Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 29, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | VAALCO ENERGY INC /DE/ | |
Entity Central Index Key | 894,627 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 58,495,361 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 24,156 | $ 25,357 |
Restricted cash | 796 | 1,048 |
Receivables: | ||
Trade | 5,423 | 5,353 |
Accounts with partners, net of allowance of $7.6 million at December 31, 2015 | 23,139 | 27,856 |
Other | 133 | 42 |
Crude oil inventory | 920 | 639 |
Materials and supplies | 174 | 194 |
Prepayments and other | 3,578 | 3,253 |
Total current assets | 58,319 | 63,742 |
Property and equipment - successful efforts method: | ||
Wells, platforms and other production facilities | 412,593 | 412,593 |
Undeveloped acreage | 10,000 | 10,000 |
Equipment and other | 10,726 | 10,948 |
Property, plant and equipment, gross, Total | 433,319 | 433,541 |
Accumulated depreciation, depletion and amortization | (402,157) | (400,168) |
Net property and equipment | 31,162 | 33,373 |
Other noncurrent assets: | ||
Restricted cash | 15,830 | 15,830 |
Value added tax receivable, net of allowance of $4.7 million and $4.2 million at March 31, 2016 and December 31, 2015 | 4,690 | 4,221 |
Deferred finance charge | 1,552 | 1,655 |
Abandonment funding | 5,137 | 5,137 |
Total assets | 116,690 | 123,958 |
Current liabilities: | ||
Accounts payable | 43,671 | 46,848 |
Foreign taxes payable | 2,967 | |
Accrued liabilities and other | 19,803 | 19,868 |
Total current liabilities | 66,441 | 66,716 |
Asset retirement obligations | 16,418 | 16,166 |
Long term debt | 15,000 | 15,000 |
Total liabilities | $ 97,859 | $ 97,882 |
Commitments and contingencies (Note 6) | ||
VAALCO Energy Inc. shareholders’ equity: | ||
Preferred stock, none issued, 500,000 shares authorized, $25 par value | ||
Common stock, 66,041,338 and 66,041,338 shares issued, $0.10 par value, 100,000,000 shares authorized | $ 6,604 | $ 6,604 |
Additional paid-in capital | 69,977 | 69,118 |
Less treasury stock, 7,554,977 and7,514,169 shares at cost | (37,923) | (37,882) |
Retained deficit | (19,827) | (11,764) |
Total equity | 18,831 | 26,076 |
Total liabilities and equity | $ 116,690 | $ 123,958 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Consolidated Balance Sheets [Abstract] | ||
Allowance for accounts with partners | $ 7.6 | |
Allowance for value added tax receivable | $ 4.7 | $ 4.2 |
Preferred stock, shares authorized | 500,000 | |
Preferred stock, par value | $ 25 | |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 66,041,338 | 66,041,338 |
Treasury Stock Shares | 7,545,977 | 7,514,169 |
Statements Of Consolidated Oper
Statements Of Consolidated Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenues: | ||
Oil and natural gas sales | $ 10,976 | $ 18,239 |
Operating costs and expenses: | ||
Production expense | 11,253 | 9,911 |
Exploration expense | 1 | 27,459 |
Depreciation, depletion and amortization | 2,241 | 5,935 |
General and administrative expense | 2,984 | 4,873 |
Impairment of proved properties | 5,399 | |
Other operating expense | 8,881 | |
General and administrative related to shareholder matters | (453) | |
Bad debt expense (recovery) and other | (7,286) | 280 |
Total operating costs and expenses | 17,621 | 53,857 |
Other operating loss, net | (3) | 340 |
Operating loss | (6,648) | (35,278) |
Other income (expense): | ||
Interest income | 3,202 | 4 |
Interest expense | (489) | (310) |
Other, net | 524 | (56) |
Total other income (expense) | 3,237 | (362) |
Loss before income taxes | (3,411) | (35,640) |
Income tax expense | 4,652 | 3,365 |
Net loss | $ (8,063) | $ (39,005) |
Basic net loss per share | $ (0.14) | $ (0.67) |
Diluted net loss per share | $ (0.14) | $ (0.67) |
Basic weighted average shares outstanding | 58,512,657 | 57,981,347 |
Diluted weighted average shares outstanding | 58,512,657 | 57,981,347 |
Statements Of Consolidated Cash
Statements Of Consolidated Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (8,063) | $ (39,005) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 2,241 | 5,935 |
Amortization of debt issuance cost | 103 | 160 |
Unrealized foreign exchange (gain) loss | (398) | |
Dry hole costs and impairment loss on unproved leasehold | 27,222 | |
Stock based compensation | 859 | 1,654 |
Bad debt expense | 343 | |
Other operating (income) loss, net | 3 | (340) |
Impairment of proved properties | 5,399 | |
Change in operating assets and liabilities: | ||
Trade receivables | (70) | 318 |
Accounts with partners | 4,717 | (14,568) |
Other receivables | (91) | (2,774) |
Crude oil inventory | (281) | 213 |
Materials and supplies | 20 | 53 |
Value added tax receivable | (690) | |
Prepayments and other | (317) | 655 |
Accounts payable | (2,754) | 6,883 |
Accrued liabilities and other | 1,231 | 7,594 |
Foreign taxes payable | 2,967 | |
Net cash provided by (used in )operating activities | (180) | (601) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Decrease in restricted cash | 252 | 5,387 |
Property and equipment expenditures | (1,291) | (28,070) |
Proceeds from sales of oil and gas properties | 340 | |
Other, net | (18) | |
Net cash used in investing activities | (1,021) | (22,343) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from the issuances of common stock | 445 | |
Net cash used in financing activities | 445 | |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (1,201) | (22,499) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 25,357 | 69,051 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 24,156 | 46,552 |
Supplemental disclosure of cash flow information: | ||
Interest paid, net of capitalized interest | 489 | 310 |
Taxes paid | 1,830 | 3,403 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Property and equipment additions incurred during the period but not paid at period end | 15,572 | 27,907 |
Asset retirement cost capitalized | $ 42 | 203 |
Receivable from Shareholders or Affiliates for Issuance of Capital Stock | $ 29 |
Accounting Policies
Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Accounting Policies | 1. ORGANIZATION AND ACCOUNTING POLICIES VAALCO Energy, Inc. and its consolidated subsidiaries (“VAALCO” or the “Company”) is a Houston-based independent energy company principally engaged in the acquisition, exploration, development and production of crude oil and natural gas. As operator, we have production operations in Gabon, West Africa and conduct exploration activities in Gabon and Angola,West Africa. We participate in exploration and development activities as a non-operator in Equatorial Guinea, West Africa. VAALCO is the operator of unconventional resource properties in the United States in North Texas and undeveloped leasehold in Montana. We also own some minor interests in conventional production activities as a non-operator in the United States. Our consolidated subsidiaries are VAALCO Gabon (Etame), Inc., VAALCO Production (Gabon), Inc., VAALCO Angola (Kwanza), Inc., VAALCO UK (North Sea), Ltd., VAALCO International, Inc., VAALCO Energy (EG), Inc., VAALCO Energy Mauritius (EG) Limited and VAALCO Energy (USA), Inc. These condensed consolidated financial statements are unaudited, but in the opinion of management, reflect all adjustments necessary for a fair presentation of results for the interim periods presented. All adjustments are of a normal recurring nature unless disclosed otherwise. Interim period results are not necessarily indicative of results to be expected for the full year. These condensed consolidated financial statements have been prepared in accordance with rules of the Securities and Exchange Commission (“SEC”) and do not include all the information and disclosures required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. They should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2015, which include a summary of the significant accounting policies. Certain reclassifications have been made to prior period amounts to conform to the current period presentation. These reclassifications did not affect our consolidated financial results. Allowances for bad debts – Quarterly, we evaluate our accounts receivable balances to confirm collectability. When collectability is in doubt, we record an allowance against the accounts receivable and a corresponding income charge for bad debts, which appears in the Bad debt expense (recovery) and other line of the condensed statements of consolidated operations. The majority of our accounts receivable balances are with our joint venture partners, purchasers of our production and the government of Gabon for reimbursable Value-Added Tax (“VAT”). Collection efforts, including remedies provided for in the contracts, are pursued to collect overdue amounts owed to us. In the three months ended March 31, 2016, we increased the allowance for VAT due from Gabon by $0.5 million. With respect to accounts with partners, in March 2016, Sonangol P&P paid its past-due balances plus interest, and we fully reversed the allowance of $7.6 million to reflect the recovery. There were no changes in the allowance for bad debts during the three months ended March 31, 2015. We are currently working with the government of Gabon to finalize a payment schedule for the reimbursement of past due VAT . General and administrative related to shareholder matters – During the third quarter of 2015, a shareholder group consisting of Group 42, Inc., Bradley L. Radoff and certain other participants (collectively, the "Group 42-BLR Group") attempted to gain control of our Board of Directors. In December 2015, we reached an agreement with the Group 42-BLR Group that included changes to the composition of the Board of Directors and other actions. In connection with this agreement, we reimbursed the Group 42-BLR Group for $350,000 of its legal expenses. Related shareholder litigation filed in Delaware was ongoing at March 31, 2016 and was dismissed by the Delaware Chancery Court on April 20, 2016. See Note 6 for further discussion of the litigation. |
Liquidity And Going Concern
Liquidity And Going Concern | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Liquidity And Going Concern | 2. LIQUIDITY AND GOING CONCERN Our revenues, cash flow, profitability, oil and natural gas reserves value and future rate of growth are substantially dependent upon prevailing prices for oil and natural gas. Our ability to borrow funds and to obtain additional capital on attractive terms is also substantially dependent on oil and natural gas prices. Historically, world-wide oil and natural gas prices and markets have been volatile, and may continue to be volatile in the future. In particular, the prices of oil and natural gas declined dramatically in the second half of 2014 and remained low, decreasing further in 2015 and early 2016. As a result, our revenues have decreased from $18.2 million in the first quarter of 2015 to $11.0 million in the first quarter of 2016, primarily due to price declines. The operation of the terms of our existing revolving credit loan agreement with the International Finance Corporation (“IFC”) may also adversely impact our liquidity. As discussed in Note 5, we currently have very limited, if any, borrowing capacity under our revolving credit facility (the “IFC credit facility”). A continuation of prevailing low price levels for oil and natural gas may cause the IFC to make further reductions in the borrowing base under the credit facility. Currently, we are working with the IFC to restructure the credit facility. If we fail to satisfy our obligations with respect to our indebtedness or trade payables, or fail to comply with the financial and other restrictive covenants contained in the loan agreement governing our revolving credit facility, an event of default could result, which would permit acceleration of such debt and which could result in an event of default under the facility and acceleration of other indebtedness, and could permit our secured lender to foreclose on any of our assets securing that debt. Any accelerated debt would become immediately due and payable. Continued depressed oil and natural gas prices or further declines in oil and natural gas prices for 2016 and thereafter would have a material adverse effect on our liquidity, financial condition, results of operations and on the carrying value of our proved reserves. If oil and natural gas prices continue to remain at depressed levels, we expect that for 2016 we will not generate adequate revenue to cover our operating expenses, we will generate losses from operations, and our cash flows will not be sufficient to cover our operating expenses. To meet our capital needs, we are considering multiple alternatives, including, but not limited to, additional debt or equity financing, a sale or farm-downs of assets, delay of the discretionary portion of our capital spending to future periods and/or operating cost reductions. There can be no guarantee of future capital acquisition or fundraising success. Our current cash position and our ability to access additional capital may limit our available opportunities, or not provide sufficient cash available for our operations which raises substantial doubt about our ability to continue as a going concern. Our financial statements for the quarter ended March 31, 2016, have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The financial statements do not include any adjustments relating to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should we be unable to continue as a going concern. |
