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)

6 Months Ended

Jun. 30, 2023

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

	*Three Months Ended June 30, 2023*
(in thousands)	*Gabon*			*Egypt*			*Canada*		*Equatorial Guinea*			*Corporate and Other*			*Total*
Revenues:
Crude oil, natural gas and natural gas liquids sales	$	77,924		$	21,308		$	10,008	$	—		$	—		$	109,240
Operating costs and expenses:
Production expense		23,931			11,089			3,255		386			(57	)		38,604
FPSO Demobilization - Norms Waste Disposal		5,647			—			—		—			—			5,647
Exploration expense		43			14			—		—			—			57
Depreciation, depletion and amortization		19,457			13,757			4,747		—			42			38,003
General and administrative expense		318			202			—		87			4,788			5,395
Credit losses and other		518			—			—		162			—			680
Total operating costs and expenses		49,914			25,062			8,002		635			4,773			88,386
Other operating income (expense), net		(62	)		(241	)		—		—			—			(303	)
Operating income		27,948			(3,995	)		2,006		(635	)		(4,773	)		20,551
Other income (expense):
Derivative instruments loss, net		—			—			—		—			31			31
Interest (expense) income, net		(1,376	)		(503	)		—		—			176			(1,703	)
Other (expense) income, net		(619	)		—			1		—			81			(537	)
Total other expense, net		(1,995	)		(503	)		1		—			288			(2,209	)
Income (loss) from continuing operations before income taxes		25,953			(4,498	)		2,007		(635	)		(4,485	)		18,342
Income tax (benefit) expense		16,251			4,261			—		—			(8,924	)		11,588
Income (loss) from continuing operations		9,702			(8,759	)		2,007		(635	)		4,439			6,754
Loss from discontinued operations, net of tax		—			—			—		—			(2	)		(2	)
Net income (loss)	$	9,702		$	(8,759	)	$	2,007	$	(635	)	$	4,437		$	6,752
Consolidated capital expenditures	$	1,375		$	8,526		$	6,491	$	—		$	36		$	16,427

	*Six Months Ended June 30, 2023*
(in thousands)	*Gabon*			*Egypt*			*Canada*			*Equatorial Guinea*			*Corporate and Other*			*Total*
Revenues:
Crude oil, natural gas and natural gas liquids sales	$	114,661		$	56,092		$	18,890		$	—		$	—		$	189,643
Operating costs and expenses:
Production expense		38,346			22,199			5,509			748			2			66,804
FPSO Demobilization - Norms Waste Disposal		5,647			—			—			—			—			5,647
Exploration expense		51			14			—			—			—			65
Depreciation, depletion and amortization		29,302			24,552			8,458			—			108			62,420
General and administrative expense		936			381			—			216			9,086			10,619
Credit losses and other		1,453			—			—			162			—			1,615
Total operating costs and expenses		75,735			47,146			13,967			1,126			9,196			147,170
Other operating income, net		(62	)		(241	)		—			—			—			(303	)
Operating income (loss)		38,864			8,705			4,923			(1,126	)		(9,196	)		42,170
Other income (expense):
Derivative instruments gain, net		—			—			—			—			52			52
Interest (expense) income, net		(2,883	)		(1,311	)		(4	)		—			249			(3,949	)
Other income (expense), net		(102	)		—			1			(1	)		(1,575	)		(1,677	)
Total other expense, net		(2,985	)		(1,311	)		(3	)		(1	)		(1,274	)		(5,574	)
Income (loss) from continuing operations before income taxes		35,879			7,394			4,920			(1,127	)		(10,470	)		36,596
Income tax expense (benefit)		22,829			9,253			—			—			(5,723	)		26,359
Income (loss) from continuing operations		13,050			(1,859	)		4,920			(1,127	)		(4,747	)		10,237
Loss from discontinued operations, net of tax		—			—			—			—			(15	)		(15	)
Net income (loss)	$	13,050		$	(1,859	)	$	4,920		$	(1,127	)	$	(4,762	)	$	10,222
Consolidated capital expenditures	$	5,064		$	20,097		$	16,656		$	—		$	36		$	41,852

	*Three Months Ended June 30, 2022*
(in thousands)	*Gabon*			*Equatorial Guinea*			*Corporate and Other*			*Total*
Revenues:
Crude oil and natural gas sales	$	110,985		$	—		$	—		$	110,985
Operating costs and expenses:
Production expense		25,360			175			(60	)		25,475
Exploration expense		67			—			—			67
Depreciation, depletion and amortization		8,173			—			18			8,191
General and administrative expense		565			110			2,859			3,534
Bad debt expense and other		571			—			—			571
Total operating costs and expenses		34,736			285			2,817			37,838
Other operating income (expense), net		—			—			—			—
Operating income		76,249			(285	)		(2,817	)		73,147
Other income (expense):
Derivative instruments loss, net		—			—			(9,542	)		(9,542	)
Interest (expense) income, net		(158	)		—			40			(118	)
Other (expense) income, net		(856	)		(1	)		(1,254	)		(2,111	)
Total other expense, net		(1,014	)		(1	)		(10,756	)		(11,771	)
Income from continuing operations before income taxes		75,235			(286	)		(13,573	)		61,376
Income tax (benefit) expense		36,423			1			9,828			46,252
Income from continuing operations		38,812			(287	)		(23,401	)		15,124
Loss from discontinued operations, net of tax		—			—			(20	)		(20	)
Net income	$	38,812		$	(287	)	$	(23,421	)	$	15,104
Consolidated capital expenditures (1)	$	38,102		$	—		$	67		$	38,169

	*Six Months Ended June 30, 2022*
(in thousands)	*Gabon*			*Equatorial Guinea*			*Corporate and Other*			*Total*
Revenues:
Crude oil and natural gas sales	$	179,641		$	—		$	—		$	179,641
Operating costs and expenses:
Production expense		43,441			394			—			43,835
Exploration expense		194			—			—			194
Depreciation, depletion and amortization		12,826			—			38			12,864
General and administrative expense		1,158			209			7,161			8,528
Credit losses and other		1,063			—			—			1,063
Total operating costs and expenses		58,682			603			7,199			66,484
Other operating income (expense), net		(5	)		—			—			(5	)
Operating income		120,954			(603	)		(7,199	)		113,152
Other income (expense):
Derivative instruments loss, net		—			—			(41,300	)		(41,300	)
Interest (expense) income, net		(164	)		—			43			(121	)
Other (expense) income, net		(1,494	)		(2	)		(1,311	)		(2,807	)
Total other expense, net		(1,658	)		(2	)		(42,568	)		(44,228	)
Income from continuing operations before income taxes		119,296			(605	)		(49,767	)		68,924
Income tax (benefit) expense		49,256			1			(7,633	)		41,624
Income from continuing operations		70,040			(606	)		(42,134	)		27,300
Loss from discontinued operations, net of tax		—			—			(32	)		(32	)
Net income	$	70,040		$	(606	)	$	(42,166	)	$	27,268
Consolidated capital expenditures (1)	$	69,882		$	—		$	67		$	69,949

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 June 30, 2023	$	193,501	$	165,813	$	111,677	$	10,000	$	749	$	481,740
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 June 30, 2023	$	384,554	$	270,653	$	118,604	$	11,144	$	44,058	$	829,013
As of December 31, 2022 (1)		395,393	$	293,640	$	110,071	$	10,861	$	45,676	$	855,641