Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 04, 2023 | |
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 | Q2 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
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 | |
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 | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 106,475,814 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | ||
Current assets: | ||||
Cash and cash equivalents | $ 46,186 | $ 37,205 | ||
Restricted cash | 113 | 222 | ||
Receivables: | ||||
Trade, net | 57,360 | 52,147 | ||
Accounts with joint venture owners, net of allowance for credit losses of $0.5 and $0.3 million, respectively | 216 | 15,830 | ||
Foreign income taxes receivable | 0 | 2,769 | ||
Other, net of allowance for credit losses of $3.5 and $0.0 million, respectively | 66,615 | 68,519 | ||
Crude oil inventory | 10,800 | 3,335 | ||
Prepayments and other | 18,077 | 20,070 | ||
Total current assets | 199,367 | 200,097 | ||
Crude oil and natural gas properties, equipment and other - successful efforts method, net | 481,740 | 495,272 | ||
Other noncurrent assets: | ||||
Restricted cash | 1,779 | 1,763 | ||
Value added tax and other receivables, net of allowance of $9.5 million and $8.4 million, respectively | 8,807 | 7,150 | ||
Right of use operating lease assets | 1,639 | 2,777 | ||
Right of use finance lease assets | 90,584 | 90,698 | ||
Deferred tax assets | 37,155 | 35,432 | ||
Abandonment funding | 6,268 | 20,586 | ||
Other long-term assets | 1,674 | 1,866 | ||
Total assets | 829,013 | [1] | 855,641 | [2] |
Current liabilities: | ||||
Accrued liabilities and other | 84,104 | 91,392 | ||
Operating lease liabilities - current portion | 1,667 | 2,314 | ||
Finance lease liabilities - current portion | 7,684 | 7,811 | ||
Foreign income taxes payable | 12,575 | 0 | ||
Current liabilities - discontinued operations | 673 | 687 | ||
Total current liabilities | 153,703 | 162,090 | ||
Asset retirement obligations | 42,958 | 41,695 | ||
Operating lease liabilities - net of current portion | 130 | 686 | ||
Finance lease liabilities - net of current portion | 79,856 | 78,248 | ||
Deferred tax liabilities | 82,895 | 81,223 | ||
Other long-term liabilities | 17,465 | 25,594 | ||
Total liabilities | 377,007 | 389,536 | ||
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; 160,000,000 shares authorized, 121,205,919 and 119,482,680 shares issued, 106,997,933 and 107,852,857 shares outstanding, respectively | 12,121 | 11,948 | ||
Additional paid-in capital | 355,206 | 353,606 | ||
Accumulated other comprehensive income | 3,060 | 1,179 | ||
Less treasury stock, 14,207,986 and 11,629,823 shares, respectively, at cost | (59,055) | (47,652) | ||
Retained earnings | 140,674 | 147,024 | ||
Total shareholders' equity | 452,006 | 466,105 | ||
Total liabilities and shareholders' equity | 829,013 | 855,641 | ||
Nonrelated Party [Member] | ||||
Current liabilities: | ||||
Accounts payable | 40,716 | 59,886 | ||
Related Party [Member] | ||||
Current liabilities: | ||||
Accounts payable | $ 6,284 | $ 0 | ||
[1]Includes assets acquired in the TransGlobe acquisition[2]Includes assets acquired in the Sasol acquisition |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Allowance for accounts with joint ventures | $ 500 | $ 300 |
Allowance for other receivables | 3,500 | 0 |
Allowance for value added tax and other receivables | $ 9,500 | $ 8,400 |
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) | 160,000,000 | 160,000,000 |
Common stock, shares issued (in shares) | 121,205,919 | 119,482,680 |
Common stock, shares outstanding (in shares) | 106,997,933 | 107,852,857 |
Treasury stock, shares (in shares) | 14,207,986 | 11,629,823 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues: | ||||
Crude oil, natural gas and natural gas liquids sales | $ 109,240 | $ 110,985 | $ 189,643 | $ 179,641 |
Operating costs and expenses: | ||||
Production expense | 38,604 | 25,475 | 66,804 | 43,835 |
FPSO Demobilization - Norms Waste Disposal | 5,647 | 0 | 5,647 | 0 |
Exploration expense | 57 | 67 | 65 | 194 |
Depreciation, depletion and amortization | 38,003 | 8,191 | 62,420 | 12,864 |
General and administrative expense | 5,395 | 3,534 | 10,619 | 8,528 |
Credit losses and other | 680 | 571 | 1,615 | 1,063 |
Total operating costs and expenses | 88,386 | 37,838 | 147,170 | 66,484 |
Other operating expense, net | (303) | 0 | (303) | (5) |
Operating income | 20,551 | 73,147 | 42,170 | 113,152 |
Other income (expense): | ||||
Derivative instruments gain (loss), net | 31 | (9,542) | 52 | (41,300) |
Interest expense, net | (1,703) | (118) | (3,949) | (121) |
Other expense, net | (537) | (2,111) | (1,677) | (2,807) |
Total other expense, net | (2,209) | (11,771) | (5,574) | (44,228) |
Income from continuing operations before income taxes | 18,342 | 61,376 | 36,596 | 68,924 |
Income tax expense (benefit) | 11,588 | 46,252 | 26,359 | 41,624 |
Income from continuing operations | 6,754 | 15,124 | 10,237 | 27,300 |
Loss from discontinued operations, net of tax | (2) | (20) | (15) | (32) |
Net income | 6,752 | 15,104 | 10,222 | 27,268 |
Other comprehensive income (loss) | ||||
Currency translation adjustments | 2,006 | 0 | 1,881 | 0 |
Comprehensive income | $ 8,758 | $ 15,104 | $ 12,103 | $ 27,268 |
Basic net income per share: | ||||
Income from continuing operations (in dollars per share) | $ 0.06 | $ 0.25 | $ 0.10 | $ 0.46 |
Loss from discontinued operations, net of tax (in dollars per share) | 0 | 0 | 0 | 0 |
Net income per share (in dollars per share) | $ 0.06 | $ 0.25 | $ 0.10 | $ 0.46 |
Basic weighted average shares outstanding (in shares) | 106,965 | 58,925 | 107,175 | 58,814 |
Diluted net income per share: | ||||
Income from continuing operations (in dollars per share) | $ 0.06 | $ 0.25 | $ 0.09 | $ 0.45 |
Loss from discontinued operations, net of tax (in dollars per share) | 0 | 0 | 0 | 0 |
Net income per share (in dollars per share) | $ 0.06 | $ 0.25 | $ 0.09 | $ 0.45 |
Diluted weighted average shares outstanding (in shares) | 107,613 | 59,361 | 108,050 | 59,278 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Treasury Stock, Common [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Treasury Stock, Common [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 69,562,000 | (10,939,000) | ||||||||||
Balance at Dec. 31, 2021 | $ 6,956 | $ (43,847) | $ 76,700 | $ 104,488 | $ 144,297 | |||||||
Shares issued - stock-based compensation (in shares) | 300,000 | (64,000) | ||||||||||
Shares issued - stock-based compensation | $ 30 | $ 0 | 168 | 0 | 198 | |||||||
Stock-based compensation expense | 0 | $ 0 | 404 | 0 | 404 | |||||||
Treasury stock (in shares) | 0 | |||||||||||
Treasury stock | 0 | $ (387) | 0 | 0 | (387) | |||||||
Dividend distributions | (1,929) | (1,929) | ||||||||||
Net income | $ 0 | $ 0 | 0 | 12,164 | 12,164 | |||||||
Balance (in shares) at Mar. 31, 2022 | 69,862,000 | (11,003,000) | ||||||||||
Balance at Mar. 31, 2022 | $ 6,986 | $ (44,234) | 77,272 | 114,723 | 154,747 | |||||||
Balance (in shares) at Dec. 31, 2021 | 69,562,000 | (10,939,000) | ||||||||||
Balance at Dec. 31, 2021 | $ 6,956 | $ (43,847) | 76,700 | 104,488 | 144,297 | |||||||
Net income | 27,268 | |||||||||||
Balance (in shares) at Jun. 30, 2022 | 70,125,000 | (11,057,000) | ||||||||||
Balance at Jun. 30, 2022 | $ 7,013 | $ (44,635) | 77,919 | 127,884 | 168,181 | |||||||
Balance (in shares) at Mar. 31, 2022 | 69,862,000 | (11,003,000) | ||||||||||
Balance at Mar. 31, 2022 | $ 6,986 | $ (44,234) | 77,272 | 114,723 | 154,747 | |||||||
Shares issued - stock-based compensation (in shares) | 263,000 | (54,000) | ||||||||||
Shares issued - stock-based compensation | $ 27 | $ 0 | 31 | 0 | 58 | |||||||
Stock-based compensation expense | 0 | $ 0 | 616 | 0 | 616 | |||||||
Treasury stock (in shares) | 0 | |||||||||||
Treasury stock | 0 | $ (401) | 0 | 0 | (401) | |||||||
Dividend distributions | (1,943) | (1,943) | ||||||||||
Net income | $ 0 | $ 0 | 0 | 15,104 | 15,104 | |||||||
Balance (in shares) at Jun. 30, 2022 | 70,125,000 | (11,057,000) | ||||||||||
Balance at Jun. 30, 2022 | $ 7,013 | $ (44,635) | 77,919 | 127,884 | 168,181 | |||||||
Balance (in shares) at Dec. 31, 2022 | 119,483,000 | (11,630,000) | ||||||||||
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2022 | $ 0 | $ 0 | $ 0 | $ 0 | $ (3,120) | $ (3,120) | ||||||
Balance at Dec. 31, 2022 | $ 11,948 | $ (47,652) | 353,606 | $ 1,179 | 147,024 | 466,105 | ||||||
Shares issued - stock-based compensation (in shares) | 633,000 | (187,000) | ||||||||||
Shares issued - stock-based compensation | $ 64 | $ 0 | 210 | 0 | 0 | 274 | ||||||
Stock-based compensation expense | $ 0 | $ 0 | 683 | 0 | 0 | 683 | ||||||
Common shares purchased (in shares) | 0 | (981,000) | ||||||||||
Common shares purchased | $ 0 | $ (4,517) | 0 | 0 | 0 | (4,517) | ||||||
Treasury stock (in shares) | 0 | |||||||||||
Treasury stock | 0 | $ (860) | 0 | 0 | 0 | (860) | ||||||
Dividend distributions | (6,735) | (6,735) | ||||||||||
Other comprehensive loss | 0 | 0 | 0 | (125) | 0 | (125) | ||||||
Net income | $ 0 | $ 0 | 0 | 0 | 3,470 | 3,470 | ||||||
Balance (in shares) at Mar. 31, 2023 | 120,116,000 | (12,798,000) | ||||||||||
Balance at Mar. 31, 2023 | $ 12,012 | $ (53,029) | 354,499 | 1,054 | 140,639 | 455,175 | ||||||
Balance (in shares) at Dec. 31, 2022 | 119,483,000 | (11,630,000) | ||||||||||
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2022 | $ 0 | $ 0 | $ 0 | $ 0 | $ (3,120) | $ (3,120) | ||||||
Balance at Dec. 31, 2022 | $ 11,948 | $ (47,652) | 353,606 | 1,179 | 147,024 | 466,105 | ||||||
Net income | 10,222 | |||||||||||
Balance (in shares) at Jun. 30, 2023 | 121,206,000 | (14,208,000) | ||||||||||
Balance at Jun. 30, 2023 | $ 12,121 | $ (59,055) | 355,206 | 3,060 | 140,674 | 452,006 | ||||||
Balance (in shares) at Mar. 31, 2023 | 120,116,000 | (12,798,000) | ||||||||||
Balance at Mar. 31, 2023 | $ 12,012 | $ (53,029) | 354,499 | 1,054 | 140,639 | 455,175 | ||||||
Shares issued - stock-based compensation (in shares) | 1,090,000 | (249,000) | ||||||||||
Shares issued - stock-based compensation | $ 109 | $ 0 | (1) | 0 | 0 | 108 | ||||||
Stock-based compensation expense | $ 0 | $ 0 | 708 | 0 | 0 | 708 | ||||||
Common shares purchased (in shares) | 0 | (1,161,000) | ||||||||||
Common shares purchased | $ 0 | $ (5,023) | 0 | 0 | 0 | $ (5,023) | ||||||
Treasury stock (in shares) | 0 | 0 | (1,160,976) | |||||||||
Treasury stock | $ 0 | $ (1,003) | 0 | 0 | 0 | $ (1,003) | ||||||
Dividend distributions | (6,717) | (6,717) | ||||||||||
Other comprehensive loss | 0 | 0 | 0 | 2,006 | 0 | 2,006 | ||||||
Net income | $ 0 | $ 0 | 0 | 0 | 6,752 | 6,752 | ||||||
Balance (in shares) at Jun. 30, 2023 | 121,206,000 | (14,208,000) | ||||||||||
Balance at Jun. 30, 2023 | $ 12,121 | $ (59,055) | $ 355,206 | $ 3,060 | $ 140,674 | $ 452,006 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income | $ 6,752 | $ 3,470 | $ 15,104 | $ 12,164 | $ 10,222 | $ 27,268 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Loss from discontinued operations, net of tax | (2) | (20) | 15 | 32 | |||
Depreciation, depletion and amortization | 62,420 | 12,864 | |||||
Bargain purchase gain | 1,412 | 0 | |||||
Deferred taxes | 1,618 | 15,531 | |||||
Unrealized foreign exchange loss | 313 | 360 | |||||
Stock-based compensation | 1,254 | 2,264 | |||||
Cash settlements paid on exercised stock appreciation rights | (233) | (805) | |||||
Derivative instruments (gain) loss, net | (52) | 41,300 | |||||
Cash settlements paid on matured derivative contracts, net | (63) | (33,559) | |||||
Cash settlements paid on asset retirement obligations | (374) | 0 | |||||
Credit losses and other | 680 | 571 | 1,615 | 1,063 | |||
Other operating loss, net | 62 | 5 | |||||
Operational expenses associated with equipment and other | (1,196) | 718 | |||||
Change in operating assets and liabilities: | |||||||
Trade receivables | (5,208) | (47,810) | |||||
Accounts with joint venture owners | 21,746 | 10,283 | |||||
Other receivables | (1,868) | (943) | |||||
Crude oil inventory | (7,465) | (12,274) | |||||
Prepayments and other | (69) | 1,570 | |||||
Value added tax and other receivables | (2,302) | (2,249) | |||||
Other long-term assets | 1,508 | (1,072) | |||||
Accounts payable | (10,897) | (857) | |||||
Foreign income taxes receivable/payable | 15,344 | 26,093 | |||||
Deferred tax liability | (3,081) | 0 | |||||
Accrued liabilities and other | (7,137) | 29,263 | |||||
Net cash provided by (used in) continuing operating activities | 77,584 | 69,045 | |||||
Net cash used in discontinued operating activities | (15) | (38) | |||||
Net cash provided by (used in) operating activities | 77,569 | 69,007 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Property and equipment expenditures | (54,832) | (60,278) | |||||
Net cash provided by (used in) continuing investing activities | (54,832) | (60,278) | |||||
Net cash used in discontinued investing activities | 0 | 0 | |||||
Net cash provided by (used in) investing activities | (54,832) | (60,278) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Proceeds from the issuances of common stock | 382 | 257 | |||||
Dividend distribution | (13,452) | (3,872) | |||||
Treasury shares | (11,403) | (788) | |||||
Deferred financing costs | (30) | (1,451) | |||||
Payments of finance lease | (3,379) | (68) | |||||
Net cash provided by (used in) in continuing financing activities | (27,882) | (5,922) | |||||
Net cash used in discontinued financing activities | 0 | 0 | |||||
Net cash provided by (used in) in financing activities | (27,882) | (5,922) | |||||
Effects of exchange rate changes on cash | (285) | 0 | |||||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (5,430) | 2,807 | |||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | $ 59,776 | $ 72,314 | 59,776 | 72,314 | $ 72,314 | ||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | $ 54,346 | $ 75,121 | 54,346 | 75,121 | $ 59,776 | ||
Supplemental disclosure of cash flow information: | |||||||
Interest paid, net of amounts capitalized | 5,177 | 113 | |||||
Supplemental disclosure of non-cash investing and financing activities: | |||||||
Property and equipment additions incurred but not paid at end of period | 26,746 | 29,155 | |||||
Recognition of right-of-use finance lease assets and liabilities | $ 3,273 | $ 1,851 |
Note 1 - Organization and Accou
Note 1 - Organization and Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
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, natural gas and natural gas liquids ("NGLs") properties. As operator, the Company has production operations and conducts exploration activities in Gabon and Canada and hold interests in two 3 The Company’s consolidated subsidiaries are VAALCO Gabon (Etame), Inc., VAALCO Production (Gabon), Inc., VAALCO Gabon S.A., VAALCO Angola (Kwanza), Inc., VAALCO Energy (EG), Inc., VAALCO Energy Mauritius (EG) Limited, VAALCO Energy, Inc. (UK Branch), VAALCO Energy (USA), Inc., VAALCO Energy (International), LLC, VAALCO Energy (Holdings), LLC, TransGlobe Energy Corporation, TG Energy UK Ltd., TransGlobe Petroleum International Inc., TG Holdings Yemen Inc., TransGlobe West Bakr Inc., TransGlobe West Gharib Inc., TG Energy Marketing Inc., and TG NW Gharib Inc., TG S Ghazalat Inc. These unaudited condensed consolidated financial statements (“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, 2022, On October 5, 2022, 2 November 2022 December 2023. April 3, 2023, 1.2 December 2023 500 February 2023. 1.2 8 June 5, 2023, 1 July 2023 3.7 December 2024). not The average Brent crude oil price for the three June 30, 2023 was $78 per barrel. 2022 2023 Average Brent Prices 2023 2022 First Quarter $ 81.07 $ 100.87 Second Quarter $ 77.99 $ 113.84 Third Quarter $ — $ 100.71 Fourth Quarter $ — $ 88.72 During the year ended December 31, 2022 2023, While the current commodity price environment is still favorable and the Company has not may Principles of consolidation Use of estimates Estimates of crude oil, natural gas and NGLs reserves used to estimate depletion expense and impairment charges require judgments and are generally less precise than other estimates made in connection with financial disclosures. Due to inherent uncertainties and the limited nature of data, estimates are imprecise and subject to change over time as additional information becomes available. Cash and cash equivalents three may not not Restricted cash and abandonment funding June 30, 2023 2022 June 30, 2023 June 30, 2023 2022 10 As of June 30, 2023 2022 (in thousands) Cash and cash equivalents $ 46,186 $ 53,062 Restricted cash - current 113 216 Restricted cash - non-current 1,779 1,752 Abandonment funding 6,268 20,091 Total cash, cash equivalents and restricted cash $ 54,346 $ 75,121 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 unaudited 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 not 2019 2022 2018 January 12, 2023, 2019. In the first 2023, March 2023. second 2023. The Company is working on an updated abandonment study with Directorate of Hydrocarbons in Gabon and on establishing a payment schedule to resume funding of the abandonment fund in compliance with the Etame PSC. Accounts with joint venture owners , net Accounts Receivable, net Other receivables, net 2021, not third June 30, 2023 228 228 second 2022 first 2023. July March On January 19, 2022, February 1, 2020. fourth 2022, June 30, 2023, third third For credit losses associated with other receivables, see Value added tax and other receivables, net As of June 30, 2023 June 30, 2023 $1.00. December 31, 2022, December 31, 2022, $1.00. Allowance for credit losses and other January 1, 2023, 2016 13, 2016 13” 2016 13 The Company estimates the current expected credit losses based primarily using either an aging analysis or discounted cash flow methodology that incorporates consideration of current and future conditions that could impact its counterparties’ credit quality and liquidity. Uncollectible receivables are written off when a settlement is reached for an amount that is less than the outstanding historical balance or when the Company has determined that the balance will not The Company has identified the following types of financial assets that are within the scope of ASU 2016 13: • Accounts receivable with joint venture owners; • Trade accounts receivables; • Other receivables As a result of adopting ASU 2016 13 January 1, 2023, three March 31, 2023, three June 30, 2023, Also on January 1, 2023, second 2023. June 30, 2023, one During the three June 30, 2023 six June 30, 2023 With respect to the Company’s receivable from the refinery and TVA receivable balances, collection efforts, including remedies provided for in the contracts, are being pursued to collect overdue amounts owed to the Company. The Company is in ongoing discussions with the Ministry of the Economy, Hydrocarbons and the Presidency of Gabon on finding a solution to the realization of the past due balances. The following table provides an analysis of the change of the aggregate credit loss allowance and other allowances. Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) Allowance for credit losses and other Balance at beginning of period $ (12,832 ) $ (6,135 ) $ (8,704 ) $ (5,741 ) Credit loss charges and other, net of receipts (680 ) (571 ) (1,615 ) (1,063 ) Cumulative effect of adjustment upon adoption of ASU 2016-13 on January 1, 2023 — — (3,120 ) — Foreign currency gain (loss) (7 ) 317 (80 ) 415 Balance at end of period $ (13,519 ) $ (6,389 ) $ (13,519 ) $ (6,389 ) Crude oil inventory In Gabon, not June 30, 2023 206,136 second second August second third Prepayments and Other June 30, 2023 Materials and supplies Crude Oil and natural gas properties, equipment and other Capitalized Capitalization no may Depreciation, depletion and amortization five five seven Impairment may not may 3 may 7 Purchase Accounting October 13, 2022, July 13, 2022. 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, natural gas and NGLs 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, natural gas and NGLs 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, natural gas and NGLs 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 Revenues from contracts with customers are recognized when the Company satisfies a performance obligation by transferring a good or service to a customer. A good or service is transferred when the customer obtains control of the good or service. The transfer of control of oil, natural gas and NGLs usually coincides with title passing to the customer and the customer taking physical possession. VAALCO mainly satisfies its performance obligations at a point in time and the amounts of revenues recognized relating to performance obligations satisfied over time are not 6 In connection with the acquisition of TransGlobe on October 13, 2022, 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 Foreign currency transactions not 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. The Company has elected not 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 1 may may As of June 30, 2023 Balance Sheet Line Level 1 Level 2 Level 3 Total (in thousands) Assets Derivative asset Prepayments and other $ — $ 158 $ — $ 158 $ — $ 158 $ — $ 158 Liabilities SARs liability Accrued liabilities and other $ — $ 196 $ — $ 196 $ — $ 196 $ — $ 196 ` As of December 31, 2022 Balance Sheet Line Level 1 Level 2 Level 3 Total (in thousands) Assets Derivative asset Prepayments and other $ — $ 102 $ — $ 102 $ — $ 102 $ — $ 102 Liabilities SARs liability Accrued liabilities and other $ — $ 556 $ — $ 556 $ — $ 556 $ — $ 556 Earnings per Share 5 Other, net Other comprehensive income • Income and expenses are translated at the date of the transaction. • Assets and liabilities are translated at the prevailing rate on the balance sheet date. The exchange rate to convert Canadian dollars (“CAD") to US dollars (“USD”) at December 31, 2022 June 30, 2023 |
