VAALCO Energy, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Note 14 - Leases (Tables)

Note 14 - Leases (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Lease, Cost [Table Text Block]

		*Twelve Months Ended December 31,*
		*2023*				*2022*				*2021*
Lease cost:		(in thousands)
Finance lease cost ⁽¹⁾		$	17,297			$	3,682			$	—
Operating lease cost			1,403				11,040				17,692
Short-term lease cost ⁽²⁾			6,574				5,213				2,258
Variable lease cost ⁽³⁾			653				4,513				6,188
Total lease expense			25,927				24,448				26,138
Lease costs capitalized			55				4,127				232
Total lease costs		$	25,982			$	28,575			$	26,370

		*Twelve Months Ended December 31,*
		*2023*				*2022*				*2021*
Other information:		(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows attributable to finance leases (in thousands)		$	7,161			$	3,039			$	—
Weighted-average remaining lease term (in years)			8.16				9.65				—
Weighted-average discount rate			7.99	%			4.59	%			—

Operating cash flows attributable to operating leases (in thousands)		$	505			$	19,300			$	23,925
Weighted-average remaining lease term (in years)			0.67				1.35				0.91
Weighted-average discount rate			8.45	%			9.91	%			5.91	%

Summary of Lease Costs in Consolidated Statements of Operations [Table Text Block]

		*Twelve Months Ended December 31,*
		*2023*				*2022*				*2021*
		(in thousands)
Finance lease cost		$	10,231			$	2,188			$	—
Production expense			3,556				12,222				13,457
General and administrative expense			196				160				193
Lease costs billed to the joint venture owners			11,964				11,390				12,573
Total lease expense			25,947				25,960				26,223
Lease costs capitalized			35				2,615				147
Total lease costs		$	25,982			$	28,575			$	26,370

Lessee, Operating and Finance Lease Liability, Maturity [Table Text Block]

		*Operating Leases*				*Finance Leases*
Year		(in thousands)
2024		$	2,414			$	16,801
2025			33				18,555
2026			—				16,674
2027			—				15,023
2028			—				11,321
Thereafter			—				40,241
			2,447				118,615
Less: imputed interest			18				30,243
Total lease liabilities		$	2,429			$	88,372