Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 06, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000894627 | |
Entity Registrant Name | VAALCO ENERGY INC /DE/ | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 1-32167 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 76-0274813 | |
Entity Address, Address Line One | 9800 Richmond Avenue Suite 700 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77042 | |
City Area Code | 713 | |
Local Phone Number | 623-0801 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | EGY | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 108,374,838 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 69,289 | $ 48,675 |
Restricted cash | 203 | 79 |
Receivables: | ||
Trade, net | 16,781 | 22,464 |
Accounts with joint venture owners, net of allowance of $0.0 million in both periods presented | 7,931 | 345 |
Other, net | 12,190 | 9,977 |
Crude oil inventory | 4,254 | 1,593 |
Prepayments and other | 12,616 | 5,156 |
Total current assets | 123,264 | 88,289 |
Crude oil and natural gas properties, equipment and other - successful efforts method, net | 194,711 | 94,324 |
Other noncurrent assets: | ||
Restricted cash | 1,755 | 1,752 |
Value added tax and other receivables, net of allowance of $6.7 million and $5.7 million, respectively | 5,846 | 5,536 |
Right of use operating lease assets | 1,705 | 10,227 |
Right of use finance lease assets | 1,630 | 0 |
Deferred tax assets | 41,495 | 39,978 |
Abandonment funding | 18,838 | 21,808 |
Other long-term assets | 5,529 | 1,176 |
Total assets | 394,773 | 263,090 |
Current liabilities: | ||
Accounts payable | 30,276 | 18,797 |
Accounts with joint venture owners | 0 | 3,233 |
Accrued liabilities and other | 83,148 | 49,444 |
Operating lease liabilities - current portion | 1,200 | 9,642 |
Finance lease liabilities - current portion | 317 | 0 |
Foreign income taxes payable | 28,056 | 3,128 |
Current liabilities - discontinued operations | 14 | 13 |
Total current liabilities | 143,011 | 84,257 |
Asset retirement obligations | 35,247 | 33,949 |
Operating lease liabilities - net of current portion | 521 | 587 |
Finance lease liabilities - net of current portion | 1,251 | 0 |
Deferred tax liabilities | 41,057 | 0 |
Total liabilities | 221,087 | 118,793 |
Commitments and contingencies (Note 10) | ||
Shareholders’ equity: | ||
Preferred stock, $25 par value; 500,000 shares authorized, none issued | 0 | 0 |
Common stock, $0.10 par value; 100,000,000 shares authorized, 70,125,626 and 69,562,774 shares issued, 59,068,105 and 58,623,451 shares outstanding, respectively | 7,013 | 6,956 |
Additional paid-in capital | 78,500 | 76,700 |
Less treasury stock, 11,057,521 and 10,939,323 shares, respectively, at cost | (44,635) | (43,847) |
Retained earnings | 132,808 | 104,488 |
Total shareholders' equity | 173,686 | 144,297 |
Total liabilities and shareholders' equity | $ 394,773 | $ 263,090 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Allowance for accounts with joint ventures | $ 0 | $ 0 |
Allowance for value added tax and other receivables | $ 6,700 | $ 5,700 |
Preferred stock, par value (in dollars per share) | $ 25 | $ 25 |
Preferred stock, shares authorized (in shares) | 500,000 | 500,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 70,125,626 | 69,562,774 |
Common stock, shares outstanding (in shares) | 59,068,105 | 58,623,451 |
Treasury stock, shares (in shares) | 11,057,521 | 10,939,323 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues: | ||||
Crude oil and natural gas sales | $ 78,097 | $ 55,899 | $ 257,738 | $ 142,696 |
Operating costs and expenses: | ||||
Production expense | 23,312 | 25,208 | 67,147 | 57,760 |
FPSO demobilization | 8,867 | 0 | 8,867 | 0 |
Exploration expense | 56 | 479 | 250 | 1,286 |
Depreciation, depletion and amortization | 8,963 | 6,970 | 21,827 | 16,928 |
General and administrative expense | 1,979 | 2,940 | 10,507 | 12,221 |
Bad debt expense and other | 1,020 | 318 | 2,083 | 814 |
Total operating costs and expenses | 44,197 | 35,915 | 110,681 | 89,009 |
Other operating (expense) income, net | 0 | 46 | (5) | (440) |
Operating income | 33,900 | 20,030 | 147,052 | 53,247 |
Other income (expense): | ||||
Derivative instruments gain (loss), net | 3,778 | (5,147) | (37,522) | (21,070) |
Interest (expense) income, net | (234) | 3 | (355) | 9 |
Other (expense) income, net | (7,707) | (328) | (10,514) | 4,088 |
Total other expense, net | (4,163) | (5,472) | (48,391) | (16,973) |
Income from continuing operations before income taxes | 29,737 | 14,558 | 98,661 | 36,274 |
Income tax expense (benefit) | 22,843 | (17,183) | 64,467 | (11,272) |
Income from continuing operations | 6,894 | 31,741 | 34,194 | 47,546 |
Loss from discontinued operations, net of tax | (26) | (20) | (58) | (72) |
Net income | $ 6,868 | $ 31,721 | $ 34,136 | $ 47,474 |
Basic net income per share: | ||||
Income from continuing operations (in dollars per share) | $ 0.12 | $ 0.53 | $ 0.57 | $ 0.81 |
Loss from discontinued operations, net of tax (in dollars per share) | 0 | 0 | 0 | 0 |
Net income per share (in dollars per share) | $ 0.12 | $ 0.53 | $ 0.57 | $ 0.81 |
Basic weighted average shares outstanding (in shares) | 59,068 | 58,586 | 58,900 | 58,102 |
Diluted net income per share: | ||||
Income from continuing operations (in dollars per share) | $ 0.11 | $ 0.53 | $ 0.57 | $ 0.80 |
Loss from discontinued operations, net of tax (in dollars per share) | 0 | 0 | 0 | 0 |
Net income per share (in dollars per share) | $ 0.11 | $ 0.53 | $ 0.57 | $ 0.80 |
Diluted weighted average shares outstanding (in shares) | 59,450 | 58,916 | 59,335 | 58,654 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 67,897 | (10,366) | |||
Balance at Dec. 31, 2020 | $ 6,790 | $ (42,421) | $ 74,437 | $ 22,652 | $ 61,458 |
Shares issued - stock-based compensation (in shares) | 431 | (155) | |||
Shares issued - stock-based compensation | $ 43 | $ 0 | 304 | 0 | 347 |
Stock-based compensation expense | 0 | 0 | 323 | 0 | 323 |
Treasury stock | 0 | (403) | 0 | 0 | (403) |
Net income | $ 0 | $ 0 | 0 | 9,869 | 9,869 |
Balance (in shares) at Mar. 31, 2021 | 68,328 | (10,521) | |||
Balance at Mar. 31, 2021 | $ 6,833 | $ (42,824) | 75,064 | 32,521 | 71,594 |
Balance (in shares) at Dec. 31, 2020 | 67,897 | (10,366) | |||
Balance at Dec. 31, 2020 | $ 6,790 | $ (42,421) | 74,437 | 22,652 | 61,458 |
Net income | 47,474 | ||||
Balance (in shares) at Sep. 30, 2021 | 69,528 | (10,939) | |||
Balance at Sep. 30, 2021 | $ 6,953 | $ (43,847) | 76,346 | 70,126 | 109,578 |
Balance (in shares) at Mar. 31, 2021 | 68,328 | (10,521) | |||
Balance at Mar. 31, 2021 | $ 6,833 | $ (42,824) | 75,064 | 32,521 | 71,594 |
Shares issued - stock-based compensation (in shares) | 1,092 | (314) | |||
Shares issued - stock-based compensation | $ 109 | $ 0 | 597 | 0 | 706 |
Stock-based compensation expense | 0 | 0 | 117 | 0 | 117 |
Treasury stock | 0 | (765) | 0 | 0 | (765) |
Net income | $ 0 | $ 0 | 0 | 5,884 | 5,884 |
Balance (in shares) at Jun. 30, 2021 | 69,420 | (10,835) | |||
Balance at Jun. 30, 2021 | $ 6,942 | $ (43,589) | 75,778 | 38,405 | 77,536 |
Shares issued - stock-based compensation (in shares) | 108 | (104) | |||
Shares issued - stock-based compensation | $ 11 | $ 0 | 241 | 0 | 252 |
Stock-based compensation expense | 0 | 0 | 327 | 0 | 327 |
Treasury stock | 0 | (258) | 0 | 0 | (258) |
Net income | $ 0 | $ 0 | 0 | 31,721 | 31,721 |
Balance (in shares) at Sep. 30, 2021 | 69,528 | (10,939) | |||
Balance at Sep. 30, 2021 | $ 6,953 | $ (43,847) | 76,346 | 70,126 | 109,578 |
Balance (in shares) at Dec. 31, 2021 | 69,562 | (10,939) | |||
Balance at Dec. 31, 2021 | $ 6,956 | $ (43,847) | 76,700 | 104,488 | 144,297 |
Shares issued - stock-based compensation (in shares) | 300 | (64) | |||
Shares issued - stock-based compensation | $ 30 | $ 0 | 168 | 0 | 198 |
Stock-based compensation expense | 0 | 0 | 404 | 0 | 404 |
Treasury stock | 0 | (387) | 0 | 0 | (387) |
Dividend Distribution | 0 | 0 | 0 | (1,929) | (1,929) |
Net income | $ 0 | $ 0 | 0 | 12,164 | 12,164 |
Balance (in shares) at Mar. 31, 2022 | 69,862 | (11,003) | |||
Balance at Mar. 31, 2022 | $ 6,986 | $ (44,234) | 77,272 | 114,723 | 154,747 |
Balance (in shares) at Dec. 31, 2021 | 69,562 | (10,939) | |||
Balance at Dec. 31, 2021 | $ 6,956 | $ (43,847) | 76,700 | 104,488 | 144,297 |
Net income | 34,136 | ||||
Balance (in shares) at Sep. 30, 2022 | 70,125 | (11,057) | |||
Balance at Sep. 30, 2022 | $ 7,013 | $ (44,635) | 78,500 | 132,808 | 173,686 |
Balance (in shares) at Mar. 31, 2022 | 69,862 | (11,003) | |||
Balance at Mar. 31, 2022 | $ 6,986 | $ (44,234) | 77,272 | 114,723 | 154,747 |
Shares issued - stock-based compensation (in shares) | 263 | (54) | |||
Shares issued - stock-based compensation | $ 27 | $ 0 | 31 | 0 | 58 |
Stock-based compensation expense | 0 | 0 | 616 | 0 | 616 |
Treasury stock | 0 | (401) | 0 | 0 | (401) |
Dividend Distribution | 0 | 0 | 0 | (1,943) | (1,943) |
Net income | $ 0 | $ 0 | 0 | 15,104 | 15,104 |
Balance (in shares) at Jun. 30, 2022 | 70,125 | (11,057) | |||
Balance at Jun. 30, 2022 | $ 7,013 | $ (44,635) | 77,919 | 127,884 | 168,181 |
Shares issued - stock-based compensation | 0 | 0 | 0 | 0 | 0 |
Stock-based compensation expense | 0 | 0 | 581 | 0 | 581 |
Treasury stock | 0 | 0 | 0 | 0 | 0 |
Dividend Distribution | 0 | 0 | 0 | (1,944) | (1,944) |
Net income | $ 0 | $ 0 | 0 | 6,868 | 6,868 |
Balance (in shares) at Sep. 30, 2022 | 70,125 | (11,057) | |||
Balance at Sep. 30, 2022 | $ 7,013 | $ (44,635) | $ 78,500 | $ 132,808 | $ 173,686 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income | $ 6,868 | $ 12,164 | $ 31,721 | $ 9,869 | $ 34,136 | $ 47,474 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Loss from discontinued operations, net of tax | 26 | 20 | 58 | 72 | |||
Depreciation, depletion and amortization | 21,827 | 16,928 | |||||
Bargain purchase gain | 0 | (7,651) | |||||
Deferred taxes | 39,540 | (24,211) | |||||
Unrealized foreign exchange loss (gain) | 914 | (342) | |||||
Stock-based compensation | 2,300 | 2,098 | |||||
Cash settlements paid on exercised stock appreciation rights | (805) | (3,051) | |||||
Derivative instruments loss, net | 37,522 | 21,070 | |||||
Cash settlements paid on matured derivative contracts, net | (42,683) | (10,189) | |||||
Bad debt expense and other | 1,020 | 318 | 2,083 | 814 | |||
Other operating expense, net | 5 | 440 | |||||
Operational expenses associated with equipment and other | 953 | 835 | |||||
Change in operating assets and liabilities: | |||||||
Trade receivables | 5,683 | 11,156 | |||||
Accounts with joint venture owners | (11,118) | (19) | |||||
Other receivables | (2,904) | 94 | |||||
Crude oil inventory | (2,661) | 4,059 | |||||
Prepayments and other | (1,120) | 1,081 | |||||
Value added tax and other receivables | (5,371) | (1,339) | |||||
Other noncurrent assets | (2,842) | (1,176) | |||||
Accounts payable | 4,129 | (9,686) | |||||
Foreign income taxes receivable/payable | 24,928 | (2,916) | |||||
Accrued liabilities and other | 25,182 | 1,252 | |||||
Net cash provided by continuing operating activities | 129,756 | 46,793 | |||||
Net cash used in discontinued operating activities | (57) | (72) | |||||
Net cash provided by operating activities | 129,699 | 46,721 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Property and equipment expenditures | (103,853) | (8,459) | |||||
Acquisition of crude oil and natural gas properties | 0 | (22,505) | |||||
Net cash used in continuing investing activities | (103,853) | (30,964) | |||||
Net cash used in discontinued investing activities | 0 | 0 | |||||
Net cash used in investing activities | (103,853) | (30,964) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Proceeds from the issuances of common stock | 257 | 1,305 | |||||
Dividend distribution | (5,816) | 0 | |||||
Treasury shares | (788) | (1,426) | |||||
Deferred financing costs | (1,535) | 0 | |||||
Payments of finance lease | (193) | 0 | |||||
Net cash used in continuing financing activities | (8,075) | (121) | |||||
Net cash used in discontinued financing activities | 0 | 0 | |||||
Net cash used in financing activities | (8,075) | (121) | |||||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 17,771 | 15,636 | |||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | $ 72,314 | $ 61,317 | 72,314 | 61,317 | $ 61,317 | ||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | $ 90,085 | $ 76,953 | 90,085 | 76,953 | 72,314 | ||
Supplemental disclosure of cash flow information: | |||||||
Income taxes paid in-kind with crude oil | 0 | 20,103 | |||||
Interest paid, net of amounts capitalized | 401 | 0 | |||||
Supplemental disclosure of non-cash investing and financing activities: | |||||||
Property and equipment additions incurred but not paid at end of period | 39,105 | 4,607 | |||||
Recognition of right-of-use finance lease assets and liabilities | 1,851 | 0 | |||||
Asset Retirement Obligation, Liabilities Incurred | $ 0 | $ 14,564 | $ 14,564 |
Note 1 - Organization and Accou
Note 1 - Organization and Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 1. ORGANIZATION AND ACCOUNTING POLICIES VAALCO Energy, Inc. (together with its consolidated subsidiaries “we”, “us”, “our”, “VAALCO” or the “Company”) is a Houston, Texas-based independent energy company engaged in the acquisition, exploration, development and production of crude oil. As operator, the Company has production operations and conducts exploration and development activities in Gabon, West Africa. The Company also has opportunities to participate in development and exploration activities in Equatorial Guinea, West Africa. As discussed further in Note 3 On October 13, 2022, July 13, 2022 ( 3 As of September 30, 2022 These condensed consolidated financial statements are unaudited, but in the opinion of management, reflect all adjustments necessary for a fair presentation of results for the interim periods presented. All adjustments are of a normal recurring nature unless disclosed otherwise. Interim period results are not These condensed consolidated financial statements have been prepared in accordance with rules of the Securities and Exchange Commission (“SEC”) and do not 10 December 31, 2021, With respect to the novel strain of coronavirus (“COVID- 19” 2021, 2022, second 2022 BA.5 19 19, 2020 19 not 19, no 19 not In July 2021, August 2021 September 2022. October 5, 2022, 2 November 2022. not The average Brent crude oil price for the three December 31, 2021, March 31, 2022, June 30, 2022 September 30, 2022 During the nine September 30, 2022, While the current commodity price environment is still favorable and the Company has not 19 may Principles of consolidation – The accompanying condensed consolidated financial statements (“Financial Statements”) include the accounts of VAALCO and its wholly owned subsidiaries. Investments in unincorporated joint ventures and undivided interests in certain operating assets are consolidated on a pro rata basis. All intercompany transactions within the consolidated group have been eliminated in consolidation. Use of estimates Cash and cash equivalents three Restricted cash and abandonment funding September 30, 2022 2021 September 30, 2022 2021 10 As of September 30, 2022 2021 (in thousands) Cash and cash equivalents $ 69,289 $ 52,839 Restricted cash - current 203 81 Restricted cash - non-current 1,755 1,752 Abandonment funding 18,838 22,281 Total cash, cash equivalents and restricted cash $ 90,085 $ 76,953 The Company conducts regular abandonment studies to update the estimated costs to abandon the offshore wells, platforms and facilities on the Etame Marin block. This cash funding is reflected under “Other noncurrent assets” as “Abandonment funding” on the condensed consolidated balance sheets. Future changes to the anticipated abandonment cost estimate could change the asset retirement obligation and the amount of future abandonment funding payments. See Note 10 On February 28, 2019, one six not February 2021. not 2019, 2020 2021 2018 February 2021, March 12, 2021 not 2021. December 2021, 2022, No. 5 Accounts with joint venture owners Accounts Receivable and Allowance for Doubtful Accounts 30 The Company routinely assesses the recoverability of all material receivables to determine their collectability. The Company accrues a reserve on a receivable when, based on management’s judgment, it is probable that a receivable will not may As of September 30, 2022 September 30, 2022 $1.00. December 31, 2021, December 31, 2021, $1.00. The following table provides a roll forward of the aggregate allowance for bad debt: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Allowance for bad debt Balance at beginning of period $ (6,389 ) $ (5,575 ) $ (5,741 ) $ (2,273 ) Bad debt charge, net of receipts (1,020 ) (318 ) (2,083 ) (814 ) Adjustment associated with Sasol Acquisition — — — (2,879 ) Foreign currency gain (loss) 355 117 770 190 Balance at end of period $ (7,054 ) $ (5,776 ) $ (7,054 ) $ (5,776 ) Other receivables, net 2021, not third September 30, 2022 130 August September 2022, 65 August 65 September 2022. Crude oil inventory Prepayments and Other nine September 30, 2022 Materials and supplies Crude Oil and natural gas properties, equipment and