Note 2 - New Accounting Standar
Note 2 - New Accounting Standards | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 2. NEW ACCOUNTING STANDARDS Adopted In June 2016, No. 2016 13, Financial Instruments Credit Losses (Topic 326 2016 13” not 2016 13 December 15, 2019, December 31, 2022, December 15, 2022, The Company adopted ASU 2016 13 326” January 1, 2023 2016 03 first 326 one January 1, 2023. 1 Not In March 2020 , 2020 04, 848 2020 04 December 31, 2022. In December 2022 , 2022 06, 848 848, 848 December 31, 2024. |
Note 3 - Acquisitions and Dispo
Note 3 - Acquisitions and Dispositions | 6 Months Ended |
Jun. 30, 2023 | |
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 (the “Combined Company”), calculated based on vested outstanding shares of each company as of the date of the Arrangement Agreement. 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 During the three June 30, 2023 not six June 30, 2023 six June 30, 2023 The actual impact of the Arrangement was an increase to “Crude oil, natural gas and NGLs sales” of $75.0 million and $1.7 million o six June 30, 2023 three June 30, 2023 $31.3 million and $(8.0) million o October 13, 2022 Measurement Period Adjustment October 13, 2022 (As Adjusted) (in thousands) (in thousands) (in thousands) Purchase Consideration Common stock issued to TransGlobe shareholders $ 274,145 $ — $ 274,145 October 13, 2022 Measurement Period Adjustment October 13, 2022 (in thousands) (in thousands) (in thousands) Assets acquired: Cash $ 36,686 $ — $ 36,686 Wells, platforms and other production facilities 243,669 — 243,669 Equipment and other 2,099 — 2,099 Undeveloped acreage 30,216 — 30,216 Accounts receivable - trade 48,068 — 48,068 Accounts receivable - other 50,275 — 50,275 Accounts with joint venture owners 68 — 68 Right of use operating leases 1,609 — 1,609 Right of use financing leases 204 — 204 Prepayment and other 7,627 — 7,627 Liabilities assumed: - Asset retirement obligations (6,134 ) — (6,134 ) Accounts payable (10,223 ) — (10,223 ) Accrued liabilities and other (50,128 ) — (50,128 ) Operating lease liabilities - current portion (961 ) — (961 ) Financing lease liabilities - current portion (125 ) — (125 ) Operating lease liabilities - net of current portion (688 ) — (688 ) Financing lease liabilities - net of current portion (21 ) — (21 ) Deferred tax liabilities (40,964 ) (1,412 ) (42,376 ) Other long-term liabilities (26,313 ) — (26,313 ) Bargain purchase gain (10,819 ) 1,412 (9,407 ) Total purchase price $ 274,145 $ — $ 274,145 All assets and liabilities associated with TransGlobe, including crude oil, natural gas and NGLs 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, October 13, 2022 , July 13, 2022, October 13, 2022, The unaudited pro forma results presented below have been prepared to give the effect of the TransGlobe Arrangement discussed above on the Company’s results for the three six June 30, 2022, January 1, 2021. not Three Months Ended June 30, Six Months Ended June 30, 2022 2022 (in thousands) (in thousands) Pro forma (unaudited): Crude oil, natural gas and natural gas liquids sales $ 183,665 (a) $ 304,792 (a) Operating income $ 110,091 (b) $ 171,518 (d) Net income $ 41,818 (c) $ 72,857 (e) Basic net income per share: $ 0.39 $ 0.67 Basic weighted average shares outstanding 108,232 108,121 Diluted net income per share: $ 0.38 $ 0.67 Diluted weighted average shares outstanding 108,668 108,585 (a) The unaudited pro forma net revenues associated with Crude oil, natural gas and natural gas liquids sales have been adjusted for shipping and handling costs based on the Company’s historical policy and revenue recognition is based on the Company’s working interest, less royalties, the entitlement method. (b) The unaudited pro forma operating income for the three June 30, 2022 (c) The unaudited pro forma net income for the three June 30, 2022 (d) The unaudited pro forma operating income for the six June 30, 2022 2022, (e) The unaudited pro forma net income for the six June 30, 2022 Discontinued Operations - Angola and Yemen In November 2006, 5 5 September 30, 2016, October 31, 2016. November 30, 2016, 5 three six June 30, 2023 2022, not As part of the Arrangement with TransGlobe, the Company acquired TG Holdings Yemen Inc. who previously owned TransGlobe's interests in four 32, 72, 75 1. January 2015, 32 72 March 31, 2015 February 28, 2015, October 2015 75 1. three six June 30, 2023 not |
Note 4 - Segment Information
Note 4 - Segment Information | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 4. The Company’s operations are based in Gabon, Egypt, and Canada, and the Company has an undeveloped block in Equatorial Guinea. Each of the Company’s 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 six June 30, 2023 2022 June 30, 2023 December 31, 2022 Three Months Ended June 30, 2023 (in thousands) Gabon Egypt Canada Equatorial Guinea Corporate and Other Total Revenues: Crude oil, natural gas and natural gas liquids sales $ 77,924 $ 21,308 $ 10,008 $ — $ — $ 109,240 Operating costs and expenses: Production expense 23,931 11,089 3,255 386 (57 ) 38,604 FPSO Demobilization - Norms Waste Disposal 5,647 — — — — 5,647 Exploration expense 43 14 — — — 57 Depreciation, depletion and amortization 19,457 13,757 4,747 — 42 38,003 General and administrative expense 318 202 — 87 4,788 5,395 Credit losses and other 518 — — 162 — 680 Total operating costs and expenses 49,914 25,062 8,002 635 4,773 88,386 Other operating income (expense), net (62 ) (241 ) — — — (303 ) Operating income 27,948 (3,995 ) 2,006 (635 ) (4,773 ) 20,551 Other income (expense): Derivative instruments loss, net — — — — 31 31 Interest (expense) income, net (1,376 ) (503 ) — — 176 (1,703 ) Other (expense) income, net (619 ) — 1 — 81 (537 ) Total other expense, net (1,995 ) (503 ) 1 — 288 (2,209 ) Income (loss) from continuing operations before income taxes 25,953 (4,498 ) 2,007 (635 ) (4,485 ) 18,342 Income tax (benefit) expense 16,251 4,261 — — (8,924 ) 11,588 Income (loss) from continuing operations 9,702 (8,759 ) 2,007 (635 ) 4,439 6,754 Loss from discontinued operations, net of tax — — — — (2 ) (2 ) Net income (loss) $ 9,702 $ (8,759 ) $ 2,007 $ (635 ) $ 4,437 $ 6,752 Consolidated capital expenditures $ 1,375 $ 8,526 $ 6,491 $ — $ 36 $ 16,427 Six Months Ended June 30, 2023 (in thousands) Gabon Egypt Canada Equatorial Guinea Corporate and Other Total Revenues: Crude oil, natural gas and natural gas liquids sales $ 114,661 $ 56,092 $ 18,890 $ — $ — $ 189,643 Operating costs and expenses: Production expense 38,346 22,199 5,509 748 2 66,804 FPSO Demobilization - Norms Waste Disposal 5,647 — — — — 5,647 Exploration expense 51 14 — — — 65 Depreciation, depletion and amortization 29,302 24,552 8,458 — 108 62,420 General and administrative expense 936 381 — 216 9,086 10,619 Credit losses and other 1,453 — — 162 — 1,615 Total operating costs and expenses 75,735 47,146 13,967 1,126 9,196 147,170 Other operating income, net (62 ) (241 ) — — — (303 ) Operating income (loss) 38,864 8,705 4,923 (1,126 ) (9,196 ) 42,170 Other income (expense): Derivative instruments gain, net — — — — 52 52 Interest (expense) income, net (2,883 ) (1,311 ) (4 ) — 249 (3,949 ) Other income (expense), net (102 ) — 1 (1 ) (1,575 ) (1,677 ) Total other expense, net (2,985 ) (1,311 ) (3 ) (1 ) (1,274 ) (5,574 ) Income (loss) from continuing operations before income taxes 35,879 7,394 4,920 (1,127 ) (10,470 ) 36,596 Income tax expense (benefit) 22,829 9,253 — — (5,723 ) 26,359 Income (loss) from continuing operations 13,050 (1,859 ) 4,920 (1,127 ) (4,747 ) 10,237 Loss from discontinued operations, net of tax — — — — (15 ) (15 ) Net income (loss) $ 13,050 $ (1,859 ) $ 4,920 $ (1,127 ) $ (4,762 ) $ 10,222 Consolidated capital expenditures $ 5,064 $ 20,097 $ 16,656 $ — $ 36 $ 41,852 Three Months Ended June 30, 2022 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Revenues: Crude oil and natural gas sales $ 110,985 $ — $ — $ 110,985 Operating costs and expenses: Production expense 25,360 175 (60 ) 25,475 Exploration expense 67 — — 67 Depreciation, depletion and amortization 8,173 — 18 8,191 General and administrative expense 565 110 2,859 3,534 Bad debt expense and other 571 — — 571 Total operating costs and expenses 34,736 285 2,817 37,838 Other operating income (expense), net — — — — Operating income 76,249 (285 ) (2,817 ) 73,147 Other income (expense): Derivative instruments loss, net — — (9,542 ) (9,542 ) Interest (expense) income, net (158 ) — 40 (118 ) Other (expense) income, net (856 ) (1 ) (1,254 ) (2,111 ) Total other expense, net (1,014 ) (1 ) (10,756 ) (11,771 ) Income from continuing operations before income taxes 75,235 (286 ) (13,573 ) 61,376 Income tax (benefit) expense 36,423 1 9,828 46,252 Income from continuing operations 38,812 (287 ) (23,401 ) 15,124 Loss from discontinued operations, net of tax — — (20 ) (20 ) Net income $ 38,812 $ (287 ) $ (23,421 ) $ 15,104 Consolidated capital expenditures (1) $ 38,102 $ — $ 67 $ 38,169 Six Months Ended June 30, 2022 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Revenues: Crude oil and natural gas sales $ 179,641 $ — $ — $ 179,641 Operating costs and expenses: Production expense 43,441 394 — 43,835 Exploration expense 194 — — 194 Depreciation, depletion and amortization 12,826 — 38 12,864 General and administrative expense 1,158 209 7,161 8,528 Credit losses and other 1,063 — — 1,063 Total operating costs and expenses 58,682 603 7,199 66,484 Other operating income (expense), net (5 ) — — (5 ) Operating income 120,954 (603 ) (7,199 ) 113,152 Other income (expense): Derivative instruments loss, net — — (41,300 ) (41,300 ) Interest (expense) income, net (164 ) — 43 (121 ) Other (expense) income, net (1,494 ) (2 ) (1,311 ) (2,807 ) Total other expense, net (1,658 ) (2 ) (42,568 ) (44,228 ) Income from continuing operations before income taxes 119,296 (605 ) (49,767 ) 68,924 Income tax (benefit) expense 49,256 1 (7,633 ) 41,624 Income from continuing operations 70,040 (606 ) (42,134 ) 27,300 Loss from discontinued operations, net of tax — — (32 ) (32 ) Net income $ 70,040 $ (606 ) $ (42,166 ) $ 27,268 Consolidated capital expenditures (1) $ 69,882 $ — $ 67 $ 69,949 (in thousands) Gabon Egypt Canada Equatorial Guinea Corporate and Other Total Long-lived assets from continuing operations: As of June 30, 2023 $ 193,501 $ 165,813 $ 111,677 $ 10,000 $ 749 $ 481,740 As of December 31, 2022 (1) 213,204 $ 168,012 $ 103,263 $ 10,000 $ 793 $ 495,272 ( 1 (in thousands) Gabon Egypt Canada Equatorial Guinea Corporate and Other Total Total assets from continuing operations: As of June 30, 2023 $ 384,554 $ 270,653 $ 118,604 $ 11,144 $ 44,058 $ 829,013 As of December 31, 2022 (1) 395,393 $ 293,640 $ 110,071 $ 10,861 $ 45,676 $ 855,641 ( 1 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 For the three six June 30, 2023 three six June 30, 2022, three June 30, 2023, six June 30, 2023, first second or the three six June 30, 2023 , revenues in Canada were concentrated in three |
Note 5 - Earnings Per Share
Note 5 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2023 | |
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 to net income used in calculating EPS as well as a reconciliation from basic to diluted shares follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) Net income (loss) (numerator): Income (loss) from continuing operations $ 6,754 $ 15,124 $ 10,237 $ 27,300 Income from continuing operations attributable to unvested shares (27 ) (229 ) (15 ) (381 ) Numerator for basic 6,727 14,895 10,222 26,919 Loss from continuing operations attributable to unvested shares — 1 (41 ) 2 Numerator for dilutive $ 6,727 $ 14,896 $ 10,181 $ 26,921 Loss from discontinued operations, net of tax $ (2 ) $ (20 ) $ (15 ) $ (32 ) Loss from discontinued operations attributable to unvested shares — — — — Numerator for basic (2 ) (20 ) (15 ) (32 ) (Income) loss from discontinued operations attributable to unvested shares — — — — Numerator for dilutive $ (2 ) $ (20 ) $ (15 ) $ (32 ) Net income (loss) $ 6,752 $ 15,104 $ 10,222 $ 27,268 Net income attributable to unvested shares (27 ) (229 ) (56 ) (381 ) Numerator for basic 6,725 14,875 10,166 26,887 Net (income) loss attributable to unvested shares 27 1 41 2 Numerator for dilutive $ 6,752 $ 14,876 $ 10,125 $ 26,889 Weighted average shares (denominator): Basic weighted average shares outstanding 106,965 58,925 107,175 58,814 Effect of dilutive securities 648 436 875 464 Diluted weighted average shares outstanding 107,613 59,361 108,050 59,278 Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be anti-dilutive 431 251 238 154 |
Note 6 - Revenue
Note 6 - Revenue | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 6. Gabon 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 Revenues from contracts with customers are generated from sales in Gabon pursuant to crude oil sales and purchase agreements. There is a single performance obligation (delivering crude oil to the delivery point, i.e., not June 20, 2026 may i.e., Customer sales generally occur on a monthly basis when the customer’s tanker arrives at the FSO 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 30 no 606 10 50 14 not The Company accounts for sales based on the Company’s working interest, less royalties. Imbalances are valued based on the actual sales proceeds. Historically, volumes sold may 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 , the government’s share of revenues from Profit Oil is reported in revenues with a corresponding amount reflected in the current provision for income tax expense. Prior to February 1, 2018, not February 1, 2018, not not i.e., the period in which it lifts the crude oil. With respect to the government’s sh February 1, 2018, not February 1, 2018, not not The Company has a foreign income tax payable as of June 30, 2023 related to Gabon. As of December 31, 2022, December 2022. 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 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenues from customer contracts: (in thousands) Sales under the COSPA or COSMA $ 87,478 $ 125,143 $ 130,079 $ 201,629 Other items reported in revenue not associated with customer contracts: Carried interest recoupment 2,212 2,371 2,212 3,483 Royalties (11,766 ) (16,529 ) (17,630 ) (25,471 ) Net revenues $ 77,924 $ 110,985 $ 114,661 $ 179,641 Egypt Revenues from sales in Egypt are generally made through direct sales to EGPC or through contracts with customers pursuant to COSPAs or COSMAs. EGPC and the Company’s subsidiary, TransGlobe Petroleum International (“TPI”), each own a 50% interest, respectively, in the operating company which is a party to the Merged Concession Agreement. EGPC and the Company’s subsidiary, TPI, each also own a 50% interest, respectively, in the operating company that is a party to the South Ghazalat concession agreement. The Company has utilized the practical expedient in ASC Topic 606 10 50 14 not Customer sales generally occur daily when sales are directly to EGPC or haphazardly production is sold through a cargo lifting. Direct sales to EGPC are considered complete when oil is delivered to the EGPC storage facility, and the Company has elected to sell domestically to EGPC. When sales are made through a cargo lifting, the performance obligations are normally satisfied either when the oil is delivered to the export facility location or when the oil is delivered to its ultimate destination, as specified in the contract. Regardless of the type of sales, there is a single performance obligation (delivering crude oil to the delivery point) that gives rise to revenue recognition at the point in time when the performance obligation event takes place. Sales and delivery costs associated with certain sales are netted against revenue in accordance with the Company’s policy regarding classification of these type of expenses. Revenues associated with the sales of the Company’s crude oil in Egypt are recognized by reference to actual volumes sold and quoted market prices in active markets for Dated Brent, adjusted according to specific terms and conditions as applicable per the sales contracts. Revenue is measured at the fair value of the consideration received or receivable. For reporting purposes, the Company records EGPC’s share of production as royalties which are netted against revenue, whether EGPC’s share of production arises from EGPC’s share of profit oil or excess cost oil which is discussed below. Egypt production is based on Dated Brent prices, less a quality differential (currently around 4.9% may may may may not With respect to Egyptian income taxes, which are the Company’s liability under the terms of the Merged Concession Agreement, these taxes are paid by EGPC on behalf of the Company out of EGPC’s share of production entitlement. The income taxes paid to the Arab Republic of Egypt on behalf of the Company are recognized as crude oil revenue and income tax expense for reporting purposes. EGPC owns the storage and export facilities where the Company's production is delivered, and the Company requires EGPC cooperation and approval to schedule liftings. Once liftings occur, the Company has a 30 may one two In some instances, TPI will borrow or loan production volumes to achieve a required amount of crude oil for cargo sales. In these instances, TPI can be in an overlift or underlift position. Regardless of being in an over lift or underlift position, sales are based on the Company’s working interest, less royalties. Imbalances are valued based on the actual sales proceeds and TPI will record a payable, if in an overlift position, or a receivable, if in an underlift position, based on the fair value of the consideration received or receivable. The following table presents revenues in Egypt from contracts with customers: Three Months Ended June 30, Six Months Ended June 30, 2023 2023 Revenues from customer contracts: (in thousands) Gross sales $ 50,201 $ 104,822 Royalties (28,892 ) (48,232 ) Selling costs (1 ) (498 ) Net revenues $ 21,308 $ 56,092 Canada Revenues from the sale of crude oil, natural gas, condensate and NGLs in Canada are recognized by reference to actual volumes delivered at contracted delivery points and prices. The Company has utilized the practical expedient in ASC Topic 606 10 50 14 not Customer sales generally occur daily when crude oil, natural gas, condensate or NGL’s are sold, normally via pipeline, to a delivery point. Regardless of the type of sales, there is a single performance obligation (delivering crude oil, natural gas, condensate or NGL’s to the delivery point) that gives rise to revenue recognition at the point in time when the performance obligation event takes place. Sales and delivery costs associated with certain sales are netted against revenue in accordance with the Company’s policy regarding classification of these types of expenses. Settlement of accounts receivable in Canada occur on the 25th The following table presents revenues in Canada from contracts with customers: Three Months Ended June 30, Six Months Ended June 30, 2023 2023 Revenues from customer contracts: (in thousands) Oil revenue $ 8,325 $ 14,979 Gas revenue 703 1,661 NGL revenue 1,885 4,348 Royalties (905 ) (2,098 ) Net revenues $ 10,008 $ 18,890 |
Note 7 - Crude Oil, Natural Gas
