Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 03, 2024 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000894627 | |
Entity Registrant Name | VAALCO ENERGY INC /DE/ | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 1-32167 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 76-0274813 | |
Entity Address, Address Line One | 9800 Richmond Avenue Suite 700 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77042 | |
City Area Code | 713 | |
Local Phone Number | 623-0801 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | EGY | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 103,455,525 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 113,321 | $ 121,001 |
Restricted cash | 140 | 114 |
Receivables: | ||
Trade, net of allowances for credit loss and other of $0.8 and $0.5 million, respectively | 44,897 | 44,888 |
Accounts with joint venture owners, net of allowance for credit losses of $0.8 and $0.8 million, respectively | 35 | 1,814 |
Egypt receivables and other, net of allowances for credit loss and other of $6.0 and $4.6 million, respectively | 44,591 | 45,942 |
Crude oil inventory | 2,386 | 1,948 |
Prepayments and other | 12,374 | 12,434 |
Total current assets | 217,744 | 228,141 |
Crude oil, natural gas and NGLs properties and equipment, net | 457,419 | 459,786 |
Other noncurrent assets: | ||
Restricted cash | 0 | 1,795 |
Value added tax and other receivables, net of allowances for credit loss and other of $0.0 and $0.0 million, respectively | 5,033 | 4,214 |
Right of use operating lease assets | 1,444 | 2,378 |
Right of use finance lease assets | 89,587 | 89,962 |
Deferred tax assets | 30,329 | 29,242 |
Abandonment funding | 6,268 | 6,268 |
Other long-term assets | 1,323 | 1,430 |
Total assets | 809,147 | 823,216 |
Current liabilities: | ||
Accrued liabilities and other | 60,345 | 67,597 |
Operating lease liabilities - current portion | 1,466 | 2,396 |
Finance lease liabilities - current portion | 10,974 | 10,079 |
Foreign income taxes payable | 37,836 | 19,261 |
Total current liabilities | 131,204 | 127,475 |
Asset retirement obligations | 47,644 | 47,343 |
Operating lease liabilities - net of current portion | 0 | 33 |
Finance lease liabilities - net of current portion | 77,802 | 78,293 |
Deferred tax liabilities | 71,228 | 73,581 |
Other long-term liabilities | 8,679 | 17,709 |
Total liabilities | 336,557 | 344,434 |
Commitments and contingencies (Note 10) | ||
Shareholders’ equity: | ||
Preferred stock, $25 par value; 500,000 shares authorized, none issued | 0 | 0 |
Common stock, $0.10 par value; 160,000,000 shares authorized, 121,940,831 and 121,397,553 shares issued, 103,455,525 and 104,346,233 shares outstanding, respectively | 12,194 | 12,140 |
Additional paid-in capital | 358,827 | 357,498 |
Accumulated other comprehensive income | 426 | 2,880 |
Less treasury stock, 18,485,306 and 17,051,320 shares, respectively, at cost | (77,566) | (71,222) |
Retained earnings | 178,709 | 177,486 |
Total shareholders' equity | 472,590 | 478,782 |
Total liabilities and shareholders' equity | 809,147 | 823,216 |
Nonrelated Party [Member] | ||
Current liabilities: | ||
Accounts payable | 16,747 | 22,152 |
Related Party [Member] | ||
Current liabilities: | ||
Accounts payable | $ 3,836 | $ 5,990 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Allowance for other receivables | $ 6,000 | $ 4,600 |
Allowance for credit loss and other | $ 0 | $ 0 |
Preferred stock, par value (in dollars per share) | $ 25 | $ 25 |
Preferred stock, shares authorized (in shares) | 500,000 | 500,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.1 | $ 0.1 |
Common stock, shares authorized (in shares) | 160,000,000 | 160,000,000 |
Common stock, shares issued (in shares) | 121,940,831 | 121,397,553 |
Common stock, shares outstanding (in shares) | 103,455,525 | 104,346,233 |
Treasury stock, shares (in shares) | 18,485,306 | 17,051,320 |
Trade Accounts Receivable [Member] | ||
Allowances for credit losses | $ 800 | $ 500 |
Accounts With Joint Venture Owners [Member] | ||
Allowances for credit losses | $ 800 | $ 800 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues: | ||
Crude oil, natural gas and natural gas liquids sales | $ 100,155 | $ 80,403 |
Operating costs and expenses: | ||
Production expense | 32,089 | 28,200 |
Exploration expense | 48 | 8 |
Depreciation, depletion and amortization | 25,824 | 24,417 |
Transaction costs related to acquisition | 1,313 | 0 |
General and administrative expense | 6,710 | 5,224 |
Credit losses and other | 1,812 | 935 |
Total operating costs and expenses | 67,796 | 58,784 |
Other operating income (expense), net | (166) | 0 |
Operating income | 32,193 | 21,619 |
Other income (expense): | ||
Derivative instruments gain (loss), net | (847) | 21 |
Interest expense, net | (935) | (2,246) |
Other income (expense), net | (487) | (1,153) |
Total other expense, net | (2,269) | (3,378) |
Income before income taxes | 29,924 | 18,241 |
Income tax expense | 22,238 | 14,771 |
Net income | 7,686 | 3,470 |
Currency translation adjustments | (2,454) | (125) |
Comprehensive income | $ 5,232 | $ 3,345 |
Basic net income per share: | ||
Net income per share (in dollars per share) | $ 0.07 | $ 0.03 |
Basic weighted average shares outstanding (in shares) | 103,659 | 107,387 |
Diluted net income per share: | ||
Net income per share (in dollars per share) | $ 0.07 | $ 0.03 |
Diluted weighted average shares outstanding (in shares) | 104,541 | 108,752 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Treasury Stock, Common [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2022 | 119,483 | (11,630) | ||||||
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2022 | $ (3,120) | $ (3,120) | ||||||
Balance at Dec. 31, 2022 | $ 11,948 | $ (47,652) | $ 353,606 | $ 1,179 | $ 147,024 | $ 466,105 | ||
Shares issued - stock-based compensation (in shares) | 633 | (187) | ||||||
Shares issued - stock-based compensation | $ 64 | $ 0 | 210 | 0 | 0 | 274 | ||
Stock-based compensation expense | 0 | $ 0 | 683 | 0 | 0 | 683 | ||
Treasury stock (in shares) | (981) | |||||||
Treasury stock | 0 | $ (5,377) | 0 | 0 | 0 | (5,377) | ||
Dividend distributions | (6,735) | (6,735) | ||||||
Other comprehensive loss | 0 | 0 | 0 | (125) | 0 | (125) | ||
Net income | $ 0 | $ 0 | 0 | 0 | 3,470 | 3,470 | ||
Balance (in shares) at Mar. 31, 2023 | 120,116 | (12,798) | ||||||
Balance at Mar. 31, 2023 | $ 12,012 | $ (53,029) | 354,499 | 1,054 | 140,639 | 455,175 | ||
Balance (in shares) at Dec. 31, 2023 | 121,398 | (17,051) | ||||||
Balance at Dec. 31, 2023 | $ 12,140 | $ (71,222) | 357,498 | 2,880 | 177,486 | 478,782 | ||
