10-Q Filing

VAALCO ENERGY INC /DE/ CIK: 894627 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001564590-14-001875`
Period End Date	20140331
Filing Date	20140507
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	egy-20140331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 75 Income Statement 35 Cash Flow Statement 50 Stockholders Equity 8

Balance Sheet 75 line items

Line Item	Tag	Value	Unit	Period
Allowance for accounts with partners	`AllowanceForDoubtfulAccountsReceivableCurrent`	-	USD	Point-in-time
Cash and cash equivalent	`CashAndCashEquivalentsAtCarryingValue`	$130.80M	USD	Point-in-time
Cash and cash equivalent	`CashAndCashEquivalentsAtCarryingValue`	$102.64M	USD	Point-in-time
Cash and cash equivalent	`CashAndCashEquivalentsAtCarryingValue`	$130.53M	USD	Point-in-time
Cash and cash equivalent	`CashAndCashEquivalentsAtCarryingValue`	$80.72M	USD	Point-in-time
Allowance for accounts with partners	`AllowanceForDoubtfulAccountsReceivableCurrent`	$7.60M	USD	Point-in-time
Restricted Cash	`FundsInEscrowCurrent`	$12.16M	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
Restricted Cash	`FundsInEscrowCurrent`	$12.37M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	64.01M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	63.98M	shares	Point-in-time
Trade	`ReceivablesNetCurrent`	$16.97M	USD	Point-in-time
Trade	`ReceivablesNetCurrent`	$87.00K	USD	Point-in-time
Accounts with partners, net of allowance of zero at March 31, 2014 and $7.6 million at December 31, 2013	`DueFromRelatedPartiesCurrent`	$307.00K	USD	Point-in-time
Accounts with partners, net of allowance of zero at March 31, 2014 and $7.6 million at December 31, 2013	`DueFromRelatedPartiesCurrent`	$40.96M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	7.09M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	7.16M	shares	Point-in-time
Other	`OtherAssetsCurrent`	$4.46M	USD	Point-in-time
Other	`OtherAssetsCurrent`	$4.43M	USD	Point-in-time
Crude oil inventory	`InventoryCrudeOilProductsAndMerchandise`	$1.15M	USD	Point-in-time
Crude oil inventory	`InventoryCrudeOilProductsAndMerchandise`	$352.00K	USD	Point-in-time
Materials & supplies	`OtherInventorySupplies`	$164.00K	USD	Point-in-time
Materials & supplies	`OtherInventorySupplies`	$468.00K	USD	Point-in-time
Prepayments and others	`PrepaidExpenseAndOtherAssets`	$6.31M	USD	Point-in-time
Prepayments and others	`PrepaidExpenseAndOtherAssets`	$2.34M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$146.32M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$167.46M	USD	Point-in-time
Wells, platforms and other production facilities	`CapitalizedCostsProvedProperties`	$217.81M	USD	Point-in-time
Wells, platforms and other production facilities	`CapitalizedCostsProvedProperties`	$215.70M	USD	Point-in-time
Undeveloped acreage	`UndevelopedAcreage`	$23.70M	USD	Point-in-time
Undeveloped acreage	`UndevelopedAcreage`	$22.92M	USD	Point-in-time
Work in progress	`ConstructionInProgressGross`	$64.49M	USD	Point-in-time
Work in progress	`ConstructionInProgressGross`	$74.31M	USD	Point-in-time
Equipment & other	`PropertyPlantAndEquipmentOther`	$7.80M	USD	Point-in-time
Equipment & other	`PropertyPlantAndEquipmentOther`	$6.83M	USD	Point-in-time
Property, plant and equipment, gross, Total	`PropertyPlantAndEquipmentGross`	$310.73M	USD	Point-in-time
Property, plant and equipment, gross, Total	`PropertyPlantAndEquipmentGross`	$322.84M	USD	Point-in-time
Accumulated depreciation , depletion and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$176.00M	USD	Point-in-time
Accumulated depreciation , depletion and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$172.20M	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$146.84M	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$138.52M	USD	Point-in-time
Restricted cash	`FundsInEscrowNoncurrent`	$830.00K	USD	Point-in-time
Restricted cash	`FundsInEscrowNoncurrent`	$830.00K	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$1.35M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$1.35M	USD	Point-in-time
Deferred finance charge	`DeferredFinanceCostsNoncurrentNet`	$1.72M	USD	Point-in-time
Total Assets	`Assets`	$308.17M	USD	Point-in-time
Total Assets	`Assets`	$297.06M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$42.56M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$38.45M	USD	Point-in-time
Accounts with partners	`AccountsWithPartners`	$3.27M	USD	Point-in-time
Accounts with partners	`AccountsWithPartners`	$1.73M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$40.18M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$45.83M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$11.63M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$11.46M	USD	Point-in-time
Total Liabilities	`Liabilities`	$57.29M	USD	Point-in-time
Total Liabilities	`Liabilities`	$51.81M	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, 63,976,646 and 64,012,914 shares issued with 7,094,705 and 7,162,573 shares in treasury at March 31, 2014 and December 31, 2013 respectively	`CommonStockValue`	$6.41M	USD	Point-in-time
Common stock, $0.10 par value, 100,000,000 authorized shares, 63,976,646 and 64,012,914 shares issued with 7,094,705 and 7,162,573 shares in treasury at March 31, 2014 and December 31, 2013 respectively	`CommonStockValue`	$6.41M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$55.45M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$56.50M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$217.40M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$224.44M	USD	Point-in-time
Less treasury stock, at cost	`TreasuryStockValue`	$35.06M	USD	Point-in-time
Less treasury stock, at cost	`TreasuryStockValue`	$35.43M	USD	Point-in-time
Total Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$250.87M	USD	Point-in-time
Total Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$245.25M	USD	Point-in-time
Total Liabilities & Owners' Equity	`LiabilitiesAndStockholdersEquity`	$297.06M	USD	Point-in-time
Total Liabilities & Owners' Equity	`LiabilitiesAndStockholdersEquity`	$308.17M	USD	Point-in-time

