Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
Document And Entity Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'EGY | ' |
Entity Registrant Name | 'VAALCO ENERGY INC /DE/ | ' |
Entity Central Index Key | '0000894627 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 57,740,881 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalent | $133,498 | $130,529 |
Restricted cash | 12,301 | 12,366 |
Receivables: | ' | ' |
Trade | 6,026 | 16,972 |
Accounts with partners, net of allowance of $7.6 million at September 30, 2014 and December 31, 2013 | 2,969 | 307 |
Other, net of allowance of $1.8 million at September 30, 2014, and zero allowance at December 31, 2013 | 5,404 | 4,435 |
Crude oil inventory | 1,464 | 352 |
Materials and supplies | 1,665 | 164 |
Prepayments and others | 5,884 | 2,339 |
Total current assets | 169,211 | 167,464 |
Property and equipment - successful efforts method | ' | ' |
Wells, platforms and other production facilities | 218,390 | 215,701 |
Undeveloped acreage | 22,133 | 23,705 |
Work in progress | 127,775 | 64,489 |
Equipment and other | 8,349 | 6,831 |
Property, plant and equipment, gross, Total | 376,647 | 310,726 |
Accumulated depreciation, depletion and amortization | -187,037 | -172,202 |
Net property and equipment | 189,610 | 138,524 |
Other assets: | ' | ' |
Restricted cash | 830 | 830 |
Deferred tax assets | 1,349 | 1,349 |
Deferred finance charge | 1,856 | ' |
Total Assets | 362,856 | 308,167 |
Current Liabilities: | ' | ' |
Accounts payable and other liabilities | 50,666 | 42,561 |
Accounts with partners | 5,429 | 3,268 |
Total current liabilities | 56,095 | 45,829 |
Asset retirement obligations | 13,659 | 11,464 |
Long term debt | 15,000 | ' |
Total Liabilities | 84,754 | 57,293 |
Commitments and Contingencies (note 4) | ' | ' |
Owners' Equity | ' | ' |
Common stock, $0.10 par value, 100,000,000 authorized shares, 65,154,195 and 64,012,914 shares issued with 7,393,714 and 7,162,573 shares in treasury at September 30, 2014 and December 31, 2013, respectively | 6,515 | 6,408 |
Additional paid-in capital | 63,656 | 55,455 |
Retained earnings | 245,230 | 224,442 |
Less treasury stock, at cost | -37,299 | -35,431 |
Total Equity | 278,102 | 250,874 |
Total Liabilities and Owners' Equity | $362,856 | $308,167 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Allowance for accounts with partners | $7.60 | $7.60 |
Allowance for other receivable | $1.80 | $0 |
Common stock, par value | $0.10 | $0.10 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 65,154,195 | 64,012,914 |
Treasury stock, shares | 7,393,714 | 7,162,573 |
CONDENSED_STATEMENTS_OF_CONSOL
CONDENSED STATEMENTS OF CONSOLIDATED OPERATIONS (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Oil and gas sales | $24,486 | $37,740 | $104,659 | $110,995 |
Operating costs and expenses | ' | ' | ' | ' |
Production expense | 7,145 | 12,576 | 21,643 | 27,975 |
Exploration expense | 598 | 11,070 | 15,213 | 21,456 |
Depreciation, depletion and amortization | 4,289 | 3,954 | 15,444 | 11,011 |
General and administrative expense | 3,967 | 1,893 | 10,689 | 7,995 |
Bad debt expense and other expense | 1,800 | 143 | 1,800 | 1,284 |
Total operating cost and expenses | 17,799 | 29,636 | 64,789 | 69,721 |
Operating income | 6,687 | 8,104 | 39,870 | 41,274 |
Other income (expenses): | ' | ' | ' | ' |
Interest income | 19 | 16 | 65 | 57 |
Other, net | 164 | -72 | -250 | -168 |
Total other income (expenses) | 183 | -56 | -185 | -111 |
Income before income taxes | 6,870 | 8,048 | 39,685 | 41,163 |
Income tax expense | -3,761 | -5,662 | -18,897 | -24,467 |
Net income | $3,109 | $2,386 | $20,788 | $16,696 |
Earnings per share - basic: | ' | ' | ' | ' |
Basic net income per share attributable to VAALCO Energy, Inc. common shareholders | $0.05 | $0.04 | $0.36 | $0.29 |
Earnings per share - diluted: | ' | ' | ' | ' |
Diluted net income per share attributable to VAALCO Energy, Inc. common shareholders | $0.05 | $0.04 | $0.36 | $0.29 |
Basic weighted-average shares outstanding | 57,304,763 | 56,600,866 | 57,040,166 | 57,464,763 |
Diluted weighted-average shares outstanding | 57,867,303 | 57,115,614 | 57,575,305 | 58,200,208 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) (USD $) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock |
In Thousands | |||||
Beginning Balance at Dec. 31, 2013 | $250,874 | $6,408 | $55,455 | $224,442 | ($35,431) |
Proceeds from stock issuance | 5,610 | 107 | 5,503 | ' | ' |
Purchase of treasury stock | -1,868 | ' | ' | ' | -1,868 |
Stock based compensation | 2,698 | ' | 2,698 | ' | ' |
Net income | 20,788 | ' | ' | 20,788 | ' |
Ending Balance at Sep. 30, 2014 | $278,102 | $6,512 | $63,656 | $245,230 | ($37,299) |
CONDENSED_STATEMENTS_OF_CONSOL1
CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating Activities: | ' | ' |
Net income | $20,788 | $16,696 |
Adjustments to reconcile net income to net cash used in operating activities | ' | ' |
Depreciation, depletion and amortization | 15,444 | 11,011 |
Amortization of debt issuance costs | 97 | ' |
Unrealized foreign exchange loss | 22 | 22 |
Dry hole costs and impairment loss on unproved leasehold | 13,273 | 20,190 |
Stock based compensation | 2,698 | 2,600 |
Bad debt expense | 1,800 | 1,284 |
Change in operating assets and liabilities: | ' | ' |
Trade receivables | 10,945 | 7,475 |
Accounts with partners | -500 | -15,246 |
Other receivables | -2,315 | -5,967 |
Crude oil inventory | -1,308 | -1,793 |
Materials and supplies | -1,501 | 113 |
Prepayment and other | -3,547 | -1,756 |
Accounts payable and other liabilities | -1,142 | 2,176 |
Net cash provided by operating activities | 54,754 | 36,805 |
Cash Flows from Investing Activities | ' | ' |
Decrease (increase) in restricted cash | 65 | -879 |
Property and equipment expenditures | -68,104 | -56,138 |
Net cash used in investing activities | -68,039 | -57,017 |
Cash Flows from Financing Activities | ' | ' |