Shares issued - stock-based compensation (in shares) | 543 | 0 | ||||||
Shares issued - stock-based compensation | $ 54 | $ 0 | 393 | 0 | 0 | 447 | ||
Stock-based compensation expense | 0 | $ 0 | 936 | 0 | 0 | 936 | ||
Treasury stock (in shares) | (1,434) | |||||||
Treasury stock | 0 | $ (6,344) | 0 | 0 | 0 | (6,344) | ||
Dividend distributions | (6,463) | (6,463) | ||||||
Other comprehensive loss | 0 | 0 | 0 | (2,454) | 0 | (2,454) | ||
Net income | $ 0 | $ 0 | 0 | 0 | 7,686 | 7,686 | ||
Balance (in shares) at Mar. 31, 2024 | 121,941 | (18,485) | ||||||
Balance at Mar. 31, 2024 | $ 12,194 | $ (77,566) | $ 358,827 | $ 426 | $ 178,709 | $ 472,590 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 7,686 | $ 3,470 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 25,824 | 24,417 |
Bargain purchase loss | 0 | 1,412 |
Deferred taxes | (3,441) | 2,471 |
Unrealized foreign exchange loss | (102) | 512 |
Stock-based compensation | 898 | 649 |
Cash settlements paid on exercised stock appreciation rights | (154) | (233) |
Derivative instruments (gain) loss, net | 847 | (21) |
Cash settlements paid on matured derivative contracts, net | (24) | (59) |
Cash settlements paid on asset retirement obligations | (29) | (123) |
Credit losses and other | 1,812 | 935 |
Other operating loss, net | 166 | 13 |
Operational expenses associated with equipment and other | 302 | (640) |
Change in operating assets and liabilities: | ||
Trade, net | (9) | 21,357 |
Accounts with joint venture owners, net | (683) | 18,911 |
Egypt receivables and other, net | 1,346 | (2,309) |
Crude oil inventory | (438) | (8,443) |
Prepayments and other | (2,278) | 983 |
Value added tax and other receivables | (2,734) | (1,361) |
Other long-term assets | (1,017) | 1,051 |
Accounts payable | (5,984) | (6,739) |
Foreign income taxes receivable/(payable) | 18,912 | 8,193 |
Deferred tax liability | 0 | (3,250) |
Accrued liabilities and other | (19,068) | (19,190) |
Net cash provided by (used in) operating activities | 21,832 | 42,006 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Property and equipment expenditures | (16,618) | (27,700) |
Net cash provided by (used in) investing activities | (16,618) | (27,700) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from the issuances of common stock | 447 | 274 |
Dividend distribution | (6,463) | (6,735) |
Treasury shares | (6,344) | (5,377) |
Payments of finance lease | (2,095) | (1,701) |
Net cash provided by (used in) in financing activities | (14,455) | (13,539) |
Effects of exchange rate changes on cash | (208) | (309) |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (9,449) | 458 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 129,178 | 59,776 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | 119,729 | 60,234 |
Supplemental disclosure of cash flow information: | ||
Interest paid, net of amounts capitalized | 1,409 | 1,488 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Property and equipment additions incurred but not paid at end of period | 19,226 | 39,584 |
Recognition of right-of-use finance lease assets and liabilities | $ 0 | $ 1,429 |
Note 1 - Organization and Accou
Note 1 - Organization and Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 1. ORGANIZATION AND ACCOUNTING POLICIES VAALCO Energy, Inc. (together with its consolidated subsidiaries “we”, “us”, “our”, “VAALCO” or the “Company”) is a Houston, Texas-based independent energy company engaged in the acquisition, exploration, development and production of crude oil, natural gas and NGLs properties. As operator, the Company has production operations and conducts exploration activities in Gabon and Canada and hold interests in two These unaudited condensed consolidated financial statements (“Financial Statements”) reflect the opinion of management and 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 These condensed consolidated financial statements have been prepared in accordance with rules of the Securities and Exchange Commission (“SEC”) and do not 10 December 31, 2023, Reclassification no December 31, 2023, Allowance for credit losses and other not The following table provides an analysis of the change of the aggregate credit loss allowance and other allowances. Three Months Ended March 31, 2024 2023 (in thousands) Allowance for credit losses and other Balance at beginning of period $ (6,029 ) $ (8,704 ) Credit loss charges and other, net of receipts (1,812 ) (935 ) Cumulative effect of adjustment upon adoption of ASU 2016-13 on January 1, 2023 — (3,120 ) Foreign currency gain (loss) 12 (73 ) Balance at end of period $ (7,829 ) $ (12,832 ) Fair value of financial instruments As of March 31, 2024 Balance Sheet Line Level 1 Level 2 Level 3 Total (in thousands) Assets Derivative asset Prepayments and other $ — $ — $ — $ — $ — $ — $ — $ — Liabilities Derivative liability Accrued liabilities and other $ — $ 420 $ — $ 420 $ — $ 420 $ — $ 420 ` As of December 31, 2023 Balance Sheet Line Level 1 Level 2 Level 3 Total (in thousands) Assets Derivative asset Prepayments and other $ — $ 403 $ — $ 403 $ — $ 403 $ — $ 403 Liabilities SARs liability Accrued liabilities and other $ — $ 163 $ — $ 163 $ — $ 163 $ — $ 163 |
Note 2 - New Accounting Standar
Note 2 - New Accounting Standards | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 2. NEW ACCOUNTING STANDARDS Not Yet Adopted In August 2023, January 1, 2025. In November 2023, December 15, 2023, December 15, 2024. In December 2023, December 15, 2024. |
Note 3 - Pending Acquisition
Note 3 - Pending Acquisition | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 3. On February 29, 2024, April 30, 2024 $40.2 |
Note 4 - Segment Information
