VAALCO ENERGY INC DE
For the period ended Mar 31, 2024. Filed May 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 8, 2024
EGY$5.39+0.2%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Table of Contents
| PART I. FINANCIAL INFORMATION | |
|---|---|
| ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) | |
| Condensed Consolidated Balance Sheets March 31, 2024 and December 31, 2023 | 2 |
| Condensed Consolidated Statements of Operations and Comprehensive Income Three Months Ended March 31, 2024 and 2023 | 3 |
| Condensed Consolidated Statements of Shareholders’ Equity Three Months Ended March 31, 2024 and 2023 | 4 |
| Condensed Consolidated Statements of Cash Flows Three Months Ended March 31, 2024 and 2023 | 5 |
| Notes to Condensed Consolidated Financial Statements (unaudited) | 7 |
| ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 21 |
| ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 33 |
| ITEM 4. CONTROLS AND PROCEDURES | 34 |
| PART II. OTHER INFORMATION | 35 |
| ITEM 1. LEGAL PROCEEDINGS | 35 |
| ITEM 1A. RISK FACTORS | 35 |
| ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS | 35 |
| ITEM 5. OTHER INFORMATION | 47 |
| ITEM 6. EXHIBITS | 37 |
PART I. FINANCIAL INFORMATION
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
VAALCO ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
| As of March 31, 2024 | As of December 31, 2023 | |
|---|---|---|
| (in thousands) | ||
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $113,321 | $121,001 |
| Restricted cash | 140 | 114 |
| Receivables: | ||
| Trade, net of allowances for credit loss and other of $0.8 and $0.5 million, respectively | 44,897 | 44,888 |
| Accounts with joint venture owners, net of allowance for credit losses of $0.8 and $0.8 million, respectively | 35 | 1,814 |
| Egypt receivables and other, net of allowances for credit loss and other of $6.0 and $4.6 million, respectively | 44,591 | 45,942 |
| Crude oil inventory | 2,386 | 1,948 |
| Prepayments and other | 12,374 | 12,434 |
| Total current assets | 217,744 | 228,141 |
| Crude oil, natural gas and NGLs properties and equipment, net | 457,419 | 459,786 |
| Other noncurrent assets: | ||
| Restricted cash | — | 1,795 |
| Value added tax and other receivables, net of allowances for credit loss and other of $0.0 and $0.0 million, respectively | 5,033 | 4,214 |
| Right of use operating lease assets | 1,444 | 2,378 |
| Right of use finance lease assets | 89,587 | 89,962 |
| Deferred tax assets | 30,329 | 29,242 |
| Abandonment funding | 6,268 | 6,268 |
| Other long-term assets | 1,323 | 1,430 |
| Total assets | $809,147 | $823,216 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $16,747 | $22,152 |
| Accounts with joint venture owners | 3,836 | 5,990 |
| Accrued liabilities and other | 60,345 | 67,597 |
| Operating lease liabilities - current portion | 1,466 | 2,396 |
| Finance lease liabilities - current portion | 10,974 | 10,079 |
| Foreign income taxes payable | 37,836 | 19,261 |
| Total current liabilities | 131,204 | 127,475 |
| Asset retirement obligations | 47,644 | 47,343 |
| Operating lease liabilities - net of current portion | — | 33 |
| Finance lease liabilities - net of current portion | 77,802 | 78,293 |
| Deferred tax liabilities | 71,228 | 73,581 |
| Other long-term liabilities | 8,679 | 17,709 |
| Total liabilities | 336,557 | 344,434 |
| Commitments and contingencies (Note 10) | ||
| Shareholders’ equity: | ||
| Preferred stock, $25 par value; 500,000 shares authorized, none issued | — | — |
| Common stock, $0.10 par value; 160,000,000 shares authorized, 121,940,831 and 121,397,553 shares issued, 103,455,525 and 104,346,233 shares outstanding, respectively | 12,194 | 12,140 |
| Additional paid-in capital | 358,827 | 357,498 |
| Accumulated other comprehensive income | 426 | 2,880 |
| Less treasury stock, 18,485,306 and 17,051,320 shares, respectively, at cost | (77,566) | (71,222) |
| Retained earnings | 178,709 | 177,486 |
| Total shareholders' equity | 472,590 | 478,782 |
| Total liabilities and shareholders' equity | $809,147 | $823,216 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.