Proceeds from the issuance of common stock | 5,076 | 557 |
Debt issuance costs | -1,954 | ' |
Borrowings | 15,000 | ' |
Purchase of treasury shares | -1,868 | -10,680 |
Net cash provided by (used in) financing activities | 16,254 | -10,123 |
Net Change in Cash and Cash Equivalents | 2,969 | -30,335 |
Cash and Cash Equivalent at Beginning of Period | 130,529 | 130,800 |
Cash and Cash Equivalent at End of Period | 133,498 | 100,465 |
Supplemental disclosure of cash flow information | ' | ' |
Income taxes paid | 21,484 | 28,157 |
Receivable from employees for stock option exercises | 534 | 177 |
Investment in property and equipment not paid | $22,747 | $13,254 |
Unaudited_Condensed_Consolidat
Unaudited Condensed Consolidated Financial Statements and Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
Unaudited Condensed Consolidated Financial Statements and Accounting Policies | ' |
1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND ACCOUNTING POLICIES | |
The condensed consolidated financial statements of VAALCO Energy, Inc. and subsidiaries (collectively, “VAALCO” or the “Company”), included herein are unaudited, but include all adjustments consisting of normal recurring accruals which the Company deems necessary for a fair presentation of its financial position, results of operations and cash flows for the interim period. Such results are not necessarily indicative of results to be expected for the full year. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Form 10-K for the year ended December 31, 2013, which also contains a summary of the significant accounting policies followed by the Company in the preparation of its consolidated financial statements. These policies were also followed in preparing the quarterly report included herein. The Company follows the successful efforts method of accounting for oil and gas exploration and development costs. | |
VAALCO Energy, Inc., a Delaware corporation, is a Houston-based independent energy company principally engaged in the acquisition, exploration, development and production of crude oil and natural gas. VAALCO owns producing properties and conducts exploration activities as operator of consortiums internationally in Gabon and Angola and has conducted exploration activities as a non-operator in Equatorial Guinea, West Africa. Domestically, the Company has interests in Texas, Montana, Alabama, and the Louisiana Gulf Coast area. | |
VAALCO’s international 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. and VAALCO Energy Mauritius (EG) Limited. VAALCO Energy (USA), Inc. holds interests in properties located in the United States. | |
Accounting Policy- Revenue Recognition | |
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” The new standard converged guidance on recognizing revenues in contracts with customers under accounting principles generally accepted in the United States and International Financial Reporting Standards. This ASU is intended to improve comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets. ASU 2014-09 is effective for annual and quarterly reporting periods of public entities beginning after December 15, 2016. Early application for public entities is not permitted. We are currently evaluating the provisions of ASU 2014-09 and assessing the impact, if any, it may have on our financial position and results of operations. | |
Allowance for Bad Debt | |
On a quarterly basis, the Company evaluates its accounts receivable balances to confirm collectability. When collectability is in doubt, the Company records an allowance against the accounts receivable balances with a corresponding charge to net income as bad debt expense. The Company’s accounts receivable balances are with its joint venture partners, purchasers of its oil, natural gas and natural gas liquids, and with the government of Gabon for reimbursements of Value-Added Tax (“VAT”) paid by the Company. Collection efforts, including remedies provided for in the contracts, are pursued to collect overdue amounts owed to the Company. | |
In the third quarter of 2014, the Company recorded a bad debt allowance of $1.8 million pertaining to VAT amounts owing for more than twelve months from the government of Gabon. | |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share | ' | |||||||||||||||
2. EARNINGS PER SHARE | ||||||||||||||||
Basic earnings per share (“EPS”) is calculated using the average number of shares of common stock outstanding during each period. Diluted EPS assumes the exercise of all stock options, restricted and unrestricted shares having exercise prices less than the average market price of the common stock using the treasury stock method. | ||||||||||||||||
Diluted shares consist of the following: | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Basic weighted-average shares outstanding | 57,304,763 | 56,600,866 | 57,040,166 | 57,464,763 | ||||||||||||
Dilutive shares | 563,540 | 514,748 | 535,139 | 735,445 | ||||||||||||
Total diluted weighted-average shares outstanding | 57,867,303 | 57,115,614 | 57,575,305 | 58,200,208 | ||||||||||||
Options to purchase 1,203,324 and 2,364,392 share were excluded in the three months and nine months ended September 30, 2014, because they would have been anti-dilutive. Options to purchase 3,204,865 and 2,134,300 shares were excluded in the three months and nine months ended September 30, 2013, respectively, because they would have been anti-dilutive. | ||||||||||||||||
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Stock-Based Compensation | ' | |||||||||||||||
3. STOCK-BASED COMPENSATION | ||||||||||||||||