Note 4 - Segment Information | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 4. The Company’s operations are based in Gabon, Egypt, Canada and Equatorial Guinea. Each of the reportable operating segments are organized and managed based upon geographic location. The Company’s Chief Executive Officer, who is the chief operating decision maker, evaluates 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 costs that are not Segment activity of continuing operations for the three March 31, 2024 2023 March 31, 2024 December 31, 2023 Three Months Ended March 31, 2024 (in thousands) Gabon Egypt Canada Equatorial Guinea Corporate and Other Total Revenues: Crude oil, natural gas and natural gas liquids sales $ 57,504 $ 36,961 $ 5,690 $ — $ — $ 100,155 Operating costs and expenses: Production expense 16,713 12,751 2,379 245 1 32,089 Exploration expense — 48 — — — 48 Depreciation, depletion and amortization 13,451 8,336 3,897 — 140 25,824 Transaction costs related to acquisition — — — — 1,313 1,313 General and administrative expense 634 169 12 78 5,817 6,710 Credit losses and other 20 1,634 — 158 — 1,812 Total operating costs and expenses 30,818 22,938 6,288 481 7,271 67,796 Other operating income (expense), net (166 ) — — — — (166 ) Operating income 26,520 14,023 (598 ) (481 ) (7,271 ) 32,193 Other income (expense): Derivative instruments loss, net — — — — (847 ) (847 ) Interest (expense) income, net (1,317 ) (410 ) 24 — 768 (935 ) Other (expense) income, net (94 ) — — (1 ) (392 ) (487 ) Total other expense, net (1,411 ) (410 ) 24 (1 ) (471 ) (2,269 ) Income (loss) before income taxes 25,109 13,613 (574 ) (482 ) (7,742 ) 29,924 Income tax (benefit) expense 16,293 7,033 — — (1,088 ) 22,238 Net income (loss) $ 8,816 $ 6,580 $ (574 ) $ (482 ) $ (6,654 ) $ 7,686 Consolidated capital expenditures $ 6,287 $ 4,328 $ 12,559 $ - $ 848 $ 24,022 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 ) (1,669 ) (1,153 ) Total other expense, net (990 ) (808 ) (4 ) (1 ) (1,575 ) (3,378 ) Income (loss) before income taxes 9,926 11,892 2,913 (492 ) (5,998 ) 18,241 Income tax expense (benefit) 6,578 4,992 — — 3,201 14,771 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 (in thousands) Gabon Egypt Canada Equatorial Guinea Corporate and Other Total Long-lived assets: As of March 31, 2024 $ 166,596 $ 167,215 $ 111,313 $ 10,000 $ 2,295 $ 457,419 As of December 31, 2023 $ 171,787 $ 171,224 $ 105,189 $ 10,000 $ 1,586 $ 459,786 (in thousands) Gabon Egypt Canada Equatorial Guinea Corporate and Other Total Total assets: As of March 31, 2024 $ 302,389 $ 253,656 $ 120,598 $ 11,365 $ 121,139 $ 809,147 As of December 31, 2023 $ 309,394 $ 263,015 $ 114,215 $ 11,327 $ 125,265 $ 823,216 |
Note 5 - Earnings Per Share
Note 5 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 5. 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, the Company assumes that restricted stock is outstanding on the date of vesting, and the Company assumes the issuance of shares from the exercise of stock options using the treasury stock method. A reconciliation of reported net income to net income used in calculating EPS as well as a reconciliation from basic to diluted shares follows: Three Months Ended March 31, 2024 2023 (in thousands) Net income (loss) (numerator): Net Income $ 7,686 $ 3,470 Income attributable to unvested shares (15 ) (29 ) Numerator for basic 7,671 3,441 Loss attributable to unvested shares 15 (18 ) Numerator for dilutive $ 7,686 $ 3,423 Weighted average shares (denominator): Basic weighted average shares outstanding 103,659 107,387 Effect of dilutive securities 882 1,365 Diluted weighted average shares outstanding 104,541 108,752 Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be anti-dilutive 529 195 |
Note 6 - Revenue
Note 6 - Revenue | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 6. Gabon The Company currently sells crude oil production from Gabon under term crude oil sales and purchase agreements (“COSPAs”) or crude oil sales and marketing agreements ("COSMA or COSMAs"). The following table presents revenues from contracts with customers as well as revenues associated with the obligations under the Etame PSC. Three Months Ended March 31, 2024 2023 Revenues from customer contracts: (in thousands) Sales under the COSPA or COSMA $ 64,788 $ 42,601 Other items reported in revenue not associated with customer contracts: Carried interest recoupment 1,174 — Royalties (8,458 ) (5,864 ) Net revenues $ 57,504 $ 36,737 With respect to the government’s share of Profit Oil, the Etame PSC provides that corporate income tax is satisfied through the payment of Profit Oil. In the consolidated statements of operations and comprehensive income, the government’s share of revenues from Profit Oil is reported in revenues with a corresponding amount reflected in the current provision for income tax expense. Payments of the income tax expense are reported in the period that the government takes its Profit Oil in-kind, i.e. the period in which it lifts the crude oil. As of March 31, 2024, Company has a foreign income tax payable related to Gabon. $18.9 mi December 31, 2023. Egypt The following table presents revenues in Egypt from contracts with customers: Three Months Ended March 31, 2024 2023 Revenues from customer contracts: (in thousands) Gross sales $ 63,192 $ 54,621 Royalties (26,120 ) (19,340 ) Selling costs (111 ) (497 ) Net revenues $ 36,961 $ 34,784 Canada The following table presents revenues in Canada from contracts with customers: Three Months Ended March 31, 2024 2023 Revenues from customer contracts: (in thousands) Oil revenue $ 4,153 $ 6,654 Gas revenue 820 958 NGL revenue 1,976 2,463 Royalties (1,117 ) (1,193 ) Selling costs (143 ) — Net revenues $ 5,689 $ 8,882 Information about the Company’s most significant customers For the three March 31, 2024 |
Note 7 - Crude Oil, Natural Gas
Note 7 - Crude Oil, Natural Gas and NGLs Properties and Equipment | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Oil and Gas, Property and Equipment [Text Block] | 7. CRUDE OIL, NATURAL GAS and NGLs PROPERTIES AND EQUIPMENT The Company’s crude oil, natural gas and NGLs properties and equipment is comprised of the following: As of March 31, 2024 As of December 31, 2023 (in thousands) Crude oil, natural gas and NGLs properties and equipment - successful efforts method: Wells, platforms and other production facilities $ 1,481,103 $ 1,468,542 Work-in-progress 7,404 4,183 Undeveloped acreage 53,683 52,109 Equipment and other 51,357 47,794 Total crude oil, natural gas and NGLs properties, equipment and other 1,593,547 1,572,628 Accumulated depreciation, depletion, amortization and impairment (1,136,128 ) (1,112,842 ) Net crude oil, natural gas and NGLs properties, equipment and other $ 457,419 $ 459,786 |
Note 8 - Derivatives and Fair V
Note 8 - Derivatives and Fair Value | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Derivatives and Fair Value [Text Block] | 8. The Company uses derivative financial instruments from time to time to achieve a more predictable cash flow from crude oil production by reducing the Company’s exposure to price fluctuations. See the table below for the list of outstanding contracts as of March 31, 2024 Settlement Period Type of Contract Index Average Monthly Volumes Weighted Average Put Price Weighted Average Call Price (Bbls) (per Bbl) (per Bbl) April 2024 - June 2024 Collars Dated Brent 65,000 $ 65.00 $ 100.00 July 2024 - September 2024 Collars Dated Brent 80,000 $ 65.00 $ 92.00 The following table sets forth the loss on derivative instruments on the Company’s unaudited condensed consolidated statements of operations and comprehensive income: Three Months Ended March 31, Derivative Item Statements of Operations Line 2024 2023 (in thousands) Commodity derivatives Cash settlements paid on matured derivative contracts, net $ (24 ) $ (59 ) Unrealized gain (loss) (823 ) 80 Derivative instruments gain (loss), net $ (847 ) $ 21 |
