10-Q Filing

VAALCO ENERGY INC /DE/ CIK: 894627 Q1 2015

Filing Information

Form Type	10-Q
Accession Number	`0001564590-15-003616`
Period End Date	20150331
Filing Date	20150507
Fiscal Year	2015
Fiscal Period	Q1
XBRL Instance	egy-20150331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 81 Income Statement 38 Cash Flow Statement 55 Stockholders Equity 9

Balance Sheet 81 line items

Line Item	Tag	Value	Unit	Period
Allowance for accounts with partners	`AllowanceForDoubtfulAccountsReceivableCurrent`	$7.60M	USD	Point-in-time
Allowance for accounts with partners	`AllowanceForDoubtfulAccountsReceivableCurrent`	$7.60M	USD	Point-in-time
Allowance for other receivable	`AllowanceForDoubtfulOtherReceivablesCurrent`	$2.40M	USD	Point-in-time
Allowance for other receivable	`AllowanceForDoubtfulOtherReceivablesCurrent`	$2.40M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$80.72M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$46.55M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$69.05M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$130.53M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$1.58M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$1.20M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	65.19M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	65.82M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	7.39M	shares	Point-in-time
Trade	`ReceivablesNetCurrent`	$19.53M	USD	Point-in-time
Trade	`ReceivablesNetCurrent`	$19.21M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	7.51M	shares	Point-in-time
Accounts with partners, net of allowance $7.6 million at March 31, 2015 and December 31, 2014	`DueFromRelatedPartiesCurrent`	$30.28M	USD	Point-in-time
Accounts with partners, net of allowance $7.6 million at March 31, 2015 and December 31, 2014	`DueFromRelatedPartiesCurrent`	$10.90M	USD	Point-in-time
Other, net of allowance of $2.4 million at March 31, 2015 and December 31, 2014	`OtherAssetsCurrent`	$3.29M	USD	Point-in-time
Other, net of allowance of $2.4 million at March 31, 2015 and December 31, 2014	`OtherAssetsCurrent`	$6.09M	USD	Point-in-time
Crude oil inventory	`InventoryCrudeOilProductsAndMerchandise`	$1.91M	USD	Point-in-time
Crude oil inventory	`InventoryCrudeOilProductsAndMerchandise`	$1.69M	USD	Point-in-time
Materials and supplies	`OtherInventorySupplies`	$233.00K	USD	Point-in-time
Materials and supplies	`OtherInventorySupplies`	$286.00K	USD	Point-in-time
Prepayments and other	`PrepaidExpenseAndOtherAssets`	$6.51M	USD	Point-in-time
Prepayments and other	`PrepaidExpenseAndOtherAssets`	$5.85M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$113.05M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$111.11M	USD	Point-in-time
Wells, platforms and other production facilities	`CapitalizedCostsProvedProperties`	$359.11M	USD	Point-in-time
Wells, platforms and other production facilities	`CapitalizedCostsProvedProperties`	$338.64M	USD	Point-in-time
Undeveloped acreage	`UndevelopedAcreage`	$19.41M	USD	Point-in-time
Undeveloped acreage	`UndevelopedAcreage`	$22.13M	USD	Point-in-time
Work in progress	`ConstructionInProgressGross`	$25.16M	USD	Point-in-time
Work in progress	`ConstructionInProgressGross`	$17.21M	USD	Point-in-time
Equipment and other	`PropertyPlantAndEquipmentOther`	$11.29M	USD	Point-in-time
Equipment and other	`PropertyPlantAndEquipmentOther`	$11.91M	USD	Point-in-time
Property, plant and equipment, gross, Total	`PropertyPlantAndEquipmentGross`	$407.02M	USD	Point-in-time
Property, plant and equipment, gross, Total	`PropertyPlantAndEquipmentGross`	$397.84M	USD	Point-in-time
Accumulated depreciation, depletion and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$300.01M	USD	Point-in-time
Accumulated depreciation, depletion and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$289.71M	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$107.01M	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$108.12M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$20.83M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$15.83M	USD	Point-in-time
Deferred tax asset	`DeferredTaxAssetsNetNoncurrent`	$1.35M	USD	Point-in-time
Deferred tax asset	`DeferredTaxAssetsNetNoncurrent`	$1.35M	USD	Point-in-time
Deferred finance charge	`DeferredFinanceCostsNoncurrentNet`	$1.96M	USD	Point-in-time
Deferred finance charge	`DeferredFinanceCostsNoncurrentNet`	$1.80M	USD	Point-in-time
Abandonment funding	`AbandonmentFunding`	$3.54M	USD	Point-in-time
Abandonment funding	`AbandonmentFunding`	$3.54M	USD	Point-in-time
Total Assets	`Assets`	$240.63M	USD	Point-in-time
Total Assets	`Assets`	$248.85M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$61.94M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$38.54M	USD	Point-in-time