Note 7 - Crude Oil, Natural Gas and NGLs Properties and Equipment | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Oil and Gas Properties [Text Block] | 7. CRUDE OIL, NATURAL GAS and NGLs PROPERTIES AND EQUIPMENT The Company’s crude oil, natural gas and NGLs properties and equipment is comprised of the following: As of June 30, 2023 As of December 31, 2022 (in thousands) Crude oil, natural gas and NGLs properties and equipment - successful efforts method: Wells, platforms and other production facilities $ 1,446,801 $ 1,406,888 Work-in-progress — — Undeveloped acreage 54,346 56,251 Equipment and other 43,835 38,796 1,544,982 1,501,935 Accumulated depreciation, depletion, amortization and impairment (1,063,242 ) (1,006,663 ) Net crude oil, natural gas and NGLs properties, equipment and other $ 481,740 $ 495,272 Etame Marin Block PSC On September 25, 2018, September 17, 2028. two five In accordance with the Etame Marin block 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. Egypt PSCs On January 20, 2022, three February 2023 February 2026. February 2023 The Merged Concession Agreement contains minimum financial work commitments of $50.0 million per five February 1, 2020 ( The Egyptian PSCs provide for the government to receive a percentage of royalty on production. The remaining oil production, after deducting the gross royalty, if any, is split between cost sharing oil and production sharing oil. Cost sharing oil is up to a maximum percentage as defined in the specific PSC. Cost oil is assigned to recover approved operating and capital costs spent on the specific project. Unutilized cost sharing oil or excess cost oil (maximum cost recovery less actual cost recovery) is shared between the government and the contractor as defined in the specific PSCs. Each PSC is treated individually in respect of cost recovery and production sharing purposes. The remaining production sharing oil (total production less cost oil) is shared between the government and the contractor as defined in the specific PSC. The Egyptian PSCs do not no The following table summarizes the Company's Egyptian PSC terms for the first first Block Merged Concession South Ghazalat Year acquired (1) 2020 2013 Expiry date 2035 2039 Extensions Exploration N/A N/A Development + 5 years 20 + 5 years Production Tranche (MBopd) 0-25 0-5 Maximum cost oil 40 % 25 % Excess cost oil - Contractor 15 % 5 % Depreciation per quarter Operating 100 % 100 % Capital 6 % 5 % Production Sharing Oil: Contractor 30 %* 17 % Government 70 %* 83 % ( 1 *Merged Concession profit oil is set on a scale according to average Brent price and production: Crude oil produced (MBopd) Brent Price ($/bbl) Less than or equal to 5 MBopd More than 5 MBopd and less than or equal to 10 MBopd More than 10 MBopd and less than or equal to 15 MBopd More than 15 MBopd and less than or equal to 25 MBopd More than 25 MBopd Government % Contractor % Government % Contractor % Government % Contractor % Government % Contractor % Government % Contractor % Less than or equal to $40/bbl 67 33 68 32 69 31 70 30 71 29 More than $40/bbl and less than or equal to $60/bbl 68 32 69 31 70 30 71 29 72 28 More than $60/bbl and less than or equal to $80/bbl 70 30 71 29 72 28 74 26 76 24 More than $80/bbl and less than or equal to $100/bbl 72.5 27.5 73 27 74 26 76 24 78 22 More than $100/bbl 75 25 76 24 77 23 78 22 80 20 Equatorial Guinea PSC With the approval of the plan of development in September 2022, September 2047. first 10,000 10,000 25,000 25 25 50 120 Proved Properties The Company reviews the crude oil, natural gas and NGLs 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 June 30, 2023 June 30, 2023 Undeveloped Leasehold Costs Equatorial Guinea 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 2021, April 12, 2021, fourth February 2023, 14.1% first The Company has completed a feasibility study of the development concept of the Venus discovery on Block P. On September 16, 2022, 2023 October 12, 2022 November 16, 2022. March 2023, 5 March 2023 June 30, 2023 Gabon 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 Marin block PSC. As a result of discovering reserves in connection with drilling the South East Etame 4H March 2020, 3, June 30, 2023 was $13.7 million. Egypt and Canada In connection with the TransGlobe acquisition discussed under Note 3 June 30, 2023 Capitalized Equipment Inventory Capitalized equipment inventory is reviewed regularly for obsolescence. Adjustments for inventory obsolescence are recorded in the “ Other operating expense, net not three six June 30, 2023 2022 |
Note 8 - Derivatives and Fair V
Note 8 - Derivatives and Fair Value | 6 Months Ended |
Jun. 30, 2023 | |
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 as of June 30, 2023 Settlement Period Type of Contract Index Average Monthly Volumes Weighted Average Put Price Weighted Average Call Price (Bbls) (per Bbl) (per Bbl) July 2023 - September 2023 Collars Dated Brent 95,000 $ 65.00 $ 96.00 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, not 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 unaudited condensed consolidated balance sheets. The following table sets forth the loss on derivative instruments on the Company’s unaudited condensed consolidated statements of operations and comprehensive income: Three Months Ended June 30, Six Months Ended June 30, Derivative Item Statements of Operations Line 2023 2022 2023 2022 (in thousands) (in thousands) Commodity derivatives Cash settlements paid on matured derivative contracts, net $ (4 ) $ (21,059 ) $ (63 ) $ (33,559 ) Unrealized gain (loss) 35 11,517 115 (7,741 ) Derivative instruments gain (loss), net $ 31 $ (9,542 ) $ 52 $ (41,300 ) |
Note 9 - Accrued Liabilities an
Note 9 - Accrued Liabilities and Other | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 As of December 31, 2022 (in thousands) Accrued accounts payable invoices $ 21,480 $ 28,360 Gabon DMO, PID and PIH obligations 12,782 10,509 Capital expenditures 19,770 26,618 Stock appreciation rights – current portion 32 570 Accrued wages and other compensation 2,726 8,161 ARO Obligation 5,729 306 Egypt modernization payments 9,373 9,933 Excess cost oil payable 8,099 — Other 4,113 6,935 Total accrued liabilities and other $ 84,104 $ 91,392 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
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, February 2023), June 30, 2023 In the first 2023, March 2023. No second 2023. 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, fourth 2022. second 2023, During the second 2023, September October 2023. 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 Dividend Policy On November 3, 2021, On May 9, 2023 paid on June 23, 2023 May 24 2023. August 9, 2023 September 22, 2023 August 25, 2023. In connection with the RBL facility, discussed in Note 11 no may not . For the six June 30, 2023 , no Payment of future dividends, if any, will be at the discretion of the board of directors after considering various factors, including current financial condition, the tax impact of repatriating cash, operating results and current and anticipated cash needs. Share Buyback Program On November 1, 2022, 10b5 1 “10b5 1 10b 18 1934. 10b5 1 The following table shows the repurchases of equity securities related to the share repurchase program after March 31, 2023 June 30, 2023 Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Programs Maximum Amount that May Yet Be Used to Purchase Shares Under the Program April 1, 2023 - April 30, 2023 303,969 $ 4.94 303,969 $ 21,003,245 May 1, 2023 - May 31, 2023 362,843 $ 4.14 362,843 $ 19,502,740 June 1, 2023 - June 30, 2023 494,164 $ 4.05 494,164 $ 17,504,007 Total 1,160,976 1,160,976 The following table shows the repurchases of equity securities related to the share repurchase program after June 30, 2023 August 4, 2023: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Programs Maximum Amount that May Yet Be Used to Purchase Shares Under the Program July 1, 2023 - July 31, 2023 505,720 $3.96 505,720 $15,504,180 August 1, 2023 - August 4, 2023 98,411 $4.29 98,411 $15,082,133 Total 604,131 604,131 The actual timing number and value of shares repurchased under the share buyback program will depend on several 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 Merged Concession Agreement On January 20, 2022, three 15 first January 19, 2022. February 1, 2022, second February 2023 $10.0 three February 1, 2024 February 1, 2026. June 30, 2023 The Company also has minimum financial work commitments of $50.0 million per each five February 1, 2020 ( June 30, 2023 five $50 five As the Merged Concession Agreement is effective as of February 1, 2020, October 13, 2022, June 30, 2023, Government Related Receivables Under Article 35 October 2021, Since the crude oil produced by the Company is not two In November 2022, not June 30, 2023 $3.1 not |
Note 11 - Debt
Note 11 - Debt | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 11. As of June 30, 2023 December 31, 2022, RBL Facility 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 in Gabon and a portion of the Company's proved undeveloped reserves in Gabon. The borrowing base is determined and re-determined 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 June 30, 2023 2022 90 April 17, 2023. April 11, 2023. June 30, 2023 The Facility will mature on the earlier of (i) the fifth first Deferred financing costs incurred in connection with securing the Facility were $1.7 million, ($2.1 million net of accumulated amortization of $0.4 million) which is carried in the accompanying unaudited condensed consolidated balance sheets in the line item "Other long-term assets" and is amortized on a straight-line basis, which approximates the effective interest method, over the term of the Facility and included in interest expense in the accompanying unaudited condensed consolidated statements of operations and comprehensive income. ATB Facility In connection with the Arrangement with TransGlobe in October 2022, January 5, 2023, not |
Note 12 - Leases
Note 12 - Leases | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Operating and Finance Leases [Text Block] | 12. 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 a drilling rig used in the Company’s Egyptian operations. The duration for these agreements ranges from 5 to 21 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 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 and for equipment, offices and vehicles used in the operations of Canada and Egypt. The duration for these agreements ranges from 4 to 111 not All leases For all leases that contain an option to extend the initial lease term, the Company has evaluated whether it is reasonably certain that the Company will extend the lease beyond the initial lease term. When the Company believes it is reasonably certain 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 six June 30, 2023 2022 Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Lease cost: (in thousands) Finance lease cost (1) $ 4,115 $ 98 $ 8,480 $ 164 Operating lease cost 339 4,265 922 8,461 Short-term lease cost (2) 1,660 199 3,020 1,213 Variable lease cost (3) — 1,909 — 3,247 Total lease expense 6,114 6,471 12,422 13,085 Lease costs capitalized 7 651 55 1,423 Total lease costs $ 6,121 $ 7,122 $ 12,477 $ 14,508 Six Months Ended June 30, 2023 2022 Other information: Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows attributable to finance leases (in thousands) $ 3,379 $ 26 Weighted-average remaining lease term (in years) 8.96 5.17 Weighted-average discount rate 8.11 % 3.54 % Operating cash flows attributable to operating leases (in thousands) $ 423 $ 12,816 Weighted-average remaining lease term (in years) 0.95 0.70 Weighted-average discount rate 10.33 % 5.62 % ( 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 unaudited condensed consolidated statements of operations and comprehensive income. 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) Finance lease cost $ 2,376 $ 57 $ 5,001 $ 96 Production expense 1,208 3,720 2,494 7,558 General and administrative expense 52 47 98 63 Lease costs billed to the joint venture owners 2,481 2,884 4,849 5,886 Total lease expense 6,117 6,708 12,442 13,603 Lease costs capitalized 4 414 35 905 Total lease costs $ 6,121 $ 7,122 $ 12,477 $ 14,508 The following table describes the future maturities of the Company’s lease liabilities at June 30, 2023 Operating Leases Finance Leases Year (in thousands) 2023 $ 1,173 $ 7,287 2024 672 14,448 2025 32 16,202 2026 — 16,478 2027 — 15,023 Thereafter — 51,527 1,877 120,965 Less: imputed interest 80 33,425 Total lease liabilities $ 1,797 $ 87,540 Under the joint operating agreements, other joint venture owners are obligated to fund $49.8 million of the $122.8 million in future lease liabilities. |
Note 13 - Asset Retirement Obli
Note 13 - Asset Retirement Obligations | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 As of December 31, 2022 Beginning balance $ 42,001 $ 40,694 Accretion 1,118 1,958 Additions — 6,134 Revisions 5,726 (43 ) Settlements (374 ) (6,577 ) Foreign currency gain (loss) 216 (165 ) Ending balance $ 48,687 $ 42,001 Accretion is recorded in the line item “Depreciation, depletion and amortization” in the unaudited condensed consolidated statements of operations and comprehensive income. In connection with the TransGlobe Arrangement in October 2022, 3, $6.1 With relation to the end of the FPSO contract in October 2022, 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. June 30, 2023 In Egypt, under model concession agreements and the Fuel Material Law, liabilities in respect of decommissioning movable and immovable assets (other than wells) passes to the Egyptian Government through the transfer of ownership from the contractor to the government under the cost recovery process. While the current risk to the Company of becoming liable for decommissioning liabilities in Egypt is low, future changes to legislation could result in decommissioning liabilities in Egypt. Any increase in Egyptian decommissioning liabilities could adversely affect the Company's financial condition. In relation to petroleum wells, under good oilfield practices, the contractor is responsible for decommissioning non-producing wells under a decommissioning plan approved by EGPC during the life of the concession agreement. If EGPC agrees that a producing well is not may may not June 30, 2023 December 31, 2022, The Company provides for asset retirement obligations on all of its Canadian operations based on current legislation and industry operating practices. The estimated present value of the asset retirement obligation is recorded as a long-term liability, with a corresponding increase in the carrying amount of the related asset. The estimated ARO liability for Canada includes assumptions of actual costs to abandon and/or reclaim wells and facilities, the time frame in which such costs will be incurred, as well as using inflation factors and discount rates in order to calculate the amount of the ARO liability. |
Note 14 - Shareholders' Equity
Note 14 - Shareholders' Equity | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 14. EQUITY Common stock 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 June 30, 2023 Treasury stock On November 1, 2022, 10 The below table shows the repurchases of the Company's equity securities during the three June 30, 2023: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Programs Maximum Amount that May Yet Be Used to Purchase Shares Under the Program April 1, 2023 - April 30, 2023 303,969 $ 4.94 303,969 $ 21,003,245 May 1, 2023 - May 31, 2023 362,843 $ 4.14 362,843 $ 19,502,740 June 1, 2023 - June 30, 2023 494,164 $ 4.05 494,164 $ 17,504,007 Total 1,160,976 1,160,976 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 | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 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 expenses 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 six June 30, 2023 six June 30, 2022 Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) Stock-based compensation - equity awards $ 706 $ 615 $ 1,381 $ 1,019 Stock-based compensation - liability awards (101 ) 227 (127 ) 1,245 Total stock-based compensation $ 605 $ 842 $ 1,254 $ 2,264 Stock options and performance shares Stock options have an exercise price that may not three three may 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 In June 2023, ten one third first 30 one third second 30 one third third 30 not not During the six June 30, 2023 2022, Six Months Ended June 30, 2023 2022 Weighted average exercise price - ($/share) $ 4.19 $ 6.41 Expected life in years 6.4 6.0 Average expected volatility 68 % 72 % Risk-free interest rate 3.73 % 1.98 % Expected dividend yield 5.97 % 2.30 % Weighted average grant date fair value - ($/share) $ 2.29 $ 2.84 Stock option activity associated with performance options for the six June 30, 2023 Number of Shares Underlying Options Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (in years) (in thousands) Outstanding at January 1, 2023 444 $ 3.95 Granted 335 4.19 Exercised (74 ) (1.68 ) Unvested shares forfeited — — Vested shares expired — — Outstanding at June 30, 2023 705 $ 4.30 8.95 $ 280 Exercisable at June 30, 2023 211 $ 3.34 7.70 $ 262 Stock option activity associated with plain vanilla options for the six June 30, 2023 Number of Shares Underlying Options Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (in years) (in thousands) Outstanding at January 1, 2023 387 $ 1.86 Granted — — Exercised (164 ) (1.56 ) Unvested shares forfeited — — Vested shares expired — — Outstanding at June 30, 2023 223 $ 2.07 0.73 $ 376 Exercisable at June 30, 2023 223 $ 2.07 0.73 $ 376 As a result of tax withholding on options exercised, 44,655 shares were added to treasury during the six June 30, 2023 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 The following is a summary of activity for the six June 30, 2023 Restricted Stock Weighted Average Grant Date Fair Value (in thousands) Non-vested shares outstanding at January 1, 2023 665 $ 4.59 Awards granted 797 4.19 Awards vested (354 ) 3.92 Awards forfeited (12 ) 5.73 Non-vested shares outstanding at June 30, 2023 1,096 $ 4.51 During the six June 30, 2023 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, 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 cash or 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 remained outstanding following the effective time of the Arrangement, the applicable vesting percentage was determined by the TransGlobe board of directors to be 200% for PSUs granted in 2020 2021 2022. RSUs were issued to directors, officers and employees of TransGlobe in the ordinary course of business prior to the Arrangement. Each RSU vests annually over a three December 16, 2022, 2020 six June 30, 2023 Restricted Stock Weighted Average Conversion Date Fair Value (in thousands) Non-vested shares outstanding at January 1, 2023 383 $ 4.27 Awards granted 183 4.19 Awards vested (259 ) 4.27 Awards forfeited (23 ) 4.27 Non-vested shares outstanding at June 30, 2023 284 $ 4.22 During the six June 30, 2023 PSUs are like RSUs except that they originally contained a performance factor affecting the vesting percentage. For the PSUs that remained outstanding following the effective time of the Arrangement, the applicable vesting percentage was determined by the TransGlobe board of directors to be 200% 2020 2021; 64.4% 2022. third December 16, 2022, 2020 six June 30, 2023 Restricted Stock Weighted Average Conversion Date Fair Value (in thousands) Non-vested shares outstanding at January 1, 2023 690 $ 4.27 Awards granted — — Awards vested (514 ) 4.27 Awards forfeited (36 ) 4.27 Non-vested shares outstanding at June 30, 2023 140 $ 4.27 During the six June 30, 2023 DSUs are like RSUs, except that they become fully vested on the date of grant and are only issued to directors of the Company. Distributions under the DSU plan do not December 16, 2022, 2020 June 30, 2023, not second 2023, Stock appreciation rights ( SARs ) SARs may 2016 2020 may not During the six June 30, 2023 not SAR activity for the six June 30, 2023 Number of Shares Underlying SARs Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (in years) (in thousands) Outstanding at January 1, 2023 202 $ 1.87 Granted — — Exercised (63 ) 0.86 Unvested SARs forfeited — — Vested SARs expired — — Outstanding at June 30, 2023 139 $ 2.33 0.64 $ 198 Exercisable at June 30, 2023 139 $ 2.33 0.64 $ 198 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 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 | 6 Months Ended |
Jun. 30, 2023 | |
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 that include Canada, Egypt, Equatorial Guinea and Gabon. Income taxes attributable to continuing operations for the three six June 30, 2023 2022 Provision for income taxes related to income from continuing operations consists of the following: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 U.S. Federal: (in thousands) Current $ — $ — $ — $ — Deferred 871 2,617 1,457 (9,869 ) Foreign: Current 12,401 20,402 24,701 26,093 Deferred (1,684 ) 23,233 201 25,400 Total $ 11,588 $ 46,252 $ 26,359 $ 41,624 The Company’s effective tax rate for the three six June 30, 2023 three six June 30, 2022, three June 30, 2023, six June 30, 2023, three June 30, 2022, six June 30, 2022, six June 30, 2022 six June 30, 2022, As of June 30, 2023 |
Note 17 - Other Comprehensive I
Note 17 - Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 17. OTHER COMPREHENSIVE INCOME The Company’s other comprehensive income was $2.0 million for the three June 30, 2023. The components of accumulated other comprehensive income are as follows: Currency Translation Adjustments (in thousands) Balance at December 31, 2022 $ 1,179 Accumulated other comprehensive income (loss) before reclassifications (125 ) Balance at March 31, 2023 $ 1,054 Accumulated other comprehensive income (loss) before reclassifications 2,006 Balance at June 30, 2023 $ 3,060 |
Item 5 - Other Information
Item 5 - Other Information | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Issuer Rule 10b5-1, Material Terms [Text Block] | 5 . OTHER INFORMATION During the three June 30, 2023, none 16a 1 10b5 1 10b5 1 408 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of consolidation |