New Accounting Standards
New Accounting Standards | 3 Months Ended |
Mar. 31, 2016 | |
New Accounting Standards [Abstract] | |
New Accounting Standards | 3. NEW ACCOUNTING STANDARDS Not yet adopted In February 2016, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update which amended the accounting standards for leases. The accounting standards update retains a distinction between finance leases and operating leases. The primary change is the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases on the balance sheet. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous guidance. Certain aspects of lease accounting have been simplified. Additional qualitative and quantitative disclosures are required along with specific quantitative disclosures required by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early application permitted. We are currently evaluating the provisions of this update and assessing the impact on our consolidated financial statements. Adopted In April 2015, the FASB issued guidance that will require the presentation of debt issuance costs in financial statements as a direct reduction of the related debt liabilities with amortization of debt issuance costs reported as interest expense. Under current GAAP, debt issuance costs are reported as deferred charges (i.e., as an asset). This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 and is to be applied retrospectively upon adoption. Early adoption is permitted, including adoption in an interim period for financial statements that have not been previously issued. The standards update does not specifically address line-of-credit revolving credit agreements such as ours; therefore, no change has been made to the presentation of our financial position. In January 2015, the FASB amended GAAP to eliminate the concept of extraordinary items. Items meeting the criteria for extraordinary classification will no longer be segregated from the results of ordinary operations and shown as a separate line in the income statement. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 and is to be applied prospectively. Application of this guidance did not have a significant impact on our financial position, results of operations or cash flows. |
Oil And Natural Gas Properties
Oil And Natural Gas Properties And Equipment | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Oil And Natural Gas Properties And Equipment | 4. OIL AND NATURAL GAS PROPERTIES AND EQUIPMENT We review our oil and natural gas producing properties for impairment whenever events or changes in circumstances indicate that the carrying amount of such properties may not be recoverable. When it is determined that an oil and natural gas property’s estimated future net cash flows will not be sufficient to recover its carrying amount, an impairment charge is recorded to reduce the carrying amount of the asset to its estimated fair value. Declining forecasted oil prices and other factors caused us to perform impairment reviews of our proved properties in the first quarters of 2015 and 2016 for all fields in the Etame Marin block offshore Gabon and the Hefley field in North Texas. The impairment evaluations in each quarter used the most recently prepared independent reserve report adjusted as necessary for reserve revisions based on drilling and production results and for the forward price curves near each quarter end. The discounted cash flow measurement model relies primarily on Level 3 inputs. No impairment was required for the quarter ended March 31, 2016. As a result of a decline in forecasted oil prices and higher costs for planned development wells, for the quarter ended March 31, 2015, we recorded an aggregate impairment of $5.4 million to reduce the carrying value of the Southeast Etame and North Tchibala to zero , which was their fair value at March 31, 2015. Beginning in the third quarter of 2014, the prices for oil and natural gas began a dramatic decline which continued through 2015 and into 2016. Current prices are significantly less than they were in the several years prior to 2015. As this period of sustained reduced oil prices continues, further non-cash impairments of proved properties could be necessary in future periods, as a result of further declines in prices, higher than expected capital and production costs, lower production rates or other factors. | |
Southeast Etame And North Tchibala field | ||
Impairment of Proved Properties | $ 5.4 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2016 | |
Debt [Abstract] | |
Debt | 5. DEBT We have a loan agreement with the IFC for a $65.0 million revolving credit facility, which is secured by the assets of our Gabon subsidiary, VAALCO Gabon (Etame), Inc. The borrowing base under the IFC credit facility is based upon our proved reserves and risk adjusted probable reserves and is re-determined semi-annually by the IFC as of June 30 and December 31. In addition, the borrowing base may be adjusted pursuant to certain non-scheduled redeterminations. The borrowing base was re-determined effective December 31, 2015 at $20.1 million, with $15.0 million drawn at December 31, 2015 and March 31, 2016. In addition, the IFC communicated to us that if we were to seek additional drawdowns before the next redetermination date (as of June 30, 2016), the IFC could elect, under the terms of the loan agreement, to conduct an interim redetermination, which it believes could result in a borrowing base of less than $20.1 million if commodity prices are lower than they were at December 31, 2015. Therefore, we currently have very limited borrowing capacity under our IFC credit facility. Under the IFC credit facility, we are required to maintain a ratio of our net debt to EBITDAX (as defined in the credit agreement) of not more than 3.0 to 1.0. Forecasting our compliance with the financial covenant in future periods is inherently uncertain. Factors that could impact our net debt to EBITDAX in future periods include future realized prices for sales of oil and natural gas, estimated future production, returns generated by our capital program, and future interest costs, among others. We are in compliance with all financial covenants as of March 31, 2016 . However, based upon the current covenant calculations, we would not be able to draw up to the $20.1 million and remain in compliance. Under the debt agreement the senior tranche decreases by $6.25 million and the subordinated tranche decreases by $1.88 million every six months beginning June 30, 2016 through December 2019. The borrowed amounts approximate fair value because the interest approximates current market rates for similar instruments. Interest is paid quarterly at a rate of LIBOR plus a spread of 3.75% and 5.75% for the senior tranche and subordinated tranche, respectively. We pay commitment fees on the undrawn portion of the total commitments. Commitment fees for the lenders are equal to 1.5% of the unused balance of the senior tranche of $50.0 million and 2.3% of the unused balance of the subordinated tranche of $15.0 million when a commitment is available for utilization. The interest rate on outstanding borrowings, excluding commitment fees, was 4.36% and 4.32 % in the quarters ended March 31¸ 2016 and 2015. Interest expense incurred, including commitment fees on the available balance, was $0.5 million and $0.5 million for the quarters ended March 31¸ 2016 and 2015 . We capitalize interest and commitment fees related to expenditures made in connection with exploration and development projects that are not subject to current depletion. Interest and commitment fees are capitalized only for the period that activities are in progress to bring these projects to their intended use. No interest expense was capitalized for the quarter ended March 31, 2016. For the quarter ended March 31¸ 2015, $0.2 million of interest expense was capitalized. |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 6. COMMITMENTS AND CONTINGENCIES Litigation On December 7, 2015, Plaintiff Vladimir Gusinsky Living Trust filed a stockholder class action lawsuit in the Court of Chancery of the State of Delaware (the “Court”) against the Company and all of its directors alleging that certain provisions of the Company’s Restated Charter and Second Amended and Restated Bylaws that restricted the removal of its directors to removal for cause only (the “director removal provisions”) were invalid as a matter of Delaware law. Plaintiff George Shapiro also filed a similar stockholder class action lawsuit in the Court on December 7, 2015. Thereafter, the plaintiffs agreed to the consolidation of their cases (the “Consolidated Case”). After a hearing on the Consolidated Case on December 21, 2015, Vice Chancellor Laster issued an opinion in In re VAALCO Energy, Inc. Stockholder Litigation , Consol. C.A. No. 11775-VCL holding that, in the absence of a classified board or cumulative voting, the director removal provisions conflicted with Section 141(k) of the Delaware General Corporation Law and are therefore invalid. On April 20, 2016, the Court approved a Stipulation and Order of Dismissal entered into by the parties in the Consolidated Case. We agreed to settle plaintiffs’ application for an award of attorneys’ fees and expenses due to the costs of defense of that application and litigation risk associated therewith. Rig commitment In 2014, we entered into a long-term contract for a jackup drilling rig for the multi-well development drilling campaign offshore Gabon. The campaign included the drilling of development wells and workovers of existing wells in the Etame Marin block. We began demobilization in January and released the drilling rig in February, prior to the July 2016 contract termination date, because we no longer intend to drill any wells in 2016 on our Etame Marin block offshore Gabon. An estimate of the maximum expense associated with day rate for the period from demobilization through contract expiration, plus normal and customary demobilization costs has been accrued in the first quarter of 2016, with a net to VAALCO liability of $8.9 million. The related expense is in the Other operating expense line of the statement of consolidated operations. We are currently in negotiations with the rig operator to settle the remaining amount due on the contract. Gabon Offshore Abandonment We have an agreed cash funding arrangement for the eventual abandonment of all offshore wells, platforms and facilities on the Etame Marin Block. Based upon the abandonment study completed in January 2016, t he abandonment cost estimate used for this purpose is approximately $61.1 million ( $17.3 million net to VAALCO) on an undiscounted basis. The obligation for abandonment of the Gabon offshore facilities is included in the Asset retirement obligation line on our condensed consolidated balance sheet. Through December 31, 2015, $18.3 million ( $5.1 million net to VAALCO) on an undiscounted basis has been funded, with the next funding of $2.6 million net to VAALCO expected to be required in 2016. This cash funding is reflected under Other noncurrent assets as Abandonment funding on our condensed consolidated balance sheet. Future changes to the abandonment costs estimate could change not only our asset retirement obligation, but the amount of future abandonment funding payments. Audits In October 2014, we received a provisional audit report related to the Etame Marin block operations from the Gabon Taxation Department as part of a special industry-wide audit of business practices and financial transactions in the Republic of Gabon. In November 2014, we responded to the Gabon Taxation Department requesting joint meetings to advance the resolution of this matter and later provided a formal reply to the provisional audit report in February 2015. A tentative agreement was reached with the Gabon Taxation Department in April 2015, and we are working with the Gabon Taxation Department to finalize the audit. During 2015, we accrued an estimated settlement of $0.3 million based upon preliminary negotiations. The ultimate outcome of the claim and impact cannot be predicted, and an adverse result of the audit could result in a material liability and adversely affect our financial condition. Angola Offshore Partner receivable In November 2006, we signed a production sharing contract for Block 5 offshore Angola. The four year primary term, with an optional three year extension, awarded us exploration rights to 1.4 million acres offshore central Angola, with a commitment to drill two exploratory wells. Our working interest is 40% and we carry the Angolan national oil company, Sonangol P&P, for 10% of the work program. The government-assigned working interest partner was delinquent in paying their share of the costs several times in 2009 and was removed from the production sharing contract in 2010 by a governmental decree. The available 40% working interest in Block 