Accounts with partners	`DueToRelatedPartiesCurrent`	$4.81M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$38.54M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$66.75M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$15.29M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$14.85M	USD	Point-in-time
Long term debt	`LongTermDebtNoncurrent`	$15.00M	USD	Point-in-time
Long term debt	`LongTermDebtNoncurrent`	$15.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$68.39M	USD	Point-in-time
Total liabilities	`Liabilities`	$97.04M	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, 65,823,346 and 65,194,828 shares issued with 7,508,699 and 7,393,714 shares in treasury at March 31, 2015 and December 31, 2014, respectively	`CommonStockValue`	$6.55M	USD	Point-in-time
Common stock, $0.10 par value, 100,000,000 authorized shares, 65,823,346 and 65,194,828 shares issued with 7,508,699 and 7,393,714 shares in treasury at March 31, 2015 and December 31, 2014, respectively	`CommonStockValue`	$6.52M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$64.35M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$67.02M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$107.89M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$146.89M	USD	Point-in-time
Less treasury stock, at cost	`TreasuryStockValue`	$37.30M	USD	Point-in-time
Less treasury stock, at cost	`TreasuryStockValue`	$37.87M	USD	Point-in-time
Total Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$180.46M	USD	Point-in-time
Total Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$143.59M	USD	Point-in-time
Total Liabilities and Equity	`LiabilitiesAndStockholdersEquity`	$240.63M	USD	Point-in-time
Total Liabilities and Equity	`LiabilitiesAndStockholdersEquity`	$248.85M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Oil and gas sales	`OilAndGasSalesRevenue`	$28.07M	USD	1 Quarter
Oil and gas sales	`OilAndGasSalesRevenue`	$18.24M	USD	1 Quarter
Production expense	`OilAndGasProductionExpense`	$9.91M	USD	1 Quarter
Production expense	`OilAndGasProductionExpense`	$9.65M	USD	1 Quarter
Exploration expense	`ExplorationExpense`	$27.46M	USD	1 Quarter
Exploration expense	`ExplorationExpense`	$11.32M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$4.16M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$5.93M	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$3.59M	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$4.87M	USD	1 Quarter
Other, net	`OtherCostAndExpenseOperating`	$280.00K	USD	1 Quarter
Impairment of proved properties	`AssetImpairmentCharges`	$5.40M	USD	1 Quarter
Total operating costs and expenses	`CostsAndExpenses`	$53.86M	USD	1 Quarter
Total operating costs and expenses	`CostsAndExpenses`	$28.72M	USD	1 Quarter
Other operating income, net	`OtherOperatingIncomeExpenseNet`	$340.00K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-650.00K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-35.28M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$4.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$29.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$310.00K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-56.00K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-291.00K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-362.00K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-262.00K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-912.00K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-35.64M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$6.13M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$3.37M	USD	1 Quarter
Net income (loss) attributable to VAALCO Energy, Inc.	`NetIncomeLoss`	$-7.04M	USD	1 Quarter
Net income (loss) attributable to VAALCO Energy, Inc.	`NetIncomeLoss`	$-39.01M	USD	1 Quarter
Basic net income (loss) per share attributable to VAALCO Energy, Inc. common shareholders	`EarningsPerShareBasic`	$-0.67	USD	1 Quarter
Basic net income (loss) per share attributable to VAALCO Energy, Inc. common shareholders	`EarningsPerShareBasic`	$-0.12	USD	1 Quarter
Diluted net income (loss) per share attributable to VAALCO Energy, Inc. common shareholders	`EarningsPerShareDiluted`	$-0.12	USD	1 Quarter
Diluted net income (loss) per share attributable to VAALCO Energy, Inc. common shareholders	`EarningsPerShareDiluted`	$-0.67	USD	1 Quarter
Basic weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	57.98M	shares	1 Quarter
Basic weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	56.86M	shares	1 Quarter
Diluted weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	56.86M	shares	1 Quarter
Diluted weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	57.98M	shares	1 Quarter