Use of Estimates, Policy [Policy Text Block] | Use of estimates Estimates of crude oil, natural gas and NGLs reserves used to estimate depletion expense and impairment charges require judgments and are generally less precise than other estimates made in connection with financial disclosures. Due to inherent uncertainties and the limited nature of data, estimates are imprecise and subject to change over time as additional information becomes available. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents three may not not |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted cash and abandonment funding June 30, 2023 2022 June 30, 2023 June 30, 2023 2022 10 As of June 30, 2023 2022 (in thousands) Cash and cash equivalents $ 46,186 $ 53,062 Restricted cash - current 113 216 Restricted cash - non-current 1,779 1,752 Abandonment funding 6,268 20,091 Total cash, cash equivalents and restricted cash $ 54,346 $ 75,121 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 unaudited 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 not 2019 2022 2018 January 12, 2023, 2019. In the first 2023, March 2023. second 2023. The Company is working on an updated abandonment study with Directorate of Hydrocarbons in Gabon and on establishing a payment schedule to resume funding of the abandonment fund in compliance with the Etame PSC. |
Interest in Unincorporated Joint Ventures or Partnerships, Policy [Policy Text Block] | Accounts with joint venture owners , net |
Accounts Receivable [Policy Text Block] | Accounts Receivable, net |
Other Receivables [Policy Text Block] | Other receivables, net 2021, not third June 30, 2023 228 228 second 2022 first 2023. July March On January 19, 2022, February 1, 2020. fourth 2022, June 30, 2023, third third For credit losses associated with other receivables, see |
Taxes and Other Receivables [Policy Text Block] | Value added tax and other receivables, net As of June 30, 2023 June 30, 2023 $1.00. December 31, 2022, December 31, 2022, $1.00. |
Credit Loss, Financial Instrument [Policy Text Block] | Allowance for credit losses and other January 1, 2023, 2016 13, 2016 13” 2016 13 The Company estimates the current expected credit losses based primarily using either an aging analysis or discounted cash flow methodology that incorporates consideration of current and future conditions that could impact its counterparties’ credit quality and liquidity. Uncollectible receivables are written off when a settlement is reached for an amount that is less than the outstanding historical balance or when the Company has determined that the balance will not The Company has identified the following types of financial assets that are within the scope of ASU 2016 13: • Accounts receivable with joint venture owners; • Trade accounts receivables; • Other receivables As a result of adopting ASU 2016 13 January 1, 2023, three March 31, 2023, three June 30, 2023, Also on January 1, 2023, second 2023. June 30, 2023, one During the three June 30, 2023 six June 30, 2023 With respect to the Company’s receivable from the refinery and TVA receivable balances, collection efforts, including remedies provided for in the contracts, are being pursued to collect overdue amounts owed to the Company. The Company is in ongoing discussions with the Ministry of the Economy, Hydrocarbons and the Presidency of Gabon on finding a solution to the realization of the past due balances. The following table provides an analysis of the change of the aggregate credit loss allowance and other allowances. Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) Allowance for credit losses and other Balance at beginning of period $ (12,832 ) $ (6,135 ) $ (8,704 ) $ (5,741 ) Credit loss charges and other, net of receipts (680 ) (571 ) (1,615 ) (1,063 ) Cumulative effect of adjustment upon adoption of ASU 2016-13 on January 1, 2023 — — (3,120 ) — Foreign currency gain (loss) (7 ) 317 (80 ) 415 Balance at end of period $ (13,519 ) $ (6,389 ) $ (13,519 ) $ (6,389 ) |
Inventory, Policy [Policy Text Block] | Crude oil inventory In Gabon, not June 30, 2023 206,136 second second August second third |
Prepayments and Other [Policy Text Block] | Prepayments and Other June 30, 2023 |
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] | Capitalized Capitalization no may |
Depreciation, Depletion, and Amortization [Policy Text Block] | Depreciation, depletion and amortization 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 October 13, 2022, July 13, 2022. 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, natural gas and NGLs 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, natural gas and NGLs 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, natural gas and NGLs 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 Revenues from contracts with customers are recognized when the Company satisfies a performance obligation by transferring a good or service to a customer. A good or service is transferred when the customer obtains control of the good or service. The transfer of control of oil, natural gas and NGLs usually coincides with title passing to the customer and the customer taking physical possession. VAALCO mainly satisfies its performance obligations at a point in time and the amounts of revenues recognized relating to performance obligations satisfied over time are not 6 In connection with the acquisition of TransGlobe on October 13, 2022, |
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 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency transactions not |
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. The Company has elected not 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 1 may may As of June 30, 2023 Balance Sheet Line Level 1 Level 2 Level 3 Total (in thousands) Assets Derivative asset Prepayments and other $ — $ 158 $ — $ 158 $ — $ 158 $ — $ 158 Liabilities SARs liability Accrued liabilities and other $ — $ 196 $ — $ 196 $ — $ 196 $ — $ 196 ` As of December 31, 2022 Balance Sheet Line Level 1 Level 2 Level 3 Total (in thousands) Assets Derivative asset Prepayments and other $ — $ 102 $ — $ 102 $ — $ 102 $ — $ 102 Liabilities SARs liability Accrued liabilities and other $ — $ 556 $ — $ 556 $ — $ 556 $ — $ 556 |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share 5 |
Other Net Policy [Policy Text Block] | Other, net |
Comprehensive Income, Policy [Policy Text Block] | Other comprehensive income • Income and expenses are translated at the date of the transaction. • Assets and liabilities are translated at the prevailing rate on the balance sheet date. The exchange rate to convert Canadian dollars (“CAD") to US dollars (“USD”) at December 31, 2022 June 30, 2023 |
Note 1 - Organization and Acc_2
Note 1 - Organization and Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Oil and Gas, Average Sale Price and Production Cost [Table Text Block] | Average Brent Prices 2023 2022 First Quarter $ 81.07 $ 100.87 Second Quarter $ 77.99 $ 113.84 Third Quarter $ — $ 100.71 Fourth Quarter $ — $ 88.72 |
Schedule of Cash, Cash Equivalents and Restricted Cash [Table Text Block] | As of June 30, 2023 2022 (in thousands) Cash and cash equivalents $ 46,186 $ 53,062 Restricted cash - current 113 216 Restricted cash - non-current 1,779 1,752 Abandonment funding 6,268 20,091 Total cash, cash equivalents and restricted cash $ 54,346 $ 75,121 |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) Allowance for credit losses and other Balance at beginning of period $ (12,832 ) $ (6,135 ) $ (8,704 ) $ (5,741 ) Credit loss charges and other, net of receipts (680 ) (571 ) (1,615 ) (1,063 ) Cumulative effect of adjustment upon adoption of ASU 2016-13 on January 1, 2023 — — (3,120 ) — Foreign currency gain (loss) (7 ) 317 (80 ) 415 Balance at end of period $ (13,519 ) $ (6,389 ) $ (13,519 ) $ (6,389 ) |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | As of June 30, 2023 Balance Sheet Line Level 1 Level 2 Level 3 Total (in thousands) Assets Derivative asset Prepayments and other $ — $ 158 $ — $ 158 $ — $ 158 $ — $ 158 Liabilities SARs liability Accrued liabilities and other $ — $ 196 $ — $ 196 $ — $ 196 $ — $ 196 ` As of December 31, 2022 Balance Sheet Line Level 1 Level 2 Level 3 Total (in thousands) Assets Derivative asset Prepayments and other $ — $ 102 $ — $ 102 $ — $ 102 $ — $ 102 Liabilities SARs liability Accrued liabilities and other $ — $ 556 $ — $ 556 $ — $ 556 $ — $ 556 |
Note 3 - Acquisitions and Dis_2
Note 3 - Acquisitions and Dispositions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | October 13, 2022 Measurement Period Adjustment October 13, 2022 (As Adjusted) (in thousands) (in thousands) (in thousands) Purchase Consideration Common stock issued to TransGlobe shareholders $ 274,145 $ — $ 274,145 October 13, 2022 Measurement Period Adjustment October 13, 2022 (in thousands) (in thousands) (in thousands) Assets acquired: Cash $ 36,686 $ — $ 36,686 Wells, platforms and other production facilities 243,669 — 243,669 Equipment and other 2,099 — 2,099 Undeveloped acreage 30,216 — 30,216 Accounts receivable - trade 48,068 — 48,068 Accounts receivable - other 50,275 — 50,275 Accounts with joint venture owners 68 — 68 Right of use operating leases 1,609 — 1,609 Right of use financing leases 204 — 204 Prepayment and other 7,627 — 7,627 Liabilities assumed: - Asset retirement obligations (6,134 ) — (6,134 ) Accounts payable (10,223 ) — (10,223 ) Accrued liabilities and other (50,128 ) — (50,128 ) Operating lease liabilities - current portion (961 ) — (961 ) Financing lease liabilities - current portion (125 ) — (125 ) Operating lease liabilities - net of current portion (688 ) — (688 ) Financing lease liabilities - net of current portion (21 ) — (21 ) Deferred tax liabilities (40,964 ) (1,412 ) (42,376 ) Other long-term liabilities (26,313 ) — (26,313 ) Bargain purchase gain (10,819 ) 1,412 (9,407 ) Total purchase price $ 274,145 $ — $ 274,145 |
Business Acquisition, Pro Forma Information [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2022 2022 (in thousands) (in thousands) Pro forma (unaudited): Crude oil, natural gas and natural gas liquids sales $ 183,665 (a) $ 304,792 (a) Operating income $ 110,091 (b) $ 171,518 (d) Net income $ 41,818 (c) $ 72,857 (e) Basic net income per share: $ 0.39 $ 0.67 Basic weighted average shares outstanding 108,232 108,121 Diluted net income per share: $ 0.38 $ 0.67 Diluted weighted average shares outstanding 108,668 108,585 |
Note 4 - Segment Information (T
Note 4 - Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended June 30, 2023 (in thousands) Gabon Egypt Canada Equatorial Guinea Corporate and Other Total Revenues: Crude oil, natural gas and natural gas liquids sales $ 77,924 $ 21,308 $ 10,008 $ — $ — $ 109,240 Operating costs and expenses: Production expense 23,931 11,089 3,255 386 (57 ) 38,604 FPSO Demobilization - Norms Waste Disposal 5,647 — — — — 5,647 Exploration expense 43 14 — — — 57 Depreciation, depletion and amortization 19,457 13,757 4,747 — 42 38,003 General and administrative expense 318 202 — 87 4,788 5,395 Credit losses and other 518 — — 162 — 680 Total operating costs and expenses 49,914 25,062 8,002 635 4,773 88,386 Other operating income (expense), net (62 ) (241 ) — — — (303 ) Operating income 27,948 (3,995 ) 2,006 (635 ) (4,773 ) 20,551 Other income (expense): Derivative instruments loss, net — — — — 31 31 Interest (expense) income, net (1,376 ) (503 ) — — 176 (1,703 ) Other (expense) income, net (619 ) — 1 — 81 (537 ) Total other expense, net (1,995 ) (503 ) 1 — 288 (2,209 ) Income (loss) from continuing operations before income taxes 25,953 (4,498 ) 2,007 (635 ) (4,485 ) 18,342 Income tax (benefit) expense 16,251 4,261 — — (8,924 ) 11,588 Income (loss) from continuing operations 9,702 (8,759 ) 2,007 (635 ) 4,439 6,754 Loss from discontinued operations, net of tax — — — — (2 ) (2 ) Net income (loss) $ 9,702 $ (8,759 ) $ 2,007 $ (635 ) $ 4,437 $ 6,752 Consolidated capital expenditures $ 1,375 $ 8,526 $ 6,491 $ — $ 36 $ 16,427 Six Months Ended June 30, 2023 (in thousands) Gabon Egypt Canada Equatorial Guinea Corporate and Other Total Revenues: Crude oil, natural gas and natural gas liquids sales $ 114,661 $ 56,092 $ 18,890 $ — $ — $ 189,643 Operating costs and expenses: Production expense 38,346 22,199 5,509 748 2 66,804 FPSO Demobilization - Norms Waste Disposal 5,647 — — — — 5,647 Exploration expense 51 14 — — — 65 Depreciation, depletion and amortization 29,302 24,552 8,458 — 108 62,420 General and administrative expense 936 381 — 216 9,086 10,619 Credit losses and other 1,453 — — 162 — 1,615 Total operating costs and expenses 75,735 47,146 13,967 1,126 9,196 147,170 Other operating income, net (62 ) (241 ) — — — (303 ) Operating income (loss) 38,864 8,705 4,923 (1,126 ) (9,196 ) 42,170 Other income (expense): Derivative instruments gain, net — — — — 52 52 Interest (expense) income, net (2,883 ) (1,311 ) (4 ) — 249 (3,949 ) Other income (expense), net (102 ) — 1 (1 ) (1,575 ) (1,677 ) Total other expense, net (2,985 ) (1,311 ) (3 ) (1 ) (1,274 ) (5,574 ) Income (loss) from continuing operations before income taxes 35,879 7,394 4,920 (1,127 ) (10,470 ) 36,596 Income tax expense (benefit) 22,829 9,253 — — (5,723 ) 26,359 Income (loss) from continuing operations 13,050 (1,859 ) 4,920 (1,127 ) (4,747 ) 10,237 Loss from discontinued operations, net of tax — — — — (15 ) (15 ) Net income (loss) $ 13,050 $ (1,859 ) $ 4,920 $ (1,127 ) $ (4,762 ) $ 10,222 Consolidated capital expenditures $ 5,064 $ 20,097 $ 16,656 $ — $ 36 $ 41,852 Three Months Ended June 30, 2022 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Revenues: Crude oil and natural gas sales $ 110,985 $ — $ — $ 110,985 Operating costs and expenses: Production expense 25,360 175 (60 ) 25,475 Exploration expense 67 — — 67 Depreciation, depletion and amortization 8,173 — 18 8,191 General and administrative expense 565 110 2,859 3,534 Bad debt expense and other 571 — — 571 Total operating costs and expenses 34,736 285 2,817 37,838 Other operating income (expense), net — — — — Operating income 76,249 (285 ) (2,817 ) 73,147 Other income (expense): Derivative instruments loss, net — — (9,542 ) (9,542 ) Interest (expense) income, net (158 ) — 40 (118 ) Other (expense) income, net (856 ) (1 ) (1,254 ) (2,111 ) Total other expense, net (1,014 ) (1 ) (10,756 ) (11,771 ) Income from continuing operations before income taxes 75,235 (286 ) (13,573 ) 61,376 Income tax (benefit) expense 36,423 1 9,828 46,252 Income from continuing operations 38,812 (287 ) (23,401 ) 15,124 Loss from discontinued operations, net of tax — — (20 ) (20 ) Net income $ 38,812 $ (287 ) $ (23,421 ) $ 15,104 Consolidated capital expenditures (1) $ 38,102 $ — $ 67 $ 38,169 Six Months Ended June 30, 2022 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Revenues: Crude oil and natural gas sales $ 179,641 $ — $ — $ 179,641 Operating costs and expenses: Production expense 43,441 394 — 43,835 Exploration expense 194 — — 194 Depreciation, depletion and amortization 12,826 — 38 12,864 General and administrative expense 1,158 209 7,161 8,528 Credit losses and other 1,063 — — 1,063 Total operating costs and expenses 58,682 603 7,199 66,484 Other operating income (expense), net (5 ) — — (5 ) Operating income 120,954 (603 ) (7,199 ) 113,152 Other income (expense): Derivative instruments loss, net — — (41,300 ) (41,300 ) Interest (expense) income, net (164 ) — 43 (121 ) Other (expense) income, net (1,494 ) (2 ) (1,311 ) (2,807 ) Total other expense, net (1,658 ) (2 ) (42,568 ) (44,228 ) Income from continuing operations before income taxes 119,296 (605 ) (49,767 ) 68,924 Income tax (benefit) expense 49,256 1 (7,633 ) 41,624 Income from continuing operations 70,040 (606 ) (42,134 ) 27,300 Loss from discontinued operations, net of tax — — (32 ) (32 ) Net income $ 70,040 $ (606 ) $ (42,166 ) $ 27,268 Consolidated capital expenditures (1) $ 69,882 $ — $ 67 $ 69,949 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | (in thousands) Gabon Egypt Canada Equatorial Guinea Corporate and Other Total Long-lived assets from continuing operations: As of June 30, 2023 $ 193,501 $ 165,813 $ 111,677 $ 10,000 $ 749 $ 481,740 As of December 31, 2022 (1) 213,204 $ 168,012 $ 103,263 $ 10,000 $ 793 $ 495,272 (in thousands) Gabon Egypt Canada Equatorial Guinea Corporate and Other Total Total assets from continuing operations: As of June 30, 2023 $ 384,554 $ 270,653 $ 118,604 $ 11,144 $ 44,058 $ 829,013 As of December 31, 2022 (1) 395,393 $ 293,640 $ 110,071 $ 10,861 $ 45,676 $ 855,641 |
Note 5 - Earnings Per Share (Ta
Note 5 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) Net income (loss) (numerator): Income (loss) from continuing operations $ 6,754 $ 15,124 $ 10,237 $ 27,300 Income from continuing operations attributable to unvested shares (27 ) (229 ) (15 ) (381 ) Numerator for basic 6,727 14,895 10,222 26,919 Loss from continuing operations attributable to unvested shares — 1 (41 ) 2 Numerator for dilutive $ 6,727 $ 14,896 $ 10,181 $ 26,921 Loss from discontinued operations, net of tax $ (2 ) $ (20 ) $ (15 ) $ (32 ) Loss from discontinued operations attributable to unvested shares — — — — Numerator for basic (2 ) (20 ) (15 ) (32 ) (Income) loss from discontinued operations attributable to unvested shares — — — — Numerator for dilutive $ (2 ) $ (20 ) $ (15 ) $ (32 ) Net income (loss) $ 6,752 $ 15,104 $ 10,222 $ 27,268 Net income attributable to unvested shares (27 ) (229 ) (56 ) (381 ) Numerator for basic 6,725 14,875 10,166 26,887 Net (income) loss attributable to unvested shares 27 1 41 2 Numerator for dilutive $ 6,752 $ 14,876 $ 10,125 $ 26,889 Weighted average shares (denominator): Basic weighted average shares outstanding 106,965 58,925 107,175 58,814 Effect of dilutive securities 648 436 875 464 Diluted weighted average shares outstanding 107,613 59,361 108,050 59,278 Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be anti-dilutive 431 251 238 154 |
Note 6 - Revenue (Tables)
Note 6 - Revenue (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenues from customer contracts: (in thousands) Sales under the COSPA or COSMA $ 87,478 $ 125,143 $ 130,079 $ 201,629 Other items reported in revenue not associated with customer contracts: Carried interest recoupment 2,212 2,371 2,212 3,483 Royalties (11,766 ) (16,529 ) (17,630 ) (25,471 ) Net revenues $ 77,924 $ 110,985 $ 114,661 $ 179,641 Three Months Ended June 30, Six Months Ended June 30, 2023 2023 Revenues from customer contracts: (in thousands) Gross sales $ 50,201 $ 104,822 Royalties (28,892 ) (48,232 ) Selling costs (1 ) (498 ) Net revenues $ 21,308 $ 56,092 Three Months Ended June 30, Six Months Ended June 30, 2023 2023 Revenues from customer contracts: (in thousands) Oil revenue $ 8,325 $ 14,979 Gas revenue 703 1,661 NGL revenue 1,885 4,348 Royalties (905 ) (2,098 ) Net revenues $ 10,008 $ 18,890 |
Note 7 - Crude Oil, Natural G_2
Note 7 - Crude Oil, Natural Gas and NGLs Properties and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of June 30, 2023 As of December 31, 2022 (in thousands) Crude oil, natural gas and NGLs properties and equipment - successful efforts method: Wells, platforms and other production facilities $ 1,446,801 $ 1,406,888 Work-in-progress — — Undeveloped acreage 54,346 56,251 Equipment and other 43,835 38,796 1,544,982 1,501,935 Accumulated depreciation, depletion, amortization and impairment (1,063,242 ) (1,006,663 ) Net crude oil, natural gas and NGLs properties, equipment and other $ 481,740 $ 495,272 |
Collaborative Arrangement and Arrangement Other than Collaborative [Table Text Block] | Block Merged Concession South Ghazalat Year acquired (1) 2020 2013 Expiry date 2035 2039 Extensions Exploration N/A N/A Development + 5 years 20 + 5 years Production Tranche (MBopd) 0-25 0-5 Maximum cost oil 40 % 25 % Excess cost oil - Contractor 15 % 5 % Depreciation per quarter Operating 100 % 100 % Capital 6 % 5 % Production Sharing Oil: Contractor 30 %* 17 % Government 70 %* 83 % |
Crude Oil Production [Table Text Block] | *Merged Concession profit oil is set on a scale according to average Brent price and production: Crude oil produced (MBopd) Brent Price ($/bbl) Less than or equal to 5 MBopd More than 5 MBopd and less than or equal to 10 MBopd More than 10 MBopd and less than or equal to 15 MBopd More than 15 MBopd and less than or equal to 25 MBopd More than 25 MBopd Government % Contractor % Government % Contractor % Government % Contractor % Government % Contractor % Government % Contractor % Less than or equal to $40/bbl 67 33 68 32 69 31 70 30 71 29 More than $40/bbl and less than or equal to $60/bbl 68 32 69 31 70 30 71 29 72 28 More than $60/bbl and less than or equal to $80/bbl 70 30 71 29 72 28 74 26 76 24 More than $80/bbl and less than or equal to $100/bbl 72.5 27.5 73 27 74 26 76 24 78 22 More than $100/bbl 75 25 76 24 77 23 78 22 80 20 |
Note 8 - Derivatives and Fair_2
Note 8 - Derivatives and Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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) July 2023 - September 2023 Collars Dated Brent 95,000 $ 65.00 $ 96.00 |
Schedule of Derivative Instruments [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, Derivative Item Statements of Operations Line 2023 2022 2023 2022 (in thousands) (in thousands) Commodity derivatives Cash settlements paid on matured derivative contracts, net $ (4 ) $ (21,059 ) $ (63 ) $ (33,559 ) Unrealized gain (loss) 35 11,517 115 (7,741 ) Derivative instruments gain (loss), net $ 31 $ (9,542 ) $ 52 $ (41,300 ) |