Note 9 - Accrued Liabilities an
Note 9 - Accrued Liabilities and Other | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 9. Accrued liabilities and other balances were comprised of the following: As of March 31, 2024 As of December 31, 2023 (in thousands) Accrued accounts payable invoices $ 18,523 $ 21,225 Gabon contractual obligations 10,108 15,794 Capital expenditures 13,903 10,136 Accrued wages and other compensation 1,599 3,746 Egypt modernization payments 8,672 9,933 Other 7,542 6,763 Total accrued liabilities and other $ 60,347 $ 67,597 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. COMMITMENTS AND CONTINGENCIES Abandonment funding Under the terms of the Etame PSC, the Company has a cash funding arrangement for the eventual abandonment of all offshore wells, platforms and facilities on the Etame Marin block. At March 31, 2024 Share Buyback Program On November 1, 2022, 10b5 1 “10b5 1 10b 18 1934. 10b5 1 March 12, 2024. The following table shows the repurchases of equity securities related to the share repurchase program from January 1, 2024 March 31, 2024 Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Programs Maximum Amount that May Yet Be Used to Purchase Shares Under the Program January 1, 2024 - January 31, 2024 446,366 $ 4.48 446,366 $ 3,516,205 February 1, 2024 - February 29, 2024 474,100 $ 4.22 474,100 $ 1,516,630 March 1, 2024 - March 12, 2024 347,137 $ 4.33 347,137 $ 3,773 Total 1,267,603 1,267,603 Merged Concession Agreement The Company is a party to the Merged Concession Agreement with the Egyptian General Petroleum Corporation (“EGPC”). In accordance with the Merged Concession Agreement, we are required to make $10.0 million annual modernization payments through February 1, 2026. February 1, 2024 March 31, 2024, The Company also has minimum financial work commitments of $50.0 million per each five February 1, 2020 15 March 31, 2024, five $50 five As the Merged Concession Agreement was signed in January 2022 February 1, 2020, October 13, 2022, March 31, 2024, ". |
Note 11 - Debt
Note 11 - Debt | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 11. As of March 31, 2024 December 31, 2023, RBL Facility On May 16, 2022, October 1, 2023 April 1 October 1 March 31, 2024, The RBL Facility agreement contains certain debt covenants, including that, as of the last day of each calendar quarter, (i) the ratio of Consolidated Total Net Debt to EBITDAX (as each term is defined in the RBL Facility agreement) for the trailing 12 not 3.0x not 90 March 31, 2024, |
Note 12 - Stock-based Compensat
Note 12 - Stock-based Compensation and Other Benefit Plans | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 12. STOCK-BASED COMPENSATION AND OTHER BENEFIT PLANS Stock options and performance shares Stock options have an exercise price that may not three three may The Company used the Monte Carlo simulation to calculate the grant date fair value of performance stock option awards. The fair value of these awards will be amortized to expense over the derived service period of the option. For options that do not During the three March 31, 2024 2023, Restricted shares Restricted stock granted to employees will vest over a period determined by the Compensation Committee that is generally a three three first first not fifty 50 During the three March 31, 2024 2023, |
Note 13 - Income Taxes
Note 13 - Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. VAALCO and its domestic subsidiaries file a consolidated U.S. income tax return. Certain foreign subsidiaries also file tax returns in their respective local jurisdictions that include Canada, Egypt, Equatorial Guinea and Gabon. The foreign taxes payable are attributable to Gabon for the three March 31, 2024 2023. The Company’s effective tax rate for the three March 31, 2024 2023, three March 31, 2024 2023, For the three March 31, 2024, As of March 31, 2024 |
Note 14 - Other Comprehensive I
Note 14 - Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 14. OTHER COMPREHENSIVE INCOME The Company’s other comprehensive loss was million for the three March 31, 2024 . Th The components of accumulated other comprehensive income are as follows: Currency Translation Adjustments (in thousands) Balance at December 31, 2023 $ 2,880 Other comprehensive income (loss) (2,454 ) Balance at March 31, 2024 $ 426 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5. OTHER INFORMATION During the three March 31, 2024 none 16a 1 10b5 1 10b5 1 408 |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassification no December 31, 2023, |
Credit Loss, Financial Instrument [Policy Text Block] | Allowance for credit losses and other not The following table provides an analysis of the change of the aggregate credit loss allowance and other allowances. Three Months Ended March 31, 2024 2023 (in thousands) Allowance for credit losses and other Balance at beginning of period $ (6,029 ) $ (8,704 ) Credit loss charges and other, net of receipts (1,812 ) (935 ) Cumulative effect of adjustment upon adoption of ASU 2016-13 on January 1, 2023 — (3,120 ) Foreign currency gain (loss) 12 (73 ) Balance at end of period $ (7,829 ) $ (12,832 ) |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair value of financial instruments As of March 31, 2024 Balance Sheet Line Level 1 Level 2 Level 3 Total (in thousands) Assets Derivative asset Prepayments and other $ — $ — $ — $ — $ — $ — $ — $ — Liabilities Derivative liability Accrued liabilities and other $ — $ 420 $ — $ 420 $ — $ 420 $ — $ 420 ` As of December 31, 2023 Balance Sheet Line Level 1 Level 2 Level 3 Total (in thousands) Assets Derivative asset Prepayments and other $ — $ 403 $ — $ 403 $ — $ 403 $ — $ 403 Liabilities SARs liability Accrued liabilities and other $ — $ 163 $ — $ 163 $ — $ 163 $ — $ 163 |
Note 1 - Organization and Acc_2