Income Statement 35 line items

Line Item	Tag	Value	Unit	Period
Oil and gas sales	`OilAndGasSalesRevenue`	$44.14M	USD	1 Quarter
Oil and gas sales	`OilAndGasSalesRevenue`	$28.07M	USD	1 Quarter
Production expenses	`OilAndGasProductionExpense`	$9.65M	USD	1 Quarter
Production expenses	`OilAndGasProductionExpense`	$8.38M	USD	1 Quarter
Exploration expenses	`ExplorationExpense`	$11.32M	USD	1 Quarter
Exploration expenses	`ExplorationExpense`	$6.11M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$4.16M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$3.63M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$3.64M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$3.59M	USD	1 Quarter
Bad debt expense and other expenses	`OtherCostAndExpenseOperating`	$879.00K	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$28.72M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$22.63M	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$-650.00K	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$21.50M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$25.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$29.00K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-291.00K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-94.00K	USD	1 Quarter
Total other expenses	`NonoperatingIncomeExpense`	$-69.00K	USD	1 Quarter
Total other expenses	`NonoperatingIncomeExpense`	$-262.00K	USD	1 Quarter
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$21.43M	USD	1 Quarter
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-912.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$14.25M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$6.13M	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$-7.04M	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$7.19M	USD	1 Quarter
Basic net (loss) income per share attributable to VAALCO Energy, Inc. common shareholders	`EarningsPerShareBasic`	$0.12	USD	1 Quarter
Basic net (loss) income per share attributable to VAALCO Energy, Inc. common shareholders	`EarningsPerShareBasic`	$-0.12	USD	1 Quarter
Diluted net (loss) income per share attributable to VAALCO Energy, Inc. common shareholders	`EarningsPerShareDiluted`	$-0.12	USD	1 Quarter
Diluted net (loss) income per share attributable to VAALCO Energy, Inc. common shareholders	`EarningsPerShareDiluted`	$0.12	USD	1 Quarter
Basic weighted-average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	57.91M	shares	1 Quarter
Basic weighted-average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	56.86M	shares	1 Quarter
Diluted weighted-average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	59.07M	shares	1 Quarter
Diluted weighted-average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	56.86M	shares	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-7.04M	USD	1 Quarter
Net loss	`ProfitLoss`	$7.19M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$4.16M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$3.63M	USD	1 Quarter
Unrealized foreign exchange loss	`ForeignCurrencyTransactionGainLossUnrealized`	$-22.00K	USD	1 Quarter
Unrealized foreign exchange loss	`ForeignCurrencyTransactionGainLossUnrealized`	$-22.00K	USD	1 Quarter
Dry hole costs and impairment loss on unproved leasehold	`ExplorationAbandonmentAndImpairmentExpense`	$10.51M	USD	1 Quarter
Dry hole costs and impairment loss on unproved leasehold	`ExplorationAbandonmentAndImpairmentExpense`	$4.90M	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$1.41M	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$1.42M	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$879.00K	USD	1 Quarter
Trade receivables	`IncreaseDecreaseInAccountsReceivable`	$-16.89M	USD	1 Quarter
Trade receivables	`IncreaseDecreaseInAccountsReceivable`	$16.54M	USD	1 Quarter
Accounts with partners	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$11.26M	USD	1 Quarter
