10-Q Filing

VAALCO ENERGY INC /DE/ CIK: 894627 Q1 2012

Filing Information

Form Type	10-Q
Accession Number	`0001193125-12-218420`
Period End Date	20120331
Filing Date	20120508
Fiscal Year	2012
Fiscal Period	Q1
XBRL Instance	egy-20120331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 39 Cash Flow Statement 51 Stockholders Equity 16

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Receivables accounts with partners, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$4.40M	USD	Point-in-time
Receivables accounts with partners, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$4.70M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$81.23M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$92.61M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$140.33M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$137.14M	USD	Point-in-time
Restricted cash	`FundsInEscrowCurrent`	$947.00K	USD	Point-in-time
Restricted cash	`FundsInEscrowCurrent`	$1.31M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	62.58M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	62.38M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	5.26M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	5.26M	shares	Point-in-time
Trade	`ReceivablesNetCurrent`	$10.09M	USD	Point-in-time
Trade	`ReceivablesNetCurrent`	$643.00K	USD	Point-in-time
Accounts with partners, net of allowance of $4.7 million and $4.4 million at March 31, 2012 and December 31, 2011 respectively	`DueFromRelatedPartiesCurrent`	$6.97M	USD	Point-in-time
Accounts with partners, net of allowance of $4.7 million and $4.4 million at March 31, 2012 and December 31, 2011 respectively	`DueFromRelatedPartiesCurrent`	$13.65M	USD	Point-in-time
Other	`OtherAssetsCurrent`	$8.42M	USD	Point-in-time
Other	`OtherAssetsCurrent`	$4.24M	USD	Point-in-time
Crude oil inventory	`InventoryCrudeOilProductsAndMerchandise`	$757.00K	USD	Point-in-time
Crude oil inventory	`InventoryCrudeOilProductsAndMerchandise`	$1.84M	USD	Point-in-time
Materials and supplies	`OtherInventorySupplies`	$450.00K	USD	Point-in-time
Materials and supplies	`OtherInventorySupplies`	$235.00K	USD	Point-in-time
Prepayments and other	`PrepaidExpenseAndOtherAssets`	$2.18M	USD	Point-in-time
Prepayments and other	`PrepaidExpenseAndOtherAssets`	$4.97M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$162.92M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$171.25M	USD	Point-in-time
Wells, platforms and other production facilities	`CapitalizedCostsProvedProperties`	$178.65M	USD	Point-in-time
Wells, platforms and other production facilities	`CapitalizedCostsProvedProperties`	$192.21M	USD	Point-in-time
Undeveloped acreage	`UndevelopedAcreage`	$25.34M	USD	Point-in-time
Undeveloped acreage	`UndevelopedAcreage`	$24.65M	USD	Point-in-time
Work in progress	`ConstructionInProgressGross`	$22.53M	USD	Point-in-time
Work in progress	`ConstructionInProgressGross`	$20.70M	USD	Point-in-time
Equipment and other	`PropertyPlantAndEquipmentOther`	$4.54M	USD	Point-in-time
Equipment and other	`PropertyPlantAndEquipmentOther`	$6.79M	USD	Point-in-time
Property, Plant and Equipment, Gross, Total	`PropertyPlantAndEquipmentGross`	$229.24M	USD	Point-in-time
Property, Plant and Equipment, Gross, Total	`PropertyPlantAndEquipmentGross`	$246.17M	USD	Point-in-time
Accumulated depreciation, depletion and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$129.40M	USD	Point-in-time
Accumulated depreciation, depletion and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$134.73M	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$111.43M	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$99.85M	USD	Point-in-time
Deferred tax asset	`DeferredTaxAssetsNetNoncurrent`	$1.35M	USD	Point-in-time
Deferred tax asset	`DeferredTaxAssetsNetNoncurrent`	$1.35M	USD	Point-in-time
Restricted cash	`FundsInEscrowNoncurrent`	$10.89M	USD	Point-in-time
Restricted cash	`FundsInEscrowNoncurrent`	$10.89M	USD	Point-in-time
Total assets	`Assets`	$275.01M	USD	Point-in-time
Total assets	`Assets`	$294.93M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$33.46M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$25.09M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$33.46M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$25.09M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$14.87M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$14.53M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$2.33M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$2.33M	USD	Point-in-time
Total liabilities	`Liabilities`	$41.95M	USD	Point-in-time
Total liabilities	`Liabilities`	$50.66M	USD	Point-in-time
Commitments and contingencies (Note 4)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 4)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.10 par value, 100,000,000 authorized shares, 62,581,563 and 62,376,563 shares issued with 5,257,638 and 5,257,638 shares in treasury at March 31, 2012 and December 31, 2011, respectively	`CommonStockValue`	$6.24M	USD	Point-in-time
Common stock, $0.10 par value, 100,000,000 authorized shares, 62,581,563 and 62,376,563 shares issued with 5,257,638 and 5,257,638 shares in treasury at March 31, 2012 and December 31, 2011, respectively	`CommonStockValue`	$6.26M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$66.12M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$68.37M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$189.76M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$180.74M	USD	Point-in-time
Less treasury stock, at cost	`TreasuryStockValue`	$23.98M	USD	Point-in-time
Less treasury stock, at cost	`TreasuryStockValue`	$23.98M	USD	Point-in-time
Total VAALCO Energy, Inc. shareholders' equity	`StockholdersEquity`	$240.41M	USD	Point-in-time
Total VAALCO Energy, Inc. shareholders' equity	`StockholdersEquity`	$229.12M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$3.94M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$3.85M	USD	Point-in-time
Total Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$209.93M	USD	Point-in-time
Total Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$244.26M	USD	Point-in-time
Total Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$196.24M	USD	Point-in-time
Total Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$233.07M	USD	Point-in-time
Total Liabilities and Equity	`LiabilitiesAndStockholdersEquity`	$275.01M	USD	Point-in-time
Total Liabilities and Equity	`LiabilitiesAndStockholdersEquity`	$294.93M	USD	Point-in-time