Note 1 - Organization and Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Three Months Ended March 31, 2024 2023 (in thousands) Allowance for credit losses and other Balance at beginning of period $ (6,029 ) $ (8,704 ) Credit loss charges and other, net of receipts (1,812 ) (935 ) Cumulative effect of adjustment upon adoption of ASU 2016-13 on January 1, 2023 — (3,120 ) Foreign currency gain (loss) 12 (73 ) Balance at end of period $ (7,829 ) $ (12,832 ) |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | As of March 31, 2024 Balance Sheet Line Level 1 Level 2 Level 3 Total (in thousands) Assets Derivative asset Prepayments and other $ — $ — $ — $ — $ — $ — $ — $ — Liabilities Derivative liability Accrued liabilities and other $ — $ 420 $ — $ 420 $ — $ 420 $ — $ 420 ` As of December 31, 2023 Balance Sheet Line Level 1 Level 2 Level 3 Total (in thousands) Assets Derivative asset Prepayments and other $ — $ 403 $ — $ 403 $ — $ 403 $ — $ 403 Liabilities SARs liability Accrued liabilities and other $ — $ 163 $ — $ 163 $ — $ 163 $ — $ 163 |
Note 4 - Segment Information (T
Note 4 - Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2024 (in thousands) Gabon Egypt Canada Equatorial Guinea Corporate and Other Total Revenues: Crude oil, natural gas and natural gas liquids sales $ 57,504 $ 36,961 $ 5,690 $ — $ — $ 100,155 Operating costs and expenses: Production expense 16,713 12,751 2,379 245 1 32,089 Exploration expense — 48 — — — 48 Depreciation, depletion and amortization 13,451 8,336 3,897 — 140 25,824 Transaction costs related to acquisition — — — — 1,313 1,313 General and administrative expense 634 169 12 78 5,817 6,710 Credit losses and other 20 1,634 — 158 — 1,812 Total operating costs and expenses 30,818 22,938 6,288 481 7,271 67,796 Other operating income (expense), net (166 ) — — — — (166 ) Operating income 26,520 14,023 (598 ) (481 ) (7,271 ) 32,193 Other income (expense): Derivative instruments loss, net — — — — (847 ) (847 ) Interest (expense) income, net (1,317 ) (410 ) 24 — 768 (935 ) Other (expense) income, net (94 ) — — (1 ) (392 ) (487 ) Total other expense, net (1,411 ) (410 ) 24 (1 ) (471 ) (2,269 ) Income (loss) before income taxes 25,109 13,613 (574 ) (482 ) (7,742 ) 29,924 Income tax (benefit) expense 16,293 7,033 — — (1,088 ) 22,238 Net income (loss) $ 8,816 $ 6,580 $ (574 ) $ (482 ) $ (6,654 ) $ 7,686 Consolidated capital expenditures $ 6,287 $ 4,328 $ 12,559 $ - $ 848 $ 24,022 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 ) (1,669 ) (1,153 ) Total other expense, net (990 ) (808 ) (4 ) (1 ) (1,575 ) (3,378 ) Income (loss) before income taxes 9,926 11,892 2,913 (492 ) (5,998 ) 18,241 Income tax expense (benefit) 6,578 4,992 — — 3,201 14,771 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 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | (in thousands) Gabon Egypt Canada Equatorial Guinea Corporate and Other Total Long-lived assets: As of March 31, 2024 $ 166,596 $ 167,215 $ 111,313 $ 10,000 $ 2,295 $ 457,419 As of December 31, 2023 $ 171,787 $ 171,224 $ 105,189 $ 10,000 $ 1,586 $ 459,786 (in thousands) Gabon Egypt Canada Equatorial Guinea Corporate and Other Total Total assets: As of March 31, 2024 $ 302,389 $ 253,656 $ 120,598 $ 11,365 $ 121,139 $ 809,147 As of December 31, 2023 $ 309,394 $ 263,015 $ 114,215 $ 11,327 $ 125,265 $ 823,216 |
Note 5 - Earnings Per Share (Ta
Note 5 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended March 31, 2024 2023 (in thousands) Net income (loss) (numerator): Net Income $ 7,686 $ 3,470 Income attributable to unvested shares (15 ) (29 ) Numerator for basic 7,671 3,441 Loss attributable to unvested shares 15 (18 ) Numerator for dilutive $ 7,686 $ 3,423 Weighted average shares (denominator): Basic weighted average shares outstanding 103,659 107,387 Effect of dilutive securities 882 1,365 Diluted weighted average shares outstanding 104,541 108,752 Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be anti-dilutive 529 195 |
Note 6 - Revenue (Tables)
Note 6 - Revenue (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2024 2023 Revenues from customer contracts: (in thousands) Sales under the COSPA or COSMA $ 64,788 $ 42,601 Other items reported in revenue not associated with customer contracts: Carried interest recoupment 1,174 — Royalties (8,458 ) (5,864 ) Net revenues $ 57,504 $ 36,737 Three Months Ended March 31, 2024 2023 Revenues from customer contracts: (in thousands) Gross sales $ 63,192 $ 54,621 Royalties (26,120 ) (19,340 ) Selling costs (111 ) (497 ) Net revenues $ 36,961 $ 34,784 Three Months Ended March 31, 2024 2023 Revenues from customer contracts: (in thousands) Oil revenue $ 4,153 $ 6,654 Gas revenue 820 958 NGL revenue 1,976 2,463 Royalties (1,117 ) (1,193 ) Selling costs (143 ) — Net revenues $ 5,689 $ 8,882 |
Note 7 - Crude Oil, Natural G_2
Note 7 - Crude Oil, Natural Gas and NGLs Properties and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of March 31, 2024 As of December 31, 2023 (in thousands) Crude oil, natural gas and NGLs properties and equipment - successful efforts method: Wells, platforms and other production facilities $ 1,481,103 $ 1,468,542 Work-in-progress 7,404 4,183 Undeveloped acreage 53,683 52,109 Equipment and other 51,357 47,794 Total crude oil, natural gas and NGLs properties, equipment and other 1,593,547 1,572,628 Accumulated depreciation, depletion, amortization and impairment (1,136,128 ) (1,112,842 ) Net crude oil, natural gas and NGLs properties, equipment and other $ 457,419 $ 459,786 |
Note 8 - Derivatives and Fair_2
Note 8 - Derivatives and Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | Settlement Period Type of Contract Index Average Monthly Volumes Weighted Average Put Price Weighted Average Call Price (Bbls) (per Bbl) (per Bbl) April 2024 - June 2024 Collars Dated Brent 65,000 $ 65.00 $ 100.00 July 2024 - September 2024 Collars Dated Brent 80,000 $ 65.00 $ 92.00 |
Schedule of Derivative Instruments [Table Text Block] | Three Months Ended March 31, Derivative Item Statements of Operations Line 2024 2023 (in thousands) Commodity derivatives Cash settlements paid on matured derivative contracts, net $ (24 ) $ (59 ) Unrealized gain (loss) (823 ) 80 Derivative instruments gain (loss), net $ (847 ) $ 21 |
Note 9 - Accrued Liabilities _2
Note 9 - Accrued Liabilities and Other (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | As of March 31, 2024 As of December 31, 2023 (in thousands) Accrued accounts payable invoices $ 18,523 $ 21,225 Gabon contractual obligations 10,108 15,794 Capital expenditures 13,903 10,136 Accrued wages and other compensation 1,599 3,746 Egypt modernization payments 8,672 9,933 Other 7,542 6,763 Total accrued liabilities and other $ 60,347 $ 67,597 |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Other Commitments [Table Text Block] | Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Programs Maximum Amount that May Yet Be Used to Purchase Shares Under the Program January 1, 2024 - January 31, 2024 446,366 $ 4.48 446,366 $ 3,516,205 February 1, 2024 - February 29, 2024 474,100 $ 4.22 474,100 $ 1,516,630 March 1, 2024 - March 12, 2024 347,137 $ 4.33 347,137 $ 3,773 Total 1,267,603 1,267,603 |