Cash Flow Statement 55 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-7.04M	USD	1 Quarter
Net loss	`ProfitLoss`	$-39.01M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$4.16M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$5.93M	USD	1 Quarter
Amortization of debt issuance cost	`AmortizationOfFinancingCosts`	$160.00K	USD	1 Quarter
Unrealized foreign exchange (gain) 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`	$27.22M	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$1.42M	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$1.65M	USD	1 Quarter
Gains on disposal of oil and gas properties	`GainLossOnSaleOfOilAndGasProperty`	$340.00K	USD	1 Quarter
Impairment of proved properties	`AssetImpairmentCharges`	$5.40M	USD	1 Quarter
Trade receivables	`IncreaseDecreaseInAccountsReceivable`	$16.89M	USD	1 Quarter
Trade receivables	`IncreaseDecreaseInAccountsReceivable`	$318.00K	USD	1 Quarter
Accounts with partners	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$42.19M	USD	1 Quarter
Accounts with partners	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$14.57M	USD	1 Quarter
Other receivables	`IncreaseDecreaseInOtherReceivables`	$108.00K	USD	1 Quarter
Other receivables	`IncreaseDecreaseInOtherReceivables`	$2.77M	USD	1 Quarter
Crude oil inventory	`IncreaseDecreaseInFuelInventories`	$-996.00K	USD	1 Quarter
Crude oil inventory	`IncreaseDecreaseInFuelInventories`	$213.00K	USD	1 Quarter
Materials and supplies	`IncreaseDecreaseInRawMaterialsPackagingMaterialsAndSuppliesInventories`	$-304.00K	USD	1 Quarter
Materials and supplies	`IncreaseDecreaseInRawMaterialsPackagingMaterialsAndSuppliesInventories`	$53.00K	USD	1 Quarter
Prepayments and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$655.00K	USD	1 Quarter
Prepayments and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-3.98M	USD	1 Quarter
Accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.92M	USD	1 Quarter
Accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$14.48M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-601.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-23.54M	USD	1 Quarter
Decrease/(increase) in restricted cash	`IncreaseDecreaseInRestrictedCash`	$-5.39M	USD	1 Quarter
Decrease/(increase) in restricted cash	`IncreaseDecreaseInRestrictedCash`	$-207.00K	USD	1 Quarter
Property and equipment expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$24.75M	USD	1 Quarter
Property and equipment expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$28.07M	USD	1 Quarter
Proceeds from sales of oil and gas properties	`ProceedsFromSaleOfOilAndGasPropertyAndEquipment`	$340.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-24.54M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-22.34M	USD	1 Quarter
Proceeds from the issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$1.02M	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$1.72M	USD	1 Quarter
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$572.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-1.72M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$445.00K	USD	1 Quarter
NET CHANGE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-22.50M	USD	1 Quarter
NET CHANGE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-49.81M	USD	1 Quarter
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$80.72M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$46.55M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$69.05M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$130.53M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$80.72M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$46.55M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$69.05M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$130.53M	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaid`	$3.40M	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$9.54M	USD	1 Quarter
Property and equipment additions incurred during the period but not paid at period end	`CapitalExpendituresIncurredButNotYetPaid`	$11.30M	USD	1 Quarter
Property and equipment additions incurred during the period but not paid at period end	`CapitalExpendituresIncurredButNotYetPaid`	$27.91M	USD	1 Quarter
Receivable from employees for stock option exercise	`ReceivableFromEmployeesForStockOptionExercise`	$29.00K	USD	1 Quarter

Stockholders Equity 9 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$180.46M	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$143.59M	USD	Point-in-time
Stock issuance	`StockIssuedDuringPeriodValueNewIssues`	$1.05M	USD	1 Quarter
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.65M	USD	1 Quarter
Treasury stock purchases	`TreasuryStockValueAcquiredCostMethod`	$572.00K	USD	1 Quarter
Net loss	`ProfitLoss`	$-7.04M	USD	1 Quarter
Net loss	`ProfitLoss`	$-39.01M	USD	1 Quarter
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$180.46M	USD	Point-in-time
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$143.59M	USD	Point-in-time

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