5, offshore Angola was assigned to Sonangol P&P effective on January 1, 2014. We invoiced Sonangol P&P for the unpaid amounts from the defaulted partner plus the amounts incurred on the partner’s behalf during the period prior to assignment of the working interest totaling $7.6 million plus interest in April 2014. Due to the uncertainty of collection, we recorded a full allowance for that amount. Because this amount was not paid and Sonangol P&P was slow in paying monthly cash call invoices since their assignment, we placed Sonangol P&P in default in the first quarter of 2015. On March 14, 2016, we received from Sonangol P&P payment for the full amount owed us, including the previously written off receivable, as of December 31, 2015. The $7.6 million recovery is reflected in the Bad debt expense (recovery) and other line of the condensed statement of consolidated operations. Default interest of $3.2 million was received and is shown in the Interest income line of the condensed statement of consolidated operations. As of March 14, 2016, Sonangol P&P was no longer in default. Exploration well commitment Under the current agreement with the Republic of Angola, we and our working interest partner, Sonangol P&P are obligated to perform certain exploration activities by November 30, 2017. In the first quarter of 2015, we drilled an unsuccessful exploratory well on the Kindele prospect, which satisfied one of the well commitments. The agreement requires us to drill or commence drilling three additional exploration wells by the expiration date. A $10.0 million assessment ($ 5.0 million net to VAALCO) applies to each of the three remaining exploratory well commitments, if any, that have not been spud at the end of the exploration period in November 2017. Due to the current outlook for oil prices and the uncertainties about the timing for our partner to pay its share of future costs, there may be delays in drilling the remaining three wells. We have continued to classify the $15.0 million commitment for drilling these wells as long term restricted cash on our balance sheet. We are seeking to extend the term of the exploration license and hence the well commitment deadline. |
Compensation
Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Compensation [Abstract] | |
Compensation | 7. COMPENSATION Stock options Stock options are granted under our long-term incentive plan and have an exercise price that may not be less than the fair market value of the underlying shares on the date of grant. Stock options granted to participants will become exercisable over a period determined by the Compensation Committee of our Board of Directors, which in the past has been a five year life, with the options vesting over a service period of up to five years. In addition, stock options will become exercisable upon a change in control, unless provided otherwise by the Compensation Committee of our Board of Directors. A portion of the stock options granted in the three months ended March 31, 2016 and 2015 were vested immediately with the remainder vesting over a two year period. Stock option activity for the three months ended March 31, 2016 is provided below: Weighted Number of Weighted Average Shares Average Remaining Underlying Exercise Price Contractual Options Per Share Term (in thousands) (in years) Outstanding at January 1, 2016 4,144 6.41 2.68 Granted 1,519 1.16 3.95 Forfeited/expired (574) 6.57 1.20 Outstanding at March 31, 2016 5,089 4.82 3.03 Restricted shares Shares of restricted stock may be granted under our long-term incentive plan and related compensation expense is recorded using the fair market value of the underlying shares on the date of grant. Restricted stock granted to employees will vest over a period determined by the Compensation Committee which is generally a three year period, vesting in three equal parts on the first three anniversaries of the date of the grant. Weighted Restricted Average Stock Grant Price Non-vested shares outstanding at January 1, 2016 419,888 3.83 Awards vested (97,412) 5.49 Non-vested shares outstanding at March 31, 2016 322,476 3.33 In the three months ended March 31, 2016, 31,808 shares were added to treasury due to tax withholding on vesting restricted shares. Stock appreciation rights (“SARs”) Stock appreciation rights (“SARs”) are granted under the “VAALCO Energy, Inc. 2016 Stock Appreciation Rights Plan”. A SAR is the right to receive a cash amount equal to the (“Spread”) with respect to a share of common stock upon the exercise of the SAR. The Spread is the difference between the SAR price per share specified in a SAR award on the date of grant (which may not be less than the fair market value of our common stock on the date of grant) and the fair market value per share on the date of exercise of the SAR. SARs granted to participants will become exercisable over a period determined by the Compensation Committee of our Board of Directors. In addition, SARs will become exercisable upon a change in control, unless provided otherwise by the Compensation Committee of our Board of Directors. The 815,355 SARs granted in the three months ended March 31, 2016 vest over a three year period with a life of 5 years and have a maximum Spread of 300% of the $1.04 SAR price per share specified in a SAR award on the date of grant. Compensation expense We record non-cash compensation expense related to stock-based incentive compensation as general and administrative expense. For the three months ended March 31, 2016 and 2015 , non-cash compensation expense was $0 . 9 million and $1.7 million, related to stock options, common stock, restricted stock and SARs. Because we do not pay significant United States federal income taxes, no amounts were recorded for tax benefits. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax [Abstract] | |