Note 9 - Accrued Liabilities _2
Note 9 - Accrued Liabilities and Other (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | As of June 30, 2023 As of December 31, 2022 (in thousands) Accrued accounts payable invoices $ 21,480 $ 28,360 Gabon DMO, PID and PIH obligations 12,782 10,509 Capital expenditures 19,770 26,618 Stock appreciation rights – current portion 32 570 Accrued wages and other compensation 2,726 8,161 ARO Obligation 5,729 306 Egypt modernization payments 9,373 9,933 Excess cost oil payable 8,099 — Other 4,113 6,935 Total accrued liabilities and other $ 84,104 $ 91,392 |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Other Commitments [Table Text Block] | Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Programs Maximum Amount that May Yet Be Used to Purchase Shares Under the Program April 1, 2023 - April 30, 2023 303,969 $ 4.94 303,969 $ 21,003,245 May 1, 2023 - May 31, 2023 362,843 $ 4.14 362,843 $ 19,502,740 June 1, 2023 - June 30, 2023 494,164 $ 4.05 494,164 $ 17,504,007 Total 1,160,976 1,160,976 Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Programs Maximum Amount that May Yet Be Used to Purchase Shares Under the Program July 1, 2023 - July 31, 2023 505,720 $3.96 505,720 $15,504,180 August 1, 2023 - August 4, 2023 98,411 $4.29 98,411 $15,082,133 Total 604,131 604,131 |
Note 12 - Leases (Tables)
Note 12 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Lease cost: (in thousands) Finance lease cost (1) $ 4,115 $ 98 $ 8,480 $ 164 Operating lease cost 339 4,265 922 8,461 Short-term lease cost (2) 1,660 199 3,020 1,213 Variable lease cost (3) — 1,909 — 3,247 Total lease expense 6,114 6,471 12,422 13,085 Lease costs capitalized 7 651 55 1,423 Total lease costs $ 6,121 $ 7,122 $ 12,477 $ 14,508 Six Months Ended June 30, 2023 2022 Other information: Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows attributable to finance leases (in thousands) $ 3,379 $ 26 Weighted-average remaining lease term (in years) 8.96 5.17 Weighted-average discount rate 8.11 % 3.54 % Operating cash flows attributable to operating leases (in thousands) $ 423 $ 12,816 Weighted-average remaining lease term (in years) 0.95 0.70 Weighted-average discount rate 10.33 % 5.62 % |
Summary of Lease Costs in Consolidated Statements of Operations [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) Finance lease cost $ 2,376 $ 57 $ 5,001 $ 96 Production expense 1,208 3,720 2,494 7,558 General and administrative expense 52 47 98 63 Lease costs billed to the joint venture owners 2,481 2,884 4,849 5,886 Total lease expense 6,117 6,708 12,442 13,603 Lease costs capitalized 4 414 35 905 Total lease costs $ 6,121 $ 7,122 $ 12,477 $ 14,508 |
Lessee, Operating and Finance Lease Liability, Maturity [Table Text Block] | Operating Leases Finance Leases Year (in thousands) 2023 $ 1,173 $ 7,287 2024 672 14,448 2025 32 16,202 2026 — 16,478 2027 — 15,023 Thereafter — 51,527 1,877 120,965 Less: imputed interest 80 33,425 Total lease liabilities $ 1,797 $ 87,540 |
Note 13 - Asset Retirement Ob_2
Note 13 - Asset Retirement Obligations (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | (in thousands) As of June 30, 2023 As of December 31, 2022 Beginning balance $ 42,001 $ 40,694 Accretion 1,118 1,958 Additions — 6,134 Revisions 5,726 (43 ) Settlements (374 ) (6,577 ) Foreign currency gain (loss) 216 (165 ) Ending balance $ 48,687 $ 42,001 |
Note 14 - Shareholders' Equity
Note 14 - Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Programs Maximum Amount that May Yet Be Used to Purchase Shares Under the Program April 1, 2023 - April 30, 2023 303,969 $ 4.94 303,969 $ 21,003,245 May 1, 2023 - May 31, 2023 362,843 $ 4.14 362,843 $ 19,502,740 June 1, 2023 - June 30, 2023 494,164 $ 4.05 494,164 $ 17,504,007 Total 1,160,976 1,160,976 |
Note 15 - Stock-based Compens_2
Note 15 - Stock-based Compensation and Other Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) Stock-based compensation - equity awards $ 706 $ 615 $ 1,381 $ 1,019 Stock-based compensation - liability awards (101 ) 227 (127 ) 1,245 Total stock-based compensation $ 605 $ 842 $ 1,254 $ 2,264 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Six Months Ended June 30, 2023 2022 Weighted average exercise price - ($/share) $ 4.19 $ 6.41 Expected life in years 6.4 6.0 Average expected volatility 68 % 72 % Risk-free interest rate 3.73 % 1.98 % Expected dividend yield 5.97 % 2.30 % Weighted average grant date fair value - ($/share) $ 2.29 $ 2.84 |
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) (in thousands) Outstanding at January 1, 2023 444 $ 3.95 Granted 335 4.19 Exercised (74 ) (1.68 ) Unvested shares forfeited — — Vested shares expired — — Outstanding at June 30, 2023 705 $ 4.30 8.95 $ 280 Exercisable at June 30, 2023 211 $ 3.34 7.70 $ 262 Number of Shares Underlying Options Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (in years) (in thousands) Outstanding at January 1, 2023 387 $ 1.86 Granted — — Exercised (164 ) (1.56 ) Unvested shares forfeited — — Vested shares expired — — Outstanding at June 30, 2023 223 $ 2.07 0.73 $ 376 Exercisable at June 30, 2023 223 $ 2.07 0.73 $ 376 |
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, 2023 665 $ 4.59 Awards granted 797 4.19 Awards vested (354 ) 3.92 Awards forfeited (12 ) 5.73 Non-vested shares outstanding at June 30, 2023 1,096 $ 4.51 Restricted Stock Weighted Average Conversion Date Fair Value (in thousands) Non-vested shares outstanding at January 1, 2023 383 $ 4.27 Awards granted 183 4.19 Awards vested (259 ) 4.27 Awards forfeited (23 ) 4.27 Non-vested shares outstanding at June 30, 2023 284 $ 4.22 |
Share-Based Payment Arrangement, Performance Shares, Activity [Table Text Block] | Restricted Stock Weighted Average Conversion Date Fair Value (in thousands) Non-vested shares outstanding at January 1, 2023 690 $ 4.27 Awards granted — — Awards vested (514 ) 4.27 Awards forfeited (36 ) 4.27 Non-vested shares outstanding at June 30, 2023 140 $ 4.27 |
Share-Based Payment Arrangement, Stock Appreciation Right, Activity [Table Text Block] | Number of Shares Underlying SARs Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (in years) (in thousands) Outstanding at January 1, 2023 202 $ 1.87 Granted — — Exercised (63 ) 0.86 Unvested SARs forfeited — — Vested SARs expired — — Outstanding at June 30, 2023 139 $ 2.33 0.64 $ 198 Exercisable at June 30, 2023 139 $ 2.33 0.64 $ 198 |
Note 16 - Income Taxes (Tables)
Note 16 - Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 U.S. Federal: (in thousands) Current $ — $ — $ — $ — Deferred 871 2,617 1,457 (9,869 ) Foreign: Current 12,401 20,402 24,701 26,093 Deferred (1,684 ) 23,233 201 25,400 Total $ 11,588 $ 46,252 $ 26,359 $ 41,624 |
Note 17 - Other Comprehensive_2
Note 17 - Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Currency Translation Adjustments (in thousands) Balance at December 31, 2022 $ 1,179 Accumulated other comprehensive income (loss) before reclassifications (125 ) Balance at March 31, 2023 $ 1,054 Accumulated other comprehensive income (loss) before reclassifications 2,006 Balance at June 30, 2023 $ 3,060 |
Note 1 - Organization and Acc_3
Note 1 - Organization and Accounting Policies (Details Textual) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||
Jan. 12, 2023 USD ($) | Jan. 01, 2023 USD ($) | Jan. 19, 2022 USD ($) | Jul. 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) $ / item | Jun. 30, 2023 USD ($) $ / bbl | Mar. 31, 2023 USD ($) $ / bbl | Dec. 31, 2022 USD ($) $ / bbl | Sep. 30, 2022 $ / bbl | Jun. 30, 2022 USD ($) $ / bbl | Mar. 31, 2022 USD ($) $ / bbl | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Oct. 13, 2022 USD ($) | |
Oil and Gas, Average Sale Price (in USD per Per Share) | 78 | 77.99 | 81.07 | 88.72 | 100.71 | 113.84 | 100.87 | |||||||||||
Restricted Cash | $ 100 | $ 100 | $ 100 | $ 100 | ||||||||||||||
Payments for Abandonment Funding | $ 15,600 | $ 0 | ||||||||||||||||
Abandonment Funding Payment Due | $ 5,800 | |||||||||||||||||
Reestablishment of Currency Denominated Account | $ 37,300 | |||||||||||||||||
Abandonment Funding Payment Approved | $ 26,600 | 26,600 | ||||||||||||||||
Abandonment Funding Payment Approved, Attributable to Company | 15,600 | 15,600 | ||||||||||||||||
Payment Received for Abandonment | 15,600 | |||||||||||||||||
Value Added Tax Receivable | 15,800 | 15,800 | 15,800 | 13,900 | 15,800 | |||||||||||||
Accounts Receivable, Credit Loss Expense (Reversal) | 680 | $ 571 | 1,615 | $ 1,063 | ||||||||||||||
Provision for Doubtful Accounts Transferred | 200 | 300 | ||||||||||||||||
Accounts Receivable, Allowance for Credit Loss | 12,832 | 13,519 | 13,519 | 13,519 | 12,832 | 8,704 | $ 6,389 | $ 6,135 | 13,519 | $ 6,389 | $ 5,741 | |||||||
Prepayments for Fixed Assets | 2,500 | 2,500 | 2,500 | 2,500 | ||||||||||||||
Prepaid Insurance | 1,500 | 1,500 | 1,500 | 1,500 | ||||||||||||||
Other Prepaid Expense, Current | $ 5,100 | $ 5,100 | $ 5,100 | $ 5,100 | ||||||||||||||
Office Equipment [Member] | Maximum [Member] | ||||||||||||||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | 5 years | 5 years | 5 years | ||||||||||||||
Leasehold Improvements [Member] | Maximum [Member] | ||||||||||||||||||
Property, Plant and Equipment, Useful Life (Year) | 7 years | 7 years | 7 years | 7 years | ||||||||||||||
Leasehold Improvements [Member] | Minimum [Member] | ||||||||||||||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | 5 years | 5 years | 5 years | ||||||||||||||
GABON | ||||||||||||||||||
Prepaid Royalties | $ 2,700 | $ 2,700 | $ 2,700 | $ 2,700 | ||||||||||||||
EGYPT | ||||||||||||||||||
Prepaid Fuel | 4,000 | 4,000 | 4,000 | 4,000 | ||||||||||||||
Advances to Contractors | 1,900 | 1,900 | 1,900 | 1,900 | ||||||||||||||
Prepaid Payroll | 400 | 400 | 400 | 400 | ||||||||||||||
Tax Administration of Gabon [Member] | ||||||||||||||||||
Provision for Value Added Tax | 500 | 1,100 | ||||||||||||||||
Block P Offshore Equatorial Guinea [Member] | ||||||||||||||||||
Accounts Receivable, Allowance for Credit Loss | 500 | $ 500 | $ 500 | $ 500 | ||||||||||||||
Oil Delivery [Member] | ||||||||||||||||||
Accounts Receivable, Credit Loss Expense (Reversal) | $ 0 | 400 | ||||||||||||||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||||||||||||||
Other Receivables | $ 18,200 | |||||||||||||||||
Accounts Receivable, Credit Loss Expense (Reversal) | 3,100 | |||||||||||||||||
Accounts Receivable, Allowance for Credit Loss | $ 3,100 | $ 0 | $ 0 | $ 3,120 | $ 0 | $ 0 | ||||||||||||
Communaute Financiere Africaine BEAC, Francs | ||||||||||||||||||
Foreign Currency Exchange Rate, Translation | 602.552 | 602.552 | 602.552 | 612.6 | 602.552 | |||||||||||||
Canada, Dollars | ||||||||||||||||||
Foreign Currency Exchange Rate, Translation | 0.755 | 0.755 | 0.755 | 0.738 | 0.755 | |||||||||||||
Vaalco Energy Inc. and Other Etame Marin Block Owners [Member] | ||||||||||||||||||
Value Added Tax Receivable | $ 24,300 | $ 24,300 | $ 24,300 | $ 21,800 | $ 24,300 | |||||||||||||
TransGlobe [Member] | ||||||||||||||||||
Proceeds From Other Receivables | $ 17,200 | |||||||||||||||||
Merged Concession Agreement, Development Term (Year) | 15 years | |||||||||||||||||
Merged Concession Agreement, Extension Term (Year) | 5 years | |||||||||||||||||
Other Receivables | $ 67,500 | 50,300 | 50,300 | 50,300 | 50,300 | $ 67,500 | ||||||||||||
Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member] | ||||||||||||||||||
Accounts Payable, Other, Current | 19,700 | 19,700 | 19,700 | 19,700 | ||||||||||||||
Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member] | Subsequent Event [Member] | ||||||||||||||||||
Proceeds From Other Receivables | $ 1,900 | |||||||||||||||||
Other, Net [Member] | ||||||||||||||||||
Accounts Receivable, after Allowance for Credit Loss | $ 19,700 | $ 19,700 | $ 19,700 | $ 19,700 | ||||||||||||||
Purchase Commitment [Member] | ||||||||||||||||||
Number of Contracts Entered Into | 2 |
Note 1 - Organization and Acc_4
Note 1 - Organization and Accounting Policies - Average Brent Crude Oil Price (Details) | 3 Months Ended | ||||||
Jun. 30, 2023 $ / item | Jun. 30, 2023 $ / bbl | Mar. 31, 2023 $ / bbl | Dec. 31, 2022 $ / bbl | Sep. 30, 2022 $ / bbl | Jun. 30, 2022 $ / bbl | Mar. 31, 2022 $ / bbl | |
Average sales price (in USD per Barrel of Oil) | 78 | 77.99 | 81.07 | 88.72 | 100.71 | 113.84 | 100.87 |
Note 1 - Organization and Acc_5
Note 1 - Organization and Accounting Policies - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Cash and cash equivalents | $ 46,186 | $ 53,062 | |
Restricted cash | 113 | $ 222 | 216 |
Restricted cash - non-current | 1,779 | 1,763 | 1,752 |
Abandonment funding | 6,268 | $ 20,586 | 20,091 |
Total cash, cash equivalents and restricted cash | $ 54,346 | $ 75,121 |
Note 1 - Organization and Acc_6
Note 1 - Organization and Accounting Policies - Analysis of Change in Allowance for Bad Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jan. 01, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Balance at beginning of period | $ (8,704) | $ (12,832) | $ (8,704) | $ (6,135) | $ (8,704) | $ (5,741) |
Credit loss charges and other, net of receipts | (680) | (571) | (1,615) | (1,063) | ||
Foreign currency gain (loss) | (7) | 317 | (80) | 415 | ||
Balance at end of period | (13,519) | (12,832) | (6,389) | (13,519) | (6,389) | |
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Balance at beginning of period | (3,120) | $ 0 | (3,120) | $ 0 | $ (3,120) | $ 0 |
Credit loss charges and other, net of receipts | (3,100) | |||||
Balance at end of period | $ (3,100) | $ 0 |
Note 1 - Organization and Acc_7
Note 1 - Organization and Accounting Policies - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Assets, Fair Value Disclosure | $ 158 | $ 102 |
Liabilities, Fair Value Disclosure | 196 | 556 |
Assets, Fair Value Disclosure | 158 | 102 |
Liabilities, Fair Value Disclosure | 196 | 556 |
Prepayments and Other [Member] | ||
Derivative asset | 158 | 102 |
Accrued Liabilities and Other [Member] | ||
SARs liability | 196 | 556 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Liabilities, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Prepayments and Other [Member] | ||
Derivative asset | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Accrued Liabilities and Other [Member] | ||
SARs liability | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure | 158 | 102 |
Liabilities, Fair Value Disclosure | 196 | 556 |
Assets, Fair Value Disclosure | 158 | 102 |
Liabilities, Fair Value Disclosure | 196 | 556 |
Fair Value, Inputs, Level 2 [Member] | Prepayments and Other [Member] | ||
Derivative asset | 158 | 102 |
Fair Value, Inputs, Level 2 [Member] | Accrued Liabilities and Other [Member] | ||
SARs liability | 196 | 556 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Liabilities, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Prepayments and Other [Member] | ||
Derivative asset | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Accrued Liabilities and Other [Member] | ||
SARs liability | $ 0 | $ 0 |
Note 2 - New Accounting Stand_2
Note 2 - New Accounting Standards (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts Receivable, Allowance for Credit Loss | $ 13,519 | $ 12,832 | $ 8,704 | $ 6,389 | $ 6,135 | $ 5,741 | |
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Accounts Receivable, Allowance for Credit Loss | $ 0 | $ 3,100 | $ 3,120 | $ 0 | $ 0 |
Note 3 - Acquisitions and Dis_3
Note 3 - Acquisitions and Dispositions (Details Textual) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Oct. 13, 2022 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) $ / shares | Mar. 31, 2023 USD ($) | Jun. 30, 2023 USD ($) $ / shares | Dec. 31, 2022 $ / shares | Nov. 30, 2006 | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | ||
Block 5 PSA [Member] | ||||||
Equity Method Investment, Ownership Percentage | 40% | |||||
Equity Method Investment, Additional Working Interest Percentage | 10% | |||||
Excluded From ProForma [Member] | TransGlobe [Member] | ||||||
Asset Impairment Charges | $ 26 | |||||
VAALCO Energy [Member] | VAALCO Stockholders [Member] | ||||||
Estimated Ownership to Be Received, Percent | 54.50% | |||||
VAALCO Energy [Member] | TransGlobe Shareholders [Member] | ||||||
Estimated Ownership to Be Received, Percent | 45.50% | |||||
TransGlobe [Member] | ||||||
Business Acquisition, Exchange Ratio | 0.6727 | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 49.3 | |||||
Business Combination, Bargain Purchase, Increase (Decrease) of Gain Recognized, Amount | $ 1.4 | |||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 31.3 | 75 | ||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 8 | 1.7 | ||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 10.8 | $ 9.4 | ||||
TransGlobe [Member] | Foreign Tax Authority [Member] | Egyptian Tax Authority [Member] | ||||||
Business Combination, Deferred Tax Liability Assumed | $ 1.4 | $ 1.4 |
Note 3 - Acquisitions and Dis_4
Note 3 - Acquisitions and Dispositions - Allocation of Purchase Price to Assets Acquired and Liabilities Assumed (Details) - TransGlobe [Member] $ in Thousands | Oct. 13, 2022 USD ($) |
Common stock issued to TransGlobe shareholders | $ 274,145 |
Cash | 36,686 |
Wells, platforms and other production facilities | 243,669 |
Equipment and other | 2,099 |
Undeveloped acreage | 30,216 |
Accounts receivable - trade | 48,068 |
Accounts receivable - other | 50,275 |
Accounts with joint venture owners | 68 |
Right of use operating leases | 1,609 |
Right of use financing leases | 204 |
Prepayment and other | 7,627 |
Asset retirement obligations | (6,134) |
Accounts payable | (10,223) |
Accrued liabilities and other | (50,128) |
Operating lease liabilities - current portion | (961) |
Financing lease liabilities - current portion | (125) |
Operating lease liabilities - net of current portion | (688) |
Financing lease liabilities - net of current portion | (21) |
Deferred tax liabilities | (40,964) |
Other long-term liabilities | (26,313) |
Bargain purchase gain | (10,819) |
Total purchase price | 274,145 |
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |
Common stock issued to TransGlobe shareholders | 274,145 |
Cash | 36,686 |
Wells, platforms and other production facilities | 243,669 |
Equipment and other | 2,099 |
Undeveloped acreage | 30,216 |
Accounts receivable - trade | 48,068 |
Accounts receivable - other | 50,275 |
Accounts with joint venture owners | 68 |
Right of use operating leases | 1,609 |
Right of use financing leases | 204 |
Prepayment and other | 7,627 |
Asset retirement obligations | (6,134) |
Accounts payable | (10,223) |
Accrued liabilities and other | (50,128) |
Operating lease liabilities - current portion | (961) |
Financing lease liabilities - current portion | (125) |
Operating lease liabilities - net of current portion | (688) |
Financing lease liabilities - net of current portion | (21) |
Deferred tax liabilities | (42,376) |
Other long-term liabilities | (26,313) |
Bargain purchase gain | (9,407) |
Total purchase price | 274,145 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | |
Deferred tax liabilities | (1,412) |
Bargain purchase gain | $ 1,412 |
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 | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2022 | ||||
Crude oil, natural gas and natural gas liquids sales | [1] | $ 183,665 | $ 304,792 | ||
Operating income | 110,091,000 | [2] | 171,518,000 | [3] | |
Net income | $ 41,818,000 | [2] | $ 72,857,000 | [4] | |
Basic net income per share: (in dollars per share) | $ 0.39 | $ 0.67 | |||
Basic weighted average shares outstanding (in shares) | 108,232 | 108,121 | |||
Diluted net income per share: (in dollars per share) | $ 0.38 | $ 0.67 | |||
Diluted weighted average shares outstanding (in shares) | 108,668 | 108,585 | |||
[1]The unaudited pro forma net revenues associated with Crude oil, natural gas and natural gas liquids sales have been adjusted for shipping and handling costs based on the Company’s historical policy and revenue recognition is based on the Company’s working interest, less royalties, the entitlement method.[2]The unaudited pro forma operating income for the three months ended June 30, 2022 reclassifies depreciation expense, for certain leases identified as operating leases, to production expense and adjusts depreciation, depletion and amortization expense related to the depletable assets and asset retirement obligations acquired in the arrangement based on the purchase price allocation.[3]The unaudited pro forma operating income for the six months ended June 30, 2022 removes the $26.0 million impairment reversal recorded by TransGlobe in 2022, reclassifies depreciation expense, for certain leases identified as operating leases, to production expense and adjusts depreciation, depletion and amortization expense related to the depletable assets and asset retirement obligations acquired in the arrangement based on the purchase price allocation.[4]The unaudited pro forma net income for the six months ended June 30, 2022 reclassifies interest expense, for certain leases identified as operating leases, as production expense. |
Note 4 - Segment Information (D