other Capitalization no may Depreciation, depletion and amortization three five five seven Impairment may not may 3 may 7 Purchase Accounting February 25, 2021, November 17, 2020 3 Lease commitments 842, Asset retirement obligations ( ARO ) A liability for ARO is recognized in the period in which the legal obligations are incurred if a reasonable estimate of fair value can be made. The ARO liability reflects the estimated present value of the amount of dismantlement, removal, site reclamation, and similar activities associated with crude oil and natural gas properties. The Company uses current retirement costs to estimate the expected cash outflows for retirement obligations. Inherent in the present value calculation are numerous assumptions and judgments including the ultimate settlement amounts, inflation factors, credit-adjusted discount rates, timing of settlement, and changes in the legal, regulatory, environmental, and political environments. Initial recording of the ARO liability is offset by the corresponding capitalization of asset retirement cost recorded to crude oil and natural gas properties. To the extent these or other assumptions change after initial recognition of the liability, the fair value estimate is revised and the recognized liability adjusted, with a corresponding adjustment made to the related asset balance or income statement, as appropriate. Depreciation of capitalized asset retirement costs and accretion of asset retirement obligations are recorded over time. Depreciation is generally determined on a units-of-production basis for crude oil and natural gas production facilities, while accretion escalates over the lives of the assets to reach the expected settlement value. Where there is a downward revision to the ARO that exceeds the net book value of the related asset, the corresponding adjustment is limited to the amount of the net book value of the asset and the remaining amount is recognized as a gain. See Note 13 Revenue recognition i.e., not June 20, 2026 may i.e., 6 Major maintenance activities Stock-based compensation Black-Scholes and Monte Carlo models employ assumptions, based on management’s best estimates at the time of grant, which impact the calculation of fair value and ultimately, the amount of expense that is recognized over the life of the stock options or SAR award. These models use the following inputs: (i) the quoted market price of the Company’s common stock on the valuation date, (ii) the maximum stock price appreciation that an employee may For restricted stock, the grant date fair value is determined using the market value of the common stock on the date of grant. The stock-based compensation expense for equity awards is recognized over the requisite or derived service period, using the straight-line attribution method over the service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards. Unless the awards contain a market condition, previously recognized expense related to forfeited awards is reversed in the period in which the forfeiture occurs. For awards containing a market condition, previously recognized stock-based compensation expense is not 15 Income taxes may Judgment is required in determining whether deferred tax assets will be realized in full or in part. Management assesses the available positive and negative evidence to estimate if existing deferred tax assets will be utilized, and when it is estimated to be more-likely-than- not not not In certain jurisdictions, the Company may not not may 16 Derivative instruments and hedging activities may The Company records balances resulting from commodity risk management activities in the condensed consolidated balance sheets as either assets or liabilities measured at fair value. Gains and losses from the change in fair value of derivative instruments and cash settlements on commodity derivatives are presented in the “Derivative instruments loss, net” line item located within the “Other income (expense)” section of the condensed consolidated statements of operations. See Note 8 Fair value three Level 1 Level 2 1 not Level 3 not Nonrecurring Fair Value Measurements 3 Fair value of financial instruments 8, 2 As of September 30, 2022 Balance Sheet Line Level 1 Level 2 Level 3 Total (in thousands) Assets Derivative asset Prepayments and other $ — $ 348 $ — $ 348 $ — $ 348 $ — $ 348 Liabilities SARs liability Accrued liabilities and other $ — $ 544 $ — $ 544 $ — $ 544 $ — $ 544 As of December 31, 2021 Balance Sheet Line Level 1 Level 2 Level 3 Total (in thousands) Liabilities SARs liability Accrued liabilities and other $ — $ 609 $ — $ 609 Derivative liability Accrued liabilities and other — 4,806 — 4,806 $ — $ 5,415 $ — $ 5,415 Earnings per Share 5 |
Note 2 - New Accounting Standar
Note 2 - New Accounting Standards | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 2. NEW ACCOUNTING STANDARDS Not In June 2016, No. 2016 13, Financial Instruments Credit Losses (Topic 326 2016 13” not 2016 13 December 15, 2019, first No. 2019 04 2019 04” Codification Improvements to Topic 326, 815, 825, No. 2019 05 ASU 2019 05 326 2019 04 2019 05 2016 13 November 2019, No. 2019 10, Financial Instruments Credit Losses (Topic 326 815 842 No. 2016 13 January 1, 2020 January 1, 2023 2016 13, January 2023. not |
Note 3 - Acquisitions and Dispo
Note 3 - Acquisitions and Dispositions | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 3. TransGlobe Merger On October 13, 2022, July 13, 2022. At the effective time of the Arrangement and pursuant to the Arrangement Agreement, each common share of TransGlobe issued and outstanding immediately prior to the effective time of the Arrangement (the “TransGlobe common shares”) was converted into the right to receive 0.6727 (the “exchange ratio”) of a share of common stock, par value $0.10 per share, of the Company (“VAALCO common stock,” and each share of VAALCO common stock, a “VAALCO share”). The total number of VAALCO shares issued to TransGlobe’s shareholders was approximately 49.3 million. The Arrangement resulted in VAALCO stockholders owning approximately 54.5%, and TransGlobe shareholders owning approximately 45.5% of the Combined Company, calculated based on vested outstanding shares of each company as of the date of the Arrangement Agreement. The Combined Company results of operations of VAALCO and TransGlobe for the fourth 2022 December 31, 2022. Prior to the Arrangement, TransGlobe was a cash flow-focused oil and gas exploration and development company whose activities were concentrated in the Arab Republic of Egypt and Canada. The Combined Company is a leading African-focused operator with a strong production and reserve base and a diverse portfolio of assets in Gabon, Egypt, Equatorial Guinea and Canada. The transaction qualifies as a business combination under ASC 805, not For the three nine September 30, 2022 Acquisition of Sasol Gabon S.A. s Interest in Etame On February 25, 2021, July 1, 2020. February 25, 2021. The following amounts represent the allocation of the purchase price to the assets acquired and liabilities assumed in the Sasol Acquisition. February 25, 2021 (in thousands) Purchase Consideration Cash $ 33,959 Fair value of contingent consideration 4,647 Total purchase consideration $ 38,606 February 25, 2021 (in thousands) Assets acquired: Wells, platforms and other production facilities $ 37,176 Equipment and other 5,568 Value added tax and other receivables 1,234 Abandonment funding 11,781 Accounts receivable - trade 11,220 Other current assets 3,963 Liabilities assumed: Asset retirement obligations (14,564 ) Accrued liabilities and other (10,121 ) Bargain purchase gain (7,651 ) Total purchase price $ 38,606 All assets and liabilities associated with Sasol’s interest in Etame Marin block, including crude oil and natural gas properties, asset retirement obligations and working capital items, were recorded at their fair value. The Company used estimated future crude oil prices as of the closing date, February 25, 2021, one “Other (expense) income, net" Other income (expense) 2021 2021 The bargain purchase gain is primarily attributable to the increase in crude oil price forecasts from the date the SPA was signed, November 17, 2020, February 25, 2021, The impact of the Sasol Acquisition was an increase to “ Crude oil and natural gas sales three nine September 30, 2022 three nine September 30, 2022 The impact of the Sasol Acquisition was an increase to “ Crude oil and natural gas sales three nine September 30, 2021 three nine September 30, 2021 The unaudited pro forma results presented below have been prepared to give the effect to the Sasol Acquisition discussed above on the Company’s results of operations for the three nine September 30, 2021 January 1, 2020. not Three Months Ended September 30, Nine Months Ended September 30, 2021 2021 (in thousands - unaudited) Pro forma (unaudited) Crude oil and natural gas sales $ 55,899 $ 160,469 Operating income 20,030 63,929 Net income 31,721 49,341 (a) Basic net income loss per share: Income from continuing operations $ 0.53 $ 0.85 Net income per share $ 0.53 $ 0.85 Basic weighted average shares outstanding 58,586 58,102 Diluted net income per share: Income from continuing operations $ 0.53 $ 0.84 Net income per share $ 0.53 $ 0.84 Diluted weighted average shares outstanding 58,916 58,654 (a) The pro forma net income for the nine September 30, 2021 Under the terms of the SPA, a contingent payment of $5.0 million was payable to Sasol should the average Dated Brent price over a consecutive 90-day period from July 1, 2020 June 30, 2022 April 29, 2021, Discontinued Operations - Angola In November 2006, 5 5 September 30, 2016, October 31, 2016. November 30, 2016, 5 three nine September 30, 2022 2021 not |
Note 4 - Segment Information
Note 4 - Segment Information | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 4. The Company’s operations are based in Gabon and the Company has an undeveloped block in Equatorial Guinea. Each of the Company’s two reportable operating segments is organized and managed based upon geographic location. The Company’s Chief Executive Officer, who is the chief operating decision maker, and management review and evaluate the operation of each geographic segment separately, primarily based on operating income (loss). The operations of all segments include exploration for and production of hydrocarbons where commercial reserves have been found and developed. Revenues are based on the location of hydrocarbon production. Corporate and other is primarily corporate and operations support costs that are not Segment activity of continuing operations for the three nine September 30, 2022 2021 September 30, 2022 December 31, 2021 Three Months Ended September 30, 2022 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Revenues: Crude oil and natural gas sales $ 78,097 $ — $ — $ 78,097 Operating costs and expenses: Production expense 22,828 484 — 23,312 FPSO demobilization 8,867 — — 8,867 Exploration expense 56 — — 56 Depreciation, depletion and amortization 8,940 — 23 8,963 General and administrative expense 915 120 944 1,979 Bad debt expense and other 681 339 — 1,020 Total operating costs and expenses 42,287 943 967 44,197 Other operating expense, net — — — — Operating income 35,810 (943 ) (967 ) 33,900 Other income (expense): Derivative instruments loss, net — — 3,778 3,778 Interest (expense) income, net (351 ) — 117 (234 ) Other (expense) income, net (1,305 ) 1 (6,403 ) (7,707 ) Total other expense, net (1,656 ) 1 (2,508 ) (4,163 ) Income from continuing operations before income taxes 34,154 (942 ) (3,475 ) 29,737 Income tax (benefit) expense 25,415 — (2,572 ) 22,843 Income from continuing operations 8,739 (942 ) (903 ) 6,894 Loss from discontinued operations, net of tax — — (26 ) (26 ) Net income $ 8,739 $ (942 ) $ (929 ) $ 6,868 Consolidated capital expenditures $ 51,610 $ — $ 53 $ 51,663 Nine Months Ended September 30, 2022 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Revenues: Crude oil and natural gas sales $ 257,738 $ — $ — $ 257,738 Operating costs and expenses: Production expense 66,269 878 — 67,147 FPSO demobilization 8,867 — — 8,867 Exploration expense 250 — — 250 Depreciation, depletion and amortization 21,766 — 61 21,827 General and administrative expense 2,073 329 8,105 10,507 Bad debt expense and other 1,744 339 — 2,083 Total operating costs and expenses 100,969 1,546 8,166 110,681 Other operating expense, net (5 ) — — (5 ) Operating income 156,764 (1,546 ) (8,166 ) 147,052 Other income (expense): Derivative instruments loss, net — — (37,522 ) (37,522 ) Interest (expense) income, net (515 ) — 160 (355 ) Other (expense) income, net (2,799 ) (1 ) (7,714 ) (10,514 ) Total other expense, net (3,314 ) (1 ) (45,076 ) (48,391 ) Income from continuing operations before income taxes 153,450 (1,547 ) (53,242 ) 98,661 Income tax (benefit) expense 74,671 1 (10,205 ) 64,467 Income from continuing operations 78,779 (1,548 ) (43,037 ) 34,194 Loss from discontinued operations, net of tax — — (58 ) (58 ) Net income $ 78,779 $ (1,548 ) $ (43,095 ) $ 34,136 Consolidated capital expenditures $ 121,492 $ — $ 120 $ 121,612 Three Months Ended September 30, 2021 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Revenues: Crude oil and natural gas sales $ 55,899 $ — $ — $ 55,899 Operating costs and expenses: Production expense 24,967 229 12 25,208 Exploration expense 479 — — 479 Depreciation, depletion and amortization 6,953 — 17 6,970 General and administrative expense 394 42 2,504 2,940 Bad debt expense and other 318 — — 318 Total operating costs and expenses 33,111 271 2,533 35,915 Other operating expense, net 46 — — 46 Operating income 22,834 (271 ) (2,533 ) 20,030 Other income (expense): Derivative instruments loss, net — — (5,147 ) (5,147 ) Interest (expense) income, net — — 3 3 Other (expense) income, net (318 ) (1 ) (9 ) (328 ) Total other expense, net (318 ) (1 ) (5,153 ) (5,472 ) Income from continuing operations before income taxes 22,516 (272 ) (7,686 ) 14,558 Income tax (benefit) expense 839 — (18,022 ) (17,183 ) Income from continuing operations 21,677 (272 ) 10,336 31,741 Loss from discontinued operations, net of tax — — (20 ) (20 ) Net income $ 21,677 $ (272 ) $ 10,316 $ 31,721 Consolidated capital expenditures (1) $ 6,696 $ — $ — $ 6,696 ( 1 Nine Months Ended September 30, 2021 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Revenues: Crude oil and natural gas sales $ 142,696 $ — $ — $ 142,696 Operating costs and expenses: Production expense 57,478 261 21 57,760 Exploration expense 1,286 — — 1,286 Depreciation, depletion and amortization 16,860 — 68 16,928 General and administrative expense 885 244 11,092 12,221 Bad debt expense and other 814 — — 814 Total operating costs and expenses 77,323 505 11,181 89,009 Other operating expense, net (87 ) — (353 ) (440 ) Operating income 65,286 (505 ) (11,534 ) 53,247 Other income (expense): Derivative instruments loss, net — — (21,070 ) (21,070 ) Interest (expense) income, net — — 9 9 Other (expense) income, net 6,854 (2 ) (2,764 ) 4,088 Total other expense, net 6,854 (2 ) (23,825 ) (16,973 ) Income from continuing operations before income taxes 72,140 (507 ) (35,359 ) 36,274 Income tax (benefit) expense 10,318 1 (21,591 ) (11,272 ) Income from continuing operations 61,822 (508 ) (13,768 ) 47,546 Loss from discontinued operations, net of tax — — (72 ) (72 ) Net income $ 61,822 $ (508 ) $ (13,840 ) $ 47,474 Consolidated capital expenditures (1) $ 10,993 $ — $ — $ 10,993 ( 1 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Long-lived assets from continuing operations: As of September 30, 2022 $ 184,484 $ 10,000 $ 227 $ 194,711 As of December 31, 2021 $ 84,156 $ 10,000 $ 168 $ 94,324 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Total assets from continuing operations: As of September 30, 2022 $ 313,746 $ 10,689 $ 70,338 $ 394,773 As of December 31, 2021 $ 201,748 $ 10,548 $ 50,794 $ 263,090 Information about the Company’s most significant customers The Company currently sells crude oil production from Gabon under term crude oil sales and purchase agreements (“COSPAs”) or crude oil sales and marketing agreements ("COSMA or COSMAs") with pricing based upon an average of Dated Brent in the month of lifting, adjusted for location and market factors. The Company was previously party to a COSPA with ExxonMobil Sales and Supply LLC (“Exxon”) that covered sales from February 2020 July 2022 As discussed further in Note 11, May 16, 2022, G4 160 August 1, 2022 During the three nine September 30, 2022 2021 January 2021 July 2022 August September 2022. |
Note 5 - Earnings Per Share
