Annual report pursuant to Section 13 and 15(d)

Quarterly Financial Information

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Quarterly Financial Information
12 Months Ended
Dec. 31, 2011
Quarterly Financial Information [Abstract]  
Quarterly Financial Information
15. QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

 

The following represents our unaudited quarterly results for years ended December 31, 2011 and 2010. The quarterly results were prepared in accordance with generally accepted accounting principles 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
 

2011

                                

Total revenues(1)

   $ 46,772      $ 58,547      $ 37,350      $ 67,767   

Total operating costs and expenses

     15,430        16,035        17,531        28,879   

Operating income

     31,342        42,512        19,819        38,888   

Net income

     12,896        13,510        3,455        10,701   

Net income attributable to noncontrolling interest

     (1,657     (1,723     (1,056     (1,981

Net income attributable to VAALCO Energy, Inc.

     11,239        11,787        2,399        8,720   
         

Basic net income per share attributable to VAALCO Energy, Inc.(2)

   $ 0.20      $ 0.21      $ 0.04      $ 0.15   
         

Diluted net income per share attributable to VAALCO Energy, Inc.(2)

   $ 0.19      $ 0.20      $ 0.04      $ 0.15   
         
(In thousands of dollars except per share information)    1st
Quarter
    2nd
Quarter
    3rd
Quarter
    4th
Quarter
 

2010

                                

Total revenues

   $ 30,006      $ 33,675      $ 32,604      $ 38,187   

Total operating costs and expenses

     12,127        13,582        11,001        19,639   

Operating income

     17,879        20,093        21,603        18,548   

Net income

     6,924        11,414        13,933        10,116   

Net income attributable to noncontrolling interest

     (956     (1,378     (1,482     (1,231

Net income attributable to VAALCO Energy, Inc.

     5,968        10,036        12,451        8,885   
         

Basic net income per share attributable to VAALCO Energy, Inc.(2)

   $ 0.11      $ 0.18      $ 0.22      $ 0.16   
         

Diluted net income per share attributable to VAALCO Energy, Inc.(2)

   $ 0.11      $ 0.18      $ 0.22      $ 0.15   

(1)

The number of oil liftings conducted offshore Gabon were 3, 3, 2, and 4 for the 1st quarter, the 2nd quarter, the 3rd quarter, and the 4th quarter, respectively.

(2) 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.