Note 4 - Segment Information (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | May 16, 2022 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Glencore [Member] | Oil and Gas [Member] | ||||||
Concentration Risk, Percentage | 100% | 100% | ||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Exxon [Member] | Oil and Gas [Member] | ||||||
Concentration Risk, Percentage | 100% | 100% | ||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Plains Midstream Canada [Member] | CANADA | ||||||
Concentration Risk, Percentage | 50.90% | 50.90% | ||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Altagas [Member] | CANADA | ||||||
Concentration Risk, Percentage | 19.10% | 19.10% | ||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | PetroGas Energy [Member] | CANADA | ||||||
Concentration Risk, Percentage | 18.60% | 18.60% | ||||
Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | EGPC [Member] | Oil and Gas [Member] | EGYPT | ||||||
Concentration Risk, Percentage | 100% | |||||
Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | Mercuria [Member] | Oil and Gas [Member] | EGYPT | ||||||
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 | 6 Months Ended | |||||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||||
Crude oil, natural gas and natural gas liquids sales | $ 109,240 | $ 110,985 | $ 189,643 | $ 179,641 | |||||
Production expense | 38,604 | 25,475 | 66,804 | 43,835 | |||||
FPSO Demobilization - Norms Waste Disposal | 5,647 | 0 | 5,647 | 0 | |||||
Exploration expense | 57 | 67 | 65 | 194 | |||||
Depreciation, depletion and amortization | 38,003 | 8,191 | 62,420 | 12,864 | |||||
General and administrative expense | 5,395 | 3,534 | 10,619 | 8,528 | |||||
Accounts Receivable, Credit Loss Expense (Reversal) | 680 | 571 | 1,615 | 1,063 | |||||
Total operating costs and expenses | 88,386 | 37,838 | 147,170 | 66,484 | |||||
Other operating expense, net | (303) | 0 | (303) | (5) | |||||
Operating income | 20,551 | 73,147 | 42,170 | 113,152 | |||||
Derivative instruments gain (loss), net | 31 | (9,542) | 52 | (41,300) | |||||
Interest expense, net | (1,703) | (118) | (3,949) | (121) | |||||
Other expense, net | (537) | (2,111) | (1,677) | (2,807) | |||||
Total other expense, net | (2,209) | (11,771) | (5,574) | (44,228) | |||||
Income (loss) from continuing operations before income taxes | 18,342 | 61,376 | 36,596 | 68,924 | |||||
Income tax (benefit) expense | 11,588 | 46,252 | 26,359 | 41,624 | |||||
Income (loss) from continuing operations | 6,754 | 15,124 | 10,237 | 27,300 | |||||
Loss from discontinued operations, net of tax | (2) | (20) | 15 | 32 | |||||
Net income | 6,752 | $ 3,470 | 15,104 | $ 12,164 | 10,222 | 27,268 | |||
Consolidated capital expenditures | 16,427 | [1] | 38,169 | 41,852 | [1] | 69,949 | |||
Loss from discontinued operations, net of tax | 2 | 20 | (15) | (32) | |||||
Crude oil and natural gas sales | 109,240 | 110,985 | 189,643 | 179,641 | |||||
Production expense | 38,604 | 25,475 | 66,804 | 43,835 | |||||
Exploration expense | 57 | 67 | 65 | 194 | |||||
General and administrative expense | 5,395 | 3,534 | 10,619 | 8,528 | |||||
Total operating costs and expenses | 88,386 | 37,838 | 147,170 | 66,484 | |||||
Derivative instruments loss, net | 31 | (9,542) | 52 | (41,300) | |||||
Interest (expense) income, net | (1,703) | (118) | (3,949) | (121) | |||||
Other (expense) income, net | (537) | (2,111) | (1,677) | (2,807) | |||||
Total other expense, net | (2,209) | (11,771) | (5,574) | (44,228) | |||||
Income from continuing operations before income taxes | 18,342 | 61,376 | 36,596 | 68,924 | |||||
Income from continuing operations | 6,754 | 15,124 | 10,237 | 27,300 | |||||
Loss from discontinued operations, net of tax | (2) | (20) | 15 | 32 | |||||
Net income | 6,752 | $ 3,470 | 15,104 | $ 12,164 | 10,222 | 27,268 | |||
Consolidated capital expenditures (1) | 16,427 | [1] | 38,169 | 41,852 | [1] | 69,949 | |||
Other operating income (expense), net | (303) | 0 | (303) | (5) | |||||
Loss from discontinued operations, net of tax | 2 | 20 | (15) | (32) | |||||
Corporate, Non-Segment [Member] | |||||||||
Crude oil, natural gas and natural gas liquids sales | 0 | 0 | 0 | 0 | |||||
Production expense | (57) | (60) | 2 | 0 | |||||
FPSO Demobilization - Norms Waste Disposal | 0 | 0 | |||||||
Exploration expense | 0 | 0 | 0 | 0 | |||||
Depreciation, depletion and amortization | 42 | 18 | 108 | 38 | |||||
General and administrative expense | 4,788 | 2,859 | 9,086 | 7,161 | |||||
Accounts Receivable, Credit Loss Expense (Reversal) | 0 | 0 | 0 | 0 | |||||
Total operating costs and expenses | 4,773 | 2,817 | 9,196 | 7,199 | |||||
Other operating expense, net | 0 | 0 | 0 | 0 | |||||
Operating income | (4,773) | (2,817) | (9,196) | (7,199) | |||||
Derivative instruments gain (loss), net | 31 | (9,542) | 52 | (41,300) | |||||
Interest expense, net | 176 | 40 | 249 | 43 | |||||
Other expense, net | 81 | (1,254) | (1,575) | (1,311) | |||||
Total other expense, net | 288 | (10,756) | (1,274) | (42,568) | |||||
Income (loss) from continuing operations before income taxes | (4,485) | (13,573) | (10,470) | (49,767) | |||||
Income tax (benefit) expense | (8,924) | 9,828 | (5,723) | (7,633) | |||||
Income (loss) from continuing operations | 4,439 | (23,401) | (4,747) | (42,134) | |||||
Loss from discontinued operations, net of tax | (2) | (20) | 15 | 32 | |||||
Net income | 4,437 | (23,421) | (4,762) | (42,166) | |||||
Consolidated capital expenditures | 36 | [1] | 67 | 36 | [1] | 67 | |||
Loss from discontinued operations, net of tax | 2 | 20 | (15) | (32) | |||||
Crude oil and natural gas sales | 0 | 0 | 0 | 0 | |||||
Production expense | (57) | (60) | 2 | 0 | |||||
Exploration expense | 0 | 0 | 0 | 0 | |||||
General and administrative expense | 4,788 | 2,859 | 9,086 | 7,161 | |||||
Total operating costs and expenses | 4,773 | 2,817 | 9,196 | 7,199 | |||||
Derivative instruments loss, net | 31 | (9,542) | 52 | (41,300) | |||||
Interest (expense) income, net | 176 | 40 | 249 | 43 | |||||
Other (expense) income, net | 81 | (1,254) | (1,575) | (1,311) | |||||
Total other expense, net | 288 | (10,756) | (1,274) | (42,568) | |||||
Income from continuing operations before income taxes | (4,485) | (13,573) | (10,470) | (49,767) | |||||
Income from continuing operations | 4,439 | (23,401) | (4,747) | (42,134) | |||||
Loss from discontinued operations, net of tax | (2) | (20) | 15 | 32 | |||||
Net income | 4,437 | (23,421) | (4,762) | (42,166) | |||||
Consolidated capital expenditures (1) | 36 | [1] | 67 | 36 | [1] | 67 | |||
Other operating income (expense), net | 0 | 0 | 0 | 0 | |||||
Loss from discontinued operations, net of tax | 2 | 20 | (15) | (32) | |||||
Gabon Segment [Member] | Operating Segments [Member] | |||||||||
Crude oil, natural gas and natural gas liquids sales | 77,924 | 110,985 | 114,661 | 179,641 | |||||
Production expense | 23,931 | 25,360 | 38,346 | 43,441 | |||||
FPSO Demobilization - Norms Waste Disposal | 5,647 | 5,647 | |||||||
Exploration expense | 43 | 67 | 51 | 194 | |||||
Depreciation, depletion and amortization | 19,457 | 8,173 | 29,302 | 12,826 | |||||
General and administrative expense | 318 | 565 | 936 | 1,158 | |||||
Accounts Receivable, Credit Loss Expense (Reversal) | 518 | 571 | 1,453 | 1,063 | |||||
Total operating costs and expenses | 49,914 | 34,736 | 75,735 | 58,682 | |||||
Other operating expense, net | (62) | 0 | (62) | (5) | |||||
Operating income | 27,948 | 76,249 | 38,864 | 120,954 | |||||
Derivative instruments gain (loss), net | 0 | 0 | 0 | 0 | |||||
Interest expense, net | (1,376) | (158) | (2,883) | (164) | |||||
Other expense, net | (619) | (856) | (102) | (1,494) | |||||
Total other expense, net | (1,995) | (1,014) | (2,985) | (1,658) | |||||
Income (loss) from continuing operations before income taxes | 25,953 | 75,235 | 35,879 | 119,296 | |||||
Income tax (benefit) expense | 16,251 | 36,423 | 22,829 | 49,256 | |||||
Income (loss) from continuing operations | 9,702 | 38,812 | 13,050 | 70,040 | |||||
Loss from discontinued operations, net of tax | 0 | 0 | 0 | 0 | |||||
Net income | 9,702 | 38,812 | 13,050 | 70,040 | |||||
Consolidated capital expenditures | 1,375 | [1] | 38,102 | 5,064 | [1] | 69,882 | |||
Loss from discontinued operations, net of tax | 0 | 0 | 0 | 0 | |||||
Crude oil and natural gas sales | 77,924 | 110,985 | 114,661 | 179,641 | |||||
Production expense | 23,931 | 25,360 | 38,346 | 43,441 | |||||
Exploration expense | 43 | 67 | 51 | 194 | |||||
General and administrative expense | 318 | 565 | 936 | 1,158 | |||||
Total operating costs and expenses | 49,914 | 34,736 | 75,735 | 58,682 | |||||
Derivative instruments loss, net | 0 | 0 | 0 | 0 | |||||
Interest (expense) income, net | (1,376) | (158) | (2,883) | (164) | |||||
Other (expense) income, net | (619) | (856) | (102) | (1,494) | |||||
Total other expense, net | (1,995) | (1,014) | (2,985) | (1,658) | |||||
Income from continuing operations before income taxes | 25,953 | 75,235 | 35,879 | 119,296 | |||||
Income from continuing operations | 9,702 | 38,812 | 13,050 | 70,040 | |||||
Loss from discontinued operations, net of tax | 0 | 0 | 0 | 0 | |||||
Net income | 9,702 | 38,812 | 13,050 | 70,040 | |||||
Consolidated capital expenditures (1) | 1,375 | [1] | 38,102 | 5,064 | [1] | 69,882 | |||
Other operating income (expense), net | (62) | 0 | (62) | (5) | |||||
Loss from discontinued operations, net of tax | 0 | 0 | 0 | 0 | |||||
Egypt [Member] | Operating Segments [Member] | |||||||||
Crude oil, natural gas and natural gas liquids sales | 21,308 | 56,092 | |||||||
Production expense | 11,089 | 22,199 | |||||||
FPSO Demobilization - Norms Waste Disposal | 0 | 0 | |||||||
Exploration expense | 14 | 14 | |||||||
Depreciation, depletion and amortization | 13,757 | 24,552 | |||||||
General and administrative expense | 202 | 381 | |||||||
Accounts Receivable, Credit Loss Expense (Reversal) | 0 | 0 | |||||||
Total operating costs and expenses | 25,062 | 47,146 | |||||||
Other operating expense, net | (241) | (241) | |||||||
Operating income | (3,995) | 8,705 | |||||||
Derivative instruments gain (loss), net | 0 | 0 | |||||||
Interest expense, net | (503) | (1,311) | |||||||
Other expense, net | 0 | 0 | |||||||
Total other expense, net | (503) | (1,311) | |||||||
Income (loss) from continuing operations before income taxes | (4,498) | 7,394 | |||||||
Income tax (benefit) expense | 4,261 | 9,253 | |||||||
Income (loss) from continuing operations | (8,759) | (1,859) | |||||||
Loss from discontinued operations, net of tax | 0 | 0 | |||||||
Net income | (8,759) | (1,859) | |||||||
Consolidated capital expenditures | [1] | 8,526 | 20,097 | ||||||
Loss from discontinued operations, net of tax | 0 | 0 | |||||||
Crude oil and natural gas sales | 21,308 | 56,092 | |||||||
Production expense | 11,089 | 22,199 | |||||||
Exploration expense | 14 | 14 | |||||||
General and administrative expense | 202 | 381 | |||||||
Total operating costs and expenses | 25,062 | 47,146 | |||||||
Derivative instruments loss, net | 0 | 0 | |||||||
Interest (expense) income, net | (503) | (1,311) | |||||||
Other (expense) income, net | 0 | 0 | |||||||
Total other expense, net | (503) | (1,311) | |||||||
Income from continuing operations before income taxes | (4,498) | 7,394 | |||||||
Income from continuing operations | (8,759) | (1,859) | |||||||
Loss from discontinued operations, net of tax | 0 | 0 | |||||||
Net income | (8,759) | (1,859) | |||||||
Consolidated capital expenditures (1) | [1] | 8,526 | 20,097 | ||||||
Other operating income (expense), net | (241) | (241) | |||||||
Loss from discontinued operations, net of tax | 0 | 0 | |||||||
Canada [Member] | Operating Segments [Member] | |||||||||
Crude oil, natural gas and natural gas liquids sales | 10,008 | 18,890 | |||||||
Production expense | 3,255 | 5,509 | |||||||
FPSO Demobilization - Norms Waste Disposal | 0 | 0 | |||||||
Exploration expense | 0 | 0 | |||||||
Depreciation, depletion and amortization | 4,747 | 8,458 | |||||||
General and administrative expense | 0 | 0 | |||||||
Accounts Receivable, Credit Loss Expense (Reversal) | 0 | 0 | |||||||
Total operating costs and expenses | 8,002 | 13,967 | |||||||
Other operating expense, net | 0 | 0 | |||||||
Operating income | 2,006 | 4,923 | |||||||
Derivative instruments gain (loss), net | 0 | 0 | |||||||
Interest expense, net | 0 | (4) | |||||||
Other expense, net | 1 | 1 | |||||||
Total other expense, net | 1 | (3) | |||||||
Income (loss) from continuing operations before income taxes | 2,007 | 4,920 | |||||||
Income tax (benefit) expense | 0 | 0 | |||||||
Income (loss) from continuing operations | 2,007 | 4,920 | |||||||
Loss from discontinued operations, net of tax | 0 | 0 | |||||||
Net income | 2,007 | 4,920 | |||||||
Consolidated capital expenditures | [1] | 6,491 | 16,656 | ||||||
Loss from discontinued operations, net of tax | 0 | 0 | |||||||
Crude oil and natural gas sales | 10,008 | 18,890 | |||||||
Production expense | 3,255 | 5,509 | |||||||
Exploration expense | 0 | 0 | |||||||
General and administrative expense | 0 | 0 | |||||||
Total operating costs and expenses | 8,002 | 13,967 | |||||||
Derivative instruments loss, net | 0 | 0 | |||||||
Interest (expense) income, net | 0 | (4) | |||||||
Other (expense) income, net | 1 | 1 | |||||||
Total other expense, net | 1 | (3) | |||||||
Income from continuing operations before income taxes | 2,007 | 4,920 | |||||||
Income from continuing operations | 2,007 | 4,920 | |||||||
Loss from discontinued operations, net of tax | 0 | 0 | |||||||
Net income | 2,007 | 4,920 | |||||||
Consolidated capital expenditures (1) | [1] | 6,491 | 16,656 | ||||||
Other operating income (expense), net | 0 | 0 | |||||||
Loss from discontinued operations, net of tax | 0 | 0 | |||||||
Equatorial Guinea Segment [Member] | Operating Segments [Member] | |||||||||
Crude oil, natural gas and natural gas liquids sales | 0 | 0 | 0 | 0 | |||||
Production expense | 386 | 175 | 748 | 394 | |||||
FPSO Demobilization - Norms Waste Disposal | 0 | 0 | |||||||
Exploration expense | 0 | 0 | 0 | 0 | |||||
Depreciation, depletion and amortization | 0 | 0 | 0 | 0 | |||||
General and administrative expense | 87 | 110 | 216 | 209 | |||||
Accounts Receivable, Credit Loss Expense (Reversal) | 162 | 0 | 162 | 0 | |||||
Total operating costs and expenses | 635 | 285 | 1,126 | 603 | |||||
Other operating expense, net | 0 | 0 | 0 | 0 | |||||
Operating income | (635) | (285) | (1,126) | (603) | |||||
Derivative instruments gain (loss), net | 0 | 0 | 0 | 0 | |||||
Interest expense, net | 0 | 0 | 0 | 0 | |||||
Other expense, net | 0 | (1) | (1) | (2) | |||||
Total other expense, net | 0 | (1) | (1) | (2) | |||||
Income (loss) from continuing operations before income taxes | (635) | (286) | (1,127) | (605) | |||||
Income tax (benefit) expense | 0 | 1 | 0 | 1 | |||||
Income (loss) from continuing operations | (635) | (287) | (1,127) | (606) | |||||
Loss from discontinued operations, net of tax | 0 | 0 | 0 | 0 | |||||
Net income | (635) | (287) | (1,127) | (606) | |||||
Consolidated capital expenditures | 0 | [1] | 0 | 0 | [1] | 0 | |||
Loss from discontinued operations, net of tax | 0 | 0 | 0 | 0 | |||||
Crude oil and natural gas sales | 0 | 0 | 0 | 0 | |||||
Production expense | 386 | 175 | 748 | 394 | |||||
Exploration expense | 0 | 0 | 0 | 0 | |||||
General and administrative expense | 87 | 110 | 216 | 209 | |||||
Total operating costs and expenses | 635 | 285 | 1,126 | 603 | |||||
Derivative instruments loss, net | 0 | 0 | 0 | 0 | |||||
Interest (expense) income, net | 0 | 0 | 0 | 0 | |||||
Other (expense) income, net | 0 | (1) | (1) | (2) | |||||
Total other expense, net | 0 | (1) | (1) | (2) | |||||
Income from continuing operations before income taxes | (635) | (286) | (1,127) | (605) | |||||
Income from continuing operations | (635) | (287) | (1,127) | (606) | |||||
Loss from discontinued operations, net of tax | 0 | 0 | 0 | 0 | |||||
Net income | (635) | (287) | (1,127) | (606) | |||||
Consolidated capital expenditures (1) | 0 | [1] | 0 | 0 | [1] | 0 | |||
Other operating income (expense), net | 0 | 0 | 0 | 0 | |||||
Loss from discontinued operations, net of tax | $ 0 | $ 0 | $ 0 | $ 0 | |||||
[1]Excludes assets acquired in the TransGlobe acquisition. |
Note 4 - Segment Information _2
Note 4 - Segment Information - Assets from Continuing Operations (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | [2] | |
Long-lived assets from continuing operations | $ 481,740 | [1] | $ 495,272 | |
Total assets from continuing operations | 829,013 | [3] | 855,641 | |
Operating Segments [Member] | Gabon Segment [Member] | ||||
Long-lived assets from continuing operations | 193,501 | [1] | 213,204 | |
Total assets from continuing operations | 384,554 | [3] | 395,393 | |
Operating Segments [Member] | Egypt [Member] | ||||
Long-lived assets from continuing operations | 165,813 | [1] | 168,012 | |
Total assets from continuing operations | 270,653 | [3] | 293,640 | |
Operating Segments [Member] | Canada [Member] | ||||
Long-lived assets from continuing operations | 111,677 | [1] | 103,263 | |
Total assets from continuing operations | 118,604 | [3] | 110,071 | |
Operating Segments [Member] | Equatorial Guinea Segment [Member] | ||||
Long-lived assets from continuing operations | 10,000 | [1] | 10,000 | |
Total assets from continuing operations | 11,144 | [3] | 10,861 | |
Corporate, Non-Segment [Member] | ||||
Long-lived assets from continuing operations | 749 | [1] | 793 | |
Total assets from continuing operations | $ 44,058 | [3] | $ 45,676 | |
[1]Includes assets acquired in the TransGlobe acquisition[2]Includes assets acquired in the Sasol acquisition[3]Includes assets acquired in the TransGlobe acquisition |
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 | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income (loss) from continuing operations | $ 6,754 | $ 15,124 | $ 10,237 | $ 27,300 | ||
Income from continuing operations attributable to unvested shares | (27) | (229) | (15) | (381) | ||
Numerator for basic | (6,727) | (14,895) | (10,222) | (26,919) | ||
Loss from continuing operations attributable to unvested shares | 0 | 1 | (41) | 2 | ||
Numerator for dilutive | 6,727 | 14,896 | 10,181 | 26,921 | ||
Loss from discontinued operations, net of tax | (2) | (20) | (15) | (32) | ||
Loss from discontinued operations attributable to unvested shares | 0 | 0 | 0 | 0 | ||
Numerator for basic | (2) | (20) | (15) | (32) | ||
(Income) loss from discontinued operations attributable to unvested shares | 0 | 0 | 0 | 0 | ||
Numerator for dilutive | (2) | (20) | (15) | (32) | ||
Net income (loss) | 6,752 | $ 3,470 | 15,104 | $ 12,164 | 10,222 | 27,268 |
Net income attributable to unvested shares | (27) | (229) | (56) | (381) | ||
Numerator for basic | 6,725 | 14,875 | 10,166 | 26,887 | ||
Net (income) loss attributable to unvested shares | 27 | 1 | 41 | 2 | ||
Numerator for dilutive | $ 6,752 | $ 14,876 | $ 10,125 | $ 26,889 | ||
Basic weighted average shares outstanding (in shares) | 106,965 | 58,925 | 107,175 | 58,814 | ||
Effect of dilutive securities (in shares) | 648 | 436 | 875 | 464 | ||
Diluted weighted average shares outstanding (in shares) | 107,613 | 59,361 | 108,050 | 59,278 | ||
Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be anti-dilutive (in shares) | 431 | 251 | 238 | 154 |
Note 6 - Revenue (Details Textu
Note 6 - Revenue (Details Textual) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 20, 2026 | Dec. 31, 2022 | |
Recovery Cost Assigned, Percent | 100% | ||
Minimum [Member] | |||
Recovery Cost Assigned, Percent | 5% | ||
Cost of Oil, Percent | 25% | ||
Allocation of Profit, Percent | 67% | ||
Maximum [Member] | |||
Recovery Cost Assigned, Percent | 15% | ||
Cost of Oil, Percent | 40% | ||
Allocation of Profit, Percent | 84% | ||
Egyptian General Petroleum Corporation (EGPC), Merged Concession Agreement [Member] | |||
Ownership Percentage | 50% | ||
Egyptian General Petroleum Corporation (EGPC), South Ghazalat Concession Agreement [Member] | |||
Ownership Percentage | 50% | ||
Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member] | Foreign Tax Authority [Member] | Tax Administration of Gabon [Member] | |||
Income Taxes Receivable | $ 16.7 | $ 2.8 | |
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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Crude oil and natural gas sales | $ 109,240 | $ 110,985 | $ 189,643 | $ 179,641 |
Selling costs | (1) | (498) | ||
Crude oil, natural gas and natural gas liquids sales | 109,240 | 110,985 | 189,643 | 179,641 |
EGYPT | ||||
Royalties | (28,892) | (48,232) | ||
Crude oil and natural gas sales | 21,308 | 56,092 | ||
Gross sales | 50,201 | 104,822 | ||
Royalties | (28,892) | (48,232) | ||
Crude oil, natural gas and natural gas liquids sales | 21,308 | 56,092 | ||
Revenue | 50,201 | 104,822 | ||
CANADA | ||||
Royalties | (905) | (2,098) | ||
Crude oil and natural gas sales | 10,008 | 18,890 | ||
Royalties | (905) | (2,098) | ||
Crude oil, natural gas and natural gas liquids sales | 10,008 | 18,890 | ||
Crude Oil Sales and Purchase Agreements [Member] | ||||
Sales under the COSPA or COSMA | 87,478 | 125,143 | 130,079 | 201,629 |
Revenue | 87,478 | 125,143 | 130,079 | 201,629 |
Crude Oil [Member] | CANADA | ||||
Gross sales | 8,325 | 14,979 | ||