Note 5 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 5. EARNINGS PER SHARE Basic earnings per share (“EPS”) is calculated using the average number of shares of common stock outstanding during each period. For the calculation of diluted shares, the Company assumes that restricted stock is outstanding on the date of vesting, and the Company assumes the issuance of shares from the exercise of stock options using the treasury stock method. A reconciliation of reported net income (loss) to net income (loss) used in calculating EPS as well as a reconciliation from basic to diluted shares follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Net income (numerator): Income from continuing operations $ 6,894 $ 31,741 $ 34,194 $ 47,546 Income from continuing operations attributable to unvested shares (75 ) (404 ) (457 ) (755 ) Numerator for basic 6,819 31,337 33,737 46,791 Reallocation of earnings to participating securities for considering dilutive securities — — 3 — Numerator for dilutive $ 6,819 $ 31,337 $ 33,740 $ 46,791 Loss from discontinued operations, net of tax $ (26 ) $ (20 ) $ (58 ) $ (72 ) Income from discontinued operations attributable to unvested shares — — 1 1 Numerator for basic (26 ) (20 ) (57 ) (71 ) Reallocation of earnings to participating securities for considering dilutive securities — — — — Numerator for dilutive $ (26 ) $ (20 ) $ (57 ) $ (71 ) Net Income $ 6,868 $ 31,721 $ 34,136 $ 47,474 Net income attributable to unvested shares (75 ) (404 ) (456 ) (754 ) Numerator for basic 6,793 31,317 33,680 46,720 Reallocation of earnings to participating securities for considering dilutive securities — — 3 — Numerator for dilutive $ 6,793 $ 31,317 $ 33,683 $ 46,720 Weighted average shares (denominator): Basic weighted average shares outstanding 59,068 58,586 58,900 58,102 Effect of dilutive securities 382 330 435 552 Diluted weighted average shares outstanding 59,450 58,916 59,335 58,654 Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be anti-dilutive 388 138 195 282 |
Note 6 - Revenue
Note 6 - Revenue | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 6. Revenues from contracts with customers are generated from sales in Gabon pursuant to COSPAs or COSMAs. COSPAs or COSMAs with customers are renegotiated near the end of the contract term and may no 4 Information about the Company s most significant customers Customer sales generally occur on a monthly basis when the customer’s tanker arrives at the FPSO and the crude oil is delivered to the tanker through a connection. There is a single performance obligation (delivering crude oil to the delivery point, i.e., the connection to the customer’s crude oil tanker) that gives rise to revenue recognition at the point in time when the performance obligation event takes place. This is referred to as a “lifting”. Liftings can take one two no 606 10 50 14 not The Company accounts for production imbalances as a reduction in reserves. The volumes sold may not For each lifting completed under a COSPA or COSMA, payment is made by the customer in U.S. dollars by electronic transfer 30 Generally, no In addition to revenues from customer contracts, the Company has other revenues related to contractual provisions under the Etame PSC. The Etame PSC is not not 606. June 20, 2026) may i.e., taking crude oil barrels, rather than with cash payments. To date, the government of Gabon has not no With respect to the government’s share of Profit Oil, the Etame PSC provides that the corporate income tax liability may February 1, 2018, not February 1, 2018, not not i.e., the period in which it lifts the crude oil. The Company has a $28.1 million foreign income tax payable as of September 30, 2022 . As of December 31, 2021, Certain amounts associated with the carried interest in the Etame Marin block discussed above are reported as revenues. In this carried interest arrangement, the carrying parties, which include the Company and other working interest owners, are obligated to fund all of the working interest costs that would otherwise be the obligation of the carried party. The carrying parties recoup these funds from the carried interest party’s revenues. The following table presents revenues from contracts with customers as well as revenues associated with the obligations under the Etame PSC. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Revenue from customer contracts: Sales under the COSPA or COSMA $ 87,661 $ 42,056 $ 289,290 $ 136,693 Other items reported in revenue not associated with customer contracts: Gabonese government share of Profit Oil taken in-kind — 20,103 — 20,103 Carried interest recoupment 2,360 1,794 5,843 5,948 Royalties (11,924 ) (8,054 ) (37,395 ) (20,048 ) Crude oil and natural gas sales $ 78,097 $ 55,899 $ 257,738 $ 142,696 |
Note 7 - Crude Oil and Natural
Note 7 - Crude Oil and Natural Gas Properties and Equipment | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Oil and Gas Properties [Text Block] | 7. CRUDE OIL AND NATURAL GAS PROPERTIES AND EQUIPMENT The Company’s crude oil and natural gas properties and equipment is comprised of the following: As of September 30, 2022 As of December 31, 2021 (in thousands) Crude oil and natural gas properties and equipment - successful efforts method: Wells, platforms and other production facilities $ 556,973 $ 488,756 Work-in-progress 60,749 13,515 Undeveloped acreage 23,735 23,735 Equipment and other 28,641 23,478 670,098 549,484 Accumulated depreciation, depletion, amortization and impairment (475,387 ) (455,160 ) Net crude oil and natural gas properties, equipment and other $ 194,711 $ 94,324 Extension of Term of Etame Marin Block PSC On September 25, 2018, ten September 17, 2018, two five In accordance with the Etame PSC, the Etame Consortium maintains a “Cost Account,” which accumulates capital costs and operating expenses that are deductible against revenues, net of royalties, in determining taxable profits. Under the PSC Extension, the Cost Recovery Percentage increased to 80% for the ten September 17, 2018 September 16, 2028. September 16, 2028, June 20, 2026. Proved Properties The Company reviews the crude oil and natural gas producing properties for impairment quarterly or whenever events or changes in circumstances indicate that the carrying amount of such properties may not not 3 There was no three nine September 30, 2022 third 2022 Undeveloped Leasehold Costs VAALCO acquired a 31% working interest in an undeveloped portion of a block (“Block P”) offshore Equatorial Guinea in 2012. November 12, 2019. 2020, August 27, 2020, April 12, 2021, September 30, 2022 July 15, 2022 not September 26, 2022, As a result of the PSC Extension discussed above, the exploitation area for the Etame Marin block was expanded to include previously undeveloped acreage. The Company allocated $6.7 million of the share of the signing bonus and $7.1 million of the $18.6 million resulting from the deferred tax impact for the difference between book basis and tax basis to unproved leasehold costs using the acreage attributable to the previous exploitation areas and the additional acreage in the expanded exploitation areas. Exploitation of this additional area is permitted throughout the term of the Etame PSC. As a result of discovering reserves in connection with drilling the South East Etame 4H March 2020, 3, September 30, 2022 Capitalized Equipment Inventory Capitalized equipment inventory is reviewed regularly for obsolescence. Adjustments for inventory obsolescence are recorded in the “ Other operating income (expense), net not three nine September 30, 2022 2021 |
Note 8 - Derivatives and Fair V
Note 8 - Derivatives and Fair Value | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Derivatives and Fair Value [Text Block] | 8. The Company uses derivative financial instruments from time to time to achieve a more predictable cash flow from crude oil production by reducing the Company’s exposure to price fluctuations. See the table below for the list of outstanding contracts. Settlement Period Type of Contract Index Average Monthly Volumes Weighted Average Put Price Weighted Average Call Price (Bbls) (per Bbl) (per Bbl) October 2022 to December 2022 Collars Dated Brent 109,000 $ 70.00 $ 122.00 While these derivative instruments are intended to be an economic hedge to mitigate the impact of a decline in crude oil prices, the Company has not not May 2022, The derivative instruments are measured at fair value using the Income Method. Level 2 To mitigate counterparty risk, the Company enters into such derivative contracts with creditworthy financial institutions deemed by management as competent and competitive market makers. At times, the Company’s counterparties require that it post collateral for changes in the net fair value of the derivative contracts. This cash collateral is reported in the line item "Restricted cash" on the condensed consolidated balance sheets. The following table sets forth the loss on derivative instruments on the Company’s condensed consolidated statements of operations: Three Months Ended September 30, Nine Months Ended September 30, Derivative Item Statement of Operations Line 2022 2021 2022 2021 (in thousands) Commodity derivatives Cash settlements paid on matured derivative contracts, net $ (9,124 ) $ (4,186 ) $ (42,683 ) $ (10,189 ) Unrealized gain (loss) 12,902 (961 ) 5,161 (10,881 ) Derivative instruments gain (loss), net $ 3,778 $ (5,147 ) $ (37,522 ) $ (21,070 ) Subsequent Event On October 26, 2022, first 2023. elow: Settlement Period Type of Contract Index Average Monthly Volumes Weighted Average Put Price Weighted Average Call Price January 2023 to March 2023 Collars Dated Brent 101,000 $ 65.00 $ 120.00 |
Note 9 - Accrued Liabilities an
Note 9 - Accrued Liabilities and Other | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 9. Accrued liabilities and other balances were comprised of the following: As of September 30, 2022 As of December 31, 2021 (in thousands) Accrued accounts payable invoices $ 21,703 $ 11,967 FPSO demobilization 8,867 — Gabon DMO, PID and PIH obligations 10,803 9,465 Derivative liability - crude oil swaps — 4,806 Capital expenditures 26,516 11,327 Stock appreciation rights – current portion 544 609 Accrued wages and other compensation 2,676 2,124 ARO Obligation 6,701 6,745 Other 5,338 2,401 Total accrued liabilities and other $ 83,148 $ 49,444 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. COMMITMENTS AND CONTINGENCIES Abandonment funding Under the terms of the Etame PSC, the Company has a cash funding arrangement for the eventual abandonment of all offshore wells, platforms and facilities on the Etame Marin block. As a result of the PSC Extension, annual funding payments are spread over the periods from 2018 2028, 2018 November 2021, September 30, 2022, On March 5, 2019, one six three nine September 30, 2022, three nine September 30, 2021, December 2021, 2022, No. 5 FPSO charter In connection with the charter of the FPSO, the Company, as operator of the Etame Marin block, guaranteed all of the charter payments under the charter through its contract term. At the Company’s election, the charter could be extended for two one September 2020. September 2022. September 9, 2022, October 4, 2022 Pursuant to the addendum, VAALCO Gabon agreed to pay the charterer day rate of $150,000 from August 20, 2022 October 4, 2022, The FPSO charter payment includes a $0.93 per barrel charter fee for production up to 20,000 barrels of crude oil per day and a $2.50 per barrel charter fee for those barrels produced in excess of 20,000 barrels of crude oil per day. Regulatory and Joint Interest Audits and Related Matters The Company is subject to periodic routine audits by various government agencies in Gabon, including audits of the Company’s petroleum cost account, customs, taxes and other operational matters, as well as audits by other members of the contractor group under the Company’s joint operating agreements. In 2016, 2013 2014. January 2017. not Between 2019 2021, 2015 2016. not In 2019, 2017 2018. June 2020, one no FSO On August 31, 2021, 2021 2022 October 19, 2022, Dividend Policy On November 3, 2021, March 18, 2022 February 18, 2022 June 24, 2022 May 25, 2022 September 23, 2022 August 25, 2022 Payment of future dividends, if any, will be at the discretion of the board of directors after taking into account various factors, including current financial condition, the tax impact of repatriating cash, operating results and current and anticipated cash needs. Other contractual commitments In June 2021, three 1HB ST2 November 2022. Subsequent Event On October 31, 2022, $0.0325 fourth December 22, 2022 November 22, 2022 Payment of future dividends, if any, will be at the discretion of the board of directors after taking into account various factors, including current financial condition, the tax impact of repatriating cash, operating results and current and anticipated cash needs. On November 1, 2022, August 8, 2022 10b5 1 10b 18 1934. 20 The actual timing, number and value of shares repurchased under the share buyback program will depend on a number of factors, including constraints specified in the Plan, the Company's stock price, general business and market conditions, and alternative investment opportunities. Under the Plan, the Company’s third |
Note 11 - Debt
Note 11 - Debt | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 11. As of September 30, 2022 December 31, 2021, On May 16, 2022, may not October 1, 2023 April 1 October 1 The Facility provides for determination of the borrowing base asset based on the Company’s proved producing reserves and a portion of the Company's proved undeveloped reserves. The borrowing base is determined and redetermined by the Lenders on March 31 September 30 no Each loan under the Facility will bear interest at a rate equal to LIBOR plus a margin (the “Applicable Margin”) of (i) 6.00% until the third third Pursuant to the Facility Agreement, the Company shall pay to Glencore for the account of each Lender a quarterly commitment fee equal to (i) 35% per annum of the Applicable Margin on the daily amount by which the lower of the total commitments and the borrowing base amount exceeds the amount of all outstanding utilizations under the Facility, plus (ii) 20% per annum of the Applicable Margin on the daily amount by which the total commitments exceed the borrowing base amount. The Borrower is also required to pay customary arrangement and security agent fees. The Facility Agreement contains certain debt covenants, including that, as of the last day of each calendar quarter, (i) the ratio of Consolidated Total Net Debt to EBITDAX (as each term is defined in the Facility Agreement) for the trailing 12 not 3.0x not September 30, 2022 September 30, 2022 The Facility will mature on the earlier of (i) the fifth first Deferred financing costs incurred in connection with securing the Facility were $1.4 Subsequent Event In connection with the Arrangement with TransGlobe in October 2022, CAD$4.1 |
Note 12 - Leases
Note 12 - Leases | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Operating and Finance Leases [Text Block] | 12. Under the leasing standard that became effective January 1, 2019, two Practical Expedients The Company elected to use all the practical expedients, effectively carrying over its previous identification and classification of leases that existed as of January 1, 2019. may not no Operating leases The Company is currently a party to several operating lease agreements for the corporate office, rental of marine vessels and equipment and the FPSO. The duration for these agreements ranges from 9 to 30 months. In some cases, the lease contracts require the Company to make payments both for the use of the asset itself and for operations and maintenance services. Only the payments for the use of the asset related to the lease component are included in the calculation of ROU assets and lease liabilities. Payments for the operations and maintenance services are considered non-lease components and are not During the third 2019, first September 2021. third 2020, September 2022. On September 9, 2022, September 2022 October 4, 2022 842, The marine vessels and certain equipment leases include provisions for variable lease payments, under which the Company is required to make additional payments based on the level of production or the number of days or hours the asset is deployed, or the number of persons onboard the vessel. Because the Company does not Financing leases The Company is currently a party to several financing lease agreements for the FSO and generators used in the operations of the Etame Marin block. On February 15, 2022, The related ROU asset and lease liability was recorded on the lease commencement date of February 15, 2022. September 30, 2022. In August 2021, October 2022. third August 2022. October 19, 2022, All leases For all leases that contain an option to extend the initial lease term, the Company has evaluated whether it will extend the lease beyond the initial lease term. When the Company believes it will utilize these leased assets beyond the initial lease term, those payments have been included in the calculation of the ROU assets and liabilities. The discount rate used to calculate ROU assets and lease liabilities represents the Company’s incremental borrowing rate. The Company determined this by considering the term and economic environment of each lease, and estimating the resulting interest rate the Company would incur to borrow the lease payments. For the three nine September 30, 2022 2021 Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Lease cost: Finance lease cost (1) $ 97 $ — $ 261 $ — Operating lease cost 2,547 4,386 11,008 13,266 Short-term lease cost (2) 3,115 585 4,328 1,828 Variable lease cost (3) 1,264 1,584 4,511 4,645 Total lease expense 7,023 6,555 20,108 19,739 Lease costs capitalized 1,877 — 3,300 — Total lease costs $ 8,900 $ 6,555 $ 23,408 $ 19,739 2022 2021 Other information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows attributable to finance leases $ 26 $ — Weighted-average remaining lease term (in years) 4.92 — Weighted-average discount rate 3.54 % — Operating cash flows attributable to operating leases $ 19,243 $ 18,018 Weighted-average remaining lease term (in years) 1.51 1.0 Weighted-average discount rate 5.12 % 6.09 % ( 1 Represents depreciation and interest associated with financing leases. ( 2 Represents short term leases under contracts that are 1 not ( 3 Variable costs represent differences between minimum lease costs and actual lease costs incurred under lease contracts. The table below describes the presentation of the total lease cost on the Company’s condensed consolidated statement of operations. As discussed above, the Company’s joint venture owners are required to reimburse the Company for their share of certain expenses, including certain lease costs. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Finance lease cost $ 165 $ — $ 261 $ — Production expense 4,049 3,827 11,607 10,328 General and administrative expense 48 49 111 145 Lease costs billed to the joint venture owners 3,441 2,679 9,327 9,266 Total lease expense 7,703 6,555 21,306 19,739 Lease costs capitalized 1,197 — 2,102 — Total lease costs $ 8,900 $ 6,555 $ 23,408 $ 19,739 The following table describes the future maturities of the Company’s lease liabilities at September 30, 2022 Operating Leases Finance Leases (in thousands) Year 2022 $ 185 $ 92 2023 1,339 368 2024 197 368 2025 33 368 Thereafter — 537 1,754 1,733 Less: imputed interest 33 165 Total lease liabilities $ 1,721 $ 1,568 Under the joint operating agreements, other joint venture owners are obligated to fund $1.4 million of the $3.5 million in future lease liabilities. |