Income Taxes | 8. INCOME TAXES VAALCO and its domestic subsidiaries file a consolidated United States income tax return. Certain subsidiaries’ operations are also subject to foreign income taxes. As discussed further in the Notes to the consolidated financial statements in our Form 10-K for December 31, 2015, we have deferred tax assets related to foreign tax credits, alternative minimum tax credits, and domestic and foreign net operating losses (“NOLs”). Management assesses the available positive and negative evidence to estimate if existing deferred tax assets will be utilized. We do not anticipate utilization of the foreign tax credits prior to expiration nor do we expect to generate sufficient taxable income to utilize other deferred tax assets. On the basis of this evaluation, full valuation allowances have been recorded as of March 31, 2016. NOLs for our Gabon and Angola subsidiaries are included in the respective subsidiaries’ cost oil accounts which will be offset against future taxable revenues. In Angola, these NOLs are not available to offset financial gains which include foreign exchange gains and interest income. During the three months ended March 31, 2016, we recorded $3.0 million for income taxes in Angola on financial gains related to foreign exchange gains as well as the interest income paid by Sonangol P&P on their past due joint interest account balance. The remaining income taxes for the three months ended March 31, 2016 and all of the income taxes for March 31, 2015 are attributable to foreign taxes payable in Gabon. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 9. EARNINGS PER SHARE Basic earnings per share (“EPS”) is calculated using the average number of shares of common stock outstanding during each period. For the calculation of diluted shares, we assume that restricted stock is outstanding on the date of grant, and we assume the issuance of shares from the exercise of stock options using the treasury stock method. A reconciliation from basic to diluted shares follows: Three Months Ended March 31, 2016 2015 Basic weighted average shares outstanding 58,512,657 57,981,347 Effect of dilutive securities - - Diluted weighted average shares outstanding 58,512,657 57,981,347 Stock options excluded from dilutive calculation because they would be anti-dilutive 4,283,707 5,772,271 Because we recognized net losses for the three months ended March 31 , 2016 and 2015 , there were no dilutive securities for those periods . |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
Segment Information [Abstract] | |
Segment Information | 10. SEGMENT INFORMATION Our operations are based in Gabon, Angola, Equatorial Guinea and the United States (“U.S.”). Each of our four reportable operating segments is organized and managed based upon geographic location. Our Chief Executive Officer, who is the chief operating decision maker, along with management review and evaluate the operation of each geographic segment separately primarily based on Operating income (loss). The operations of all segments include exploration for and production of hydrocarbons where commercial reserves have been found and developed. Revenues are based on the location of hydrocarbon production. Corporate and other is primarily corporate and operations support not allocated to the reportable operating segments. Segment activity for the three months ended March 31, 2016 and 2015 and segment assets at March 31, 2016 and December 31, 2015 are as follows: Three Months Ended March 31, 2016 Equatorial Corporate (in thousands) Gabon Angola Guinea U.S. and Other Total Revenues-oil and gas sales $ 10,908 $ - $ - $ 68 $ - $ 10,976 Depreciation, depletion and amortization 2,143 3 - 21 74 2,241 Impairment of proved properties - - - - - - Bad debt expense (recovery) and other 343 (7,629) - - - (7,286) Operating income (loss) (11,956) 7,306 (48) (3) (1,947) (6,648) Interest income (expense), net (488) 3,201 - - - 2,713 Income tax expense 1,685 2,967 - - - 4,652 Additions to property and equipment - - - - - - Three Months Ended March 31, 2015 Equatorial Corporate (in thousands) Gabon Angola Guinea U.S. and Other Total Revenues-oil and gas sales $ 18,100 $ - $ - $ 139 $ - $ 18,239 Depreciation, depletion and amortization 5,706 3 - 170 56 5,935 Impairment of proved properties 5,399 - - - - 5,399 Bad debt expense (recovery) and other 280 - - - - 280 Operating income (loss) (4,545) (27,866) (239) 248 (2,876) (35,278) Interest income (expense), net (307) - - - 1 (306) Income tax expense 3,365 - - - - 3,365 Additions to property and equipment 30,561 583 - 65 - 31,209 Equatorial Corporate (in thousands) Gabon Angola Guinea U.S. and Other Total Total assets as of March 31, 2016 $ 82,582 $ 20,789 $ 10,186 $ 1,299 $ 1,834 $ 116,690 Total assets as of December 31, 2015 98,858 10,304 10,200 1,470 3,126 123,958 |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 11. SUBSEQUENT EVENTS In April 2016 , we entered into put contracts on 36,000 barrels of oil per month for the period from June 2016 through February 2017 at Dated Brent of $40 per barrel. This volume represents approximately one-third of our total forecast sales volumes for the period. While these crude oil derivative contracts are intended to be an economic hedge, they do not qualify for hedge accounting. The contracts will be marked to market each period, with changes in value flowing through net income. The $0.8 million cost of these puts will be recorded as a deferred asset and amortized to net income in the period to which they relate. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Receivables Trade And Other Accounts Receivable Allowance For Doubtful Accounts Policy | Allowances for bad debts – Quarterly, we evaluate our accounts receivable balances to confirm collectability. When collectability is in doubt, we record an allowance against the accounts receivable and a corresponding income charge for bad debts, which appears in the Bad debt expense (recovery) and other line of the condensed statements of consolidated operations. The majority of our accounts receivable balances are with our joint venture partners, purchasers of our production and the government of Gabon for reimbursable Value-Added Tax (“VAT”). Collection efforts, including remedies provided for in the contracts, are pursued to collect overdue amounts owed to us. In the three months ended March 31, 2016, we increased the allowance for VAT due from Gabon by $0.5 million. With respect to accounts with partners, in March 2016, Sonangol P&P paid its past-due balances plus interest, and we fully reversed the allowance of $7.6 million to reflect the recovery. There were no changes in the allowance for bad debts during the three months ended March 31, 2015. We are currently working with the government of Gabon to finalize a payment schedule for the reimbursement of past due VAT |
Compensation (Tables)
Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Compensation [Abstract] | |
Stock Option Activity | Weighted Number of Weighted Average Shares Average Remaining Underlying Exercise Price Contractual Options Per Share Term (in thousands) (in years) Outstanding at January 1, 2016 4,144 6.41 2.68 Granted 1,519 1.16 3.95 Forfeited/expired (574) 6.57 1.20 Outstanding at March 31, 2016 5,089 4.82 3.03 |