Revenue | 8,325 | 14,979 | ||
Carried Interest Recoupment [Member] | ||||
Other items reported in revenue not associated with customer contracts | 2,212 | 2,371 | 2,212 | 3,483 |
Gas [Member] | CANADA | ||||
Gross sales | 703 | 1,661 | ||
Revenue | 703 | 1,661 | ||
Oil and Gas [Member] | ||||
Royalties | (11,766) | (16,529) | (17,630) | (25,471) |
Crude oil and natural gas sales | 77,924 | 110,985 | 114,661 | 179,641 |
Royalties | (11,766) | (16,529) | (17,630) | (25,471) |
Crude oil, natural gas and natural gas liquids sales | 77,924 | $ 110,985 | 114,661 | $ 179,641 |
Natural Gas Liquids [Member] | CANADA | ||||
Sales under the COSPA or COSMA | 1,885 | 4,348 | ||
Revenue | $ 1,885 | $ 4,348 |
Note 7 - Crude Oil, Natural G_3
Note 7 - Crude Oil, Natural Gas and NGLs Properties and Equipment (Details Textual) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||
Jun. 20, 2026 | Jan. 20, 2022 USD ($) | Sep. 25, 2018 | Feb. 28, 2023 USD ($) | Sep. 30, 2022 ha | Mar. 31, 2023 USD ($) | Dec. 31, 2020 USD ($) | Sep. 16, 2028 | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Oct. 13, 2022 USD ($) | Apr. 30, 2021 | Apr. 12, 2021 | Feb. 25, 2021 USD ($) | Mar. 31, 2020 USD ($) | Sep. 17, 2018 USD ($) | Dec. 31, 2012 | |
Block P Offshore Equatorial Guinea [Member] | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 31% | ||||||||||||||||
Additional Ownership Interest Acquired | 12% | ||||||||||||||||
Asset Acquisition, Percent Interest Acquired | 43% | ||||||||||||||||
Asset Acquisition, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 3.1 | ||||||||||||||||
Etame Marine Block [Member] | |||||||||||||||||
Unproved Oil and Gas Property, Successful Effort Method | $ 2.2 | ||||||||||||||||
EQUATORIAL GUINEA | |||||||||||||||||
Effective Statutory Income Tax Rate, Percent | 25% | ||||||||||||||||
EGYPT | |||||||||||||||||
Undeveloped Leasehold Value | $ 13.9 | $ 13.6 | |||||||||||||||
CANADA | |||||||||||||||||
Undeveloped Leasehold Value | $ 16.7 | $ 16.7 | |||||||||||||||
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] | |||||||||||||||||
Entitled Percent for Consortium After Initial Royalty Percentage | 80% | ||||||||||||||||
Period of Agreement for Exploitation Areas (Year) | 10 years | ||||||||||||||||
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] | |||||||||||||||||
Entitled Percent for Consortium After Initial Royalty Percentage | 70% | ||||||||||||||||
Working Interest Ownership, Percentage | 10% | ||||||||||||||||
Merged Concession Agreement with EGPC [Member] | |||||||||||||||||
Number of Concession Agreements Merged | 3 | ||||||||||||||||
Concession Agreement, Term (Year) | 15 years | ||||||||||||||||
Annual Modernization Payments | $ 10 | ||||||||||||||||
Credit issued Against Receivables | 10 | ||||||||||||||||
Minimum Financial Work Commitments | $ 50 | ||||||||||||||||
Financial Work Commitments Duration (Year) | 5 years | ||||||||||||||||
Etame Marine Block [Member] | |||||||||||||||||
Joint Venture Project, Ownership, Percent | 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 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] | |||||||||||||||||
Joint Venture Project, Ownership, Percent | 60% | 45.90% | |||||||||||||||
Period of Development Area (Year) | 25 years | 25 years | |||||||||||||||
Area of Land (Hectare) | ha | 23,144 | ||||||||||||||||
Cost Oil Maximum, Percent | 70% | ||||||||||||||||
Asset Acquisition, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 6.8 | ||||||||||||||||
Joint Venture Project, Additional Working Interest Percentage | 14.10% | ||||||||||||||||
Unproved Oil and Gas Property, Successful Effort Method | $ 10 | ||||||||||||||||
Block P Offshore Equatorial Guinea [Member] | Crown Energy [Member] | |||||||||||||||||
Working Interest Ownership, Percentage | 5% | ||||||||||||||||
Block P Offshore Equatorial Guinea [Member] | Royalty for the First 10,000 bopd [Member] | |||||||||||||||||
Percent of Oil Profit | 10% | ||||||||||||||||
Block P Offshore Equatorial Guinea [Member] | Royalty for the 10,000 bopd to 25,000 bopd Tranche [Member] | |||||||||||||||||
Percent of Oil Profit | 11% | ||||||||||||||||
Block P Offshore Equatorial Guinea [Member] | The States Share of Oil Profit Up to 25 Million bbl [Member] | |||||||||||||||||
Percent of Oil Profit | 10% | ||||||||||||||||
Block P Offshore Equatorial Guinea [Member] | The States Share of Oil Profit Up to 25 to 50 Million bbl [Member] | |||||||||||||||||
Percent of Oil Profit | 20% | ||||||||||||||||
Venus Development [Member] | |||||||||||||||||
Area of Land (Hectare) | ha | 8,476 |
Note 7 - Crude Oil and Natural
Note 7 - Crude Oil and Natural Gas Properties and Equipment - Schedule of Crude Oil and Natural Gas Properties and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Gross crude oil and natural gas properties, equipment and other | $ 1,544,982 | $ 1,501,935 |
Accumulated depreciation, depletion, amortization and impairment | (1,063,242) | (1,006,663) |
Net crude oil, natural gas and NGLs properties, equipment and other | 481,740 | 495,272 |
Wells and Related Equipment and Facilities [Member] | ||
Gross crude oil and natural gas properties, equipment and other | 1,446,801 | 1,406,888 |
Construction in Progress [Member] | ||
Gross crude oil and natural gas properties, equipment and other | 0 | 0 |
Undeveloped Acreage [Member] | ||
Gross crude oil and natural gas properties, equipment and other | 54,346 | 56,251 |
Other Capitalized Property Plant and Equipment [Member] | ||
Gross crude oil and natural gas properties, equipment and other | $ 43,835 | $ 38,796 |
Note 7 - Crude Oil, Natural G_4
Note 7 - Crude Oil, Natural Gas and NGLs Properties and Equipment - Contract Terms (Details) | 6 Months Ended | |
Jun. 30, 2023 MMBbls | ||
Merged Concession [Member] | ||
Year acquired (1) | 2020 | [1] |
Development (Year) | 5 years | |
Maximum cost oil | 40% | |
Excess cost oil - Contractor | 15% | |
Operating | 100% | |
Capital | 6% | |
Contractor | 30% | |
Government | 70% | |
Merged Concession [Member] | Minimum [Member] | ||
Production Tranche (MBopd) (Million Barrels of Oil) | 0 | |
Merged Concession [Member] | Maximum [Member] | ||
Production Tranche (MBopd) (Million Barrels of Oil) | 25 | |
Egyptian General Petroleum Corporation (EGPC), South Ghazalat Concession Agreement [Member] | ||
Year acquired (1) | 2013 | [1] |
Development (Year) | 25 years | |
Maximum cost oil | 25% | |
Excess cost oil - Contractor | 5% | |
Operating | 100% | |
Capital | 5% | |
Contractor | 17% | |
Government | 83% | |
Egyptian General Petroleum Corporation (EGPC), South Ghazalat Concession Agreement [Member] | Minimum [Member] | ||
Production Tranche (MBopd) (Million Barrels of Oil) | 0 | |
Egyptian General Petroleum Corporation (EGPC), South Ghazalat Concession Agreement [Member] | Maximum [Member] | ||
Production Tranche (MBopd) (Million Barrels of Oil) | 5 | |
[1]Represents the year acquired by TransGlobe, prior to the Arrangement. |
Note 7 - Crude Oil, Natural G_5
Note 7 - Crude Oil, Natural Gas and NGLs Properties and Equipment - Crude Oil Production (Details) | Jun. 30, 2023 |
Government [Member] | Less Than or Equal to $40 bbl [Member] | Less Than or Equal to 5 MBopd [Member] | |
Percent of oil production assigned | 67% |
Government [Member] | Less Than or Equal to $40 bbl [Member] | More Than 5 MBopd and Less Than or Equal to 10 MBopd [Member] | |
Percent of oil production assigned | 68% |
Government [Member] | Less Than or Equal to $40 bbl [Member] | More Than 10 MBopd and Less Than or Equal to 15 MBopd [Member] | |
Percent of oil production assigned | 69% |
Government [Member] | Less Than or Equal to $40 bbl [Member] | More Than 15 MBopd and Less Than or Equal to 25 MBopd [Member] | |
Percent of oil production assigned | 70% |
Government [Member] | Less Than or Equal to $40 bbl [Member] | More Than 25 MBopd [Member] | |
Percent of oil production assigned | 71% |
Government [Member] | More Than $40/bbl and Less Than or Equal to $60 bbl [Member] | Less Than or Equal to 5 MBopd [Member] | |
Percent of oil production assigned | 68% |
Government [Member] | More Than $40/bbl and Less Than or Equal to $60 bbl [Member] | More Than 5 MBopd and Less Than or Equal to 10 MBopd [Member] | |
Percent of oil production assigned | 69% |
Government [Member] | More Than $40/bbl and Less Than or Equal to $60 bbl [Member] | More Than 10 MBopd and Less Than or Equal to 15 MBopd [Member] | |
Percent of oil production assigned | 70% |
Government [Member] | More Than $40/bbl and Less Than or Equal to $60 bbl [Member] | More Than 15 MBopd and Less Than or Equal to 25 MBopd [Member] | |
Percent of oil production assigned | 71% |
Government [Member] | More Than $40/bbl and Less Than or Equal to $60 bbl [Member] | More Than 25 MBopd [Member] | |
Percent of oil production assigned | 72% |
Government [Member] | More Than $60/bbl and Less Than or Equal to $80 bbl [Member] | Less Than or Equal to 5 MBopd [Member] | |
Percent of oil production assigned | 70% |
Government [Member] | More Than $60/bbl and Less Than or Equal to $80 bbl [Member] | More Than 5 MBopd and Less Than or Equal to 10 MBopd [Member] | |
Percent of oil production assigned | 71% |
Government [Member] | More Than $60/bbl and Less Than or Equal to $80 bbl [Member] | More Than 10 MBopd and Less Than or Equal to 15 MBopd [Member] | |
Percent of oil production assigned | 72% |
Government [Member] | More Than $60/bbl and Less Than or Equal to $80 bbl [Member] | More Than 15 MBopd and Less Than or Equal to 25 MBopd [Member] | |
Percent of oil production assigned | 74% |
Government [Member] | More Than $60/bbl and Less Than or Equal to $80 bbl [Member] | More Than 25 MBopd [Member] | |
Percent of oil production assigned | 76% |
Government [Member] | More Than $80/bbl and Less Than or Equal to $100 bbl [Member] | Less Than or Equal to 5 MBopd [Member] | |
Percent of oil production assigned | 72.50% |
Government [Member] | More Than $80/bbl and Less Than or Equal to $100 bbl [Member] | More Than 5 MBopd and Less Than or Equal to 10 MBopd [Member] | |
Percent of oil production assigned | 73% |
Government [Member] | More Than $80/bbl and Less Than or Equal to $100 bbl [Member] | More Than 10 MBopd and Less Than or Equal to 15 MBopd [Member] | |
Percent of oil production assigned | 74% |
Government [Member] | More Than $80/bbl and Less Than or Equal to $100 bbl [Member] | More Than 15 MBopd and Less Than or Equal to 25 MBopd [Member] | |
Percent of oil production assigned | 76% |
Government [Member] | More Than $80/bbl and Less Than or Equal to $100 bbl [Member] | More Than 25 MBopd [Member] | |
Percent of oil production assigned | 78% |
Government [Member] | More Than $100 bbl [Member] | Less Than or Equal to 5 MBopd [Member] | |
Percent of oil production assigned | 75% |
Government [Member] | More Than $100 bbl [Member] | More Than 5 MBopd and Less Than or Equal to 10 MBopd [Member] | |
Percent of oil production assigned | 76% |
Government [Member] | More Than $100 bbl [Member] | More Than 10 MBopd and Less Than or Equal to 15 MBopd [Member] | |
Percent of oil production assigned | 77% |
Government [Member] | More Than $100 bbl [Member] | More Than 15 MBopd and Less Than or Equal to 25 MBopd [Member] | |
Percent of oil production assigned | 78% |
Government [Member] | More Than $100 bbl [Member] | More Than 25 MBopd [Member] | |
Percent of oil production assigned | 80% |
Contractor [Member] | Less Than or Equal to $40 bbl [Member] | Less Than or Equal to 5 MBopd [Member] | |
Percent of oil production assigned | 33% |
Contractor [Member] | Less Than or Equal to $40 bbl [Member] | More Than 5 MBopd and Less Than or Equal to 10 MBopd [Member] | |
Percent of oil production assigned | 32% |
Contractor [Member] | Less Than or Equal to $40 bbl [Member] | More Than 10 MBopd and Less Than or Equal to 15 MBopd [Member] | |
Percent of oil production assigned | 31% |
Contractor [Member] | Less Than or Equal to $40 bbl [Member] | More Than 15 MBopd and Less Than or Equal to 25 MBopd [Member] | |
Percent of oil production assigned | 30% |
Contractor [Member] | Less Than or Equal to $40 bbl [Member] | More Than 25 MBopd [Member] | |
Percent of oil production assigned | 29% |
Contractor [Member] | More Than $40/bbl and Less Than or Equal to $60 bbl [Member] | Less Than or Equal to 5 MBopd [Member] | |
Percent of oil production assigned | 32% |
Contractor [Member] | More Than $40/bbl and Less Than or Equal to $60 bbl [Member] | More Than 5 MBopd and Less Than or Equal to 10 MBopd [Member] | |
Percent of oil production assigned | 31% |
Contractor [Member] | More Than $40/bbl and Less Than or Equal to $60 bbl [Member] | More Than 10 MBopd and Less Than or Equal to 15 MBopd [Member] | |
Percent of oil production assigned | 30% |
Contractor [Member] | More Than $40/bbl and Less Than or Equal to $60 bbl [Member] | More Than 15 MBopd and Less Than or Equal to 25 MBopd [Member] | |
Percent of oil production assigned | 29% |
Contractor [Member] | More Than $40/bbl and Less Than or Equal to $60 bbl [Member] | More Than 25 MBopd [Member] | |
Percent of oil production assigned | 28% |
Contractor [Member] | More Than $60/bbl and Less Than or Equal to $80 bbl [Member] | Less Than or Equal to 5 MBopd [Member] | |
Percent of oil production assigned | 30% |
Contractor [Member] | More Than $60/bbl and Less Than or Equal to $80 bbl [Member] | More Than 5 MBopd and Less Than or Equal to 10 MBopd [Member] | |
Percent of oil production assigned | 29% |
Contractor [Member] | More Than $60/bbl and Less Than or Equal to $80 bbl [Member] | More Than 10 MBopd and Less Than or Equal to 15 MBopd [Member] | |
Percent of oil production assigned | 28% |
Contractor [Member] | More Than $60/bbl and Less Than or Equal to $80 bbl [Member] | More Than 15 MBopd and Less Than or Equal to 25 MBopd [Member] | |
Percent of oil production assigned | 26% |
Contractor [Member] | More Than $60/bbl and Less Than or Equal to $80 bbl [Member] | More Than 25 MBopd [Member] | |
Percent of oil production assigned | 24% |
Contractor [Member] | More Than $80/bbl and Less Than or Equal to $100 bbl [Member] | Less Than or Equal to 5 MBopd [Member] | |
Percent of oil production assigned | 27.50% |
Contractor [Member] | More Than $80/bbl and Less Than or Equal to $100 bbl [Member] | More Than 5 MBopd and Less Than or Equal to 10 MBopd [Member] | |
Percent of oil production assigned | 27% |
Contractor [Member] | More Than $80/bbl and Less Than or Equal to $100 bbl [Member] | More Than 10 MBopd and Less Than or Equal to 15 MBopd [Member] | |
Percent of oil production assigned | 26% |
Contractor [Member] | More Than $80/bbl and Less Than or Equal to $100 bbl [Member] | More Than 15 MBopd and Less Than or Equal to 25 MBopd [Member] | |
Percent of oil production assigned | 24% |
Contractor [Member] | More Than $80/bbl and Less Than or Equal to $100 bbl [Member] | More Than 25 MBopd [Member] | |
Percent of oil production assigned | 22% |
Contractor [Member] | More Than $100 bbl [Member] | Less Than or Equal to 5 MBopd [Member] | |
Percent of oil production assigned | 25% |
Contractor [Member] | More Than $100 bbl [Member] | More Than 5 MBopd and Less Than or Equal to 10 MBopd [Member] | |
Percent of oil production assigned | 24% |
Contractor [Member] | More Than $100 bbl [Member] | More Than 10 MBopd and Less Than or Equal to 15 MBopd [Member] | |
Percent of oil production assigned | 23% |
Contractor [Member] | More Than $100 bbl [Member] | More Than 15 MBopd and Less Than or Equal to 25 MBopd [Member] | |
Percent of oil production assigned | 22% |
Contractor [Member] | More Than $100 bbl [Member] | More Than 25 MBopd [Member] | |
Percent of oil production assigned | 20% |
Note 8 - Derivatives and Fair_3
Note 8 - Derivatives and Fair Value - Unexpired Barrels (Details) - Commodity Contract One, April 2023 Through June 2023 [Member] | Jun. 30, 2023 $ / item $ / bbl bbl |
Barrels (Barrel of Oil) | bbl | 95,000 |
Weighted average price put price (in USD per Barrel of Oil) | $ / bbl | 65 |
Weighted average price call price (in USD per Per Share) | $ / item | 96 |
Note 8 - Derivatives and Fair_4
Note 8 - Derivatives and Fair Value - Gain Loss on Derivative Instruments (Details) - Crude Oil Swaps [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Derivative instruments loss, net | $ 31 | $ (9,542) | $ 52 | $ (41,300) |
Cash Settlements Paid on Matured Derivative Contracts, Net [Member] | ||||
Derivative instruments loss, net | (4) | (21,059) | (63) | (33,559) |
Unrealized Gain (Loss) [Member] | ||||
Derivative instruments loss, net | $ 35 | $ 11,517 | $ 115 | $ (7,741) |
Note 9 - Accrued Liabilities _3
Note 9 - Accrued Liabilities and Other - Schedule of Accrued Liabilities and Other Balances (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Accrued accounts payable invoices | $ 21,480 | $ 28,360 |
Gabon DMO, PID and PIH obligations | 12,782 | 10,509 |
Capital expenditures | 19,770 | 26,618 |
Stock appreciation rights – current portion | 32 | 570 |
Accrued wages and other compensation | 2,726 | 8,161 |
ARO Obligation | 5,729 | 306 |
Egypt modernization payments | 9,373 | 9,933 |
Excess cost oil payable | 8,099 | 0 |
Other | 4,113 | 6,935 |
Total accrued liabilities and other | $ 84,104 | $ 91,392 |
Note 10 - Commitments and Con_3
Note 10 - Commitments and Contingencies (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 36 Months Ended | ||||||||||||||||
Aug. 09, 2023 $ / shares | May 09, 2023 $ / shares | Nov. 01, 2022 USD ($) | Aug. 20, 2022 USD ($) | Feb. 01, 2022 USD ($) | Jan. 20, 2022 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2016 | Dec. 31, 2021 | Feb. 01, 2026 USD ($) | Feb. 01, 2025 USD ($) | Oct. 13, 2022 USD ($) | Jan. 19, 2022 USD ($) | Nov. 30, 2021 USD ($) | Sep. 30, 2020 | |
Estimated Abandonment Costs | $ 47,800,000 | |||||||||||||||||||
Abandonment Funding | $ 6,268,000 | $ 6,268,000 | $ 20,091,000 | $ 20,586,000 | ||||||||||||||||
Payments for Abandonment Funding | $ 15,600,000 | $ 0 | ||||||||||||||||||
Dividends Payable, Amount Per Share (in dollars per share) | $ / shares | $ 0.0625 | |||||||||||||||||||
Increase (Decrease) in Other Receivables | 1,868,000 | $ 943,000 | ||||||||||||||||||
Dividends Payable, Date Declared | May 09, 2023 | |||||||||||||||||||
Dividends Payable, Date to be Paid | Jun. 23, 2023 | |||||||||||||||||||
Parent Company [Member] | ||||||||||||||||||||
Contractual Obligation, Total | 26,800,000 | 26,800,000 | ||||||||||||||||||
Parent Company [Member] | Accrued Liabilities and Other [Member] | ||||||||||||||||||||
Contractual Obligation, Total | 9,400,000 | 9,400,000 | ||||||||||||||||||
Parent Company [Member] | Other Long-term Liabilities [Member] | ||||||||||||||||||||
Contractual Obligation, Total | 17,500,000 | 17,500,000 | ||||||||||||||||||
TransGlobe [Member] | ||||||||||||||||||||
Other Receivables | 50,300,000 | 50,300,000 | $ 67,500,000 | $ 67,500,000 | ||||||||||||||||
Egyptian General Petroleum Corporation (EGPC) [Member] | ||||||||||||||||||||
Contractual Obligation, Total | 150,000,000 | $ 150,000,000 | ||||||||||||||||||
Increase (Decrease) in Other Receivables | $ (10,000,000) | |||||||||||||||||||
Development Timeframe (Year) | 5 years | |||||||||||||||||||
Egyptian General Petroleum Corporation (EGPC) [Member] | Minimum [Member] | ||||||||||||||||||||
Contractual Obligation, Total | 50,000,000 | $ 50,000,000 | ||||||||||||||||||
Sogara [Member] | ||||||||||||||||||||
Other Receivables | 19,700,000 | 19,700,000 | ||||||||||||||||||
Share Buyback Program [Member] | ||||||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 30,000,000 | |||||||||||||||||||
Stock Repurchase Program, Period in Force (Month) | 20 months | |||||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||
Dividends Payable, Amount Per Share (in dollars per share) | $ / shares | $ 0.0625 | |||||||||||||||||||
Dividends Payable, Date Declared | Aug. 09, 2023 | |||||||||||||||||||
Dividends Payable, Date to be Paid | Sep. 22, 2023 | |||||||||||||||||||
Foreign Tax Authority [Member] | Tax Administration of Gabon [Member] | ||||||||||||||||||||
Income Tax Examination, Year under Examination | 2013 2014 | 2015 2016 | ||||||||||||||||||
FPSO Charter [Member] | ||||||||||||||||||||
Estimated Abandonment Costs | 5,600,000 | 5,600,000 | ||||||||||||||||||
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 | 5,600,000 | ||||||||||||||||||
FPSO Charter [Member] | Vaalco Energy Inc. and Other Etame Marin Block Owners [Member] | ||||||||||||||||||||
Estimated Abandonment Costs | $ 9,600,000 | $ 9,600,000 | ||||||||||||||||||
Etame Marine Block [Member] | ||||||||||||||||||||
Abandonment Funding | 6,300,000 | |||||||||||||||||||
Payments for Abandonment Funding | 15,600,000 | |||||||||||||||||||
Etame Marine Block [Member] | ||||||||||||||||||||
Estimated Abandonment Costs | $ 81,300,000 | |||||||||||||||||||
Abandonment Funding | 10,700,000 | |||||||||||||||||||
Payments for Abandonment Funding | $ 26,600,000 | |||||||||||||||||||
Egyptian General Petroleum Corporation (EGPC) [Member] | Merged Concession Agreement [Member] | ||||||||||||||||||||
Payments for Merger Related Costs, First Modernization Payment | $ 15,000,000 | |||||||||||||||||||
Payments for Merger Related Costs, Signature Bonus | $ 1,000,000 | |||||||||||||||||||
