Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 03, 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 | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 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 Suite 700 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77042 | |
City Area Code | 713 | |
Local Phone Number | 623-0801 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | EGY | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 105,158,757 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 103,353 | $ 37,205 |
Restricted cash | 111 | 222 |
Receivables: | ||
Trade, net | 22,788 | 52,147 |
Accounts with joint venture owners, net of allowance for credit losses of $0.6 and $0.3 million, respectively | 1,635 | 15,830 |
Foreign income taxes receivable | 0 | 2,769 |
Other, net of allowance for credit losses of $3.5 and $0.0 million, respectively | 64,826 | 68,519 |
Crude oil inventory | 9,287 | 3,335 |
Prepayments and other | 16,115 | 20,070 |
Total current assets | 218,115 | 200,097 |
Crude oil and natural gas properties, equipment and other - successful efforts method, net | 467,877 | 495,272 |
Other noncurrent assets: | ||
Restricted cash | 1,787 | 1,763 |
Value added tax and other receivables, net of allowance of $9.9 million and $8.4 million, respectively | 9,462 | 7,150 |
Right of use operating lease assets | 3,510 | 2,777 |
Right of use finance lease assets | 87,971 | 90,698 |
Deferred tax assets | 31,222 | 35,432 |
Abandonment funding | 6,268 | 20,586 |
Other long-term assets | 1,616 | 1,866 |
Total assets | 827,828 | 855,641 |
Current liabilities: | ||
Accrued liabilities and other | 76,470 | 91,392 |
Operating lease liabilities - current portion | 3,539 | 2,314 |
Finance lease liabilities - current portion | 7,810 | 7,811 |
Foreign income taxes payable | 33,256 | 0 |
Current liabilities - discontinued operations | 673 | 687 |
Total current liabilities | 166,823 | 162,090 |
Asset retirement obligations | 45,201 | 41,695 |
Operating lease liabilities - net of current portion | 82 | 686 |
Finance lease liabilities - net of current portion | 77,862 | 78,248 |
Deferred tax liabilities | 76,120 | 81,223 |
Other long-term liabilities | 17,369 | 25,594 |
Total liabilities | 383,457 | 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, 121,341,251 and 119,482,680 shares issued, 105,714,499 and 107,852,857 shares outstanding, respectively | 12,134 | 11,948 |
Additional paid-in capital | 356,424 | 353,606 |
Accumulated other comprehensive income | 844 | 1,179 |
Less treasury stock, 15,626,752 and 11,629,823 shares, respectively, at cost | (65,145) | (47,652) |
Retained earnings | 140,114 | 147,024 |
Total shareholders' equity | 444,371 | 466,105 |
Total liabilities and shareholders' equity | 827,828 | 855,641 |
Nonrelated Party [Member] | ||
Current liabilities: | ||
Accounts payable | 43,924 | 59,886 |
Related Party [Member] | ||
Current liabilities: | ||
Accounts payable | $ 1,151 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Allowance for accounts with joint ventures | $ 600 | $ 300 |
Allowance for other receivables | 3,500 | 0 |
Allowance for value added tax and other receivables | $ 9,900 | $ 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) | $ 0.1 | $ 0.1 |
Common stock, shares authorized (in shares) | 160,000,000 | 160,000,000 |
Common stock, shares issued (in shares) | 121,341,251 | 119,482,680 |
Common stock, shares outstanding (in shares) | 105,714,499 | 107,852,857 |
Treasury stock, shares (in shares) | 15,626,752 | 11,629,823 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues: | ||||
Crude oil, natural gas and natural gas liquids sales | $ 116,269 | $ 78,097 | $ 305,912 | $ 257,738 |
Operating costs and expenses: | ||||
Production expense | 39,956 | 23,312 | 106,760 | 67,147 |
FPSO Demobilization | 0 | 8,867 | 5,647 | 8,867 |
Exploration expense | 1,194 | 56 | 1,259 | 250 |
Depreciation, depletion and amortization | 32,538 | 8,963 | 94,958 | 21,827 |
General and administrative expense | 6,216 | 1,979 | 16,835 | 10,507 |
Credit losses and other | 822 | 1,020 | 2,437 | 2,083 |
Total operating costs and expenses | 80,726 | 44,197 | 227,896 | 110,681 |
Other operating income (expense), net | 5 | 0 | (298) | (5) |
Operating income | 35,548 | 33,900 | 77,718 | 147,052 |
Other income (expense): | ||||
Derivative instruments gain (loss), net | (2,320) | 3,778 | (2,268) | (37,522) |
Interest expense, net | (1,426) | (234) | (5,375) | (355) |
Other income (expense), net | 183 | (7,707) | (1,494) | (10,514) |