Summary of Non Vested Awards | Weighted Restricted Average Stock Grant Price Non-vested shares outstanding at January 1, 2016 419,888 3.83 Awards vested (97,412) 5.49 Non-vested shares outstanding at March 31, 2016 322,476 3.33 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Diluted Shares | A reconciliation from basic to diluted shares follows: Three Months Ended March 31, 2016 2015 Basic weighted average shares outstanding 58,512,657 57,981,347 Effect of dilutive securities - - Diluted weighted average shares outstanding 58,512,657 57,981,347 Stock options excluded from dilutive calculation because they would be anti-dilutive 4,283,707 5,772,271 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Information [Abstract] | |
Segment Activity | Segment activity for the three months ended March 31, 2016 and 2015 and segment assets at March 31, 2016 and December 31, 2015 are as follows: Three Months Ended March 31, 2016 Equatorial Corporate (in thousands) Gabon Angola Guinea U.S. and Other Total Revenues-oil and gas sales $ 10,908 $ - $ - $ 68 $ - $ 10,976 Depreciation, depletion and amortization 2,143 3 - 21 74 2,241 Impairment of proved properties - - - - - - Bad debt expense (recovery) and other 343 (7,629) - - - (7,286) Operating income (loss) (11,956) 7,306 (48) (3) (1,947) (6,648) Interest income (expense), net (488) 3,201 - - - 2,713 Income tax expense 1,685 2,967 - - - 4,652 Additions to property and equipment - - - - - - Three Months Ended March 31, 2015 Equatorial Corporate (in thousands) Gabon Angola Guinea U.S. and Other Total Revenues-oil and gas sales $ 18,100 $ - $ - $ 139 $ - $ 18,239 Depreciation, depletion and amortization 5,706 3 - 170 56 5,935 Impairment of proved properties 5,399 - - - - 5,399 Bad debt expense (recovery) and other 280 - - - - 280 Operating income (loss) (4,545) (27,866) (239) 248 (2,876) (35,278) Interest income (expense), net (307) - - - 1 (306) Income tax expense 3,365 - - - - 3,365 Additions to property and equipment 30,561 583 - 65 - 31,209 |
Segment Long-lived Assets And Total Assets | Equatorial Corporate (in thousands) Gabon Angola Guinea U.S. and Other Total Total assets as of March 31, 2016 $ 82,582 $ 20,789 $ 10,186 $ 1,299 $ 1,834 $ 116,690 Total assets as of December 31, 2015 98,858 10,304 10,200 1,470 3,126 123,958 |
Organization and Accounting Pol
Organization and Accounting Policies (Narrative1) (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Current Income Tax Expense (Benefit) | $ 3,000,000 | ||
Net Income Loss | (8,063,000) | $ (39,005,000) | |
Angola [Member] | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Current Income Tax Expense (Benefit) | $ 3,000,000 | ||
Group 42-BLR Group [Member] | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Legal expense | $ 350,000 |
Accounting Policies (Narrative2
Accounting Policies (Narrative2) (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Summary Of Significant Accounting Policies [Abstract] | |
Allowance for Doubtful Accounts Receivable, Period Increase (Decrease) | $ 0.5 |
Allowance for Doubtful Accounts Receivable, Recoveries | $ 7.6 |
Liquidity And Going Concern (De
Liquidity And Going Concern (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Oil and natural gas sales | $ 10,976 | $ 18,239 |
Credit facility borrowing base | $ 20,100 |
Oil And Natural Gas Propertie24
Oil And Natural Gas Properties And Equipment (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of fields | $ 412,593 | $ 412,593 | |
Impairment of proved properties | $ 5,399 | ||
Southeast Etame And North Tchibala field | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of fields | $ 0 |
Debt (Detail)
Debt (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Line Of Credit Facility [Line Items] | |||
Credit facility borrowing base | $ 20,100 | ||
Long term debt | $ 15,000 | $ 15,000 | |
Average interest rate on bank debt | 4.36% | 4.32% | |
Incurred interest expense | $ 500 | $ 500 | |
Capitalized interest expense | $ 200 | ||
Maximum [Member] | |||
Line Of Credit Facility [Line Items] | |||
Ratio of net debt to EBITDAX | 3 | ||
Revolving Credit Facility [Member] | IFC Credit Facility [Member] | |||
Line Of Credit Facility [Line Items] | |||
Maximum borrowing capacity under loan agreement | $ 65,000 | ||
Senior Tranche [Member] | |||
Line Of Credit Facility [Line Items] | |||
Maximum borrowing capacity under loan agreement | 50,000 | ||
Decrease in debt instrument | $ 6,250 | ||
Debt instrument interest rate spread | 3.75% | ||
Debt instrument, commitment fee | 1.50% | ||
Subordinated Tranche [Member] | |||
Line Of Credit Facility [Line Items] | |||
Maximum borrowing capacity under loan agreement | $ 15,000 | ||
Decrease in debt instrument | $ 1,880 | ||
Debt instrument interest rate spread | 5.75% | ||
Debt instrument, commitment fee | 2.30% |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Detail) $ in Thousands, a in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Nov. 30, 2006aitem | Mar. 31, 2016USD ($)item | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Apr. 30, 2014USD ($) | |
Commitments And Contingencies [Line Items] | |||||||
Cash funding arrangement for abandonment of the offshore wells, platforms and facilities | $ 18,300 | ||||||
Cash funding arrangement for abandonment of the offshore wells, platforms and facilities net | 5,100 | ||||||
Abandonment cost related to annual funding | 61,100 | ||||||
Abandonment cost related to annual funding, net | 17,300 | ||||||
DGH audit settlement | $ 300 | ||||||
Abandonment funding | $ 5,137 | 5,137 | $ 2,600 | ||||
Number of exploration wells | item | 2 | 3 | |||||
Allowance for accounts with partners | 7,600 | ||||||
Accounts with partners, net of allowance | $ 23,139 | 27,856 | |||||
Reversal of allowance | 7,600 | ||||||
Recorded restricted cash | 15,830 | 15,830 | |||||
Exploration expense | 1 | $ 27,459 | |||||
Dry hole costs and impairment loss on unproved leasehold | $ 27,222 | ||||||
Asset retirement obligations | 16,418 | $ 16,166 | |||||
Sonangol P&P [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Reversal of allowance | 7,600 | ||||||
Interst income | 3,200 | ||||||
Offshore Gabon [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Contractual Obligation accrued amount | 8,900 | ||||||
Angola [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Area under acquire property exploration rights agreement term (acres) | a | 1.4 | ||||||
Joint operation agreement related to third party in working interest percentage | 40.00% | ||||||
Additional joint operation agreement related to third party in working interest percentage | 10.00% | ||||||
Production license agreement term | 4 years | ||||||
Production license agreement term extended by government | 3 years | ||||||
