10-Q Filing

VAALCO ENERGY INC /DE/ CIK: 894627 Q1 2013

Filing Information

Form Type	10-Q
Accession Number	`0001193125-13-210992`
Period End Date	20130331
Filing Date	20130509
Fiscal Year	2013
Fiscal Period	Q1
XBRL Instance	egy-20130331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 39 Cash Flow Statement 53 Stockholders Equity 15

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Allowance for accounts with partners	`AllowanceForDoubtfulAccountsReceivableCurrent`	$6.00M	USD	Point-in-time
Allowance for accounts with partners	`AllowanceForDoubtfulAccountsReceivableCurrent`	$6.90M	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`	$140.33M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$102.64M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$130.80M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$137.14M	USD	Point-in-time
Restricted cash	`FundsInEscrowCurrent`	$1.26M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	63.14M	shares	Point-in-time
Restricted cash	`FundsInEscrowCurrent`	$2.08M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	63.17M	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`	$24.50M	USD	Point-in-time
Trade	`ReceivablesNetCurrent`	$7.96M	USD	Point-in-time
Accounts with partners, net of allowance of $6.9 million and $6.0 million at March 31,2013 and December 31, 2012 respectively	`DueFromRelatedPartiesCurrent`	$689.00K	USD	Point-in-time
Accounts with partners, net of allowance of $6.9 million and $6.0 million at March 31,2013 and December 31, 2012 respectively	`DueFromRelatedPartiesCurrent`	$1.27M	USD	Point-in-time
Other	`OtherAssetsCurrent`	$4.46M	USD	Point-in-time
Other	`OtherAssetsCurrent`	$7.54M	USD	Point-in-time
Crude oil inventory	`InventoryCrudeOilProductsAndMerchandise`	$683.00K	USD	Point-in-time
Crude oil inventory	`InventoryCrudeOilProductsAndMerchandise`	$259.00K	USD	Point-in-time
Materials and supplies	`OtherInventorySupplies`	$337.00K	USD	Point-in-time
Materials and supplies	`OtherInventorySupplies`	$325.00K	USD	Point-in-time
Prepayments and other	`PrepaidExpenseAndOtherAssets`	$2.68M	USD	Point-in-time
Prepayments and other	`PrepaidExpenseAndOtherAssets`	$2.94M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$149.12M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$141.28M	USD	Point-in-time
Wells, platforms and other production facilities	`CapitalizedCostsProvedProperties`	$188.21M	USD	Point-in-time
Wells, platforms and other production facilities	`CapitalizedCostsProvedProperties`	$188.91M	USD	Point-in-time
Undeveloped acreage	`UndevelopedAcreage`	$28.66M	USD	Point-in-time
Undeveloped acreage	`UndevelopedAcreage`	$28.66M	USD	Point-in-time
Work in progress	`ConstructionInProgressGross`	$53.62M	USD	Point-in-time
Work in progress	`ConstructionInProgressGross`	$38.14M	USD	Point-in-time
Equipment and other	`PropertyPlantAndEquipmentOther`	$6.73M	USD	Point-in-time
Equipment and other	`PropertyPlantAndEquipmentOther`	$7.57M	USD	Point-in-time
Property, plant and equipment, gross, Total	`PropertyPlantAndEquipmentGross`	$262.58M	USD	Point-in-time
Property, plant and equipment, gross, Total	`PropertyPlantAndEquipmentGross`	$277.92M	USD	Point-in-time
Accumulated depreciation, depletion and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$159.30M	USD	Point-in-time
Accumulated depreciation, depletion and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$155.97M	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$118.62M	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$106.61M	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`	$10.87M	USD	Point-in-time
Restricted cash	`FundsInEscrowNoncurrent`	$10.87M	USD	Point-in-time
Total assets	`Assets`	$272.13M	USD	Point-in-time
Total assets	`Assets`	$267.96M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$35.19M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$30.33M	USD	Point-in-time
Accounts with partners	`AccountsWithPartners`	$14.74M	USD	Point-in-time
Accounts with partners	`AccountsWithPartners`	$4.93M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$40.12M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$45.06M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$10.37M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$10.75M	USD	Point-in-time
Total liabilities	`Liabilities`	$55.43M	USD	Point-in-time
Total liabilities	`Liabilities`	$50.88M	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, 63,167,438 and 63,135,772 shares issued with 5,257,638 and 5,257,638 shares in treasury at March 31, 2013 and December 31, 2012, respectively	`CommonStockValue`	$6.31M	USD	Point-in-time
Common stock, $0.10 par value, 100,000,000 authorized shares, 63,167,438 and 63,135,772 shares issued with 5,257,638 and 5,257,638 shares in treasury at March 31, 2013 and December 31, 2012, respectively	`CommonStockValue`	$6.32M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$48.82M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$50.35M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$181.37M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$188.56M	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`	$221.25M	USD	Point-in-time
Total VAALCO Energy, Inc. shareholders' equity	`StockholdersEquity`	$212.53M	USD	Point-in-time
Total Liabilities and Equity	`LiabilitiesAndStockholdersEquity`	$272.13M	USD	Point-in-time
Total Liabilities and Equity	`LiabilitiesAndStockholdersEquity`	$267.96M	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`	$44.14M	USD	1 Quarter
Production expense	`OilAndGasProductionExpense`	$5.53M	USD	1 Quarter
Production expense	`OilAndGasProductionExpense`	$8.38M	USD	1 Quarter
Exploration expense	`ExplorationExpense`	$853.00K	USD	1 Quarter
Exploration expense	`ExplorationExpense`	$6.11M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$3.63M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$5.00M	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$3.64M	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$3.48M	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$879.00K	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$315.00K	USD	1 Quarter
Total operating costs and expenses	`CostsAndExpenses`	$15.18M	USD	1 Quarter
Total operating costs and expenses	`CostsAndExpenses`	$22.63M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$21.50M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$30.11M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$25.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$41.00K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$200.00K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-94.00K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$241.00K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-69.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$21.43M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$30.35M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$14.25M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$19.82M	USD	1 Quarter
Net income	`ProfitLoss`	$7.19M	USD	1 Quarter
Net income	`ProfitLoss`	$10.53M	USD	1 Quarter
Less net income attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$1.51M	USD	1 Quarter
Net income attributable to VAALCO Energy, Inc.	`NetIncomeLoss`	$7.19M	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`	$0.12	USD	1 Quarter
Diluted net income per share attributable to VAALCO Energy, Inc. common shareholders	`EarningsPerShareDiluted`	$0.15	USD	1 Quarter
Diluted net income per share attributable to VAALCO Energy, Inc. common shareholders	`EarningsPerShareDiluted`	$0.12	USD	1 Quarter
Basic weighted shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	57.20M	shares	1 Quarter
Basic weighted shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	57.91M	shares	1 Quarter
Diluted weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	59.07M	shares	1 Quarter
Diluted weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	58.31M	shares	1 Quarter

