VAALCO ENERGY INC DE

For the period ended Jun 30, 2024. Filed Aug 9, 2024.

About this filing

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.

Jun 30, 2024 · Filed Aug 9, 2024

EGY$5.39+0.2%Stored close · as of Nov 9, 2026

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Contents

PART I. FINANCIAL INFORMATION
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
Condensed Consolidated Balance Sheets June 30, 2024 and December 31, 2023	2
Condensed Consolidated Statements of Operations and Comprehensive Income Three and Six Months Ended June 30, 2024 and 2023	3
Condensed Consolidated Statements of Shareholders’ Equity Three and Six Months Ended June 30, 2024 and 2023	4
Condensed Consolidated Statements of Cash Flows Six Months Ended June 30, 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	36
ITEM 4. CONTROLS AND PROCEDURES	37
PART II. OTHER INFORMATION	38
ITEM 1. LEGAL PROCEEDINGS	38
ITEM 1A. RISK FACTORS	38
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	38
ITEM 5. OTHER INFORMATION	47
ITEM 6. EXHIBITS	40

PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

	As of June 30, 2024	As of December 31, 2023
(in thousands)
ASSETS
Current assets:
Cash and cash equivalents	$62,890	$121,001
Restricted cash	139	114
Receivables:
Trade, net of allowances for credit loss and other of $0.2 and $0.5 million, respectively	64,934	44,888
Accounts with joint venture owners, net of allowance for credit losses of $0.8 and $0.8 million, respectively	721	1,814
Egypt receivables and other, net of allowances for credit loss and other of $11.2 and $4.6 million, respectively	41,903	45,942
Crude oil inventory	7,311	1,948
Prepayments and other	16,889	12,434
Total current assets	194,787	228,141
Crude oil, natural gas and NGLs properties and equipment, net	548,415	459,786
Other noncurrent assets:
Restricted cash	8,788	1,795
Value added tax and other receivables, net of allowances for credit loss and other of $0.0 and $0.0 million, respectively	6,109	4,214
Right of use operating lease assets	580	2,378
Right of use finance lease assets	86,342	89,962
Deferred tax assets	64,859	29,242
Abandonment funding	6,268	6,268
Other long-term assets	1,216	1,430
Total assets	$917,364	$823,216
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$22,605	$22,152
Accounts with joint venture owners	896	5,990
Accrued liabilities and other	115,386	67,597
Operating lease liabilities - current portion	574	2,396
Finance lease liabilities - current portion	11,751	10,079
Foreign income taxes payable	12,361	19,261
Total current liabilities	163,573	127,475
Asset retirement obligations	65,373	47,343
Operating lease liabilities - net of current portion	—	33
Finance lease liabilities - net of current portion	74,388	78,293
Deferred tax liabilities	111,535	73,581
Other long-term liabilities	8,847	17,709
Total liabilities	423,716	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, 122,304,124 and 121,397,553 shares issued, 103,743,163 and 104,346,233 shares outstanding, respectively	12,230	12,140
Additional paid-in capital	359,803	357,498
Accumulated other comprehensive income	(642)	2,880
Less treasury stock, 18,560,961 and 17,051,320 shares, respectively, at cost	(78,024)	(71,222)
Retained earnings	200,281	177,486
Total shareholders' equity	493,648	478,782
Total liabilities and shareholders' equity	$917,364	$823,216

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)

	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
(in thousands, except per share amounts)
Revenues:
Crude oil, natural gas and natural gas liquids sales	$116,778	$109,240	$216,933	$189,643
Operating costs and expenses:
Production expense	52,446	38,604	84,535	66,804
FPSO demobilization and other costs	—	5,647	—	5,647
Exploration expense	—	57	48	65
Depreciation, depletion and amortization	33,132	38,003	58,956	62,420
General and administrative expense	7,591	5,395	14,301	10,619
Credit losses and other	3,341	680	5,153	1,615
Total operating costs and expenses	96,510	88,386	162,993	147,170
Other operating income (expense), net	132	(303)	(34)	(303)
Operating income	20,400	20,551	53,906	42,170
Other income (expense):
Derivative instruments gain (loss), net	257	31	(590)	52
Interest expense, net	(1,117)	(1,703)	(2,052)	(3,949)
Bargain purchase gain	19,898	—	19,898	—
Other income (expense), net	(1,984)	(539)	(3,784)	(1,692)
Total other expense, net	17,054	(2,211)	13,472	(5,589)
Income before income taxes	37,454	18,340	67,378	36,581
Income tax expense	9,303	11,588	31,541	26,359
Net income	$28,151	$6,752	$35,837	$10,222
Other comprehensive income (loss)
Currency translation adjustments	(1,068)	2,006	(3,522)	1,881
Comprehensive income	$27,083	$8,758	$32,315	$12,103
Basic net income per share:
Net income per share	$0.27	$0.06	$0.34	$0.10
Basic weighted average shares outstanding	103,528	106,965	103,594	107,175
Diluted net income per share:
Net income per share	$0.27	$0.06	$0.34	$0.09
Diluted weighted average shares outstanding	103,676	107,613	103,677	108,050

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