Stock options are granted under the Company’s 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. In general, stock options granted to employees will become exercisable over a period determined by the Compensation Committee, which in the past has been a five year life. A portion of the stock options granted in the nine months ended September 30, 2014 and 2013 vested immediately with the remainder vesting over a two year period. In addition, stock options will become exercisable upon a change in control, unless provided otherwise by the Compensation Committee of our Board of Directors. At September 30, 2014, there were 4,537,715 shares subject to options authorized but not granted. | ||||||||||||||||
For the three months and nine months ended September 30, 2014, the Company recognized non-cash expense of $0.6 million and $2.7 million, respectively, related to stock based compensation. For the three months and nine months ended September 30, 2013, the Company recognized non-cash expense of $0.4 million and $2.6 million, respectively, related to stock based compensation. These amounts were recorded as general and administrative expense. Because the Company does not pay significant United States federal income taxes, no amounts were recorded for tax benefits. | ||||||||||||||||
A summary of the stock option activity for the nine months ended September 30, 2014 is provided below: | ||||||||||||||||
Number of Shares Underlying Options (in thousands) | Weighted Average Exercise Price Per Share | Weighted | Aggregate | |||||||||||||
Average | Intrinsic Value | |||||||||||||||
Remaining Contractual Term | (in millions) | |||||||||||||||
Outstanding at the beginning of period | 4,927 | $ | 6.95 | 2.85 | $ | 2.81 | ||||||||||
Granted | 1,118 | $ | 7.05 | 4.43 | ||||||||||||
Exercised | (1,110 | ) | $ | 5.06 | 0.95 | |||||||||||
Forfeited | (33 | ) | $ | 8.43 | 2.55 | |||||||||||
Outstanding at the end of period | 4,902 | $ | 7.4 | 2.89 | $ | 2.31 | ||||||||||
Vested and expected to vest - end of period | 4,853 | $ | 7.4 | 2.89 | $ | 2.29 | ||||||||||
The intrinsic value of a stock option is the amount by which the current market value of the underlying stock exceeds the exercise price of the option. | ||||||||||||||||
Shares of restricted stock are granted under the Company’s long-term incentive plan using the fair market value of the underlying shares on the date of grant. In general, restricted stocks granted to employees will vest over a period determined by the Compensation Committee which is generally a three year period, with the initial one-third vesting on the first grant date anniversary. | ||||||||||||||||
No restricted stocks were granted in the three months ended September 30, 2014. A summary of the restricted stock activity for the nine months ended September 30, 2014 is provided below: | ||||||||||||||||
Restricted Stock | Grant Date Fair Value per Share | |||||||||||||||
Outstanding at the beginning of period | 100,000 | $ | 5.89 | |||||||||||||
Granted | 99,468 | $ | 6.98 | |||||||||||||
Vested | (31,600 | ) | $ | 6.98 | ||||||||||||
Forfeited | - | $ | - | |||||||||||||
Outstanding at the end of period | 167,868 | $ | 6.32 | |||||||||||||
As of September 30, 2014, unrecognized compensation costs totaled $3.3 million. The expense is expected to be recognized over a weighted average period of 2.6 years. | ||||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Commitments and Contingencies | ' | |||
4. COMMITMENTS AND CONTINGENCIES | ||||
Gabon | ||||
As part of securing the second ten year production license with the government of Gabon for the Etame Marin block, the Company agreed to a cash funding arrangement for the eventual abandonment of the offshore wells, platforms and facilities. The agreement provides for annual funding beginning with the calendar year 2012 and continuing over the remaining life of the production license. Amounts paid will be reimbursed through the cost account and are non-refundable to the Company. The initial funding took place in October 2014 for calendar years 2012 and 2013 totaling $2.4 million net to the Company. The funding for calendar year 2014 is expected to be paid in the fourth quarter of 2014 in the amount of $1.2 million net to the Company. As in prior periods, the obligation for abandonment of the Gabon offshore facilities is included in the asset retirement obligation shown on the Company’s balance sheet. | ||||
The sixth exploration license for the Etame Marin block expired on July 7, 2014. In the second quarter of 2014, and prior to the deadline, the Company submitted a proposal for a seventh exploration license and is in negotiations with the Republic of Gabon to obtain the extension. As the Company would not be able to drill the remaining leasehold by the expiration of the exploration license, and due to the uncertainty of obtaining the exploration license, the balance of undeveloped leasehold costs of $0.8 million was recorded as exploration expense in the second quarter of 2014. | ||||
Angola | ||||
The Company is the operator of Block 5, offshore Angola, a 1.4 million acre property. The Company’s working interest is 40%. Additionally, the Company is required to carry the Angolan national oil company, Sonangol P&P, for 10% of the work program. The Company had a two well exploration commitment per the terms of the primary exploration period. Due to the uncertainty that the primary term of the exploration license would be extended by the Republic of Angola before the November 30, 2014 expiration date, in October 2014, the Company entered into the Subsequent Exploration Phase (“SEP”), together with its working interest partner, Sonangol P&P, as provided for in the Production Sharing Agreement signed in 2006 with the Republic of Angola. The SEP extends the exploration period for an additional three year period such that the new expiry date for exploration activities is November 30, 2017. Entering into the SEP requires the Company and its partner to acquire 3D seismic covering six hundred square kilometers and to drill two additional exploration wells. | ||||