Cash Flow Statement 53 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$7.19M	USD	1 Quarter
Net income	`ProfitLoss`	$10.53M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$3.63M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$5.00M	USD	1 Quarter
Unrealized foreign exchange loss (gain)	`ForeignCurrencyTransactionGainLossUnrealized`	$-22.00K	USD	1 Quarter
Unrealized foreign exchange loss (gain)	`ForeignCurrencyTransactionGainLossUnrealized`	$142.00K	USD	1 Quarter
Dry hole costs	`ExplorationAbandonmentAndImpairmentExpense`	$4.90M	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$1.35M	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$1.41M	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$879.00K	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$315.00K	USD	1 Quarter
Trade receivables	`IncreaseDecreaseInAccountsReceivable`	$16.54M	USD	1 Quarter
Trade receivables	`IncreaseDecreaseInAccountsReceivable`	$-9.44M	USD	1 Quarter
Accounts with partners	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$11.26M	USD	1 Quarter
Accounts with partners	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$7.09M	USD	1 Quarter
Other receivables	`IncreaseDecreaseInOtherReceivables`	$3.02M	USD	1 Quarter
Other receivables	`IncreaseDecreaseInOtherReceivables`	$3.12M	USD	1 Quarter
Crude oil inventory	`IncreaseDecreaseInFuelInventories`	$498.00K	USD	1 Quarter
Crude oil inventory	`IncreaseDecreaseInFuelInventories`	$-287.00K	USD	1 Quarter
Materials and supplies	`IncreaseDecreaseInRawMaterialsPackagingMaterialsAndSuppliesInventories`	$215.00K	USD	1 Quarter
Materials and supplies	`IncreaseDecreaseInRawMaterialsPackagingMaterialsAndSuppliesInventories`	$-12.00K	USD	1 Quarter
Prepayments and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-256.00K	USD	1 Quarter
Prepayments and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.80M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$3.28M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$2.38M	USD	1 Quarter
Net cash provided (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$15.16M	USD	1 Quarter
Net cash provided (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-8.97M	USD	1 Quarter
Restricted cash	`IncreaseDecreaseInRestrictedCash`	$818.00K	USD	1 Quarter
Restricted cash	`IncreaseDecreaseInRestrictedCash`	$-367.00K	USD	1 Quarter
Property and equipment expenditures	`PaymentsToAcquireOilAndGasPropertyAndEquipment`	$10.74M	USD	1 Quarter
Property and equipment expenditures	`PaymentsToAcquireOilAndGasPropertyAndEquipment`	$18.37M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-19.19M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-10.37M	USD	1 Quarter
Distribution to noncontrolling interest	`PaymentsOfDividendsMinorityInterest`	-	USD	1 Quarter
Distribution to noncontrolling interest	`PaymentsOfDividendsMinorityInterest`	$1.60M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.60M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
NET CHANGE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-28.16M	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`	$140.33M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$102.64M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$130.80M	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`	$140.33M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$102.64M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$130.80M	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`	$25.05M	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$9.74M	USD	1 Quarter
Property and equipment additions incurred during period but not paid at period end	`CapitalExpendituresIncurredButNotYetPaid`	$11.78M	USD	1 Quarter
Property and equipment additions incurred during period but not paid at period end	`CapitalExpendituresIncurredButNotYetPaid`	$12.54M	USD	1 Quarter
Receivable from employees for stock option exercise	`ReceivableFromEmployeesForStockOptionExercise`	$916.00K	USD	1 Quarter
Receivable from employees for stock option exercise	`ReceivableFromEmployeesForStockOptionExercise`	$135.00K	USD	1 Quarter

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$244.26M	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$212.53M	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$221.25M	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$233.07M	USD	Point-in-time
Proceeds from stock issuance	`StockIssuedDuringPeriodValueNewIssues`	$135.00K	USD	1 Quarter
Proceeds from stock issuance	`StockIssuedDuringPeriodValueNewIssues`	$916.00K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$1.35M	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$1.41M	USD	1 Quarter
Net income	`ProfitLoss`	$7.19M	USD	1 Quarter
Net income	`ProfitLoss`	$10.53M	USD	1 Quarter
Distrib. to noncontrolling interest	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$1.60M	USD	1 Quarter
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$244.26M	USD	Point-in-time
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$212.53M	USD	Point-in-time
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$221.25M	USD	Point-in-time
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$233.07M	USD	Point-in-time

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