Note 13 - Asset Retirement Obli
Note 13 - Asset Retirement Obligations | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Asset Retirement Obligation Disclosure [Text Block] | 13. The following table summarizes the changes in the Company’s asset retirement obligations: (in thousands) As of September 30, 2022 As of December 31, 2021 Beginning balance $ 40,694 $ 17,334 Accretion 1,434 1,627 Additions — 14,564 Revisions — 7,169 Settlements (180 ) — Ending balance $ 41,948 $ 40,694 Accretion is recorded in the line item “Depreciation, depletion and amortization” on the condensed consolidated statements of operations. The Company is required under the Etame PSC for the Etame Marin block in Gabon to conduct abandonment studies to update the amounts being funded for the eventual abandonment of the offshore wells, platforms and facilities on the Etame Marin block. The current abandonment study was prepared in November 2021. December 31, 2021, 3, 2021. September 30, 2022 |
Note 14 - Shareholders' Equity
Note 14 - Shareholders' Equity | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 14. EQUITY Subsequent Event On October 13, 2022, Preferred stock Authorized preferred stock consists of 500,000 shares with a par value of $25 per share. No shares of preferred stock were issued and outstanding as of September 30, 2022 December 31, 2021. Treasury stock For the majority of restricted stock awards granted by the Company, the number of shares issued to the participant on the vesting date are net of shares withheld to meet applicable tax withholding requirements. In addition, when options are exercised, the participant may Although these withheld shares are not 15 |
Note 15 - Stock-based Compensat
Note 15 - Stock-based Compensation and Other Benefit Plans | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 15. STOCK-BASED COMPENSATION AND OTHER BENEFIT PLANS The Company’s stock-based compensation has been granted under several stock incentive and long-term incentive plans. The plans authorize the Compensation Committee of the Company’s board of directors to issue various types of incentive compensation. The Company had previously issued stock options and restricted shares under the 2014 “2014 2016 June 25, 2020, 2020 “2020 June 2021, 2020 2020 September 30, 2022 2020 For each stock option granted, the number of authorized shares under the 2020 one one 2020 no As referenced in the table below, the Company records compensation expense related to stock-based compensation as general and administrative expense associated with the issuance of stock options, restricted stock and stock appreciation rights. During the nine September 30, 2022 nine September 30, 2021 Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Stock-based compensation - equity awards $ 541 $ 327 $ 1,560 $ 767 Stock-based compensation - liability awards (505 ) (302 ) 740 1,331 Total stock-based compensation $ 36 $ 25 $ 2,300 $ 2,098 Subsequent Event In connection with the Arrangement with TransGlobe and pursuant to the Arrangement Agreement, at the effective time of the Arrangement, certain awards previously issued to TransGlobe’s key employees and board members who continued their relationship as employees or board members of VAALCO following the Arrangement, will continue to be governed by the applicable TransGlobe plan, provided that each such applicable plan has been amended to provide that VAALCO common stock shall be issuable in lieu of TransGlobe common stock with respect to TransGlobe’s deferred share units (“DSU”s), performance share units (“PSU”s) and restricted stock units (“RSU”s), in each case, based on the exchange ratio in the Arrangement. For the PSUs that will remain outstanding following the effective time of the Arrangement as described in the immediately preceding sentence, the applicable vesting percentage was determined by the TransGlobe board of directors to be 200% for PSUs granted in 2020 2021; 2022. Stock options and performance shares Stock options have an exercise price that may not three three may In March 2022, ten one third first 30 one third second 30 one third third 30 not not The Company used the Monte Carlo simulation to calculate the grant date fair value of performance stock option awards. The fair value of these awards will be amortized to expense over the derived service period of the option. For options that do not During the nine September 30, 2022 2021 Nine Months Ended September 30, 2022 2021 Weighted average exercise price - ($/share) $ 6.41 $ 3.14 Expected life in years 6.0 6.0 Average expected volatility 72 % 75 % Risk-free interest rate 1.98 % 0.95 % Expected dividend yield 2.30 % — Weighted average grant date fair value - ($/share) $ 2.84 $ 2.07 Stock option activity associated with the Monte Carlo model for the nine September 30, 2022 Number of Shares Underlying Options Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (in years) Outstanding at January 1, 2022 359 $ 1.96 Granted 241 6.41 Exercised — — Unvested shares forfeited — — Vested shares expired — — Outstanding at September 30, 2022 600 $ 3.75 8.59 $ 861 Exercisable at September 30, 2022 194 $ 1.68 7.90 $ 518 Stock option activity associated with the Black-Scholes model for the nine September 30, 2022 Number of Shares Underlying Options Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (in years) Outstanding at January 1, 2022 615 $ 1.58 Granted — — Exercised (229 ) 1.12 Unvested shares forfeited — — Vested shares expired — — Outstanding at September 30, 2022 386 $ 1.86 1.21 $ 968 Exercisable at September 30, 2022 386 $ 1.86 1.21 $ 968 During the nine September 30, 2022 Restricted shares Restricted stock granted to employees will vest over a period determined by the Compensation Committee that is generally a three three first first not fifty 50 March 2022, June 2022, The following is a summary of activity for the nine September 30, 2022 Restricted Stock Weighted Average Grant Date Fair Value (in thousands) Non-vested shares outstanding at January 1, 2022 741 $ 2.36 Awards granted 384 6.56 Awards vested (334 ) 2.25 Awards forfeited (32 ) 3.69 Non-vested shares outstanding at September 30, 2022 759 $ 4.48 During the nine September 30, 2022 Stock appreciation rights ( SARs ) SARs may 2016 2020 may not During the nine September 30, 2022 not SAR activity for the nine September 30, 2022 Number of Shares Underlying SARs Weighted Average Exercise Price Per Share Weight Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (in years) (in thousands) Outstanding at January 1, 2022 362 $ 1.81 Granted — — Exercised (153 ) 1.71 Unvested SARs forfeited — — Vested SARs expired — — Outstanding at September 30, 2022 209 $ 1.88 1.11 $ 517 Exercisable at September 30, 2022 209 $ 1.88 1.11 $ 517 Other Benefit Plans The Company has adopted forms of change in control agreements for its named executive officers and certain other officers of the Company as well as a severance plan for its Houston-based non-executive employees in order to provide severance benefits in connection with a change in control. Upon a termination of a participant’s employment by the Company without cause or a resignation by the participant for good reason three six six |
Note 16 - Income Taxes
Note 16 - Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 16. VAALCO and its domestic subsidiaries file a consolidated U.S. income tax return. Certain foreign subsidiaries also file tax returns in their respective local jurisdictions. Income taxes attributable to continuing operations for the three nine September 30, 2022 2021 Provision for income taxes related to income from continuing operations consists of the following: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) U.S. Federal: Current $ — $ — $ — $ — Deferred 461 (17,619 ) (9,408 ) (19,668 ) Foreign: Current (1,165 ) 5,516 24,928 15,099 Deferred 23,547 (5,080 ) 48,947 (6,703 ) Total $ 22,843 $ (17,183 ) $ 64,467 $ (11,272 ) The Company’s effective tax rate for the nine September 30, 2022 2021 nine September 30, 2022 nine September 30, 2022 three September 30, 2022, $1.2 $8.7 nine September 30, 2022, $4.4 As of September 30, 2022 no In connection with the Arrangement with TransGlobe, the Company anticipates that a Section 382 not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Nature of Operations [Policy Text Block] | VAALCO Energy, Inc. (together with its consolidated subsidiaries “we”, “us”, “our”, “VAALCO” or the “Company”) is a Houston, Texas-based independent energy company engaged in the acquisition, exploration, development and production of crude oil. As operator, the Company has production operations and conducts exploration and development activities in Gabon, West Africa. The Company also has opportunities to participate in development and exploration activities in Equatorial Guinea, West Africa. As discussed further in Note 3 On October 13, 2022, July 13, 2022 ( 3 As of September 30, 2022 |
Basis of Accounting, Policy [Policy Text Block] | These condensed consolidated financial statements are unaudited, but in the opinion of management, reflect all adjustments necessary for a fair presentation of results for the interim periods presented. All adjustments are of a normal recurring nature unless disclosed otherwise. Interim period results are not These condensed consolidated financial statements have been prepared in accordance with rules of the Securities and Exchange Commission (“SEC”) and do not 10 December 31, 2021, |
COVID-19 Pandemic [Policy Text Block] | With respect to the novel strain of coronavirus (“COVID- 19” 2021, 2022, second 2022 BA.5 19 19, 2020 19 not 19, no 19 not In July 2021, August 2021 September 2022. October 5, 2022, 2 November 2022. not The average Brent crude oil price for the three December 31, 2021, March 31, 2022, June 30, 2022 September 30, 2022 During the nine September 30, 2022, While the current commodity price environment is still favorable and the Company has not 19 may |
Consolidation, Policy [Policy Text Block] | Principles of consolidation – The accompanying condensed consolidated financial statements (“Financial Statements”) include the accounts of VAALCO and its wholly owned subsidiaries. Investments in unincorporated joint ventures and undivided interests in certain operating assets are consolidated on a pro rata basis. All intercompany transactions within the consolidated group have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of estimates |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents three |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted cash and abandonment funding September 30, 2022 2021 September 30, 2022 2021 10 As of September 30, 2022 2021 (in thousands) Cash and cash equivalents $ 69,289 $ 52,839 Restricted cash - current 203 81 Restricted cash - non-current 1,755 1,752 Abandonment funding 18,838 22,281 Total cash, cash equivalents and restricted cash $ 90,085 $ 76,953 The Company conducts regular abandonment studies to update the estimated costs to abandon the offshore wells, platforms and facilities on the Etame Marin block. This cash funding is reflected under “Other noncurrent assets” as “Abandonment funding” on the condensed consolidated balance sheets. Future changes to the anticipated abandonment cost estimate could change the asset retirement obligation and the amount of future abandonment funding payments. See Note 10 On February 28, 2019, one six not February 2021. not 2019, 2020 2021 2018 February 2021, March 12, 2021 not 2021. December 2021, 2022, No. 5 |
Interest in Unincorporated Joint Ventures or Partnerships, Policy [Policy Text Block] | Accounts with joint venture owners |
Accounts Receivable [Policy Text Block] | Accounts Receivable and Allowance for Doubtful Accounts 30 The Company routinely assesses the recoverability of all material receivables to determine their collectability. The Company accrues a reserve on a receivable when, based on management’s judgment, it is probable that a receivable will not may As of September 30, 2022 September 30, 2022 $1.00. December 31, 2021, December 31, 2021, $1.00. The following table provides a roll forward of the aggregate allowance for bad debt: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Allowance for bad debt Balance at beginning of period $ (6,389 ) $ (5,575 ) $ (5,741 ) $ (2,273 ) Bad debt charge, net of receipts (1,020 ) (318 ) (2,083 ) (814 ) Adjustment associated with Sasol Acquisition — — — (2,879 ) Foreign currency gain (loss) 355 117 770 190 Balance at end of period $ (7,054 ) $ (5,776 ) $ (7,054 ) $ (5,776 ) |
Other Receivables [Policy Text Block] | Other receivables, net 2021, not third September 30, 2022 130 August September 2022, 65 August 65 September 2022. |
Inventory, Policy [Policy Text Block] | Crude oil inventory |
Prepayments and Other [Policy Text Block] | Prepayments and Other nine September 30, 2022 |
Inventory Supplies, Policy [Policy Text Block] | Materials and supplies |
Oil and Gas Properties Policy [Policy Text Block] | Crude Oil and natural gas properties, equipment and other |
Exploratory Drilling Costs Capitalization and Impairment, Policy [Policy Text Block] | Capitalization no may |
Depreciation, Depletion, and Amortization [Policy Text Block] | Depreciation, depletion and amortization three five five seven |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment may not may 3 may 7 |
Business Combinations Policy [Policy Text Block] | Purchase Accounting February 25, 2021, November 17, 2020 3 |
Lessee, Leases [Policy Text Block] | Lease commitments 842, |
Asset Retirement Obligation [Policy Text Block] | Asset retirement obligations ( ARO ) A liability for ARO is recognized in the period in which the legal obligations are incurred if a reasonable estimate of fair value can be made. The ARO liability reflects the estimated present value of the amount of dismantlement, removal, site reclamation, and similar activities associated with crude oil and natural gas properties. The Company uses current retirement costs to estimate the expected cash outflows for retirement obligations. Inherent in the present value calculation are numerous assumptions and judgments including the ultimate settlement amounts, inflation factors, credit-adjusted discount rates, timing of settlement, and changes in the legal, regulatory, environmental, and political environments. Initial recording of the ARO liability is offset by the corresponding capitalization of asset retirement cost recorded to crude oil and natural gas properties. To the extent these or other assumptions change after initial recognition of the liability, the fair value estimate is revised and the recognized liability adjusted, with a corresponding adjustment made to the related asset balance or income statement, as appropriate. Depreciation of capitalized asset retirement costs and accretion of asset retirement obligations are recorded over time. Depreciation is generally determined on a units-of-production basis for crude oil and natural gas production facilities, while accretion escalates over the lives of the assets to reach the expected settlement value. Where there is a downward revision to the ARO that exceeds the net book value of the related asset, the corresponding adjustment is limited to the amount of the net book value of the asset and the remaining amount is recognized as a gain. See Note 13 |