Total assessment of the exploration | 10,000 | ||||||
Assessment net to VAALCO | $ 5,000 | ||||||
Angola [Member] | Sonangol P&P [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Accounts with partners, net of allowance | $ 7,600 |
Compensation (Narrative) (Detai
Compensation (Narrative) (Detail) | 3 Months Ended | 15 Months Ended | |
Mar. 31, 2016USD ($)shares | Mar. 31, 2015USD ($) | Mar. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock based compensation | $ 859,000 | $ 1,654,000 | |
Stock options granted, exercisable life | 5 years | ||
Stock, vesting period | 3 years | ||
Cash proceeds from exercise of stock options | $ 445,000 | ||
Stock options remainder vesting period | 2 years | ||
Shares repurchased | shares | 31,808 | ||
Stock Appreciation Rights (SARs) [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
egy-Share-based Compensation Arrangement By Share-based Payment Award, Life | 5 years | ||
egy-Share-based Compensation Arrangemet By Share Based Payment Award, Spread | 300 | 300 | |
egy-Share-based Compensation Arrangement by Share-based Payment Award, Grant Date Share Price | $ 1.04 | ||
Stock, vesting period | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 815,355 | ||
Maximum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock, vesting period | 5 years |
Compensation (Stock Option Acti
Compensation (Stock Option Activity) (Detail) - $ / shares shares in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Compensation [Abstract] | ||
Number of Shares Underlying Options, Outstanding at beginning of period | 4,144 | |
Number of Shares Underlying Options, Granted | 1,519 | |
Number of Shares Underlying Options, Forfeited | (574) | |
Number of Shares Underlying Options, Outstanding at end of period | 5,089 | 4,144 |
Weighted Average Exercise Price Per Share, Outstanding at beginning of period | $ 6.41 | |
Weighted Average Exercise Price Per Share, Granted | 1.16 | |
Weighted Average Exercise Price Per Share, Forfeited | 6.57 | |
Weighted Average Exercise Price Per Share, Outstanding at end of period | $ 4.82 | $ 6.41 |
Weighted Average Remaining Contractual Term, Outstanding balance | 2 years 8 months 5 days | |
Weighted Average Remaining Contractual Term, Granted | 3 years 11 months 12 days | |
Weighted Average Remaining Contractual Term, Forfeited/cancelled | 1 year 2 months 12 days | |
Weighted Average Remaining Contractual Term, Vested - end of period | 3 years 11 days |
Compensation (Summary Of Non Ve
Compensation (Summary Of Non Vested Awards) (Detail) | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Compensation [Abstract] | |
Restricted Stock, Non-Vested Shares Outstanding at beginning period | 419,888 |
Awards vested | (97,412) |
Restricted Stock, Non-Vested Shares Outstanding at ending period | 322,476 |
Weighted Average Grant Price, Non-Vested Shares Outstanding at beginning period | $ / shares | $ 3.83 |
Weighted Average Grant Price, Awards vested | $ / shares | 5.49 |
Weighted Average Grant Price, Non-Vested Shares Outstanding at ending period | $ / shares | $ 3.33 |
Treasury Stock Shares Acquired | 31,808 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Current Income Tax Expense (Benefit) | $ 3,000 |
Angola [Member] | |
Current Income Tax Expense (Benefit) | $ 3,000 |
Earnings Per Share (Detail)
Earnings Per Share (Detail) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Schedule of Diluted shares | ||
Basic weighted average shares outstanding | 58,512,657 | 57,981,347 |
Diluted weighted average shares outstanding | 58,512,657 | 57,981,347 |
Stock options excluded from dilutive calculation because they would be anti-dilutive | 4,283,707 | 5,772,271 |
Segment Information (Narrative)
Segment Information (Narrative) (Detail) | 3 Months Ended |
Mar. 31, 2016segment | |
Segment Information [Abstract] | |
Number of reportable operating segments | 4 |
Segment Information (Segment Ac
Segment Information (Segment Activity) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Revenues-oil and natural gas sales | $ 10,976 | $ 18,239 | |
Depreciation, depletion and amortization | 2,241 | 5,935 | |
Impairment of proved properties | 5,399 | ||
Bad debt expense (recovery) and other | (7,286) | 280 | |
Operating income (loss) | (6,648) | (35,278) | |
Interest income (expense), net | 2,713 | (306) | |
Income tax expense | 4,652 | 3,365 | |
Additions to properties and equipment | 31,209 | ||
Long lived assets | 31,162 | $ 33,373 | |
Total assets | 116,690 | 123,958 | |
Operating Segments [Member] | Gabon [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues-oil and natural gas sales | 10,908 | 18,100 | |
Depreciation, depletion and amortization | 2,143 | 5,706 | |
Impairment of proved properties | 5,399 | ||
Bad debt expense (recovery) and other | 343 | 280 | |
Operating income (loss) | (11,956) | (4,545) | |
Interest income (expense), net | (488) | (307) | |
Income tax expense | 1,685 | 3,365 | |
Additions to properties and equipment | 30,561 | ||
Total assets | 82,582 | 98,858 | |
Operating Segments [Member] | Angola [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation, depletion and amortization | 3 | 3 | |
Bad debt expense (recovery) and other | (7,629) | ||
Operating income (loss) | 7,306 | (27,866) | |
Interest income (expense), net | 3,201 | ||
Income tax expense | 2,967 | ||
Additions to properties and equipment | 583 | ||
Total assets | 20,789 | 10,304 | |
Operating Segments [Member] | Equatorial Guinea [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating income (loss) | (48) | (239) | |
Total assets | 10,186 | 10,200 | |
Operating Segments [Member] | United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues-oil and natural gas sales | 68 | 139 | |
Depreciation, depletion and amortization | 21 | 170 | |
Operating income (loss) | (3) | 248 | |
Additions to properties and equipment | 65 | ||
Total assets | 1,299 | 1,470 | |
Corporate And Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation, depletion and amortization | 74 | 56 | |
Operating income (loss) | (1,947) | (2,876) | |
Interest income (expense), net | $ 1 | ||
Total assets | $ 1,834 | $ 3,126 |
Subsequent Events (Detail)
Subsequent Events (Detail) $ in Millions | Apr. 25, 2016 | Apr. 30, 2016USD ($)$ / Boebbl |
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Asset, Fair Value, Gross Asset | $ | $ 0.8 | |
Underlying, Derivative Energy Measure | $ / Boe | 40 | |
Subsequent Event [Member] | ||
Subsequent Event, Date | Apr. 1, 2016 | |
Subsequent Event [Member] | Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative, Nonmonetary Notional Amount per Month | bbl | 36,000 |