Income Statement 39 line items

Line Item	Tag	Value	Unit	Period
Oil and gas sales	`OilAndGasSalesRevenue`	$45.29M	USD	1 Quarter
Oil and gas sales	`OilAndGasSalesRevenue`	$46.77M	USD	1 Quarter
Production expense	`OilAndGasProductionExpense`	$5.53M	USD	1 Quarter
Production expense	`OilAndGasProductionExpense`	$5.23M	USD	1 Quarter
Exploration expense	`ExplorationExpense`	$853.00K	USD	1 Quarter
Exploration expense	`ExplorationExpense`	$1.12M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$6.10M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$5.00M	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$2.98M	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$3.48M	USD	1 Quarter
Bad debt expenses	`ProvisionForDoubtfulAccounts`	$315.00K	USD	1 Quarter
Total operating costs and expenses	`CostsAndExpenses`	$15.43M	USD	1 Quarter
Total operating costs and expenses	`CostsAndExpenses`	$15.18M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$31.34M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$30.11M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$41.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$36.00K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$200.00K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-194.00K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-158.00K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$241.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$31.18M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$30.35M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$18.29M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$19.82M	USD	1 Quarter
Net income	`ProfitLoss`	$12.90M	USD	1 Quarter
Net income	`ProfitLoss`	$10.53M	USD	1 Quarter
Less net income attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$1.66M	USD	1 Quarter
Less net income attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$1.51M	USD	1 Quarter
Net income attributable to VAALCO Energy, Inc.	`NetIncomeLoss`	$11.24M	USD	1 Quarter
Net income attributable to VAALCO Energy, Inc.	`NetIncomeLoss`	$9.02M	USD	1 Quarter
Basic net income per share attributable to VAALCO Energy, Inc. common shareholders	`EarningsPerShareBasic`	$0.16	USD	1 Quarter
Basic net income per share attributable to VAALCO Energy, Inc. common shareholders	`EarningsPerShareBasic`	$0.20	USD	1 Quarter
Diluted net income per share attributable to VAALCO Energy, Inc. common shareholders	`EarningsPerShareDiluted`	$0.19	USD	1 Quarter
Diluted net income per share attributable to VAALCO Energy, Inc. common shareholders	`EarningsPerShareDiluted`	$0.15	USD	1 Quarter
Basic weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	56.97M	shares	1 Quarter
Basic weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	57.20M	shares	1 Quarter
Diluted weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	58.31M	shares	1 Quarter
Diluted weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	58.26M	shares	1 Quarter