Note 14 - Other Comprehensive_2
Note 14 - Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Currency Translation Adjustments (in thousands) Balance at December 31, 2023 $ 2,880 Other comprehensive income (loss) (2,454 ) Balance at March 31, 2024 $ 426 |
Note 1 - Organization and Acc_3
Note 1 - Organization and Accounting Policies (Details Textual) - Revision of Prior Period, Reclassification, Adjustment [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Disposal Group, Including Discontinued Operation, Liabilities, Current | $ 673 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $ 15 |
Note 1 - Organization and Acc_4
Note 1 - Organization and Accounting Policies - Analysis of Change in Allowance for Bad Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Balance at beginning of period | $ (6,029) | $ (8,704) |
Credit loss charges and other, net of receipts | (1,812) | (935) |
Foreign currency gain (loss) | 12 | (73) |
Balance at end of period | (7,829) | (12,832) |
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Balance at beginning of period | $ 0 | $ (3,120) |
Note 1 - Organization and Acc_5
Note 1 - Organization and Accounting Policies - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets [Abstract] | ||
Prepayments and other | $ 12,374 | $ 12,434 |
Liabilities [Abstract] | ||
Accrued liabilities and other | $ 60,345 | $ 67,597 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Prepayments and other | Prepayments and other |
Derivative asset | $ 0 | $ 403 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accrued liabilities and other | Accrued liabilities and other |
Derivative liability | $ 420 | |
Liabilities, Fair Value Disclosure | 420 | $ 163 |
Assets, Fair Value Disclosure | 403 | |
SARs liability | 163 | |
Fair Value, Inputs, Level 1 [Member] | ||
Derivative asset | 0 | 0 |
Derivative liability | 0 | |
Liabilities, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure | 0 | |
SARs liability | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Derivative asset | 0 | 403 |
Derivative liability | 420 | |
Liabilities, Fair Value Disclosure | 420 | 163 |
Assets, Fair Value Disclosure | 403 | |
SARs liability | 163 | |
Fair Value, Inputs, Level 3 [Member] | ||
Derivative asset | 0 | 0 |
Derivative liability | 0 | |
Liabilities, Fair Value Disclosure | $ 0 | 0 |
Assets, Fair Value Disclosure | 0 | |
SARs liability | $ 0 |
Note 3 - Pending Acquisition (D
Note 3 - Pending Acquisition (Details Textual) - Svenska Petroleum Exploration Aktiebolag [Member] - USD ($) $ in Millions | Apr. 30, 2024 | Feb. 29, 2024 |
Business Combination, Consideration Transferred | $ 66.5 | |
Subsequent Event [Member] | ||
Payments to Acquire Businesses, Net of Cash Acquired | $ 40.2 |
Note 4 - Segment Information -
Note 4 - Segment Information - Segment Activity of Continuing Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Crude oil, natural gas and natural gas liquids sales | $ 100,155 | $ 80,403 | |
Production expense | 32,089 | 28,200 | |
Exploration expense | 48 | 8 | |
Depreciation, depletion and amortization | 25,824 | 24,417 | |
Transaction costs related to acquisition | 1,313 | 0 | |
General and administrative expense | 6,710 | 5,224 | |
Credit losses and other | 1,812 | 935 | |
Total operating costs and expenses | 67,796 | 58,784 | |
Other operating income (expense), net | (166) | 0 | |
Operating income | 32,193 | 21,619 | |
Derivative instruments gain (loss), net | (847) | 21 | |
Interest (expense) income, net | (935) | (2,246) | |
Other income (expense), net | (487) | (1,153) | |
Total other expense, net | (2,269) | (3,378) | |
Income (loss) before income taxes | 29,924 | 18,241 | |
Income tax (benefit) expense | 22,238 | 14,771 | |
Net income | 7,686 | 3,470 | |
Consolidated capital expenditures | 24,022 | 25,425 | [1] |
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | |||
Crude oil, natural gas and natural gas liquids sales | 0 | 0 | |
Production expense | 1 | 59 | |
Exploration expense | 0 | 0 | |
Depreciation, depletion and amortization | 140 | 66 | |
Transaction costs related to acquisition | 1,313 | ||
General and administrative expense | 5,817 | 4,298 | |
Credit losses and other | 0 | 0 | |
Total operating costs and expenses | 7,271 | 4,423 | |
Other operating income (expense), net | 0 | ||
Operating income | (7,271) | (4,423) | |
Derivative instruments gain (loss), net | (847) | 21 | |
Interest (expense) income, net | 768 | 73 | |
Other income (expense), net | (392) | (1,669) | |
Total other expense, net | (471) | (1,575) | |
Income (loss) before income taxes | (7,742) | (5,998) | |
Income tax (benefit) expense | (1,088) | 3,201 | |
Net income | (6,654) | (9,199) | |
Consolidated capital expenditures | 848 | 0 | [1] |
Gabon Segment [Member] | Operating Segments [Member] | |||
Crude oil, natural gas and natural gas liquids sales | 57,504 | 36,737 | |
Production expense | 16,713 | 14,415 | |
Exploration expense | 0 | 8 | |
Depreciation, depletion and amortization | 13,451 | 9,845 | |
Transaction costs related to acquisition | 0 | ||
General and administrative expense | 634 | 618 | |
Credit losses and other | 20 | 935 | |
Total operating costs and expenses | 30,818 | 25,821 | |
Other operating income (expense), net | (166) | ||
Operating income | 26,520 | 10,916 | |
Interest (expense) income, net | (1,317) | (1,507) | |
Other income (expense), net | (94) | 517 | |
Total other expense, net | (1,411) | (990) | |
Income (loss) before income taxes | 25,109 | 9,926 | |
Income tax (benefit) expense | 16,293 | 6,578 | |
Net income | 8,816 | 3,348 | |
Consolidated capital expenditures | 6,287 | 3,689 | [1] |
Egypt [Member] | Operating Segments [Member] | |||
Crude oil, natural gas and natural gas liquids sales | 36,961 | 34,784 | |
Production expense | 12,751 | 11,110 | |
Exploration expense | 48 | 0 | |
Depreciation, depletion and amortization | 8,336 | 10,795 | |
Transaction costs related to acquisition | 0 | ||
General and administrative expense | 169 | 179 | |
Credit losses and other | 1,634 | 0 | |
Total operating costs and expenses | 22,938 | 22,084 | |
Other operating income (expense), net | 0 | ||
Operating income | 14,023 | 12,700 | |
Interest (expense) income, net | (410) | (808) | |
Other income (expense), net | 0 | 0 | |
Total other expense, net | (410) | (808) | |
Income (loss) before income taxes | 13,613 | 11,892 | |
Income tax (benefit) expense | 7,033 | 4,992 | |
Net income | 6,580 | 6,900 | |
Consolidated capital expenditures | 4,328 | 11,571 | [1] |
Canada [Member] | Operating Segments [Member] | |||
Crude oil, natural gas and natural gas liquids sales | 5,690 | 8,882 | |
