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, 2023

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

	*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	)		(1,656	)		(1,140	)
Total other expense, net		(990	)		(808	)		(4	)		(1	)		(1,562	)		(3,365	)
Income (loss) from continuing operations before income taxes		9,926			11,892			2,913			(492	)		(5,985	)		18,254
Income tax expense		6,578			4,992			—			—			3,201			14,771
Income (loss) from continuing operations		3,348			6,900			2,913			(492	)		(9,186	)		3,483
Loss from discontinued operations, net of tax		—			—			—			—			(13	)		(13	)
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

	*Three Months Ended March 31, 2022*
*(in thousands)*	*Gabon*			*Equatorial Guinea*			*Corporate and Other*			*Total*
Revenues:
Crude oil and natural gas sales	$	68,656		$	—		$	—		$	68,656
Operating costs and expenses:
Production expense		18,081			219			60			18,360
Exploration expense		127			—			—			127
Depreciation, depletion and amortization		4,653			—			20			4,673
General and administrative expense		593			99			4,302			4,994
Credit losses and other		492			—			—			492
Total operating costs and expenses		23,946			318			4,382			28,646
Other operating expense, net		(5	)		—			—			(5	)
Operating income		44,705			(318	)		(4,382	)		40,005
Other income (expense):
Derivative instruments loss, net		—			—			(31,758	)		(31,758	)
Interest (expense) income, net		(6	)		—			3			(3	)
Other expense, net		(638	)		(1	)		(57	)		(696	)
Total other expense, net		(644	)		(1	)		(31,812	)		(32,457	)
Income from continuing operations before income taxes		44,061			(319	)		(36,194	)		7,548
Income tax (benefit) expense		7,858			—			(12,486	)		(4,628	)
Income (loss) from continuing operations		36,203			(319	)		(23,708	)		12,176
Loss from discontinued operations, net of tax		—			—			(12	)		(12	)
Net income (loss)	$	36,203		$	(319	)	$	(23,720	)	$	12,164
Consolidated capital expenditures	$	31,780		$	—		$	—		$	31,780

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

*(in thousands)*	*Gabon*		*Egypt*		*Canada*		*Equatorial Guinea*		*Corporate and Other*		*Total*
Long-lived assets from continuing operations:
As of March 31, 2023	$	209,127	$	170,249	$	109,824	$	10,000	$	753	$	499,953
As of December 31, 2022 (1)		213,204	$	168,012	$	103,263	$	10,000	$	793	$	495,272

*(in thousands)*	*Gabon*		*Egypt*		*Canada*		*Equatorial Guinea*		*Corporate and Other*		*Total*
Total assets from continuing operations:
As of March 31, 2023	$	381,009	$	270,629	$	116,554	$	11,013	$	44,778	$	823,983
As of December 31, 2022 (1)		395,393	$	293,640	$	110,071	$	10,861	$	45,676	$	855,641