By entering the SEP, the Company is now required to drill a total of four exploration wells during the exploration extension period. The four well obligations include the two well commitments under the primary exploration period that carries over to the SEP period. A $10.0 million dollar assessment ($5.0 million dollars net to VAALCO) applies to each of the four commitment exploration wells, if any, that remain undrilled at the end of the exploration period in November 2017. Restricted cash of $10.0 million for the two new commitment wells will be recorded in the fourth quarter of 2014. | ||||
The Company has already satisfied the seismic obligation of the SEP with the purchase of 3D seismic in the outboard segment of the block which is currently being processed and will continue into 2015. | ||||
A drilling rig contract was signed in July 2014 for a semi-submersible rig to drill the exploration well on the Kindele prospect, a post-salt objective. The well is expected to begin drilling in December 2014. Drilling this well will satisfy one of the four exploration well obligations and release $5.0 million of the $10.0 million recorded as restricted cash at September 30, 2014 by the Company. | ||||
Asset Retirement Obligation | ||||
The Company is carrying $13.7 million of asset retirement obligation as of September 30, 2014, representing the present value of our future obligations for the future abandonment costs of tangible assets such as platforms, well, pipelines and other facilities. | ||||
A summary of the recording of the estimated fair value of the Company’s asset retirement obligations is presented as follows: | ||||
2014 | ||||
Balance at January 1, | $ | 11,463 | ||
Accretion Expense | 414 | |||
Additions | 2,143 | |||
Settlements | (361 | ) | ||
Balance at September 30, | $ | 13,659 | ||
In the nine months ended September 30, 2014, the Company increased the asset retirement obligation to recognize the abandonment liability for two new platforms installed in the third quarter of 2014, in offshore Gabon. |
Capitalization_of_Exploratory_
Capitalization of Exploratory Well Costs | 9 Months Ended |
Sep. 30, 2014 | |
Capitalization of Exploratory Well Costs | ' |
5. CAPITALIZATION OF EXPLORATORY WELL COSTS | |
ASC Topic 932—Extractive Industries provides that the cost of an exploratory well shall be capitalized as part of the entity’s uncompleted wells pending the determination of whether the well has found proved reserves. Further, an exploration well that discovers oil and gas reserves, but those reserves cannot be classified as proved when drilling is completed, shall be capitalized if the well has found a sufficient quantity of reserves to justify its completion as a producing well and the entity is making sufficient progress assessing the reserves and the economic and operating viability of the project. If either condition is not met, the exploration well that is not brought on to production would be assumed to be impaired and its costs would be charged to expense. | |
Offshore Gabon: In the second and third quarters of 2010, the Company drilled an exploratory well in the Southeast Etame field. A fixed leg platform for developing the Southeast Etame discovery area was constructed and, in the third quarter of 2014, installed. A drilling rig has been contracted to drill a development well in the Southeast Etame field. The Company has capitalized $7.8 million for the discovery well in accordance with the criteria contained in the ASC Topic 932. | |
Onshore Gabon: In the third and fourth quarters of 2012, the Company drilled an exploratory well (N’Gongui No. 2) in the Mutamba Iroru block onshore Gabon. The Company is currently finalizing a revised production sharing contract (“PSC”) with the government of Gabon to allow for development of the discovery. The term sheet, which specifies financial and other obligations to be included in the PSC, was agreed to and signed by the Company, its joint venture partner, and the Gabon government on July 31, 2014. After the PSC is finalized and approved, an application for a development area is expected to be issued. At that point, a plan of development will be submitted to the Republic of Gabon. However, the Company can provide no assurances that such a request will be granted. The Company has capitalized $8.9 million for the discovery well in accordance with the criteria contained in ASC Topic 932. | |
Debt
Debt | 9 Months Ended |
Sep. 30, 2014 | |
Debt | ' |
6. DEBT | |
In January 2014, the Company executed a loan agreement with the International Finance Corporation (“IFC”) for a $65.0 million revolving credit facility, which is secured by the assets of the Company’s Gabon subsidiary. Borrowings under the credit facility totaled $15.0 million as of September 30, 2014 and are due in full upon maturity in January 2019, at which point it can be extended or converted to a term loan. The borrowings approximate fair value as the interest approximates current market rates for similar instruments. The Company is required to comply with certain covenants including maintaining debt to equity ratio of no greater than 60:40, and the ratio of net debt at the end of the quarter, to EBITDAX less than 3. The Company is in compliance with all covenants at September 30, 2014. | |
Capitalization_of_Interest
Capitalization of Interest | 9 Months Ended |
Sep. 30, 2014 | |
Capitalization of Interest | ' |
7. CAPITALIZATION OF INTEREST | |
Under the terms of the IFC loan executed in 2014, the Company is required to pay a commitment fee on the undrawn component of the credit facility. | |
The Company capitalizes interest costs and commitment fees on 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. For the three months and nine months ended September 30, 2014, the Company incurred interest expense of $0.3 million and $0.8 million, respectively, in connection with the IFC credit facility. All interest expense was capitalized. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||||
8. SEGMENT INFORMATION | |||||||||||||||||||||||||
