operations, net of tax		0.00		0.00		0.00			0.00
Net income (loss) per share	$	0.10	$	0.03	$	0.30		$	(0.79)
Diluted weighted average shares outstanding		58,574		57,594		58,527			57,716

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(a)The pro forma net income for the six months ended June 30, 2021 excludes nonrecurring pro forma adjustments directly attributable to the Sasol Acquisition, consisting of a bargain purchase gain of $7.7 million and transaction costs of $1.0 million.

(b)The pro forma net loss for the six months ended June 30, 2020 includes nonrecurring pro forma adjustments directly attributable to the Sasol Acquisition, consisting of a bargain purchase gain of $7.7 million and transaction costs of $1.0 million.