Payments for Merger Related Costs, Second Modernization Payment | $ 10,000,000 | |||||||||||||||||||
Egyptian General Petroleum Corporation (EGPC) [Member] | Merged Concession Agreement [Member] | Forecast [Member] | ||||||||||||||||||||
Contractual Obligation, Total | $ 10,000,000 | $ 10,000,000 |
Note 10 - Commitments and Con_4
Note 10 - Commitments and Contingencies - Schedule of Equity Securities Repurchased (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |||||
Aug. 08, 2023 | Aug. 08, 2023 | Jul. 31, 2023 | Jun. 30, 2023 | May 31, 2023 | Apr. 30, 2023 | Jun. 30, 2023 | |
Number of Shares Purchased (in shares) | 1,160,976 | ||||||
Number of Shares Purchased (in shares) | 1,160,976 | ||||||
Shares Purchased as Part of Publicly Announced Programs [Member] | |||||||
Number of Shares Purchased (in shares) | 1,160,976 | ||||||
Number of Shares Purchased (in shares) | 1,160,976 | ||||||
Shares Purchased as Part of Publicly Announced Programs [Member] | Subsequent Event [Member] | |||||||
Number of Shares Purchased (in shares) | 604,131 | ||||||
Number of Shares Purchased (in shares) | 604,131 | ||||||
Share Repurchase Program [Member] | Subsequent Event [Member] | |||||||
Number of Shares Purchased (in shares) | 604,131 | ||||||
Number of Shares Purchased (in shares) | 604,131 | ||||||
Common Stock [Member] | |||||||
Number of Shares Purchased (in shares) | 494,164 | 362,843 | 303,969 | ||||
Average Price Paid per Share (in dollars per share) | $ 4.05 | $ 4.14 | $ 4.94 | ||||
Stock Repurchase Program, Authorized Amount | $ 17,504,007 | $ 19,502,740 | $ 21,003,245 | $ 17,504,007 | |||
Number of Shares Purchased (in shares) | 494,164 | 362,843 | 303,969 | ||||
Average Price Paid per Share (in dollars per share) | $ 4.05 | $ 4.14 | $ 4.94 | ||||
Authorized Amount | $ 17,504,007 | $ 19,502,740 | $ 21,003,245 | 17,504,007 | |||
Common Stock [Member] | Shares Purchased as Part of Publicly Announced Programs [Member] | |||||||
Number of Shares Purchased (in shares) | 494,164 | 362,843 | 303,969 | ||||
Average Price Paid per Share (in dollars per share) | $ 4.05 | $ 4.14 | $ 4.94 | ||||
Stock Repurchase Program, Authorized Amount | $ 17,504,007 | $ 19,502,740 | $ 21,003,245 | 17,504,007 | |||
Number of Shares Purchased (in shares) | 494,164 | 362,843 | 303,969 | ||||
Average Price Paid per Share (in dollars per share) | $ 4.05 | $ 4.14 | $ 4.94 | ||||
Authorized Amount | $ 17,504,007 | $ 19,502,740 | $ 21,003,245 | $ 17,504,007 | |||
Common Stock [Member] | Shares Purchased as Part of Publicly Announced Programs [Member] | Subsequent Event [Member] | |||||||
Number of Shares Purchased (in shares) | 98,411 | 505,720 | |||||
Average Price Paid per Share (in dollars per share) | $ 4.29 | $ 3.96 | |||||
Stock Repurchase Program, Authorized Amount | $ 15,082,133 | $ 15,082,133 | $ 15,504,180 | ||||
Number of Shares Purchased (in shares) | 98,411 | 505,720 | |||||
Average Price Paid per Share (in dollars per share) | $ 4.29 | $ 3.96 | |||||
Authorized Amount | $ 15,082,133 | $ 15,082,133 | $ 15,504,180 |
Note 11 - Debt (Details Textual
Note 11 - Debt (Details Textual) $ in Thousands, $ in Millions | 1 Months Ended | ||||
May 16, 2025 | May 16, 2022 USD ($) | Oct. 31, 2022 CAD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Long-Term Debt, Total | $ 0 | $ 0 | |||
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 | 0 | ||||
Debt Issuance Costs, Net | 1,700 | ||||
Debt Issuance Costs, Gross | 2,100 | ||||
Amortization of Debt Issuance Costs | $ 400 | ||||
The Facility [Member] | Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 6% | ||||
The Facility [Member] | Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Forecast [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 6.25% | ||||
ATB Financial [Member] | TransGlobe [Member] | |||||
Repayments of Long-Term Lines of Credit | $ 4.1 | ||||
Glencore [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000 |
Note 12 - Leases (Details Textu
Note 12 - Leases (Details Textual) $ in Millions | Jun. 30, 2023 USD ($) |
Oil and Gas Joint Interest Billing Receivables | $ 49.8 |
Lessee, Operating And Finance Lease Liability, Payments Due | $ 122.8 |
Minimum [Member] | |
Lessee, Operating Lease, Term of Contract (Month) | 5 months |
Lessee, Finance Lease, Term of Contract (Year) | 35 years |
Maximum [Member] | |
Lessee, Operating Lease, Term of Contract (Month) | 21 months |
Lessee, Finance Lease, Term of Contract (Year) | 4 years |
Note 12 - Leases - Components o
Note 12 - Leases - Components of Lease Costs and Supplemental Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Finance lease cost (1) | [1] | $ 4,115 | $ 98 | $ 8,480 | $ 164 |
Operating lease cost | 339 | 4,265 | 922 | 8,461 | |
Short-term lease cost (2) | [2] | 1,660 | 199 | 3,020 | 1,213 |
Variable lease cost (3) | [3] | 0 | 1,909 | 0 | 3,247 |
Total lease expense | 6,114 | 6,471 | 12,422 | 13,085 | |
Lease costs capitalized | 7 | 651 | 55 | 1,423 | |
Total lease costs | $ 6,121 | $ 7,122 | 12,477 | 14,508 | |
Financing cash flows attributable to finance leases (in thousands) | $ 3,379 | $ 26 | |||
Weighted-average remaining lease term (in years) (Year) | 8 years 11 months 15 days | 5 years 2 months 1 day | 8 years 11 months 15 days | 5 years 2 months 1 day | |
Weighted-average discount rate | 8.11% | 3.54% | 8.11% | 3.54% | |
Operating cash flows attributable to operating leases (in thousands) | $ 423 | $ 12,816 | |||
Weighted-average remaining lease term (in years) (Year) | 11 months 12 days | 8 months 12 days | 11 months 12 days | 8 months 12 days | |
Weighted-average discount rate | 10.33% | 5.62% | 10.33% | 5.62% | |
[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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Total lease expense | $ 6,117 | $ 6,708 | $ 12,442 | $ 13,603 |
Lease costs capitalized | 4 | 414 | 35 | 905 |
Total lease costs | 6,121 | 7,122 | 12,477 | 14,508 |
Finance Lease Cost [Member] | ||||
Total lease expense | 2,376 | 57 | 5,001 | 96 |
Production Expense [Member] | ||||
Total lease expense | 1,208 | 3,720 | 2,494 | 7,558 |
General and Administrative Expense [Member] | ||||
Total lease expense | 52 | 47 | 98 | 63 |
Lease Costs Billed to Joint Venture Owners [Member] | ||||
Total lease expense | $ 2,481 | $ 2,884 | $ 4,849 | $ 5,886 |
Note 12 - Leases - Future Matur
Note 12 - Leases - Future Maturities of Lease Liabilities (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
2023, operating leases | $ 1,173 |
2023, finance leases | 7,287 |
2024, operating leases | 672 |
2024, finance leases | 14,448 |
2025, operating leases | 32 |
2025, finance leases | 16,202 |
2026, operating leases | 0 |
2026, finance leases | 16,478 |
2027, operating leases | 0 |
2027, finance leases | 15,023 |
Thereafter, operating leases | 0 |
Thereafter, finance leases | 51,527 |
Total due, operating leases | 1,877 |
Total due, finance leases | 120,965 |
Less: imputed interest, operating leases | 80 |
Less: imputed interest, finance leases | 33,425 |
Total lease liabilities, operating leases | 1,797 |
Total lease liabilities, finance leases | $ 87,540 |
Note 13 - Asset Retirement Ob_3
Note 13 - Asset Retirement Obligations (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended |
Oct. 31, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | |
Asset Retirement Obligation, Liabilities Incurred | $ 6,100 | $ 0 | $ 6,134 |
Asset Retirement Obligation, Liabilities Settled | 6,600 | 374 | 6,577 |
Costs Associated With Retirement Obligation, Included In Accrued Liabilities | $ 5,600 | ||
EGYPT | |||
Decommissioning Liability, Noncurrent | $ 0 | $ 0 |
Note 13 - Asset Retirement Ob_4
Note 13 - Asset Retirement Obligations - Changes in Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended |
Oct. 31, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | |
Beginning balance | $ 42,001 | $ 40,694 | |
Accretion | 1,118 | 1,958 | |
Additions | $ 6,100 | 0 | 6,134 |
Revisions | 5,726 | (43) | |
Settlements | $ (6,600) | (374) | (6,577) |
Foreign currency gain (loss) | 216 | (165) | |
Ending balance | $ 48,687 | $ 42,001 |
Note 14 - Shareholders' Equit_2
Note 14 - Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Nov. 01, 2022 | Oct. 13, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Oct. 12, 2022 |
Common Stock, Shares Authorized (in shares) | 160,000,000 | 160,000,000 | 160,000,000 | 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 | |||
Stock Repurchase Program 2019 [Member] | |||||
Stock Repurchase Program, Authorized Amount | $ 30 | ||||
Stock Repurchase Program, Period in Force (Month) | 20 months | ||||
TransGlobe [Member] | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 49,300,000 |
Note 14 - Shareholders' Equit_3
Note 14 - Shareholders' Equity - Schedule of Equity Securities Repurchased (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Jun. 30, 2023 | May 31, 2023 | Apr. 30, 2023 | Jun. 30, 2023 | |
Number of Shares Purchased (in shares) | 1,160,976 | |||
Number of Shares Purchased (in shares) | 1,160,976 | |||
Shares Purchased as Part of Publicly Announced Programs [Member] | ||||
Number of Shares Purchased (in shares) | 1,160,976 | |||
Number of Shares Purchased (in shares) | 1,160,976 | |||
Common Stock [Member] | ||||
Number of Shares Purchased (in shares) | 494,164 | 362,843 | 303,969 | |
Average Price Paid per Share (in dollars per share) | $ 4.05 | $ 4.14 | $ 4.94 | |
Number of Shares Purchased (in shares) | 494,164 | 362,843 | 303,969 | |
Authorized Amount | $ 17,504,007 | $ 19,502,740 | $ 21,003,245 | $ 17,504,007 |
Common Stock [Member] | Shares Purchased as Part of Publicly Announced Programs [Member] | ||||
Number of Shares Purchased (in shares) | 494,164 | 362,843 | 303,969 | |
Average Price Paid per Share (in dollars per share) | $ 4.05 | $ 4.14 | $ 4.94 | |
Number of Shares Purchased (in shares) | 494,164 | 362,843 | 303,969 | |
Authorized Amount | $ 17,504,007 | $ 19,502,740 | $ 21,003,245 | $ 17,504,007 |
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 | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2023 | Jun. 30, 2021 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 25, 2020 | |
Proceeds from Stock Options Exercised | $ 0.4 | $ 0.3 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 334,753 | |||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 4.19 | |||||||||
Severance Cost as Percentage of Target Bonus | 75% | 75% | 75% | |||||||
Maximum [Member] | ||||||||||
Severance Cost as Percentage of Salary | 100% | |||||||||
Minimum [Member] | ||||||||||
Severance Cost as Percentage of Salary | 50% | |||||||||
Stock Appreciation Rights (SARs) [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Share-Based Liabilities Paid | $ 0.2 | $ 0.8 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 | |||||||||
Share-Based Payment Arrangement, Option [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) | 44,655 | |||||||||
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, Expiration Period (Year) | 10 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) | $ 4.82 | |||||||||
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) | $ 5.54 | |||||||||
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) | $ 6.37 | |||||||||
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) | 81,342 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 12,000 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 797,000 | |||||||||
Performance Share Units (PSUs) [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) | 147,862 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Target Percentage | 64.40% | |||||||||
Performance Share Units (PSUs) [Member] | Awards Granted, 2021 and 2020 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Target Percentage | 200% | 200% | ||||||||
Restricted Stock Units (RSUs) [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) | 162,328 | |||||||||
Deferred Share Units [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested, Outstanding (in shares) | 101,313 | 101,313 | 101,313 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Converted in Period (in shares) | 358,563 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 65,582 | |||||||||
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) | 1,718,603 | 1,718,603 | 1,718,603 |
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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Total stock-based compensation | $ 605 | $ 842 | $ 1,254 | $ 2,264 |
Equity Awards [Member] | ||||
Total stock-based compensation | 706 | 615 | 1,381 | 1,019 |
Liability Awards [Member] | ||||
Total stock-based compensation | $ (101) | $ 227 | $ (127) | $ 1,245 |
Note 15 - Stock-based Compens_5
Note 15 - Stock-based Compensation and Other Benefit Plans - Weighted Average Assumptions (Details) - $ / shares | 5 Months Ended | 17 Months Ended |
Jun. 30, 2022 | Jun. 30, 2023 | |
Weighted average exercise price - ($/share) (in dollars per share) | $ 6.41 | $ 4.19 |
Expected life in years (Year) | 6 years | 6 years 4 months 24 days |
Average expected volatility | 72% | 68% |
Risk-free interest rate | 1.98% | 3.73% |
Expected dividend yield | 2.30% | 5.97% |
Weighted average grant date fair value - ($/share) (in dollars per share) | $ 2.84 | $ 2.29 |
Note 15 - Stock-based Compens_6
Note 15 - Stock-based Compensation and Other Benefit Plans - Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended |
Jun. 30, 2023 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) $ / shares shares | |
Granted, number of shares (in shares) | shares | 334,753 | |
Granted, weighted average exercise price (in dollars per share) | $ 4.19 | |
Monte Carle Model [Member] | ||
Outstanding, number of shares (in shares) | shares | 444 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 3.95 | |
Granted, number of shares (in shares) | shares | 335 | |
Granted, weighted average exercise price (in dollars per share) | $ 4.19 | |
Exercised, number of shares (in shares) | shares | (74) | |
Exercised, weighted average exercise price (in dollars per share) | $ (1.68) | |
Unvested shares forfeited, number of shares (in shares) | shares | 0 | |
Unvested shares forfeited, weighted average exercise price (in dollars per share) | $ 0 | |
Vested shares expired, number of shares (in shares) | shares | 0 | |
Vested shares expired, weighted average exercise price (in dollars per share) | $ 0 | |
Outstanding, number of shares (in shares) | shares | 705 | 705 |
Outstanding, weighted average exercise price (in dollars per share) | $ 4.30 | $ 4.30 |
Outstanding, weighted average remaining contractual term (Year) | 8 years 11 months 12 days | |
Outstanding, aggregate intrinsic value | $ | $ 280 | $ 280 |
Exercisable, number of shares (in shares) | shares | 211 | 211 |
Exercisable, weighted average exercise price (in dollars per share) | $ 3.34 | $ 3.34 |
Exercisable, weighted average remaining contractual term (Year) | 7 years 8 months 12 days | |
Exercisable, aggregate intrinsic value | $ | $ 262 | $ 262 |
Unvested shares forfeited, weighted average exercise price (in dollars per share) | $ 0 | |
Black-scholes Model [Member] | ||
Outstanding, number of shares (in shares) | shares | 387 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 1.86 | |
Granted, number of shares (in shares) | shares | 0 | |
Granted, weighted average exercise price (in dollars per share) | $ 0 | |
Exercised, number of shares (in shares) | shares | (164) | |
Exercised, weighted average exercise price (in dollars per share) | $ (1.56) | |
Unvested shares forfeited, number of shares (in shares) | shares | 0 | |
Unvested shares forfeited, weighted average exercise price (in dollars per share) | $ 0 | |
Vested shares expired, number of shares (in shares) | shares | 0 | |
Vested shares expired, weighted average exercise price (in dollars per share) | $ 0 | |
Outstanding, number of shares (in shares) | shares | 223 | 223 |
Outstanding, weighted average exercise price (in dollars per share) | $ 2.07 | $ 2.07 |
Outstanding, weighted average remaining contractual term (Year) | 8 months 23 days | |
Outstanding, aggregate intrinsic value | $ | $ 376 | $ 376 |
Exercisable, number of shares (in shares) | shares | 223 | 223 |
Exercisable, weighted average exercise price (in dollars per share) | $ 2.07 | $ 2.07 |
Exercisable, weighted average remaining contractual term (Year) | 8 months 23 days | |
Exercisable, aggregate intrinsic value | $ | $ 376 | $ 376 |
Unvested shares forfeited, weighted average exercise price (in dollars per share) | $ 0 |
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] shares in Thousands | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Non-vested shares outstanding (in shares) | shares | 665 |
Non-vested shares outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.59 |
Awards granted (in shares) | shares | 797 |
Awards granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.19 |
Awards vested (in shares) | shares | (354) |
Awards vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.92 |
Awards forfeited (in shares) | shares | (12) |
Awards forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.73 |
Non-vested shares outstanding (in shares) | shares | 1,096 |
Non-vested shares outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.51 |
The 2020 Plan [Member] | |
Non-vested shares outstanding (in shares) | shares | 383 |
Non-vested shares outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.27 |
Awards vested (in shares) | shares | (259) |
Awards vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.27 |
Awards forfeited (in shares) | shares | (23) |
Awards forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.27 |
Non-vested shares outstanding (in shares) | shares | 284 |
Non-vested shares outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.22 |
Note 15 - Stock-based Compens_8
Note 15 - Stock-based Compensation and Other Benefit Plans - Summary of Activity for Performance Shares (Details) - Performance Shares [Member] - The 2020 Plan [Member] shares in Thousands | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Non-vested shares outstanding (in shares) | shares | 690 |
Non-vested shares outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.27 |
Awards vested (in shares) | shares | (514) |
Awards vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.27 |
Awards forfeited (in shares) | shares | (36) |
Awards forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.27 |
Non-vested shares outstanding (in shares) | shares | 140 |
Non-vested shares outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.27 |
Note 15 - Stock-based Compens_9
Note 15 - Stock-based Compensation and Other Benefit Plans - SAR Activity (Details) - Stock Appreciation Rights (SARs) [Member] $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) $ / shares shares | |
Outstanding, number of underlying shares (in shares) | shares | 202 |
Outstanding, weighted average exercise price per share (in dollars per share) | $ / shares | $ 1.87 |
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 | (63) |
Exercised, weighted average exercise price per share (in dollars per share) | $ / shares | $ 0.86 |
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 | 139 |
Outstanding, weighted average exercise price per share (in dollars per share) | $ / shares | $ 2.33 |
Outstanding, weighted average remaining contractual term (Year) | 7 months 20 days |
Outstanding, aggregate intrinsic value | $ | $ 198 |
Exercisable, number of underlying shares (in shares) | shares | 139 |
Exercisable, weighted average exercise price per share (in dollars per share) | $ / shares | $ 2.33 |
Exercisable, weighted average remaining contractual term (Year) | 7 months 20 days |
Exercisable, aggregate intrinsic value | $ | $ 198 |
Note 16 - Income Taxes (Details
Note 16 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Effective Income Tax Rate Reconciliation, Percent | 68.42% | 73.37% | 63.32% | 72.59% |
Income Tax Expense (Benefit), Favorable (Unfavorable) Oil Price Adjustment | $ 500 | $ 1,200 | $ 2,700 | $ 4,300 |
Current Income Tax Expense (Benefit) | 20,400 | 24,700 | 26,100 | |
Current Foreign Income Tax Expense (Benefit), Net Of Oil Price Adjustment | $ 19,200 | 22,000 | 21,800 | |
Valuation Allowance, Deferred Tax Asset, Change in Amount, Discrete Item | $ 12,700 | |||
Unrecognized Tax Benefits | $ 0 | $ 0 |
Note 16 - Income Taxes - Provis
Note 16 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Current | $ 0 | $ 0 | $ 0 | $ 0 |
Deferred | 871 | 2,617 | 1,457 | (9,869) |
Current | 12,401 | 20,402 | 24,701 | 26,093 |
Deferred | (1,684) | 23,233 | 201 | 25,400 |
Total | $ 11,588 | $ 46,252 | $ 26,359 | $ 41,624 |
Note 17 - Other Comprehensive_3
Note 17 - Other Comprehensive Income (Details Textual) $ in Millions | 3 Months Ended |
Jun. 30, 2023 USD ($) | |
Other Comprehensive Income (Loss), Net of Tax | $ 2 |
Note 17 - Other Comprehensive_4
Note 17 - Other Comprehensive Income - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Mar. 31, 2023 | |
Balance | $ 455,175 | $ 466,105 |
Balance | 452,006 | 455,175 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Balance | 1,054 | 1,179 |
Accumulated other comprehensive income (loss) before reclassifications | 2,006 | (125) |
Balance | $ 3,060 | $ 1,054 |