Accounts with partners	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$42.19M	USD	1 Quarter
Other receivables	`IncreaseDecreaseInOtherReceivables`	$3.02M	USD	1 Quarter
Other receivables	`IncreaseDecreaseInOtherReceivables`	$108.00K	USD	1 Quarter
Crude oil inventory	`IncreaseDecreaseInFuelInventories`	$996.00K	USD	1 Quarter
Crude oil inventory	`IncreaseDecreaseInFuelInventories`	$-287.00K	USD	1 Quarter
Materials and supplies	`IncreaseDecreaseInRawMaterialsPackagingMaterialsAndSuppliesInventories`	$-12.00K	USD	1 Quarter
Materials and supplies	`IncreaseDecreaseInRawMaterialsPackagingMaterialsAndSuppliesInventories`	$304.00K	USD	1 Quarter
Prepayment and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-256.00K	USD	1 Quarter
Prepayment and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.98M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$3.28M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.92M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-8.97M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-23.54M	USD	1 Quarter
Decrease (increase) in restricted cash	`IncreaseDecreaseInRestrictedCash`	$818.00K	USD	1 Quarter
Decrease (increase) in restricted cash	`IncreaseDecreaseInRestrictedCash`	$-207.00K	USD	1 Quarter
Property and equipment expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$18.37M	USD	1 Quarter
Property and equipment expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$24.75M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-24.54M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-19.19M	USD	1 Quarter
Debt issuance costs capitalized	`PaymentsOfDebtIssuanceCosts`	$1.72M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.72M	USD	1 Quarter
Net Change in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-49.81M	USD	1 Quarter
Net Change in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-28.16M	USD	1 Quarter
Cash and Cash Equivalent at Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$130.80M	USD	Point-in-time
Cash and Cash Equivalent at Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$102.64M	USD	Point-in-time
Cash and Cash Equivalent at Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$130.53M	USD	Point-in-time
Cash and Cash Equivalent at Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$80.72M	USD	Point-in-time
Cash and Cash Equivalent at End of Period	`CashAndCashEquivalentsAtCarryingValue`	$130.80M	USD	Point-in-time
Cash and Cash Equivalent at End of Period	`CashAndCashEquivalentsAtCarryingValue`	$102.64M	USD	Point-in-time
Cash and Cash Equivalent at End of Period	`CashAndCashEquivalentsAtCarryingValue`	$130.53M	USD	Point-in-time
Cash and Cash Equivalent at End of Period	`CashAndCashEquivalentsAtCarryingValue`	$80.72M	USD	Point-in-time
Income taxes paid	`IncomeTaxesPaid`	$9.54M	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	$9.74M	USD	1 Quarter
Investment in property and equipment not paid	`CapitalExpendituresIncurredButNotYetPaid`	$11.30M	USD	1 Quarter
Investment in property and equipment not paid	`CapitalExpendituresIncurredButNotYetPaid`	$11.78M	USD	1 Quarter
Receivable from employees for stock option exercise	`ReceivableFromEmployeesForStockOptionExercise`	$135.00K	USD	1 Quarter

Stockholders Equity 8 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$250.87M	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$245.25M	USD	Point-in-time
Stock based compensation	`ShareBasedCompensation`	$1.41M	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$1.42M	USD	1 Quarter
Net loss	`ProfitLoss`	$-7.04M	USD	1 Quarter
Net loss	`ProfitLoss`	$7.19M	USD	1 Quarter
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$250.87M	USD	Point-in-time
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$245.25M	USD	Point-in-time

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