The Company’s operations are based in Gabon, Angola, Equatorial Guinea and the United States. Management reviews and evaluates the operation of each geographic segment separately. The operations of all segments include exploration for and production of hydrocarbons where commercial reserves have been found and developed. The accounting policies of the reportable segments are the same as in Note 1. Revenues are based on the location of hydrocarbon production. The Company evaluates each segment based on income (loss) from operations. | |||||||||||||||||||||||||
Segment activity for the three and nine months ended September 30, 2014 and 2013 are as follows: | |||||||||||||||||||||||||
Corporate | |||||||||||||||||||||||||
Gabon | Angola | Equatorial Guinea | USA | and Other | Total | ||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Revenues | $ | 24,132 | $ | - | $ | - | $ | 354 | $ | 24,486 | |||||||||||||||
Income (loss) from operations | 10,326 | (1,319 | ) | (254 | ) | (100 | ) | (1,966 | ) | 6,687 | |||||||||||||||
2013 | |||||||||||||||||||||||||
Revenues | $ | 37,253 | $ | - | $ | - | $ | 487 | $ | - | $ | 37,740 | |||||||||||||
Income (loss) from operations | 14,156 | (538 | ) | (149 | ) | (4,754 | ) | (611 | ) | 8,104 | |||||||||||||||
Corporate | |||||||||||||||||||||||||
Gabon | Angola | Equatorial Guinea | USA | and Other | Total | ||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Revenues | $ | 103,507 | $ | - | $ | - | $ | 1,152 | $ | - | $ | 104,659 | |||||||||||||
Income (loss) from operations | 49,239 | (3,165 | ) | (591 | ) | (33 | ) | (5,580 | ) | 39,870 | |||||||||||||||
2013 | |||||||||||||||||||||||||
Revenues | $ | 109,482 | $ | - | $ | - | $ | 1,513 | $ | - | $ | 110,995 | |||||||||||||
Income (loss) from operations | 59,871 | (2,120 | ) | (604 | ) | (11,782 | ) | (4,091 | ) | 41,274 | |||||||||||||||
Corporate | |||||||||||||||||||||||||
Total Assets | Gabon | Angola | Equatorial Guinea | USA | and Other | Total | |||||||||||||||||||
As of September 30, 2014 | $ | 302,356 | $ | 15,066 | $ | 10,223 | $ | 9,497 | $ | 25,714 | $ | 362,856 | |||||||||||||
As of December 31, 2013 | 256,033 | 12,204 | 10,059 | 9,660 | 20,211 | 308,167 | |||||||||||||||||||
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Event [Line Items] | ' |
Subsequent Events | ' |
9. SUBSEQUENT EVENTS | |
Gabon | |
In October 2014, the Company shut-in production from the Ebouri 2-H well due to a pressure communication issue. The Company is performing diagnostic work to determine the cause and the resolution of the issue. The well was producing approximately 2,500 BOPD on a gross basis (700 BOPD net to the Company). | |
In October 2014, the Company received a provisional audit report related to our 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. With limited information pertaining to the report, the Company currently cannot reasonably estimate a range of potential loss, if any, as a result of the audits. While the ultimate outcome of the claim and impact on VAALCO cannot be predicted, management believes that the claims are unfounded. In November 2014, the Company responded to the Gabon Taxation Department requesting joint meetings to advance the resolution of this matter. | |
Angola | |
In October 2014, the Company entered into the Subsequent Exploration Phase (“SEP”) together with its working interest partner, Sonangol P&P, as provided for in the Production Sharing Agreement signed in 2006 with the Republic of Angola. The Company entered into the SEP due to uncertainty that the primary term of the exploration license would be extended by the Republic of Angola before the November 30, 2014 expiration date. The SEP requires the Company and its partner to acquire 3D seismic covering six hundred square kilometers and to drill two additional exploration wells. | |
By entering into the SEP, the Company is now required to drill a total of four exploration wells during the exploration extension period. The four well obligations include the two well commitments under the primary exploration period that carries over to the SEP period. A $10.0 million dollar assessment ($5.0 million dollars net to VAALCO) applies to each of the four commitment exploration wells, if any, that remain undrilled at the end of the exploration period in November, 2017. Restricted cash of $10.0 million for the two new commitment wells will be recorded in the fourth quarter of 2014. | |
The Company has already satisfied the seismic obligation with the purchase of 3D seismic in the outboard segment of the block which is currently being processed and will continue into 2015. | |
A drilling rig contract was signed in July 2014 for a semi-submersible rig to drill the exploration well on the Kindele prospect, a post-salt objective. The well is expected to begin drilling in December 2014. Drilling this well will satisfy one of the four exploration well obligations and release $5.0 million of the $10.0 million recorded as restricted cash at September 30, 2014 by the Company. | |
Unaudited_Condensed_Consolidat1
Unaudited Condensed Consolidated Financial Statements and Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Revenue Recognition | ' |
Accounting Policy- Revenue Recognition | |
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” The new standard converged guidance on recognizing revenues in contracts with customers under accounting principles generally accepted in the United States and International Financial Reporting Standards. This ASU is intended to improve comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets. ASU 2014-09 is effective for annual and quarterly reporting periods of public entities beginning after December 15, 2016. Early application for public entities is not permitted. We are currently evaluating the provisions of ASU 2014-09 and assessing the impact, if any, it may have on our financial position and results of operations. | |