Production expense | 2,379 | 2,254 | |
Exploration expense | 0 | 0 | |
Depreciation, depletion and amortization | 3,897 | 3,711 | |
Transaction costs related to acquisition | 0 | ||
General and administrative expense | 12 | 0 | |
Credit losses and other | 0 | 0 | |
Total operating costs and expenses | 6,288 | 5,965 | |
Other operating income (expense), net | 0 | ||
Operating income | (598) | 2,917 | |
Interest (expense) income, net | 24 | (4) | |
Other income (expense), net | 0 | 0 | |
Total other expense, net | 24 | (4) | |
Income (loss) before income taxes | (574) | 2,913 | |
Income tax (benefit) expense | 0 | 0 | |
Net income | (574) | 2,913 | |
Consolidated capital expenditures | 12,559 | 10,165 | [1] |
Equatorial Guinea Segment [Member] | Operating Segments [Member] | |||
Crude oil, natural gas and natural gas liquids sales | 0 | 0 | |
Production expense | 245 | 362 | |
Exploration expense | 0 | 0 | |
Depreciation, depletion and amortization | 0 | 0 | |
Transaction costs related to acquisition | 0 | ||
General and administrative expense | 78 | 129 | |
Credit losses and other | 158 | 0 | |
Total operating costs and expenses | 481 | 491 | |
Other operating income (expense), net | 0 | ||
Operating income | (481) | (491) | |
Interest (expense) income, net | 0 | 0 | |
Other income (expense), net | (1) | (1) | |
Total other expense, net | (1) | (1) | |
Income (loss) before income taxes | (482) | (492) | |
Income tax (benefit) expense | 0 | 0 | |
Net income | (482) | (492) | |
Consolidated capital expenditures | $ 0 | $ 0 | [1] |
[1]Includes assets acquired in the TransGlobe acquisition |
Note 4 - Segment Information _2
Note 4 - Segment Information - Assets from Continuing Operations (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Long-lived assets from continuing operations | $ 457,419 | $ 459,786 |
Total assets from continuing operations | 809,147 | 823,216 |
Operating Segments [Member] | Gabon Segment [Member] | ||
Long-lived assets from continuing operations | 166,596 | 171,787 |
Total assets from continuing operations | 302,389 | 309,394 |
Operating Segments [Member] | Egypt [Member] | ||
Long-lived assets from continuing operations | 167,215 | 171,224 |
Total assets from continuing operations | 253,656 | 263,015 |
Operating Segments [Member] | Canada [Member] | ||
Long-lived assets from continuing operations | 111,313 | 105,189 |
Total assets from continuing operations | 120,598 | 114,215 |
Operating Segments [Member] | Equatorial Guinea Segment [Member] | ||
Long-lived assets from continuing operations | 10,000 | 10,000 |
Total assets from continuing operations | 11,365 | 11,327 |
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | ||
Long-lived assets from continuing operations | 2,295 | 1,586 |
Total assets from continuing operations | $ 121,139 | $ 125,265 |
Note 5 - Earnings Per Share - R
Note 5 - Earnings Per Share - Reconciliation of Basic and Diluted EPS and Shares (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net Income | $ 7,686 | $ 3,470 |
Income attributable to unvested shares | (15) | (29) |
Numerator for basic | 7,671 | 3,441 |
Loss attributable to unvested shares | 15 | (18) |
Numerator for dilutive | $ 7,686 | $ 3,423 |
Basic weighted average shares outstanding (in shares) | 103,659 | 107,387 |
Effect of dilutive securities (in shares) | 882 | 1,365 |
Diluted weighted average shares outstanding (in shares) | 104,541 | 108,752 |
Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be anti-dilutive (in shares) | 529 | 195 |
Note 6 - Revenue (Details Textu
Note 6 - Revenue (Details Textual) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | GABON | ||
Number of Major Customers | 1 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | GABON | Customer One [Member] | ||
Concentration Risk, Percentage | 100% | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | EGYPT | ||
Number of Major Customers | 1 | |
Concentration Risk, Percentage | 100% | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | CANADA | ||
Number of Major Customers | 3 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | CANADA | Customer One [Member] | ||
Concentration Risk, Percentage | 40% | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | CANADA | Customer Two [Member] | ||
Concentration Risk, Percentage | 30% | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | CANADA | Customer Three [Member] | ||
Concentration Risk, Percentage | 19% | |
Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member] | Foreign Tax Jurisdiction [Member] | Tax Administration of Gabon [Member] | ||
Accrued Income Taxes | $ 37.5 | $ 18.9 |
Note 6 - Revenue - Revenues fro
Note 6 - Revenue - Revenues from Contracts with Customers and Other Items Not Associated with Customer Contracts (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Net revenues | $ 100,155 | $ 80,403 | ||
Crude oil, natural gas and natural gas liquids sales | 100,155 | 80,403 | ||
EGYPT | ||||
Royalties | (26,120) | (19,340) | ||
Net revenues | 36,961 | 34,784 | ||
Gross sales | 63,192 | 54,621 | ||
Royalties | (26,120) | (19,340) | ||
Selling costs | (111) | (497) | ||
Crude oil, natural gas and natural gas liquids sales | 36,961 | 34,784 | ||
Revenue | 63,192 | 54,621 | ||
CANADA | ||||
Royalties | $ (1,117) | $ (1,193) | ||
Net revenues | 5,689 | 8,882 | ||
Royalties | (1,117) | (1,193) | ||
Selling costs | (143) | 0 | ||
Crude oil, natural gas and natural gas liquids sales | 5,689 | 8,882 | ||
Crude Oil Sales and Purchase Agreements [Member] | ||||
Sales under the COSPA or COSMA | 64,788 | 42,601 | ||
Revenue | 64,788 | 42,601 | ||
Carried Interest Recoupment [Member] | ||||
Other items reported in revenue not associated with customer contracts | 1,174 | 0 | ||
Crude Oil [Member] | CANADA | ||||
Gross sales | 4,153 | 6,654 | ||
Revenue | 4,153 | 6,654 | ||
Oil and Gas [Member] | ||||
Royalties | (8,458) | (5,864) | ||
Net revenues | 57,504 | 36,737 | ||
Royalties | (8,458) | (5,864) | ||
Crude oil, natural gas and natural gas liquids sales | $ 57,504 | $ 36,737 | ||
Gas [Member] | CANADA | ||||
Gross sales | 820 | 958 | ||
Revenue | 820 | 958 | ||
Natural Gas Liquids (NGL) [Member] | CANADA | ||||
Sales under the COSPA or COSMA | 1,976 | 2,463 | ||
Revenue | $ 1,976 | $ 2,463 |
Note 7 - Crude Oil and Natural
Note 7 - Crude Oil and Natural Gas Properties and Equipment - Schedule of Crude Oil and Natural Gas Properties and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Gross crude oil and natural gas properties, equipment and other | $ 1,593,547 | $ 1,572,628 |
Accumulated depreciation, depletion, amortization and impairment | (1,136,128) | (1,112,842) |
