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

Quarterly report pursuant to Section 13 or 15(d)

Organization and Accounting Policies (Tables)

Organization and Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2021

Organization and Accounting Policies [Abstract]

Reconciliation of Cash, Cash Equivalents, and Restricted Cash


		As of September 30,
		2021			2020
		(in thousands)
Cash and cash equivalents		$	52,839		$	41,986
Restricted cash - current			81			82
Restricted cash - non-current			1,752			925
Abandonment funding			22,281			11,885
Total cash, cash equivalents and restricted cash		$	76,953		$	54,878

Rollforward of Aggregate Allowance for Bad Debt


		Three Months Ended September 30,						Nine Months Ended September 30,
		2021				2020		2021			2020
		(in thousands)
Allowance for bad debt
Balance at beginning of period		$	(5,575)		$	(1,904)		$	(2,273)		$	(1,508)
Bad debt charge			(318)			(151)			(814)			(1,140)
Adjustment associated with reversal of allowance on Mutamba receivable			—			—			—			593
Adjustment associated with Sasol Acquisition			—			—			(2,879)			—
Foreign currency gain (loss)			117			—			190			—
Balance at end of period		$	(5,776)		$	(2,055)		$	(5,776)		$	(2,055)

Assets and Liabilities Measured on Recurring Basis


			As of September 30, 2021
	Balance Sheet Line		Level 1			Level 2			Level 3			Total
			(in thousands)
Liabilities
SARs liability	Accrued liabilities		$	—		$	761		$	—		$	761
Derivative liability - crude oil swaps	Accrued liabilities			—			10,881			—			10,881
			$	—		$	11,642		$	—		$	11,642

			As of December 31, 2020
	Balance Sheet Line		Level 1			Level 2			Level 3			Total
			(in thousands)
Liabilities
SARs liability	Accrued liabilities		$	—		$	2,289		$	—		$	2,289
SARs liability	Other long-term liabilities			—			193			—			193
			$	—		$	2,482		$	—		$	2,482