Revenue from Contract with Customer [Policy Text Block] | Revenue recognition i.e., not June 20, 2026 may i.e., 6 |
Property, Plant and Equipment, Planned Major Maintenance Activities, Policy [Policy Text Block] | Major maintenance activities |
Share-Based Payment Arrangement [Policy Text Block] | Stock-based compensation Black-Scholes and Monte Carlo models employ assumptions, based on management’s best estimates at the time of grant, which impact the calculation of fair value and ultimately, the amount of expense that is recognized over the life of the stock options or SAR award. These models use the following inputs: (i) the quoted market price of the Company’s common stock on the valuation date, (ii) the maximum stock price appreciation that an employee may For restricted stock, the grant date fair value is determined using the market value of the common stock on the date of grant. The stock-based compensation expense for equity awards is recognized over the requisite or derived service period, using the straight-line attribution method over the service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards. Unless the awards contain a market condition, previously recognized expense related to forfeited awards is reversed in the period in which the forfeiture occurs. For awards containing a market condition, previously recognized stock-based compensation expense is not 15 |
Income Tax, Policy [Policy Text Block] | Income taxes may Judgment is required in determining whether deferred tax assets will be realized in full or in part. Management assesses the available positive and negative evidence to estimate if existing deferred tax assets will be utilized, and when it is estimated to be more-likely-than- not not not In certain jurisdictions, the Company may not not may 16 |
Derivatives, Policy [Policy Text Block] | Derivative instruments and hedging activities may The Company records balances resulting from commodity risk management activities in the condensed consolidated balance sheets as either assets or liabilities measured at fair value. Gains and losses from the change in fair value of derivative instruments and cash settlements on commodity derivatives are presented in the “Derivative instruments loss, net” line item located within the “Other income (expense)” section of the condensed consolidated statements of operations. See Note 8 |
Fair Value Measurement, Policy [Policy Text Block] | Fair value three Level 1 Level 2 1 not Level 3 not |
Nonrecurring Fair Value Measurements [Policy Text Block] | Nonrecurring Fair Value Measurements 3 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair value of financial instruments 8, 2 As of September 30, 2022 Balance Sheet Line Level 1 Level 2 Level 3 Total (in thousands) Assets Derivative asset Prepayments and other $ — $ 348 $ — $ 348 $ — $ 348 $ — $ 348 Liabilities SARs liability Accrued liabilities and other $ — $ 544 $ — $ 544 $ — $ 544 $ — $ 544 As of December 31, 2021 Balance Sheet Line Level 1 Level 2 Level 3 Total (in thousands) Liabilities SARs liability Accrued liabilities and other $ — $ 609 $ — $ 609 Derivative liability Accrued liabilities and other — 4,806 — 4,806 $ — $ 5,415 $ — $ 5,415 |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share 5 |
Note 1 - Organization and Acc_2
Note 1 - Organization and Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Cash, Cash Equivalents and Restricted Cash [Table Text Block] | As of September 30, 2022 2021 (in thousands) Cash and cash equivalents $ 69,289 $ 52,839 Restricted cash - current 203 81 Restricted cash - non-current 1,755 1,752 Abandonment funding 18,838 22,281 Total cash, cash equivalents and restricted cash $ 90,085 $ 76,953 |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Allowance for bad debt Balance at beginning of period $ (6,389 ) $ (5,575 ) $ (5,741 ) $ (2,273 ) Bad debt charge, net of receipts (1,020 ) (318 ) (2,083 ) (814 ) Adjustment associated with Sasol Acquisition — — — (2,879 ) Foreign currency gain (loss) 355 117 770 190 Balance at end of period $ (7,054 ) $ (5,776 ) $ (7,054 ) $ (5,776 ) |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | As of September 30, 2022 Balance Sheet Line Level 1 Level 2 Level 3 Total (in thousands) Assets Derivative asset Prepayments and other $ — $ 348 $ — $ 348 $ — $ 348 $ — $ 348 Liabilities SARs liability Accrued liabilities and other $ — $ 544 $ — $ 544 $ — $ 544 $ — $ 544 As of December 31, 2021 Balance Sheet Line Level 1 Level 2 Level 3 Total (in thousands) Liabilities SARs liability Accrued liabilities and other $ — $ 609 $ — $ 609 Derivative liability Accrued liabilities and other — 4,806 — 4,806 $ — $ 5,415 $ — $ 5,415 |
Note 3 - Acquisitions and Dis_2
Note 3 - Acquisitions and Dispositions (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | February 25, 2021 (in thousands) Purchase Consideration Cash $ 33,959 Fair value of contingent consideration 4,647 Total purchase consideration $ 38,606 February 25, 2021 (in thousands) Assets acquired: Wells, platforms and other production facilities $ 37,176 Equipment and other 5,568 Value added tax and other receivables 1,234 Abandonment funding 11,781 Accounts receivable - trade 11,220 Other current assets 3,963 Liabilities assumed: Asset retirement obligations (14,564 ) Accrued liabilities and other (10,121 ) Bargain purchase gain (7,651 ) Total purchase price $ 38,606 |
Business Acquisition, Pro Forma Information [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2021 2021 (in thousands - unaudited) Pro forma (unaudited) Crude oil and natural gas sales $ 55,899 $ 160,469 Operating income 20,030 63,929 Net income 31,721 49,341 (a) Basic net income loss per share: Income from continuing operations $ 0.53 $ 0.85 Net income per share $ 0.53 $ 0.85 Basic weighted average shares outstanding 58,586 58,102 Diluted net income per share: Income from continuing operations $ 0.53 $ 0.84 Net income per share $ 0.53 $ 0.84 Diluted weighted average shares outstanding 58,916 58,654 |
Note 4 - Segment Information (T
Note 4 - Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended September 30, 2022 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Revenues: Crude oil and natural gas sales $ 78,097 $ — $ — $ 78,097 Operating costs and expenses: Production expense 22,828 484 — 23,312 FPSO demobilization 8,867 — — 8,867 Exploration expense 56 — — 56 Depreciation, depletion and amortization 8,940 — 23 8,963 General and administrative expense 915 120 944 1,979 Bad debt expense and other 681 339 — 1,020 Total operating costs and expenses 42,287 943 967 44,197 Other operating expense, net — — — — Operating income 35,810 (943 ) (967 ) 33,900 Other income (expense): Derivative instruments loss, net — — 3,778 3,778 Interest (expense) income, net (351 ) — 117 (234 ) Other (expense) income, net (1,305 ) 1 (6,403 ) (7,707 ) Total other expense, net (1,656 ) 1 (2,508 ) (4,163 ) Income from continuing operations before income taxes 34,154 (942 ) (3,475 ) 29,737 Income tax (benefit) expense 25,415 — (2,572 ) 22,843 Income from continuing operations 8,739 (942 ) (903 ) 6,894 Loss from discontinued operations, net of tax — — (26 ) (26 ) Net income $ 8,739 $ (942 ) $ (929 ) $ 6,868 Consolidated capital expenditures $ 51,610 $ — $ 53 $ 51,663 Nine Months Ended September 30, 2022 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Revenues: Crude oil and natural gas sales $ 257,738 $ — $ — $ 257,738 Operating costs and expenses: Production expense 66,269 878 — 67,147 FPSO demobilization 8,867 — — 8,867 Exploration expense 250 — — 250 Depreciation, depletion and amortization 21,766 — 61 21,827 General and administrative expense 2,073 329 8,105 10,507 Bad debt expense and other 1,744 339 — 2,083 Total operating costs and expenses 100,969 1,546 8,166 110,681 Other operating expense, net (5 ) — — (5 ) Operating income 156,764 (1,546 ) (8,166 ) 147,052 Other income (expense): Derivative instruments loss, net — — (37,522 ) (37,522 ) Interest (expense) income, net (515 ) — 160 (355 ) Other (expense) income, net (2,799 ) (1 ) (7,714 ) (10,514 ) Total other expense, net (3,314 ) (1 ) (45,076 ) (48,391 ) Income from continuing operations before income taxes 153,450 (1,547 ) (53,242 ) 98,661 Income tax (benefit) expense 74,671 1 (10,205 ) 64,467 Income from continuing operations 78,779 (1,548 ) (43,037 ) 34,194 Loss from discontinued operations, net of tax — — (58 ) (58 ) Net income $ 78,779 $ (1,548 ) $ (43,095 ) $ 34,136 Consolidated capital expenditures $ 121,492 $ — $ 120 $ 121,612 Three Months Ended September 30, 2021 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Revenues: Crude oil and natural gas sales $ 55,899 $ — $ — $ 55,899 Operating costs and expenses: Production expense 24,967 229 12 25,208 Exploration expense 479 — — 479 Depreciation, depletion and amortization 6,953 — 17 6,970 General and administrative expense 394 42 2,504 2,940 Bad debt expense and other 318 — — 318 Total operating costs and expenses 33,111 271 2,533 35,915 Other operating expense, net 46 — — 46 Operating income 22,834 (271 ) (2,533 ) 20,030 Other income (expense): Derivative instruments loss, net — — (5,147 ) (5,147 ) Interest (expense) income, net — — 3 3 Other (expense) income, net (318 ) (1 ) (9 ) (328 ) Total other expense, net (318 ) (1 ) (5,153 ) (5,472 ) Income from continuing operations before income taxes 22,516 (272 ) (7,686 ) 14,558 Income tax (benefit) expense 839 — (18,022 ) (17,183 ) Income from continuing operations 21,677 (272 ) 10,336 31,741 Loss from discontinued operations, net of tax — — (20 ) (20 ) Net income $ 21,677 $ (272 ) $ 10,316 $ 31,721 Consolidated capital expenditures (1) $ 6,696 $ — $ — $ 6,696 Nine Months Ended September 30, 2021 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Revenues: Crude oil and natural gas sales $ 142,696 $ — $ — $ 142,696 Operating costs and expenses: Production expense 57,478 261 21 57,760 Exploration expense 1,286 — — 1,286 Depreciation, depletion and amortization 16,860 — 68 16,928 General and administrative expense 885 244 11,092 12,221 Bad debt expense and other 814 — — 814 Total operating costs and expenses 77,323 505 11,181 89,009 Other operating expense, net (87 ) — (353 ) (440 ) Operating income 65,286 (505 ) (11,534 ) 53,247 Other income (expense): Derivative instruments loss, net — — (21,070 ) (21,070 ) Interest (expense) income, net — — 9 9 Other (expense) income, net 6,854 (2 ) (2,764 ) 4,088 Total other expense, net 6,854 (2 ) (23,825 ) (16,973 ) Income from continuing operations before income taxes 72,140 (507 ) (35,359 ) 36,274 Income tax (benefit) expense 10,318 1 (21,591 ) (11,272 ) Income from continuing operations 61,822 (508 ) (13,768 ) 47,546 Loss from discontinued operations, net of tax — — (72 ) (72 ) Net income $ 61,822 $ (508 ) $ (13,840 ) $ 47,474 Consolidated capital expenditures (1) $ 10,993 $ — $ — $ 10,993 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | (in thousands) Gabon Equatorial Guinea Corporate and Other Total Long-lived assets from continuing operations: As of September 30, 2022 $ 184,484 $ 10,000 $ 227 $ 194,711 As of December 31, 2021 $ 84,156 $ 10,000 $ 168 $ 94,324 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Total assets from continuing operations: As of September 30, 2022 $ 313,746 $ 10,689 $ 70,338 $ 394,773 As of December 31, 2021 $ 201,748 $ 10,548 $ 50,794 $ 263,090 |
Note 5 - Earnings Per Share (Ta
Note 5 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Net income (numerator): Income from continuing operations $ 6,894 $ 31,741 $ 34,194 $ 47,546 Income from continuing operations attributable to unvested shares (75 ) (404 ) (457 ) (755 ) Numerator for basic 6,819 31,337 33,737 46,791 Reallocation of earnings to participating securities for considering dilutive securities — — 3 — Numerator for dilutive $ 6,819 $ 31,337 $ 33,740 $ 46,791 Loss from discontinued operations, net of tax $ (26 ) $ (20 ) $ (58 ) $ (72 ) Income from discontinued operations attributable to unvested shares — — 1 1 Numerator for basic (26 ) (20 ) (57 ) (71 ) Reallocation of earnings to participating securities for considering dilutive securities — — — — Numerator for dilutive $ (26 ) $ (20 ) $ (57 ) $ (71 ) Net Income $ 6,868 $ 31,721 $ 34,136 $ 47,474 Net income attributable to unvested shares (75 ) (404 ) (456 ) (754 ) Numerator for basic 6,793 31,317 33,680 46,720 Reallocation of earnings to participating securities for considering dilutive securities — — 3 — Numerator for dilutive $ 6,793 $ 31,317 $ 33,683 $ 46,720 Weighted average shares (denominator): Basic weighted average shares outstanding 59,068 58,586 58,900 58,102 Effect of dilutive securities 382 330 435 552 Diluted weighted average shares outstanding 59,450 58,916 59,335 58,654 Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be anti-dilutive 388 138 195 282 |
Note 6 - Revenue (Tables)
Note 6 - Revenue (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Revenue from customer contracts: Sales under the COSPA or COSMA $ 87,661 $ 42,056 $ 289,290 $ 136,693 Other items reported in revenue not associated with customer contracts: Gabonese government share of Profit Oil taken in-kind — 20,103 — 20,103 Carried interest recoupment 2,360 1,794 5,843 5,948 Royalties (11,924 ) (8,054 ) (37,395 ) (20,048 ) Crude oil and natural gas sales $ 78,097 $ 55,899 $ 257,738 $ 142,696 |
Note 7 - Crude Oil and Natura_2
Note 7 - Crude Oil and Natural Gas Properties and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of September 30, 2022 As of December 31, 2021 (in thousands) Crude oil and natural gas properties and equipment - successful efforts method: Wells, platforms and other production facilities $ 556,973 $ 488,756 Work-in-progress 60,749 13,515 Undeveloped acreage 23,735 23,735 Equipment and other 28,641 23,478 670,098 549,484 Accumulated depreciation, depletion, amortization and impairment (475,387 ) (455,160 ) Net crude oil and natural gas properties, equipment and other $ 194,711 $ 94,324 |
Note 8 - Derivatives and Fair_2
Note 8 - Derivatives and Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | Settlement Period Type of Contract Index Average Monthly Volumes Weighted Average Put Price Weighted Average Call Price (Bbls) (per Bbl) (per Bbl) October 2022 to December 2022 Collars Dated Brent 109,000 $ 70.00 $ 122.00 Settlement Period Type of Contract Index Average Monthly Volumes Weighted Average Put Price Weighted Average Call Price January 2023 to March 2023 Collars Dated Brent 101,000 $ 65.00 $ 120.00 |
Schedule of Derivative Instruments [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, Derivative Item Statement of Operations Line 2022 2021 2022 2021 (in thousands) Commodity derivatives Cash settlements paid on matured derivative contracts, net $ (9,124 ) $ (4,186 ) $ (42,683 ) $ (10,189 ) Unrealized gain (loss) 12,902 (961 ) 5,161 (10,881 ) Derivative instruments gain (loss), net $ 3,778 $ (5,147 ) $ (37,522 ) $ (21,070 ) |
Note 9 - Accrued Liabilities _2
Note 9 - Accrued Liabilities and Other (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | As of September 30, 2022 As of December 31, 2021 (in thousands) Accrued accounts payable invoices $ 21,703 $ 11,967 FPSO demobilization 8,867 — Gabon DMO, PID and PIH obligations 10,803 9,465 Derivative liability - crude oil swaps — 4,806 Capital expenditures 26,516 11,327 Stock appreciation rights – current portion 544 609 Accrued wages and other compensation 2,676 2,124 ARO Obligation 6,701 6,745 Other 5,338 2,401 Total accrued liabilities and other $ 83,148 $ 49,444 |
Note 12 - Leases (Tables)
Note 12 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Lease cost: Finance lease cost (1) $ 97 $ — $ 261 $ — Operating lease cost 2,547 4,386 11,008 13,266 Short-term lease cost (2) 3,115 585 4,328 1,828 Variable lease cost (3) 1,264 1,584 4,511 4,645 Total lease expense 7,023 6,555 20,108 19,739 Lease costs capitalized 1,877 — 3,300 — Total lease costs $ 8,900 $ 6,555 $ 23,408 $ 19,739 2022 2021 Other information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows attributable to finance leases $ 26 $ — Weighted-average remaining lease term (in years) 4.92 — Weighted-average discount rate 3.54 % — Operating cash flows attributable to operating leases $ 19,243 $ 18,018 Weighted-average remaining lease term (in years) 1.51 1.0 Weighted-average discount rate 5.12 % 6.09 % |
Summary of Lease Costs in Consolidated Statements of Operations [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Finance lease cost $ 165 $ — $ 261 $ — Production expense 4,049 3,827 11,607 10,328 General and administrative expense 48 49 111 145 Lease costs billed to the joint venture owners 3,441 2,679 9,327 9,266 Total lease expense 7,703 6,555 21,306 19,739 Lease costs capitalized 1,197 — 2,102 — Total lease costs $ 8,900 $ 6,555 $ 23,408 $ 19,739 |
Lessee, Operating and Finance Lease Liability, Maturity [Table Text Block] | Operating Leases Finance Leases (in thousands) Year 2022 $ 185 $ 92 2023 1,339 368 2024 197 368 2025 33 368 Thereafter — 537 1,754 1,733 Less: imputed interest 33 165 Total lease liabilities $ 1,721 $ 1,568 |