Allowance for Bad Debt | ' |
Allowance for Bad Debt | |
On a quarterly basis, the Company evaluates its accounts receivable balances to confirm collectability. When collectability is in doubt, the Company records an allowance against the accounts receivable balances with a corresponding charge to net income as bad debt expense. The Company’s accounts receivable balances are with its joint venture partners, purchasers of its oil, natural gas and natural gas liquids, and with the government of Gabon for reimbursements of Value-Added Tax (“VAT”) paid by the Company. Collection efforts, including remedies provided for in the contracts, are pursued to collect overdue amounts owed to the Company. | |
In the third quarter of 2014, the Company recorded a bad debt allowance of $1.8 million pertaining to VAT amounts owing for more than twelve months from the government of Gabon. |
Capitalization_of_Exploratory_1
Capitalization of Exploratory Well Costs (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Extractive Industries | ' |
ASC Topic 932—Extractive Industries provides that the cost of an exploratory well shall be capitalized as part of the entity’s uncompleted wells pending the determination of whether the well has found proved reserves. Further, an exploration well that discovers oil and gas reserves, but those reserves cannot be classified as proved when drilling is completed, shall be capitalized if the well has found a sufficient quantity of reserves to justify its completion as a producing well and the entity is making sufficient progress assessing the reserves and the economic and operating viability of the project. If either condition is not met, the exploration well that is not brought on to production would be assumed to be impaired and its costs would be charged to expense. | |
Offshore Gabon: In the second and third quarters of 2010, the Company drilled an exploratory well in the Southeast Etame field. A fixed leg platform for developing the Southeast Etame discovery area was constructed and, in the third quarter of 2014, installed. A drilling rig has been contracted to drill a development well in the Southeast Etame field. The Company has capitalized $7.8 million for the discovery well in accordance with the criteria contained in the ASC Topic 932. | |
Onshore Gabon: In the third and fourth quarters of 2012, the Company drilled an exploratory well (N’Gongui No. 2) in the Mutamba Iroru block onshore Gabon. The Company is currently finalizing a revised production sharing contract (“PSC”) with the government of Gabon to allow for development of the discovery. The term sheet, which specifies financial and other obligations to be included in the PSC, was agreed to and signed by the Company, its joint venture partner, and the Gabon government on July 31, 2014. After the PSC is finalized and approved, an application for a development area is expected to be issued. At that point, a plan of development will be submitted to the Republic of Gabon. However, the Company can provide no assurances that such a request will be granted. The Company has capitalized $8.9 million for the discovery well in accordance with the criteria contained in ASC Topic 932. | |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Schedule of Diluted Shares | ' | |||||||||||||||
Diluted shares consist of the following: | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Basic weighted-average shares outstanding | 57,304,763 | 56,600,866 | 57,040,166 | 57,464,763 | ||||||||||||
Dilutive shares | 563,540 | 514,748 | 535,139 | 735,445 | ||||||||||||
Total diluted weighted-average shares outstanding | 57,867,303 | 57,115,614 | 57,575,305 | 58,200,208 | ||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Stock Option Activity | ' | |||||||||||||||
A summary of the stock option activity for the nine months ended September 30, 2014 is provided below: | ||||||||||||||||
Number of Shares Underlying Options (in thousands) | Weighted Average Exercise Price Per Share | Weighted | Aggregate | |||||||||||||
Average | Intrinsic Value | |||||||||||||||
Remaining Contractual Term | (in millions) | |||||||||||||||
Outstanding at the beginning of period | 4,927 | $ | 6.95 | 2.85 | $ | 2.81 | ||||||||||
Granted | 1,118 | $ | 7.05 | 4.43 | ||||||||||||
Exercised | (1,110 | ) | $ | 5.06 | 0.95 | |||||||||||
Forfeited | (33 | ) | $ | 8.43 | 2.55 | |||||||||||
Outstanding at the end of period | 4,902 | $ | 7.4 | 2.89 | $ | 2.31 | ||||||||||
Vested and expected to vest - end of period | 4,853 | $ | 7.4 | 2.89 | $ | 2.29 | ||||||||||
Summary of Restricted Stock Activity | ' | |||||||||||||||
A summary of the restricted stock activity for the nine months ended September 30, 2014 is provided below: | ||||||||||||||||
Restricted Stock | Grant Date Fair Value per Share | |||||||||||||||
Outstanding at the beginning of period | 100,000 | $ | 5.89 | |||||||||||||
Granted | 99,468 | $ | 6.98 | |||||||||||||
Vested | (31,600 | ) | $ | 6.98 | ||||||||||||
Forfeited | - | $ | - | |||||||||||||
Outstanding at the end of period | 167,868 | $ | 6.32 | |||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Asset Retirement Obligations | ' | |||
A summary of the recording of the estimated fair value of the Company’s asset retirement obligations is presented as follows: | ||||
2014 | ||||
Balance at January 1, | $ | 11,463 | ||
Accretion Expense | 414 | |||
Additions | 2,143 | |||
Settlements | (361 | ) | ||
Balance at September 30, | $ | 13,659 | ||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Segment Activity | ' | ||||||||||||||||||||||||
Segment activity for the three and nine months ended September 30, 2014 and 2013 are as follows: | |||||||||||||||||||||||||
Corporate | |||||||||||||||||||||||||
Gabon | Angola | Equatorial Guinea | USA | and Other | Total | ||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Revenues | $ | 24,132 | $ | - | $ | - | $ | 354 | $ | 24,486 | |||||||||||||||