Cash Flow Statement 51 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$12.90M	USD	1 Quarter
Net income	`ProfitLoss`	$10.53M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$6.10M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$5.00M	USD	1 Quarter
Unrealized foreign exchange loss (gain)	`ForeignCurrencyTransactionGainLossUnrealized`	$142.00K	USD	1 Quarter
Unrealized foreign exchange loss (gain)	`ForeignCurrencyTransactionGainLossUnrealized`	$-112.00K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$1.26M	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$1.35M	USD	1 Quarter
Bad debt provision	`ProvisionForDoubtfulAccounts`	$315.00K	USD	1 Quarter
Trade receivables	`IncreaseDecreaseInAccountsReceivable`	$-9.44M	USD	1 Quarter
Trade receivables	`IncreaseDecreaseInAccountsReceivable`	$-3.72M	USD	1 Quarter
Accounts with partners	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$324.00K	USD	1 Quarter
Accounts with partners	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$7.09M	USD	1 Quarter
Other receivables	`IncreaseDecreaseInOtherReceivables`	$548.00K	USD	1 Quarter
Other receivables	`IncreaseDecreaseInOtherReceivables`	$3.12M	USD	1 Quarter
Crude oil inventory	`IncreaseDecreaseInFuelInventories`	$498.00K	USD	1 Quarter
Crude oil inventory	`IncreaseDecreaseInFuelInventories`	$176.00K	USD	1 Quarter
Materials and supplies	`IncreaseDecreaseInRawMaterialsPackagingMaterialsAndSuppliesInventories`	$215.00K	USD	1 Quarter
Materials and supplies	`IncreaseDecreaseInRawMaterialsPackagingMaterialsAndSuppliesInventories`	$-29.00K	USD	1 Quarter
Prepayments and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.71M	USD	1 Quarter
Prepayments and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.80M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$2.38M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-7.57M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$13.79M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$15.16M	USD	1 Quarter
Restricted cash	`IncreaseDecreaseInRestrictedCash`	$-367.00K	USD	1 Quarter
Restricted cash	`IncreaseDecreaseInRestrictedCash`	$-3.55M	USD	1 Quarter
Property and equipment expenditures	`PaymentsToAcquireOilAndGasPropertyAndEquipment`	$5.47M	USD	1 Quarter
Property and equipment expenditures	`PaymentsToAcquireOilAndGasPropertyAndEquipment`	$10.74M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.93M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-10.37M	USD	1 Quarter
Proceeds from the issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$1.01M	USD	1 Quarter
Distribution to noncontrolling interest	`PaymentsOfDividendsMinorityInterest`	$1.50M	USD	1 Quarter
Distribution to noncontrolling interest	`PaymentsOfDividendsMinorityInterest`	$1.60M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-491.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.60M	USD	1 Quarter
NET CHANGE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$11.38M	USD	1 Quarter
NET CHANGE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$3.19M	USD	1 Quarter
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$81.23M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$92.61M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$140.33M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$137.14M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$81.23M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$92.61M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$140.33M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$137.14M	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaid`	$15.15M	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$25.05M	USD	1 Quarter
Property and equipment additions incurred during period but not paid at period end	`CapitalExpendituresIncurredButNotYetPaid`	$12.54M	USD	1 Quarter
Property and equipment additions incurred during period but not paid at period end	`CapitalExpendituresIncurredButNotYetPaid`	$566.00K	USD	1 Quarter
Receivable from employees for stock option exercise	`ReceivableFromEmployeesForStockOptionExercise`	$916.00K	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$209.93M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$244.26M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$196.24M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$233.07M	USD	Point-in-time
Proceeds from stock issuance	`StockIssuedDuringPeriodValueNewIssues`	$1.03M	USD	1 Quarter
Proceeds from stock issuance	`StockIssuedDuringPeriodValueNewIssues`	$916.00K	USD	1 Quarter
Stock based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.26M	USD	1 Quarter
Stock based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.35M	USD	1 Quarter
Net income	`ProfitLoss`	$12.90M	USD	1 Quarter
Net income	`ProfitLoss`	$10.53M	USD	1 Quarter
Distribution to noncontrolling interest	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$1.60M	USD	1 Quarter
Distribution to noncontrolling interest	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$1.50M	USD	1 Quarter
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$209.93M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$244.26M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$196.24M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$233.07M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.