Note 13 - Asset Retirement Ob_2
Note 13 - Asset Retirement Obligations (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | (in thousands) As of September 30, 2022 As of December 31, 2021 Beginning balance $ 40,694 $ 17,334 Accretion 1,434 1,627 Additions — 14,564 Revisions — 7,169 Settlements (180 ) — Ending balance $ 41,948 $ 40,694 |
Note 15 - Stock-based Compens_2
Note 15 - Stock-based Compensation and Other Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Stock-based compensation - equity awards $ 541 $ 327 $ 1,560 $ 767 Stock-based compensation - liability awards (505 ) (302 ) 740 1,331 Total stock-based compensation $ 36 $ 25 $ 2,300 $ 2,098 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Nine Months Ended September 30, 2022 2021 Weighted average exercise price - ($/share) $ 6.41 $ 3.14 Expected life in years 6.0 6.0 Average expected volatility 72 % 75 % Risk-free interest rate 1.98 % 0.95 % Expected dividend yield 2.30 % — Weighted average grant date fair value - ($/share) $ 2.84 $ 2.07 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Number of Shares Underlying Options Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (in years) Outstanding at January 1, 2022 359 $ 1.96 Granted 241 6.41 Exercised — — Unvested shares forfeited — — Vested shares expired — — Outstanding at September 30, 2022 600 $ 3.75 8.59 $ 861 Exercisable at September 30, 2022 194 $ 1.68 7.90 $ 518 Number of Shares Underlying Options Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (in years) Outstanding at January 1, 2022 615 $ 1.58 Granted — — Exercised (229 ) 1.12 Unvested shares forfeited — — Vested shares expired — — Outstanding at September 30, 2022 386 $ 1.86 1.21 $ 968 Exercisable at September 30, 2022 386 $ 1.86 1.21 $ 968 |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Restricted Stock Weighted Average Grant Date Fair Value (in thousands) Non-vested shares outstanding at January 1, 2022 741 $ 2.36 Awards granted 384 6.56 Awards vested (334 ) 2.25 Awards forfeited (32 ) 3.69 Non-vested shares outstanding at September 30, 2022 759 $ 4.48 |
Share-Based Payment Arrangement, Stock Appreciation Right, Activity [Table Text Block] | Number of Shares Underlying SARs Weighted Average Exercise Price Per Share Weight Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (in years) (in thousands) Outstanding at January 1, 2022 362 $ 1.81 Granted — — Exercised (153 ) 1.71 Unvested SARs forfeited — — Vested SARs expired — — Outstanding at September 30, 2022 209 $ 1.88 1.11 $ 517 Exercisable at September 30, 2022 209 $ 1.88 1.11 $ 517 |
Note 16 - Income Taxes (Tables)
Note 16 - Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) U.S. Federal: Current $ — $ — $ — $ — Deferred 461 (17,619 ) (9,408 ) (19,668 ) Foreign: Current (1,165 ) 5,516 24,928 15,099 Deferred 23,547 (5,080 ) 48,947 (6,703 ) Total $ 22,843 $ (17,183 ) $ 64,467 $ (11,272 ) |
Note 1 - Organization and Acc_3
Note 1 - Organization and Accounting Policies (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2022 USD ($) $ / item | Jun. 30, 2022 $ / item | Mar. 31, 2022 $ / item | Dec. 31, 2021 USD ($) $ / bbl | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Jun. 20, 2026 | Feb. 25, 2021 | |
Oil and Gas, Average Sale Price (in USD per Barrel of Oil) | 100 | 113 | 100 | 79 | ||||||
Payments for Abandonment Funding | $ 0 | $ 0 | $ 0 | |||||||
Abandonment Funding Payment Due | $ 4,300 | $ 4,300 | ||||||||
Value Added Tax Receivable | $ 11,200 | $ 9,600 | $ 11,200 | $ 9,600 | ||||||
Foreign Currency Exchange Rate, Translation | 669.4 | 578.2 | 669.4 | 578.2 | ||||||
Other Receivables | $ 12,100 | $ 12,100 | ||||||||
Accounts Payable, Other, Current | 6,700 | 6,700 | ||||||||
Other Accrued Liabilities, Current | 6,100 | 6,100 | ||||||||
Prepayments for Fixed Assets | $ 7,900 | $ 7,900 | ||||||||
Government of Gabon [Member] | Prior Production Sharing Contract Through September 17, 2018 [Member] | ||||||||||
Monthly Royalty Rate, Based on Production at the Published Price | 13% | 13% | ||||||||
Etame Marine Block [Member] | Sasol Gabon S.A. [Member] | ||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 27.80% | |||||||||
Office Equipment [Member] | Minimum [Member] | ||||||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||||||||
Office Equipment [Member] | Maximum [Member] | ||||||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |||||||||
Leasehold Improvements [Member] | Minimum [Member] | ||||||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |||||||||
Leasehold Improvements [Member] | Maximum [Member] | ||||||||||
Property, Plant and Equipment, Useful Life (Year) | 7 years | |||||||||
Purchase Commitment [Member] | ||||||||||
Number of Contracts Entered Into | 2 | |||||||||
Vaalco Energy Inc. and Other Etame Marin Block Owners [Member] | ||||||||||
Value Added Tax Receivable | $ 19,200 | $ 14,500 | $ 19,200 | $ 14,500 | ||||||
Vaalco Energy Inc. and Other Etame Marin Block Owners [Member] | Prior Production Sharing Contract Through September 17, 2018 [Member] | ||||||||||
Working Interest Ownership, Percentage | 7.50% | 7.50% | ||||||||
Vaalco Energy Inc. and Other Etame Marin Block Owners [Member] | Prior Production Sharing Contract Through September 17, 2018 [Member] | Forecast [Member] | ||||||||||
Working Interest Ownership, Percentage | 10% |
Note 1 - Organization and Acc_4
Note 1 - Organization and Accounting Policies - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Cash and cash equivalents | $ 69,289 | $ 52,839 | |
Restricted cash | 203 | $ 79 | 81 |
Restricted cash - non-current | 1,755 | 1,752 | 1,752 |
Abandonment funding | 18,838 | $ 21,808 | 22,281 |
Total cash, cash equivalents and restricted cash | $ 90,085 | $ 76,953 |
Note 1 - Organization and Acc_5
Note 1 - Organization and Accounting Policies - Analysis of Change in Allowance for Bad Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Balance at beginning of period | $ (6,389) | $ (5,575) | $ (5,741) | $ (2,273) |
Bad debt charge, net of receipts | (1,020) | (318) | (2,083) | (814) |
Adjustment associated with Sasol Acquisition | 0 | 0 | 0 | (2,879) |
Foreign currency gain (loss) | 355 | 117 | 770 | 190 |
Balance at end of period | $ (7,054) | $ (5,776) | $ (7,054) | $ (5,776) |
Note 1 - Organization and Acc_6
Note 1 - Organization and Accounting Policies - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Assets, Fair Value Disclosure, Total | $ 348 | |
Liabilities, Fair Value Disclosure, Total | 544 | $ 5,415 |
Derivative liability - crude oil swaps | 0 | 4,806 |
Prepayments and Other [Member] | ||
Derivative asset | 348 | |
Accrued Liabilities and Other [Member] | ||
SARs liability | 544 | 609 |
Derivative liability - crude oil swaps | 4,806 | |
Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure, Total | 0 | |
Liabilities, Fair Value Disclosure, Total | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Prepayments and Other [Member] | ||
Derivative asset | 0 | |
Fair Value, Inputs, Level 1 [Member] | Accrued Liabilities and Other [Member] | ||
SARs liability | 0 | 0 |
Derivative liability - crude oil swaps | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure, Total | 348 | |
Liabilities, Fair Value Disclosure, Total | 544 | 5,415 |
Fair Value, Inputs, Level 2 [Member] | Prepayments and Other [Member] | ||
Derivative asset | 348 | |
Fair Value, Inputs, Level 2 [Member] | Accrued Liabilities and Other [Member] | ||
SARs liability | 544 | 609 |
Derivative liability - crude oil swaps | 4,806 | |
Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure, Total | 0 | |
Liabilities, Fair Value Disclosure, Total | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Prepayments and Other [Member] | ||
Derivative asset | 0 | |
Fair Value, Inputs, Level 3 [Member] | Accrued Liabilities and Other [Member] | ||
SARs liability | $ 0 | 0 |
Derivative liability - crude oil swaps | $ 0 |
Note 3 - Acquisitions and Dis_3
Note 3 - Acquisitions and Dispositions (Details Textual) $ / shares in Units, $ in Thousands, shares in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||||||||
Oct. 13, 2022 $ / shares shares | Apr. 29, 2021 USD ($) | Feb. 25, 2021 USD ($) | Sep. 30, 2022 USD ($) $ / shares | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Sep. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Jun. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) $ / shares | Sep. 30, 2021 USD ($) | Dec. 31, 2021 $ / shares | Feb. 24, 2021 | Nov. 30, 2006 | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.10 | $ 0.10 | $ 0.10 | ||||||||||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 0 | $ 7,651 | |||||||||||||
Revenues, Total | $ 78,097 | $ 55,899 | 257,738 | 142,696 | |||||||||||
Net Income (Loss) Attributable to Parent, Total | 6,868 | $ 15,104 | $ 12,164 | 31,721 | $ 5,884 | $ 9,869 | 34,136 | 47,474 | |||||||
Block 5 PSA [Member] | |||||||||||||||
Equity Method Investment, Ownership Percentage | 40% | ||||||||||||||
Equity Method Investment, Additional Working Interest Percentage | 10% | ||||||||||||||
TransGlobe Shareholders [Member] | |||||||||||||||
Business Combination, Acquisition Related Costs | 6,400 | 7,600 | |||||||||||||
Etame Marine Block [Member] | |||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 58.80% | 31.10% | |||||||||||||
Subsequent Event [Member] | |||||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.10 | ||||||||||||||
Subsequent Event [Member] | VAALCO Energy [Member] | VAALCO Stockholders [Member] | |||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 54.50% | ||||||||||||||
Subsequent Event [Member] | VAALCO Energy [Member] | TransGlobe Shareholders [Member] | |||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 45.50% | ||||||||||||||
TransGlobe [Member] | Subsequent Event [Member] | |||||||||||||||
Business Acquisition, Exchange Ratio | 0.6727 | ||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 49.3 | ||||||||||||||
Etame Marine Block [Member] | |||||||||||||||
Business Combination, Acquisition Related Costs | $ 1,000 | ||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 31.10% | ||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 58.80% | ||||||||||||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 7,700 | $ 7,700 | |||||||||||||
Business Combination, Bargain Purchase Gain, Recognized Amount, Net of Tax | 5,500 | ||||||||||||||
Business Combination, Bargain Purchase Gain, Recognized Amount, Tax Expense (Benefit) | (2,200) | ||||||||||||||
Revenues, Total | 36,900 | 26,400 | 121,600 | 58,000 | |||||||||||
Net Income (Loss) Attributable to Parent, Total | $ 3,300 | $ 10,200 | $ 16,100 | $ 20,100 | |||||||||||
Business Combination, Contingent Consideration, Liability, Total | $ 5,000 | ||||||||||||||
Business Combination, Contingent Consideration, Measurement Period of Oil Price (Day) | 90 days | ||||||||||||||
Business Combination, Contingent Consideration, Oil Price Threshold | 60 | ||||||||||||||
Payment for Contingent Consideration Liability, Investing Activities | $ 5,000 | ||||||||||||||
Etame Marine Block [Member] | Sasol Gabon S.A. [Member] | |||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 27.80% |
Note 3 - Acquisitions and Dis_4
Note 3 - Acquisitions and Dispositions - Allocation of Purchase Price to Assets Acquired and Liabilities Assumed (Details) - Etame Marine Block [Member] $ in Thousands | Feb. 25, 2021 USD ($) |
Cash | $ 33,959 |
Fair value of contingent consideration | 4,647 |
Total purchase consideration | 38,606 |
Wells, platforms and other production facilities | 37,176 |
Equipment and other | 5,568 |
Value added tax and other receivables | 1,234 |
Abandonment funding | 11,781 |
Accounts receivable - trade | 11,220 |
Other current assets | 3,963 |
Asset retirement obligations | (14,564) |
Accrued liabilities and other | (10,121) |
Bargain purchase gain | (7,651) |
Total purchase price | $ 38,606 |
Note 3 - Acquisition and Dispos
Note 3 - Acquisition and Dispositions - Unaudited Proforma Results (Details) - Etame Marine Block [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2021 | ||
Crude oil and natural gas sales | $ 55,899 | $ 160,469 | |
Operating income | 20,030 | 63,929 | |
Net income | [1] | $ 31,721 | $ 49,341 |
Income from continuing operations (in dollars per share) | $ 0.53 | $ 0.85 | |
Net income per share (in dollars per share) | $ 0.53 | $ 0.85 | |
Basic weighted average shares outstanding (in shares) | 58,586 | 58,102 | |
Income from continuing operations (in dollars per share) | $ 0.53 | $ 0.84 | |
Net income per share (in dollars per share) | $ 0.53 | $ 0.84 | |
Diluted weighted average shares outstanding (in shares) | 58,916 | 58,654 | |
[1]The pro forma net income for the nine months ended September 30, 2021 excludes nonrecurring pro forma adjustments directly attributable to the Sasol Acquisition, consisting of a bargain purchase gain of $7.7 million and transaction costs of $1.0 million. |
Note 4 - Segment Information (D
Note 4 - Segment Information (Details Textual) $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | ||
Jul. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Jul. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | May 16, 2022 USD ($) | |
Number of Reportable Segments | 2 | ||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Exxon [Member] | Oil and Gas [Member] | |||||||
Concentration Risk, Percentage | 100% | 100% | 100% | 100% | |||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Glencore [Member] | Oil and Gas [Member] | |||||||
Concentration Risk, Percentage | 100% | ||||||
Revolving Credit Facility [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50 |
Note 4 - Segment Information -
Note 4 - Segment Information - Segment Activity of Continuing Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |||
Revenues, Total | $ 78,097 | $ 55,899 | $ 257,738 | $ 142,696 | ||||||
Production expense | 23,312 | 25,208 | 67,147 | 57,760 | ||||||
Other Demobilization Fees, Net | 8,867 | 0 | 8,867 | 0 | ||||||
Exploration expense | 56 | 479 | 250 | 1,286 | ||||||
Depreciation, depletion and amortization | 8,963 | 6,970 | 21,827 | 16,928 | ||||||
General and administrative expense | 1,979 | 2,940 | 10,507 | 12,221 | ||||||
Bad debt expense and other | 1,020 | 318 | 2,083 | 814 | ||||||
Total operating costs and expenses | 44,197 | 35,915 | 110,681 | 89,009 | ||||||
Other operating expense, net | 0 | 46 | (5) | (440) | ||||||
Operating income | 33,900 | 20,030 | 147,052 | 53,247 | ||||||
Derivative instruments loss, net | 3,778 | (5,147) | (37,522) | (21,070) | ||||||
Interest (expense) income, net | (234) | 3 | (355) | 9 | ||||||
Other (expense) income, net | (7,707) | (328) | (10,514) | 4,088 | ||||||
Total other expense, net | (4,163) | (5,472) | (48,391) | (16,973) | ||||||
Income from continuing operations before income taxes | 29,737 | 14,558 | 98,661 | 36,274 | ||||||
Income tax (benefit) expense | 22,843 | (17,183) | 64,467 | (11,272) | ||||||
Income from continuing operations | 6,894 | 31,741 | 34,194 | 47,546 | ||||||
Loss from discontinued operations, net of tax | (26) | (20) | (58) | (72) | ||||||
Net Income (Loss) Attributable to Parent, Total | 6,868 | $ 15,104 | $ 12,164 | 31,721 | $ 5,884 | $ 9,869 | 34,136 | 47,474 | ||
Consolidated capital expenditures | 51,663 | 6,696 | [1] | 121,612 | 10,993 | [1] | ||||
Corporate, Non-Segment [Member] | ||||||||||
Revenues, Total | 0 | 0 | 0 | 0 | ||||||
Production expense | 0 | 12 | 0 | 21 | ||||||
Other Demobilization Fees, Net | 0 | 0 | ||||||||
Exploration expense | 0 | 0 | 0 | 0 | ||||||
Depreciation, depletion and amortization | 23 | 17 | 61 | 68 | ||||||
General and administrative expense | 944 | 2,504 | 8,105 | 11,092 | ||||||
Bad debt expense and other | 0 | 0 | 0 | 0 | ||||||
Total operating costs and expenses | 967 | 2,533 | 8,166 | 11,181 | ||||||
Other operating expense, net | 0 | 0 | 0 | (353) | ||||||
Operating income | (967) | (2,533) | (8,166) | (11,534) | ||||||
Derivative instruments loss, net | 3,778 | (5,147) | (37,522) | (21,070) | ||||||
Interest (expense) income, net | 117 | 3 | 160 | 9 | ||||||
Other (expense) income, net | (6,403) | (9) | (7,714) | (2,764) | ||||||
Total other expense, net | (2,508) | (5,153) | (45,076) | (23,825) | ||||||
Income from continuing operations before income taxes | (3,475) | (7,686) | (53,242) | (35,359) | ||||||
Income tax (benefit) expense | (2,572) | (18,022) | (10,205) | (21,591) | ||||||
Income from continuing operations | (903) | 10,336 | (43,037) | (13,768) | ||||||
Loss from discontinued operations, net of tax | (26) | (20) | (58) | (72) | ||||||
Net Income (Loss) Attributable to Parent, Total | (929) | 10,316 | (43,095) | (13,840) | ||||||
Consolidated capital expenditures | 53 | 0 | [1] | 120 | 0 | [1] | ||||
Gabon Segment [Member] | Operating Segments [Member] | ||||||||||
Revenues, Total | 78,097 | 55,899 | 257,738 | 142,696 | ||||||
Production expense | 22,828 | 24,967 | 66,269 | 57,478 | ||||||
Other Demobilization Fees, Net | 8,867 | 8,867 | ||||||||
Exploration expense | 56 | 479 | 250 | 1,286 | ||||||
Depreciation, depletion and amortization | 8,940 | 6,953 | 21,766 | 16,860 | ||||||
General and administrative expense | 915 | 394 | 2,073 | 885 | ||||||
