VAALCO ENERGY INC DE
For the period ended Sep 30, 2024. Filed Nov 12, 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.
Sep 30, 2024 · Filed Nov 12, 2024
EGY$5.37-0.4%Stored close · as of Nov 10, 2026
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Condensed Consolidated Statements of Cash Flows
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| (in thousands) | ||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net income | $46,827 | $16,363 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation, depletion and amortization | 105,987 | 94,958 |
| Bargain purchase gain | (19,898) | 1,412 |
| Exploration expense | 48 | 1,194 |
| Deferred taxes | (7,762) | (2,305) |
| Unrealized foreign exchange loss | (613) | 932 |
| Stock-based compensation | 3,362 | 2,332 |
| Cash settlements paid on exercised stock appreciation rights | (154) | (282) |
| Derivative instruments (gain) loss, net | 209 | 2,268 |
| Cash settlements paid on matured derivative contracts, net | (15) | (62) |
| Cash settlements paid on asset retirement obligations | (315) | (4,796) |
| Credit losses and other | 5,222 | 2,437 |
| Other operating loss, net | 34 | 317 |
| Equipment and other expensed in operations | 1,589 | 2,560 |
| Change in operating assets and liabilities: | ||
| Trade, net | (39,456) | 29,364 |
| Accounts with joint venture owners, net | (4,739) | 15,090 |
| Egypt receivables and other, net | (394) | 694 |
| Crude oil inventory | 12,153 | (5,952) |
| Prepayments and other | (1,847) | 1,198 |
| Value added tax and other receivables | (5,713) | (3,719) |
| Other long-term assets | 1,808 | 2,942 |
| Accounts payable | (9,034) | (10,083) |
| Foreign income taxes receivable/(payable) | 24,327 | 36,025 |
| Accrued liabilities and other | (42,441) | (11,076) |
| Net cash provided by (used in) operating activities | 69,185 | 171,811 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Property and equipment expenditures | (61,530) | (77,365) |
| Cash paid in business combination, net of cash acquired | 412 | — |
| Net cash provided by (used in) investing activities | (61,118) | (77,365) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Proceeds from the issuances of common stock | 447 | 593 |
| Dividend distribution | (19,647) | (20,153) |
| Treasury shares | (6,803) | (17,493) |
| Deferred financing costs | — | (83) |
| Payments of finance lease | (6,261) | (5,246) |
| Net cash provided by (used in) in financing activities | (32,264) | (42,382) |
| Effects of exchange rate changes on cash | (4) | (321) |
| NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (24,201) | 51,743 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 129,178 | 59,776 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | $104,977 | $111,519 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS SUPPLEMENTAL DISCLOSURES (Unaudited)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| (in thousands) | ||
| Supplemental disclosure of cash flow information: | ||
| Interest paid, net of amounts capitalized | $4,900 | $6,622 |
| Supplemental disclosure of non-cash investing and financing activities: | ||
| Property and equipment additions incurred but not paid at end of period | $8,894 | $23,820 |
| Recognition of right-of-use operating lease assets and liabilities | $2,035 | $2,582 |
| Recognition of right-of-use finance lease assets and liabilities | $— | $3,273 |
| Asset retirement obligations | $15,796 | $2,487 |
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