Net crude oil, natural gas and NGLs properties, equipment and other | 457,419 | 459,786 |
Wells and Related Equipment and Facilities [Member] | ||
Gross crude oil and natural gas properties, equipment and other | 1,481,103 | 1,468,542 |
Construction in Progress [Member] | ||
Gross crude oil and natural gas properties, equipment and other | 7,404 | 4,183 |
Undeveloped Acreage [Member] | ||
Gross crude oil and natural gas properties, equipment and other | 53,683 | 52,109 |
Other Capitalized Property Plant and Equipment [Member] | ||
Gross crude oil and natural gas properties, equipment and other | $ 51,357 | $ 47,794 |
Note 8 - Derivatives and Fair_3
Note 8 - Derivatives and Fair Value - Unexpired Barrels (Details) | 3 Months Ended |
Mar. 31, 2024 $ / bbl $ / item bbl | |
Commodity Contract, April 2024 to June 2024 [Member] | |
Barrels (Barrel of Oil) | bbl | 65,000 |
Weighted average price put price (in USD per Barrel of Oil) | $ / bbl | 65 |
Weighted average price call price (in USD per Per Share) | 100 |
Commodity Contract, July 2024 to September 2024 [Member] | |
Barrels (Barrel of Oil) | bbl | 80,000 |
Weighted average price put price (in USD per Barrel of Oil) | 65 |
Weighted average price call price (in USD per Per Share) | 92 |
Note 8 - Derivatives and Fair_4
Note 8 - Derivatives and Fair Value - Gain Loss on Derivative Instruments (Details) - Crude Oil Swaps [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative instruments loss, net | $ (847) | $ 21 |
Cash Settlements Paid on Matured Derivative Contracts, Net [Member] | ||
Derivative instruments loss, net | (24) | (59) |
Unrealized Gain (Loss) [Member] | ||
Derivative instruments loss, net | $ (823) | $ 80 |
Note 9 - Accrued Liabilities _3
Note 9 - Accrued Liabilities and Other - Schedule of Accrued Liabilities and Other Balances (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accrued accounts payable invoices | $ 18,523 | $ 21,225 |
Gabon contractual obligations | 10,108 | 15,794 |
Capital expenditures | 13,903 | 10,136 |
Accrued wages and other compensation | 1,599 | 3,746 |
Egypt modernization payments | 8,672 | 9,933 |
Other | 7,542 | 6,763 |
Total accrued liabilities and other | $ 60,347 | $ 67,597 |
Note 10 - Commitments and Con_3
Note 10 - Commitments and Contingencies (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 16 Months Ended | ||||||
Nov. 01, 2022 | Feb. 01, 2022 | Mar. 31, 2024 | Mar. 14, 2024 | Feb. 01, 2026 | Feb. 01, 2024 | Dec. 31, 2023 | Oct. 13, 2022 | |
Abandonment Funding | $ 6,268 | $ 6,268 | ||||||
Egyptian General Petroleum Corporation (EGPC) [Member] | ||||||||
Contractual Obligation | $ 150,000 | |||||||
Development Timeframe (Year) | 5 years | |||||||
Minimum [Member] | Egyptian General Petroleum Corporation (EGPC) [Member] | ||||||||
Contractual Obligation | $ 50,000 | |||||||
Parent Company [Member] | Accrued Liabilities and Other [Member] | ||||||||
Contractual Obligation | 9,400 | |||||||
Parent Company [Member] | Other Long-term Liabilities [Member] | ||||||||
Contractual Obligation | 8,700 | |||||||
TransGlobe [Member] | ||||||||
Other Receivables | 50,300 | $ 67,500 | ||||||
Share Buyback Program [Member] | ||||||||
Share Repurchase Program, Authorized, Amount | $ 30,000 | |||||||
Share Repurchase Program, Period in Force (Month) | 20 months | |||||||
Treasury Stock, Shares, Acquired (in shares) | 6,797,711 | |||||||
Shares Acquired, Average Cost Per Share (in dollars per share) | $ 4.41 | |||||||
Etame Marine Block [Member] | ||||||||
Abandonment Funding | 6,300 | |||||||
Etame Marine Block [Member] | ||||||||
Abandonment Funding | $ 10,700 | |||||||
Egyptian General Petroleum Corporation (EGPC) [Member] | Merged Concession Agreement [Member] | ||||||||
Payments for Merger Related Costs, Second Modernization Payment | $ 10,000 | |||||||
Contractual Obligation | $ 10,000 | |||||||
Egyptian General Petroleum Corporation (EGPC) [Member] | Merged Concession Agreement [Member] | Forecast [Member] | ||||||||
Contractual Obligation | $ 10,000 |
Note 10 - Commitments and Con_4
Note 10 - Commitments and Contingencies - Schedule of Equity Securities Repurchased (Details) - Treasury Stock, Common [Member] - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | |||
Mar. 12, 2024 | Feb. 29, 2024 | Jan. 31, 2024 | Mar. 12, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | |
Treasury Stock, Shares, Acquired (in shares) | 1,434,000 | 981,000 | ||||
Shares Purchased as Part of Publicly Announced Programs [Member] | ||||||
Treasury Stock, Shares, Acquired (in shares) | 347,137 | 474,100 | 446,366 | 1,267,603 | ||
Shares Acquired, Average Cost Per Share (in dollars per share) | $ 4.33 | $ 4.22 | $ 4.48 | |||
Share Repurchase Program, Authorized, Amount | $ 3,773 | $ 1,516,630 | $ 3,516,205 | $ 3,773 |
Note 11 - Debt (Details Textual
Note 11 - Debt (Details Textual) $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | May 16, 2022 USD ($) |
Long-Term Debt | $ 0 | $ 0 | |
The Facility [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000 | ||
Line of Credit Facility, Additional Commitment in Maximum Borrowing Capacity, Yearly Decrease | $ 6,300 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 43,800 | ||
Debt Instrument, Covenant, Maximum Total Net Debt to EBITDA | 3 | ||
Debt Instrument, Covenant, Minimum Cash and Cash Equivalents | $ 10,000 | ||
Long-Term Line of Credit | $ 0 |
Note 12 - Stock-based Compens_2
Note 12 - Stock-based Compensation and Other Benefit Plans (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Share-Based Payment Arrangement, Option [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 0 | $ 0 | |
Restricted Stock [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 | 0 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Effective Income Tax Rate Reconciliation, Percent | 61.05% | 60.96% |
Current Income Tax Expense (Benefit) | $ 22,200 | |
Income Tax Expense (Benefit), Favorable (Unfavorable) Oil Price Adjustment | 1,600 | |
Current Foreign Income Tax Expense (Benefit), Net Of Oil Price Adjustment | 20,700 | |
Unrecognized Tax Benefits | $ 0 |
Note 14 - Other Comprehensive_3
Note 14 - Other Comprehensive Income (Details Textual) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Other Comprehensive Income (Loss), Net of Tax | $ (2.5) |
Note 14 - Other Comprehensive_4
Note 14 - Other Comprehensive Income - Accumulated Other Comprehensive Income (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Balance | $ 478,782 |
Balance | 472,590 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |
Balance | 2,880 |
Other comprehensive income (loss) | (2,454) |
Balance | $ 426 |