Bad debt expense and other | 681 | 318 | 1,744 | 814 | ||||||
Total operating costs and expenses | 42,287 | 33,111 | 100,969 | 77,323 | ||||||
Other operating expense, net | 0 | 46 | (5) | (87) | ||||||
Operating income | 35,810 | 22,834 | 156,764 | 65,286 | ||||||
Derivative instruments loss, net | 0 | 0 | 0 | 0 | ||||||
Interest (expense) income, net | (351) | 0 | (515) | 0 | ||||||
Other (expense) income, net | (1,305) | (318) | (2,799) | 6,854 | ||||||
Total other expense, net | (1,656) | (318) | (3,314) | 6,854 | ||||||
Income from continuing operations before income taxes | 34,154 | 22,516 | 153,450 | 72,140 | ||||||
Income tax (benefit) expense | 25,415 | 839 | 74,671 | 10,318 | ||||||
Income from continuing operations | 8,739 | 21,677 | 78,779 | 61,822 | ||||||
Loss from discontinued operations, net of tax | 0 | 0 | 0 | 0 | ||||||
Net Income (Loss) Attributable to Parent, Total | 8,739 | 21,677 | 78,779 | 61,822 | ||||||
Consolidated capital expenditures | 51,610 | 6,696 | [1] | 121,492 | 10,993 | [1] | ||||
Equatorial Guinea Segment [Member] | Operating Segments [Member] | ||||||||||
Revenues, Total | 0 | 0 | 0 | 0 | ||||||
Production expense | 484 | 229 | 878 | 261 | ||||||
Other Demobilization Fees, Net | 0 | 0 | ||||||||
Exploration expense | 0 | 0 | 0 | 0 | ||||||
Depreciation, depletion and amortization | 0 | 0 | 0 | 0 | ||||||
General and administrative expense | 120 | 42 | 329 | 244 | ||||||
Bad debt expense and other | 339 | 0 | 339 | 0 | ||||||
Total operating costs and expenses | 943 | 271 | 1,546 | 505 | ||||||
Other operating expense, net | 0 | 0 | 0 | 0 | ||||||
Operating income | (943) | (271) | (1,546) | (505) | ||||||
Derivative instruments loss, net | 0 | 0 | 0 | 0 | ||||||
Interest (expense) income, net | 0 | 0 | 0 | 0 | ||||||
Other (expense) income, net | 1 | (1) | (1) | (2) | ||||||
Total other expense, net | 1 | (1) | (1) | (2) | ||||||
Income from continuing operations before income taxes | (942) | (272) | (1,547) | (507) | ||||||
Income tax (benefit) expense | 0 | 0 | 1 | 1 | ||||||
Income from continuing operations | (942) | (272) | (1,548) | (508) | ||||||
Loss from discontinued operations, net of tax | 0 | 0 | 0 | 0 | ||||||
Net Income (Loss) Attributable to Parent, Total | (942) | (272) | (1,548) | (508) | ||||||
Consolidated capital expenditures | $ 0 | $ 0 | [1] | $ 0 | $ 0 | [1] | ||||
[1]Excludes assets acquired in the Sasol acquisition. |
Note 4 - Segment Information _2
Note 4 - Segment Information - Assets from Continuing Operations (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Long-lived assets from continuing operations | $ 194,711 | $ 94,324 |
Total assets from continuing operations | 394,773 | 263,090 |
Operating Segments [Member] | Gabon Segment [Member] | ||
Long-lived assets from continuing operations | 184,484 | 84,156 |
Total assets from continuing operations | 313,746 | 201,748 |
Operating Segments [Member] | Equatorial Guinea Segment [Member] | ||
Long-lived assets from continuing operations | 10,000 | 10,000 |
Total assets from continuing operations | 10,689 | 10,548 |
Corporate, Non-Segment [Member] | ||
Long-lived assets from continuing operations | 227 | 168 |
Total assets from continuing operations | $ 70,338 | $ 50,794 |
Note 5 - Earnings Per Share - R
Note 5 - Earnings Per Share - Reconciliation of Basic and Diluted EPS and Shares (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income from continuing operations | $ 6,894 | $ 31,741 | $ 34,194 | $ 47,546 | ||||
Income from continuing operations attributable to unvested shares | (75) | (404) | (457) | (755) | ||||
Numerator for basic | (6,819) | (31,337) | (33,737) | (46,791) | ||||
Reallocation of earnings to participating securities for considering dilutive securities | 0 | 0 | (3) | 0 | ||||
Numerator for dilutive | 6,819 | 31,337 | 33,740 | 46,791 | ||||
Loss from discontinued operations, net of tax | (26) | (20) | (58) | (72) | ||||
Income from discontinued operations attributable to unvested shares | 0 | 0 | 1 | 1 | ||||
Numerator for basic | (26) | (20) | (57) | (71) | ||||
Numerator for dilutive | (26) | (20) | (57) | (71) | ||||
Net Income | 6,868 | $ 15,104 | $ 12,164 | 31,721 | $ 5,884 | $ 9,869 | 34,136 | 47,474 |
Net income attributable to unvested shares | (75) | (404) | (456) | (754) | ||||
Numerator for basic | 6,793 | 31,317 | 33,680 | 46,720 | ||||
Reallocation of earnings to participating securities for considering dilutive securities | 0 | 0 | 3 | 0 | ||||
Numerator for dilutive | $ 6,793 | $ 31,317 | $ 33,683 | $ 46,720 | ||||
Basic weighted average shares outstanding (in shares) | 59,068 | 58,586 | 58,900 | 58,102 | ||||
Effect of dilutive securities (in shares) | 382 | 330 | 435 | 552 | ||||
Diluted weighted average shares outstanding (in shares) | 59,450 | 58,916 | 59,335 | 58,654 | ||||
Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be anti-dilutive (in shares) | 388 | 138 | 195 | 282 |
Note 6 - Revenue (Details Textu
Note 6 - Revenue (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2022 | Jun. 20, 2026 | Dec. 31, 2021 | |
Taxes Payable, Current, Total | $ 28,056 | $ 3,128 | |
Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member] | |||
Purchase Agreement Payment Period (Day) | 30 days | ||
Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member] | Foreign Tax Authority [Member] | Tax Administration of Gabon [Member] | |||
Taxes Payable, Current, Total | $ 28,100 | $ 3,100 | |
Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member] | Vaalco Energy Inc. and Other Etame Marin Block Owners [Member] | |||
Working Interest Ownership, Percentage | 7.50% | ||
Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member] | Vaalco Energy Inc. and Other Etame Marin Block Owners [Member] | Forecast [Member] | |||
Working Interest Ownership, Percentage | 10% | ||
Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member] | Government of Gabon [Member] | |||
Monthly Royalty Rate, Based on Production at the Published Price | 13% |
Note 6 - Revenue - Revenues fro
Note 6 - Revenue - Revenues from Contracts with Customers and Other Items Not Associated with Customer Contracts (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Crude oil and natural gas sales | $ 78,097 | $ 55,899 | $ 257,738 | $ 142,696 |
Crude Oil Sales and Purchase Agreements [Member] | ||||
Sales under the COSPA or COSMA | 87,661 | 42,056 | 289,290 | 136,693 |
Gabonese Government Share of Profit Oil [Member] | ||||
Other items reported in revenue not associated with customer contracts | 0 | 20,103 | 0 | 20,103 |
Carried Interest Recoupment [Member] | ||||
Other items reported in revenue not associated with customer contracts | 2,360 | 1,794 | 5,843 | 5,948 |
Oil and Gas [Member] | ||||
Royalties | (11,924) | (8,054) | (37,395) | (20,048) |
Crude oil and natural gas sales | $ 78,097 | $ 55,899 | $ 257,738 | $ 142,696 |
Note 7 - Crude Oil and Natura_3
Note 7 - Crude Oil and Natural Gas Properties and Equipment (Details Textual) $ in Millions | 9 Months Ended | |||||||||
Jun. 20, 2026 | Sep. 25, 2018 | Sep. 30, 2022 USD ($) | Sep. 16, 2028 | Apr. 12, 2021 | Feb. 25, 2021 USD ($) | Dec. 31, 2020 USD ($) | Mar. 31, 2020 USD ($) | Sep. 17, 2018 USD ($) | Dec. 31, 2012 | |
Block P Offshore Equatorial Guinea [Member] | ||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 12% | 31% | ||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 43% | |||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 3.1 | |||||||||
Etame Marine Block [Member] | ||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 58.80% | |||||||||
Unproved Oil and Gas Property, Successful Effort Method | $ 2.2 | |||||||||
Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member] | ||||||||||
Deferred Tax Assets, Property, Plant and Equipment | $ 18.6 | |||||||||
Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member] | Signing Bonus [Member] | ||||||||||
Capitalized Costs, Unproved Properties | 6.7 | |||||||||
Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member] | Tax Effect [Member] | ||||||||||
Capitalized Costs, Unproved Properties | $ 7.1 | |||||||||
Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member] | Forecast [Member] | Etame Marine Block [Member] | ||||||||||
Increase (Decrease) in Working Interest Ownership Percentage | 1.60% | |||||||||
Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member] | Vaalco Energy Inc. and Other Etame Marin Block Owners [Member] | ||||||||||
Period of Agreement for Exploitation Areas (Year) | 10 years | |||||||||
Entitled Percent for Consortium After Initial Royalty Percentage | 80% | |||||||||
Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member] | Vaalco Energy Inc. and Other Etame Marin Block Owners [Member] | Forecast [Member] | ||||||||||
Entitled Percent for Consortium After Initial Royalty Percentage | 70% | |||||||||
Etame Marine Block [Member] | ||||||||||
Equity Method Investment, Ownership Percentage | 63.575% | |||||||||
Unproved Oil and Gas Property, Successful Effort Method | $ 2.3 | |||||||||
Undeveloped Leasehold Value | $ 13.7 | $ 11.5 | ||||||||
Etame Marine Block [Member] | Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member] | ||||||||||
Number of Exploitation Areas | 3 | |||||||||
Period of Agreement for Exploitation Areas (Year) | 10 years | |||||||||
Number of Contract Extension Periods | 2 | |||||||||
Production License Agreement Term Extended by Government (Year) | 5 years | |||||||||
Etame Marine Block [Member] | Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member] | Forecast [Member] | ||||||||||
Increase (Decrease) in Working Interest Ownership Percentage | 2.50% | |||||||||
Block P Offshore Equatorial Guinea [Member] | ||||||||||
Equity Method Investment, Ownership Percentage | 45.90% | |||||||||
Unproved Oil and Gas Property, Successful Effort Method | $ 10 | |||||||||
Period of Development Area (Year) | 25 years |
Note 7 - Crude Oil and Natura_4
Note 7 - Crude Oil and Natural Gas Properties and Equipment - Schedule of Crude Oil and Natural Gas Properties and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Gross crude oil and natural gas properties, equipment and other | $ 670,098 | $ 549,484 |
Accumulated depreciation, depletion, amortization and impairment | (475,387) | (455,160) |
Net crude oil and natural gas properties, equipment and other | 194,711 | 94,324 |
Wells and Related Equipment and Facilities [Member] | ||
Gross crude oil and natural gas properties, equipment and other | 556,973 | 488,756 |
Construction in Progress [Member] | ||
Gross crude oil and natural gas properties, equipment and other | 60,749 | 13,515 |
Undeveloped Acreage [Member] | ||
Gross crude oil and natural gas properties, equipment and other | 23,735 | 23,735 |
Other Capitalized Property Plant and Equipment [Member] | ||
Gross crude oil and natural gas properties, equipment and other | $ 28,641 | $ 23,478 |
Note 8 - Derivatives and Fair_3
Note 8 - Derivatives and Fair Value (Details Textual) $ in Millions | Oct. 26, 2022 USD ($) |
Commodity Contract, January 2023 to March 2023 [Member] | Subsequent Event [Member] | |
Payments for Derivative Instrument, Financing Activities | $ 26 |
Note 8 - Derivatives and Fair_4
Note 8 - Derivatives and Fair Value - Unexpired Barrels (Details) | 6 Months Ended | |
Oct. 26, 2022 $ / bbl bbl | Jun. 30, 2022 $ / bbl $ / item bbl | |
Commodity Contract, October 2022 to December 2022 [Member] | ||
Barrels (Barrel of Oil) | bbl | 109,000 | |
Commodity Contract, October 2022 to December 2022 [Member] | Short [Member] | ||
Weighted average price put price (in USD per Barrel of Oil) | 70 | |
Commodity Contract, October 2022 to December 2022 [Member] | Long [Member] | ||
Weighted average price call price (in USD per Per Share) | $ / item | 122 | |
Commodity Contract, January 2023 to March 2023 [Member] | Subsequent Event [Member] | ||
Barrels (Barrel of Oil) | bbl | 101,000 | |
Commodity Contract, January 2023 to March 2023 [Member] | Subsequent Event [Member] | Short [Member] | ||
Weighted average price put price (in USD per Barrel of Oil) | 65 | |
Commodity Contract, January 2023 to March 2023 [Member] | Subsequent Event [Member] | Long [Member] | ||
Weighted average price call price (in USD per Per Share) | 120 |
Note 8 - Derivatives and Fair_5
Note 8 - Derivatives and Fair Value - Loss on Derivative Instruments (Details) - Crude Oil Swaps [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative instruments loss, net | $ 3,778 | $ (5,147) | $ (37,522) | $ (21,070) |
Cash Settlements Not Paid on Matured Derivative Contracts, Net [Member] | ||||
Derivative instruments loss, net | (9,124) | (4,186) | (42,683) | (10,189) |
Unrealized Gain (Loss) [Member] | ||||
Derivative instruments loss, net | $ 12,902 | $ (961) | $ 5,161 | $ (10,881) |
Note 9 - Accrued Liabilities _3
Note 9 - Accrued Liabilities and Other - Schedule of Accrued Liabilities and Other Balances (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Accrued accounts payable invoices | $ 21,703 | $ 11,967 |
FPSO demobilization | 8,867 | 0 |
Gabon DMO, PID and PIH obligations | 10,803 | 9,465 |
Derivative liability - crude oil swaps | 0 | 4,806 |
Capital expenditures | 26,516 | 11,327 |
Stock appreciation rights – current portion | 544 | 609 |
Accrued wages and other compensation | 2,676 | 2,124 |
ARO Obligation | 6,701 | 6,745 |
Other | 5,338 | 2,401 |
Total accrued liabilities and other | $ 83,148 | $ 49,444 |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Details Textual) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 36 Months Ended | |||||||||||||||
Oct. 31, 2022 | Sep. 22, 2022 USD ($) | Aug. 05, 2022 $ / shares | Jun. 24, 2022 $ / shares | Mar. 18, 2022 $ / shares | Jun. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2022 USD ($) bbl | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) bbl | Sep. 30, 2021 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2016 | Dec. 31, 2021 USD ($) | Dec. 31, 2023 $ / shares | Oct. 13, 2022 USD ($) | Aug. 20, 2022 USD ($) | Nov. 30, 2021 USD ($) | Nov. 03, 2021 $ / shares | Aug. 31, 2021 USD ($) | |
Abandonment Funding | $ 18,838,000 | $ 22,281,000 | $ 18,838,000 | $ 22,281,000 | $ 21,808,000 | |||||||||||||||
Other Demobilization Fees, Net | 8,867,000 | 0 | 8,867,000 | 0 | ||||||||||||||||
Dividends Payable, Amount Per Share (in dollars per share) | $ / shares | $ 0.0325 | $ 0.0325 | $ 0.0325 | $ 0.0325 | ||||||||||||||||
Dividends Payable, Date to be Paid | Sep. 23, 2022 | Jun. 24, 2022 | Mar. 18, 2022 | |||||||||||||||||
Dividends Payable, Date of Record | Aug. 25, 2022 | May 25, 2022 | Feb. 18, 2022 | |||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||
Dividends Payable, Date to be Paid | Dec. 22, 2022 | |||||||||||||||||||
Dividends Payable, Date of Record | Nov. 22, 2022 | |||||||||||||||||||
Subsequent Event [Member] | Share Buyback Program [Member] | ||||||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 30,000,000 | |||||||||||||||||||
Forecast [Member] | ||||||||||||||||||||
Annualized Dividend Target, Per Share (in dollars per share) | $ / shares | $ 2,022 | |||||||||||||||||||
Borr Drilling Limited [Member] | ||||||||||||||||||||
Number of Drilled Wells Required by Agreement | 3 | |||||||||||||||||||
Etame Marine Block [Member] | ||||||||||||||||||||
Contractual Obligation, to be Paid, Year One | 3,200,000 | 3,200,000 | $ 1,300,000 | |||||||||||||||||
Etame Marine Block [Member] | Minimum [Member] | ||||||||||||||||||||
Estimated Field Level Capital Conversion | 45,000,000 | 45,000,000 | ||||||||||||||||||
Etame Marine Block [Member] | Maximum [Member] | ||||||||||||||||||||
Estimated Field Level Capital Conversion | $ 55,000,000 | $ 55,000,000 | ||||||||||||||||||
Foreign Tax Authority [Member] | Tax Administration of Gabon [Member] | ||||||||||||||||||||
Income Tax Examination, Year under Examination | 2013 2014 | 2015 2016 | ||||||||||||||||||
FPSO Charter [Member] | ||||||||||||||||||||
Number of Charter Extension Periods | 2 | |||||||||||||||||||
Charter Day Rates | $ 150,000 | |||||||||||||||||||
Other Demobilization Fees, Gross | $ 15,300,000 | |||||||||||||||||||
Other Demobilization Fees, Net | $ 8,900,000 | |||||||||||||||||||
Charter Fee Per Barrel for Production Level One | 0.93 | 0.93 | ||||||||||||||||||
Charter Fee Amount Threshold, Volume (Barrel of Oil) | bbl | 20,000 | 20,000 | ||||||||||||||||||
Charter Fee Per Barrel for Production Level Two | 2.50 | 2.50 | ||||||||||||||||||
Period of Charter (Year) | 1 year | |||||||||||||||||||
Etame Marine Block [Member] | ||||||||||||||||||||
Estimated Abandonment Costs | $ 47,900,000 | |||||||||||||||||||
Abandonment Funding | $ 18,800,000 | $ 18,800,000 | ||||||||||||||||||
Foreign Currency Transaction Gain (Loss), before Tax, Total | (1,300,000) | $ (600,000) | 3,000,000 | $ 1,100,000 | ||||||||||||||||
Payment of Joint Venture Audit Settlement | $ 800,000 | |||||||||||||||||||
Contractual Obligation, to be Paid, Year One | 5,000,000 | 5,000,000 | $ 2,000,000 | |||||||||||||||||
Contractual Obligations, Amount Recoverable | 6,000,000 | 6,000,000 | ||||||||||||||||||
Etame Marine Block [Member] | Minimum [Member] | ||||||||||||||||||||