Income (loss) from operations | 10,326 | (1,319 | ) | (254 | ) | (100 | ) | (1,966 | ) | 6,687 | |||||||||||||||
2013 | |||||||||||||||||||||||||
Revenues | $ | 37,253 | $ | - | $ | - | $ | 487 | $ | - | $ | 37,740 | |||||||||||||
Income (loss) from operations | 14,156 | (538 | ) | (149 | ) | (4,754 | ) | (611 | ) | 8,104 | |||||||||||||||
Corporate | |||||||||||||||||||||||||
Gabon | Angola | Equatorial Guinea | USA | and Other | Total | ||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Revenues | $ | 103,507 | $ | - | $ | - | $ | 1,152 | $ | - | $ | 104,659 | |||||||||||||
Income (loss) from operations | 49,239 | (3,165 | ) | (591 | ) | (33 | ) | (5,580 | ) | 39,870 | |||||||||||||||
2013 | |||||||||||||||||||||||||
Revenues | $ | 109,482 | $ | - | $ | - | $ | 1,513 | $ | - | $ | 110,995 | |||||||||||||
Income (loss) from operations | 59,871 | (2,120 | ) | (604 | ) | (11,782 | ) | (4,091 | ) | 41,274 | |||||||||||||||
Corporate | |||||||||||||||||||||||||
Total Assets | Gabon | Angola | Equatorial Guinea | USA | and Other | Total | |||||||||||||||||||
As of September 30, 2014 | $ | 302,356 | $ | 15,066 | $ | 10,223 | $ | 9,497 | $ | 25,714 | $ | 362,856 | |||||||||||||
As of December 31, 2013 | 256,033 | 12,204 | 10,059 | 9,660 | 20,211 | 308,167 | |||||||||||||||||||
Unaudited_Condensed_Consolidat2
Unaudited Condensed Consolidated Financial Statements and Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 |
Unaudited Condensed Consolidated Financial Statements And Accounting Policies [Line Items] | ' | ' | ' |
Bad debt expense | $1,800 | $1,800 | $1,284 |
Earnings_Per_Share_Schedule_of
Earnings Per Share - Schedule of Diluted Shares (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Schedule of Diluted Shares | ' | ' | ' | ' |
Basic weighted average shares outstanding | 57,304,763 | 56,600,866 | 57,040,166 | 57,464,763 |
Dilutive shares | 563,540 | 514,748 | 535,139 | 735,445 |
Total diluted weighted-average shares outstanding | 57,867,303 | 57,115,614 | 57,575,305 | 58,200,208 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Earnings Per Share (Textual) [Abstract] | ' | ' | ' | ' |
Option to purchase shares, anti-dilutive | 1,203,324 | 3,204,865 | 2,364,392 | 2,134,300 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Stock Based Compensation (Textual) [Abstract] | ' | ' | ' | ' |
Stock options granted, exercisable life | ' | ' | '5 years | ' |
Stock options vesting period | ' | ' | '2 years | ' |
Stock options, authorized | 4,537,715 | ' | 4,537,715 | ' |
Non-cash compensation expense | $600,000 | $400,000 | $2,698,000 | $2,600,000 |
Tax benefits related to stock based compensation | ' | ' | 0 | ' |
Unrecognized compensation costs | $3,300,000 | ' | $3,300,000 | ' |
Compensation costs expected to be recognized | ' | ' | '2 years 7 months 6 days | ' |
Restricted stocks granted | ' | ' | 99,468 | ' |
Restricted Stock | ' | ' | ' | ' |
Stock Based Compensation (Textual) [Abstract] | ' | ' | ' | ' |
Stock options granted, exercisable life | ' | ' | '3 years | ' |
Restricted stocks granted | 0 | ' | ' | ' |
StockBased_Compensation_Stock_
Stock-Based Compensation - Stock Option Activity (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' |
Number of Shares Underlying Options, Outstanding at beginning of period | 4,927,000 | ' |
Number of Shares Underlying Options, Granted | 1,118,000 | ' |
Number of Shares Underlying Options, Exercised | -1,110,000 | ' |
Number of Shares Underlying Options, Forfeited | -33,000 | ' |
Number of Shares Underlying Options, Outstanding at end of period | 4,902,000 | 4,927,000 |
Vested and expected to vest - end of period | 4,853,000 | ' |
Weighted Average Exercise Price Per Share, Outstanding at beginning of period | $6.95 | ' |
Weighted Average Exercise Price Per Share, Granted | $7.05 | ' |
Weighted Average Exercise Price Per Share, Exercised | $5.06 | ' |
Weighted Average Exercise Price Per Share, Forfeited | $8.43 | ' |
Weighted Average Exercise Price Per Share, Outstanding at end of period | $7.40 | $6.95 |
Vested and expected to vest - end of period | $7.40 | ' |
Weighted Average Remaining Contractual Term, Outstanding balance | '2 years 10 months 21 days | '2 years 10 months 6 days |
Weighted Average Remaining Contractual Term, Granted | '4 years 5 months 5 days | ' |
Weighted Average Remaining Contractual Term, Exercised | '11 months 12 days | ' |
Weighted Average Remaining Contractual Term, Forfeited | '2 years 6 months 18 days | ' |
Vested and expected to vest - end of period | '2 years 10 months 21 days | ' |
Aggregate Intrinsic Value, Outstanding at beginning of period | $2.81 | ' |
Aggregate Intrinsic Value, Outstanding at end of period | 2.31 | 2.81 |
Vested and expected to vest - end of period | $2.29 | ' |
Stockbased_Compensation_Summar
Stock-based Compensation - Summary of Restricted Stock Activity (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2014 | Sep. 30, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' |
Restricted Stock, Outstanding at the beginning of period | ' | 100,000 |
Restricted Stock, Granted | ' | 99,468 |
Restricted Stock, Vested | ' | -31,600 |
Restricted Stock, Forfeited | ' | 0 |
Restricted Stock, Outstanding at the end of period | 167,868 | 167,868 |
Restricted Stock | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' |
Restricted Stock, Granted | 0 | ' |
Grant Date Fair Value Per Share, Outstanding at the beginning of period | ' | $5.89 |
Grant Date Fair Value Per Share, Granted | ' | $6.98 |
Grant Date Fair Value Per Share, Vested | ' | $6.98 |
Grant Date Fair Value Per Share, Forfeited | ' | $0 |
Grant Date Fair Value Per Share, Outstanding at the end of period | $6.32 | $6.32 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Oct. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
Gabon | Gabon | Angola | Angola | Scenario Forecast | Scenario Forecast | |||