Estimated Field Level Capital Conversion | 70,000,000 | 70,000,000 | ||||||||||||||||||
Etame Marine Block [Member] | Maximum [Member] | ||||||||||||||||||||
Estimated Field Level Capital Conversion | 86,000,000 | 86,000,000 | ||||||||||||||||||
Etame Marine Block [Member] | ||||||||||||||||||||
Estimated Abandonment Costs | $ 81,300,000 | |||||||||||||||||||
Abandonment Funding | $ 32,000,000 | $ 32,000,000 |
Note 11 - Debt (Details Textual
Note 11 - Debt (Details Textual) $ in Thousands, $ in Millions | 9 Months Ended | ||||
May 16, 2025 | Oct. 13, 2022 CAD ($) | May 16, 2022 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Long-Term Debt, Total | $ 0 | $ 0 | |||
Subsequent Event [Member] | TransGlobe [Member] | ATB Financial [Member] | |||||
Repayments of Debt | $ 4.1 | ||||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000 | ||||
The Facility [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 50,000 | ||||
Line of Credit Facility, Maximum Optional Increase in Maximum Borrowing Capacity | 50,000 | ||||
Line of Credit Facility, Additional Commitment in Maximum Borrowing Capacity, Yearly Decrease | $ 6,250 | ||||
Line of Credit Facility, Commitment Fee Percentage, Commitments or Borrowing Base Exceeds Outstanding Utilizations | 35% | ||||
Line of Credit Facility, Commitment Fee Percentage, Total Commitments Exceeds Borrowing Base | 20% | ||||
Debt Instrument, Covenant, Maximum Total Net Debt to EBITDA | 3 | ||||
Debt Instrument, Covenant, Minimum Cash and Cash Equivalents | $ 10,000 | ||||
Line of Credit Facility, Current Borrowing Capacity | 50,000 | ||||
Long-Term Line of Credit, Total | 0 | ||||
Debt Issuance Costs, Gross | 1,500 | ||||
Amortization of Debt Issuance Costs | $ 100 | ||||
The Facility [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 6% | ||||
The Facility [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Forecast [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 6.25% |
Note 12 - Leases (Details Textu
Note 12 - Leases (Details Textual) $ in Millions | Sep. 30, 2022 USD ($) |
Oil and Gas Joint Interest Billing Receivables | $ 1.4 |
Lessee, Operating And Finance Lease Liability, Payments Due | $ 3.5 |
Minimum [Member] | |
Lessee, Operating Lease, Term of Contract (Month) | 9 months |
Lessee, Finance Lease, Remaining Lease Term (Month) | 59 months |
Maximum [Member] | |
Lessee, Operating Lease, Term of Contract (Month) | 30 months |
Note 12 - Leases - Components o
Note 12 - Leases - Components of Lease Costs and Supplemental Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Finance lease cost (1) | [1] | $ 97 | $ 0 | $ 261 | $ 0 |
Operating lease cost | 2,547 | 4,386 | 11,008 | 13,266 | |
Short-term lease cost (2) | [2] | 3,115 | 585 | 4,328 | 1,828 |
Variable lease cost (3) | [3] | 1,264 | 1,584 | 4,511 | 4,645 |
Total lease expense | 7,023 | 6,555 | 20,108 | 19,739 | |
Lease costs capitalized | 1,877 | 0 | 3,300 | 0 | |
Total lease costs | $ 8,900 | $ 6,555 | 23,408 | 19,739 | |
Operating cash flows attributable to finance leases | $ 26 | $ 0 | |||
Weighted-average remaining lease term (in years) (Year) | 4 years 11 months 1 day | 4 years 11 months 1 day | |||
Weighted-average discount rate | 3.54% | 0% | 3.54% | 0% | |
Operating cash flows attributable to operating leases | $ 19,243 | $ 18,018 | |||
Weighted-average remaining lease term (in years) (Year) | 1 year 6 months 3 days | 1 year | 1 year 6 months 3 days | 1 year | |
Weighted-average discount rate | 5.12% | 6.09% | 5.12% | 6.09% | |
[1]Represents depreciation and interest associated with financing leases.[2]Represents short term leases under contracts that are 1 year or less where a ROU asset and lease liability are not required to be recorded.[3]Variable costs represent differences between minimum lease costs and actual lease costs incurred under lease contracts. |
Note 12 - Leases - Lease Cost o
Note 12 - Leases - Lease Cost on the Consolidated Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Total lease expense | $ 7,703 | $ 6,555 | $ 21,306 | $ 19,739 |
Lease costs capitalized | 1,197 | 0 | 2,102 | 0 |
Total lease costs | 8,900 | 6,555 | 23,408 | 19,739 |
Finance Lease Cost [Member] | ||||
Total lease expense | 165 | 0 | 261 | 0 |
Production Expense [Member] | ||||
Total lease expense | 4,049 | 3,827 | 11,607 | 10,328 |
General and Administrative Expense [Member] | ||||
Total lease expense | 48 | 49 | 111 | 145 |
Lease Costs Billed to Joint Venture Owners [Member] | ||||
Total lease expense | $ 3,441 | $ 2,679 | $ 9,327 | $ 9,266 |
Note 12 - Leases - Future Matur
Note 12 - Leases - Future Maturities of Lease Liabilities (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
2022, operating leases | $ 185 |
2022, finance leases | 92 |
2023, operating leases | 1,339 |
2023, finance leases | 368 |
2024, operating leases | 197 |
2024, finance leases | 368 |
2025, operating leases | 33 |
2025, finance leases | 368 |
Thereafter, operating leases | 0 |
Thereafter, finance leases | 537 |
Total due, operating leases | 1,754 |
Total due, finance leases | 1,733 |
Less: imputed interest, operating leases | 33 |
Less: imputed interest, finance leases | 165 |
Total lease liabilities, operating leases | 1,721 |
Total lease liabilities, finance leases | $ 1,568 |
Note 13 - Asset Retirement Ob_3
Note 13 - Asset Retirement Obligations (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Jun. 30, 2022 | |
Asset Retirement Obligation, Revision of Estimate | $ 0 | $ 7,169 | ||
Asset Retirement Obligation, Liabilities Incurred | $ 0 | $ 14,564 | 14,564 | |
Accrued Liabilities and Other [Member] | ||||
Capitalized Costs, Asset Retirement Costs | $ 6,700 | |||
Sasol Gabon S.A. [Member] | ||||
Asset Retirement Obligation, Liabilities Incurred | 14,600 | |||
Etame Marine Block [Member] | ||||
Asset Retirement Obligation, Revision of Estimate | $ 7,200 |
Note 13 - Asset Retirement Ob_4
Note 13 - Asset Retirement Obligations - Summary of Changes in Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Beginning balance | $ 40,694 | $ 17,334 | $ 17,334 |
Accretion | 1,434 | 1,627 | |
Asset Retirement Obligation, Liabilities Incurred | 0 | $ 14,564 | 14,564 |
Revisions | 0 | 7,169 | |
Settlements | (180) | 0 | |
Ending balance | $ 41,948 | $ 40,694 |
Note 14 - Shareholders' Equity
Note 14 - Shareholders' Equity (Details Textual) - $ / shares | Oct. 13, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Common Stock, Shares Authorized (in shares) | 100,000,000 | 100,000,000 | |
Preferred Stock, Shares Authorized (in shares) | 500,000 | 500,000 | |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 25 | $ 25 | |
Preferred Stock, Shares Issued (in shares) | 0 | 0 | |
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 | |
Subsequent Event [Member] | |||
Common Stock, Shares Authorized (in shares) | 160,000,000 | ||
Subsequent Event [Member] | TransGlobe [Member] | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 49,300,000 |
Note 15 - Stock-based Compens_3
Note 15 - Stock-based Compensation and Other Benefit Plans (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 9 Months Ended | |||||
Oct. 22, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 25, 2020 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Share-Based Liabilities Paid | $ 0.8 | $ 3.1 | |||||
Proceeds from Stock Options Exercised | $ 0.3 | $ 1.3 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 241,358 | ||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 6.41 | ||||||
Severance Cost as Percentage of Target Bonus | 75% | ||||||
Maximum [Member] | |||||||
Severance Cost as Percentage of Salary | 100% | ||||||
Minimum [Member] | |||||||
Severance Cost as Percentage of Salary | 50% | ||||||
Share-Based Payment Arrangement, Option [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | ||||||
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 49,063 | ||||||
Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 1 year | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||||||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights, Minimum Share Price Over 30 Day Period (in dollars per share) | $ 7.37 | ||||||
Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 2 years | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||||||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights, Minimum Share Price Over 30 Day Period (in dollars per share) | $ 8.48 | ||||||
Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Tranche Three [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||||||
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights, Minimum Share Price Over 30 Day Period (in dollars per share) | $ 9.75 | ||||||
Restricted Stock [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||||||
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 69,135 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 384 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 6.56 | ||||||
Restricted Stock [Member] | Share-Based Payment Arrangement, Employee [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 30,687 | 353,424 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 8.31 | $ 6.41 | |||||
Stock Appreciation Rights (SARs) [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 | ||||||
Subsequent Event [Member] | Performance Share Units (PSUs) [Member] | Granted in 2020 [Member] | TransGlobe [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Applicable Vesting Percentage | 200% | ||||||
Subsequent Event [Member] | Performance Share Units (PSUs) [Member] | Granted in 2022 [Member] | TransGlobe [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Applicable Vesting Percentage | 64.40% | ||||||
Subsequent Event [Member] | Performance Share Units (PSUs) [Member] | Granted in 2021 [Member] | TransGlobe [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Applicable Vesting Percentage | 200% | ||||||
The 2020 Long-Term Incentive Plan [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 5,500,000 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares) | 3,750,000 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 6,645,319 |
Note 15 - Stock-based Compens_4
Note 15 - Stock-based Compensation and Other Benefit Plans - Stock-based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Total stock-based compensation | $ 36 | $ 25 | $ 2,300 | $ 2,098 |
Equity Awards [Member] | ||||
Total stock-based compensation | 541 | 327 | 1,560 | 767 |
Liability Awards [Member] | ||||
Total stock-based compensation | $ (505) | $ (302) | $ 740 | $ 1,331 |
Note 15 - Stock-based Compens_5
Note 15 - Stock-based Compensation and Other Benefit Plans - Weighted Average Assumptions (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Weighted average exercise price - ($/share) (in dollars per share) | $ 6.41 | $ 3.14 |
Expected life in years (Year) | 6 years | 6 years |
Average expected volatility | 72% | 75% |
Risk-free interest rate | 1.98% | 0.95% |
Expected dividend yield | 2.30% | 0% |
Weighted average grant date fair value - ($/share) (in dollars per share) | $ 2.84 | $ 2.07 |
Note 15 - Stock-based Compens_6
Note 15 - Stock-based Compensation and Other Benefit Plans - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 9 Months Ended |
Mar. 31, 2022 | Sep. 30, 2022 | |
Granted, number of shares (in shares) | 241,358 | |
Granted, weighted average exercise price (in dollars per share) | $ 6.41 | |
Monte Carle Model [Member] | ||
Outstanding, number of shares (in shares) | 359 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 1.96 | |
Granted, number of shares (in shares) | 241 | |
Granted, weighted average exercise price (in dollars per share) | $ 6.41 | |
Exercised, number of shares (in shares) | 0 | |
Exercised, weighted average exercise price (in dollars per share) | $ 0 | |
Unvested shares forfeited, number of shares (in shares) | 0 | |
Unvested shares forfeited, weighted average exercise price (in dollars per share) | $ 0 | |
Vested shares expired, number of shares (in shares) | 0 | |
Vested shares expired, weighted average exercise price (in dollars per share) | $ 0 | |
Outstanding, number of shares (in shares) | 600 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 3.75 | |
Outstanding, weighted average remaining contractual term (Year) | 8 years 7 months 2 days | |
Outstanding, aggregate intrinsic value | $ 861 | |
Exercisable, number of shares (in shares) | 194 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 1.68 | |
Exercisable, weighted average remaining contractual term (Year) | 7 years 10 months 24 days | |
Exercisable, aggregate intrinsic value | $ 518 | |
Black-scholes Model [Member] | ||
Outstanding, number of shares (in shares) | 615 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 1.58 | |
Granted, number of shares (in shares) | 0 | |
Granted, weighted average exercise price (in dollars per share) | $ 0 | |
Exercised, number of shares (in shares) | (229) | |
Exercised, weighted average exercise price (in dollars per share) | $ 1.12 | |
Unvested shares forfeited, number of shares (in shares) | 0 | |
Unvested shares forfeited, weighted average exercise price (in dollars per share) | $ 0 | |
Vested shares expired, number of shares (in shares) | 0 | |
Vested shares expired, weighted average exercise price (in dollars per share) | $ 0 | |
Outstanding, number of shares (in shares) | 386 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 1.86 | |
Outstanding, weighted average remaining contractual term (Year) | 1 year 2 months 15 days | |
Outstanding, aggregate intrinsic value | $ 968 | |
Exercisable, number of shares (in shares) | 386 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 1.86 | |
Exercisable, weighted average remaining contractual term (Year) | 1 year 2 months 15 days | |
Exercisable, aggregate intrinsic value | $ 968 |
Note 15 - Stock-based Compens_7
Note 15 - Stock-based Compensation and Other Benefit Plans - Summary of Activity for Restricted Shares (Details) - Restricted Stock [Member] | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Non-vested shares outstanding (in shares) | shares | 741 |
Non-vested shares outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 2.36 |
Awards granted (in shares) | shares | 384 |
Awards granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 6.56 |
Awards vested (in shares) | shares | (334) |
Awards vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 2.25 |
Awards forfeited (in shares) | shares | (32) |
Awards forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.69 |
Non-vested shares outstanding (in shares) | shares | 759 |
Non-vested shares outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.48 |
Note 15 - Stock-based Compens_8
Note 15 - Stock-based Compensation and Other Benefit Plans - SAR Activity (Details) - Stock Appreciation Rights (SARs) [Member] $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) $ / shares shares | |
Outstanding, number of underlying shares (in shares) | shares | 362 |
Outstanding, weighted average exercise price per share (in dollars per share) | $ / shares | $ 1.81 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 0 |
Granted, weighted average exercise price per share (in dollars per share) | $ / shares | $ 0 |
Exercised, number of underlying shares (in shares) | shares | (153) |
Exercised, weighted average exercise price per share (in dollars per share) | $ / shares | $ 1.71 |
Unvested SARs forfeited, number of underlying shares (in shares) | shares | 0 |
Unvested SARs forfeited, weighted average exercise price per share (in dollars per share) | $ / shares | $ 0 |
Vested SARs expired, number of underlying shares (in shares) | shares | 0 |
Vested SARs expired, weighted average exercise price per share (in dollars per share) | $ / shares | $ 0 |
Outstanding, number of underlying shares (in shares) | shares | 209 |
Outstanding, weighted average exercise price per share (in dollars per share) | $ / shares | $ 1.88 |
Outstanding, weighted average remaining contractual term (Year) | 1 year 1 month 9 days |
Outstanding, aggregate intrinsic value | $ | $ 517 |
Exercisable, number of underlying shares (in shares) | shares | 209 |
Exercisable, weighted average exercise price per share (in dollars per share) | $ / shares | $ 1.88 |
Exercisable, weighted average remaining contractual term (Year) | 1 year 1 month 9 days |
Exercisable, aggregate intrinsic value | $ | $ 517 |
Note 16 - Income Taxes (Details
Note 16 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 90.30% | 37.50% | ||
Valuation Allowance, Deferred Tax Asset, Change in Amount, Discrete Item | $ 20,200 | |||
Current Foreign Tax Expense (Benefit) | $ (1,165) | $ 5,516 | 24,928 | $ 15,099 |
Income Tax Expense (Benefit), Favorable (Unfavorable) Oil Price Adjustment | 8,700 | 4,400 | ||
Current Foreign Income Tax Expense (Benefit), Net Of Oil Price Adjustment | 7,500 | 29,300 | ||
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 |
Note 16 - Income Taxes - Provis
Note 16 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Current | $ 0 | $ 0 | $ 0 | $ 0 |
Deferred | 461 | (17,619) | (9,408) | (19,668) |
Current Foreign Tax Expense (Benefit) | (1,165) | 5,516 | 24,928 | 15,099 |
Deferred | 23,547 | (5,080) | 48,947 | (6,703) |
Total | $ 22,843 | $ (17,183) | $ 64,467 | $ (11,272) |