Well | Subsequent Event | Gabon | Angola | |||||
acre | Well | |||||||
Commitments And Contingencies (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Cash funding arrangement for abandonment of the offshore wells, platforms and facilities | ' | ' | ' | $2,400,000 | ' | ' | $1,200,000 | ' |
Number of exploration wells | ' | ' | ' | ' | 2 | ' | ' | ' |
Area under acquire property exploration rights agreement term | ' | ' | ' | ' | 1,400,000 | ' | ' | ' |
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 extended by government | ' | ' | ' | ' | '3 years | ' | ' | ' |
Exploration activities new expiry date | ' | ' | ' | ' | ' | 30-Nov-17 | ' | ' |
Number of additional exploration wells due to exploration period extension | ' | ' | ' | ' | ' | 2 | ' | ' |
Number of total exploration wells | ' | ' | ' | ' | ' | 4 | ' | ' |
Total assessment of the exploration | ' | ' | ' | ' | ' | 10,000,000 | ' | ' |
Assessment net to VAALCO | ' | ' | ' | ' | ' | 5,000,000 | ' | ' |
Number of well satisfying well obligation | ' | ' | ' | ' | 1 | ' | ' | ' |
Decrease in restricted cash | ' | ' | ' | ' | 5,000,000 | ' | ' | ' |
Recorded restricted cash | ' | ' | ' | ' | 10,000,000 | ' | ' | 10,000,000 |
Asset retirement obligation | 13,659,000 | 11,463,000 | ' | ' | ' | ' | ' | ' |
Undeveloped leasehold capitalized | ' | ' | $800,000 | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Asset Retirement Obligations (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Asset Retirement Obligation Disclosure [Line Items] | ' |
Beginning Balance | $11,463 |
Accretion Expense | 414 |
Additions | 2,143 |
Settlements | -361 |
Ending Balance | $13,659 |
Capitalization_of_Exploratory_2
Capitalization of Exploratory Well Costs - Additional Information (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Capitalized Costs Relating To Oil And Gas Producing Activities By Geographic Area [Line Items] | ' |
Accounting Standard Code for Extractive Industries followed for capitalization purposes - ASC Topic 932 | 'ASC Topic 932bExtractive Industries provides that the cost of an exploratory well shall be capitalized as part of the entitybs uncompleted wells pending the determination of whether the well has found proved reserves. Further, an exploration well that discovers oil and gas reserves, but those reserves cannot be classified as proved when drilling is completed, shall be capitalized if the well has found a sufficient quantity of reserves to justify its completion as a producing well and the entity is making sufficient progress assessing the reserves and the economic and operating viability of the project. If either condition is not met, the exploration well that is not brought on to production would be assumed to be impaired and its costs would be charged to expense. |
North Tchibala | ' |
Capitalized Costs Relating To Oil And Gas Producing Activities By Geographic Area [Line Items] | ' |
Capitalization on development plan | 7.8 |
Mutamba Iroru | ' |
Capitalized Costs Relating To Oil And Gas Producing Activities By Geographic Area [Line Items] | ' |
Capitalization on development plan | 8.9 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Jan. 31, 2014 | Sep. 30, 2014 |
In Millions, unless otherwise specified | Maximum | ||
Debt (Textual) [Abstract] | ' | ' | ' |
Maximum borrowing capacity under loan agreement | ' | $65 | ' |
Borrowings under credit facility | $15 | ' | ' |
Debt to equity ratio | ' | ' | 1.5 |
Net debt ratio to EBITDAX | ' | ' | 3 |
Capitalization_of_Interest_Add
Capitalization of Interest - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 |
Interest expense | $0.30 | $0.80 |
Segment_Information_Segment_Ac
Segment Information - Segment Activity (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | $24,486 | $37,740 | $104,659 | $110,995 | ' |
Income (loss) from operations | 6,687 | 8,104 | 39,870 | 41,274 | ' |
Total assets | 362,856 | ' | 362,856 | ' | 308,167 |
Operating Segments | Corporate and Other | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Income (loss) from operations | -1,966 | -611 | -5,580 | -4,091 | ' |
Total assets | 25,714 | ' | 25,714 | ' | 20,211 |
Operating Segments | Gabon | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 24,132 | 37,253 | 103,507 | 109,482 | ' |
Income (loss) from operations | 10,326 | 14,156 | 49,239 | 59,871 | ' |
Total assets | 302,356 | ' | 302,356 | ' | 256,033 |
Operating Segments | Angola | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Income (loss) from operations | -1,319 | -538 | -3,165 | -2,120 | ' |
Total assets | 15,066 | ' | 15,066 | ' | 12,204 |
Operating Segments | Equatorial Guinea | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Income (loss) from operations | -254 | -149 | -591 | -604 | ' |
Total assets | 10,223 | ' | 10,223 | ' | 10,059 |
Operating Segments | USA | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 354 | 487 | 1,152 | 1,513 | ' |
Income (loss) from operations | -100 | -4,754 | -33 | -11,782 | ' |
Total assets | $9,497 | ' | $9,497 | ' | $9,660 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 9 Months Ended | 0 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2014 | Oct. 31, 2014 | Oct. 31, 2014 |
Angola | Angola | Subsequent Event | Subsequent Event | |
Well | Scenario Forecast | Angola | ||
Well | ||||
Subsequent Event [Line Items] | ' | ' | ' | ' |
Production barrels of oil per day gross | ' | ' | 2,500 | ' |
Production barrels of oil per day net | ' | ' | 700 | ' |
Exploration activities expiry date | 30-Nov-14 | ' | ' | ' |
Number of additional exploration wells due to exploration period extension | ' | ' | ' | 2 |
Number of total exploration wells | ' | ' | ' | 4 |
Total assessment of the exploration | ' | ' | ' | $10 |
Assessment net to VAALCO | ' | ' | ' | 5 |
Recorded restricted cash | 10 | 10 | ' | ' |
Number of well satisfying well obligation | 1 | ' | ' | ' |
Decrease in restricted cash | $5 | ' | ' | ' |