Total other expense, net | (3,563) | (4,163) | (9,137) | (48,391) |
Income from continuing operations before income taxes | 31,985 | 29,737 | 68,581 | 98,661 |
Income tax expense (benefit) | 25,844 | 22,843 | 52,203 | 64,467 |
Income from continuing operations | 6,141 | 6,894 | 16,378 | 34,194 |
Loss from discontinued operations, net of tax | 0 | (26) | (15) | (58) |
Net income | 6,141 | 6,868 | 16,363 | 34,136 |
Other comprehensive income (loss) | ||||
Currency translation adjustments | (2,216) | 0 | (335) | 0 |
Comprehensive income | $ 3,925 | $ 6,868 | $ 16,028 | $ 34,136 |
Basic net income per share: | ||||
Income from continuing operations (in dollars per share) | $ 0.06 | $ 0.12 | $ 0.15 | $ 0.57 |
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 | $ 0.12 | $ 0.15 | $ 0.57 |
Basic weighted average shares outstanding (in shares) | 106,289 | 59,068 | 106,876 | 58,900 |
Diluted net income per share: | ||||
Income from continuing operations (in dollars per share) | $ 0.06 | $ 0.11 | $ 0.15 | $ 0.57 |
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 | $ 0.11 | $ 0.15 | $ 0.57 |
Diluted weighted average shares outstanding (in shares) | 106,433 | 59,450 | 107,072 | 59,335 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Share Buyback Program [Member] Common Stock [Member] | Share Buyback Program [Member] Treasury Stock, Common [Member] | Share Buyback Program [Member] Additional Paid-in Capital [Member] | Share Buyback Program [Member] AOCI Attributable to Parent [Member] | Share Buyback Program [Member] Retained Earnings [Member] | Share Buyback Program [Member] | 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 | (10,939) | ||||||||||||||||
Balance at Dec. 31, 2021 | $ 6,956 | $ (43,847) | $ 76,700 | $ 0 | $ 104,488 | $ 144,297 | ||||||||||||
Shares issued - stock-based compensation (in shares) | 300 | (64) | ||||||||||||||||
Shares issued - stock-based compensation | $ 30 | $ 0 | 168 | 0 | 0 | 198 | ||||||||||||
Stock-based compensation expense | 0 | $ 0 | 404 | 0 | 0 | 404 | ||||||||||||
Treasury stock (in shares) | 0 | |||||||||||||||||
Treasury stock | 0 | $ (387) | 0 | 0 | 0 | (387) | ||||||||||||
Dividend distributions | (1,929) | (1,929) | ||||||||||||||||
Net income | $ 0 | $ 0 | 0 | 0 | 12,164 | 12,164 | ||||||||||||
Balance (in shares) at Mar. 31, 2022 | 69,862 | (11,003) | ||||||||||||||||
Balance at Mar. 31, 2022 | $ 6,986 | $ (44,234) | 77,272 | 0 | 114,723 | 154,747 | ||||||||||||
Balance (in shares) at Dec. 31, 2021 | 69,562 | (10,939) | ||||||||||||||||
Balance at Dec. 31, 2021 | $ 6,956 | $ (43,847) | 76,700 | 0 | 104,488 | 144,297 | ||||||||||||
Net income | 34,136 | |||||||||||||||||
Balance (in shares) at Sep. 30, 2022 | 70,125 | (11,057) | ||||||||||||||||
Balance at Sep. 30, 2022 | $ 7,013 | $ (44,635) | 78,500 | 0 | 132,808 | 173,686 | ||||||||||||
Balance (in shares) at Mar. 31, 2022 | 69,862 | (11,003) | ||||||||||||||||
Balance at Mar. 31, 2022 | $ 6,986 | $ (44,234) | 77,272 | 0 | 114,723 | 154,747 | ||||||||||||
Shares issued - stock-based compensation (in shares) | 263 | (54) | ||||||||||||||||
Shares issued - stock-based compensation | $ 27 | $ 0 | 31 | 0 | 0 | 58 | ||||||||||||
Stock-based compensation expense | 0 | $ 0 | 616 | 0 | 0 | 616 | ||||||||||||
Treasury stock (in shares) | 0 | |||||||||||||||||
Treasury stock | 0 | $ (401) | 0 | 0 | 0 | (401) | ||||||||||||
Dividend distributions | (1,943) | (1,943) | ||||||||||||||||
Net income | $ 0 | $ 0 | 0 | 0 | 15,104 | 15,104 | ||||||||||||
Balance (in shares) at Jun. 30, 2022 | 70,125 | (11,057) | ||||||||||||||||
Balance at Jun. 30, 2022 | $ 7,013 | $ (44,635) | 77,919 | 0 | 127,884 | 168,181 | ||||||||||||
Shares issued - stock-based compensation (in shares) | 0 | 0 | ||||||||||||||||
Shares issued - stock-based compensation | $ 0 | $ 0 | 0 | 0 | 0 | 0 | ||||||||||||
Stock-based compensation expense | $ 0 | $ 0 | 581 | 0 | 0 | 581 | ||||||||||||
Treasury stock (in shares) | 0 | 0 | ||||||||||||||||
Treasury stock | $ 0 | $ 0 | 0 | 0 | 0 | 0 | ||||||||||||
Dividend distributions | 0 | 0 | 0 | 0 | (1,944) | (1,944) | ||||||||||||
Net income | $ 0 | $ 0 | 0 | 0 | 6,868 | 6,868 | ||||||||||||
Balance (in shares) at Sep. 30, 2022 | 70,125 | (11,057) | ||||||||||||||||
Balance at Sep. 30, 2022 | $ 7,013 | $ (44,635) | 78,500 | 0 | 132,808 | 173,686 | ||||||||||||
Balance (in shares) at Dec. 31, 2022 | 119,483 | (11,630) | ||||||||||||||||
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 | (187) | ||||||||||||||||
Shares issued - stock-based compensation | $ 64 | $ 0 | 210 | 0 | 0 | 274 | ||||||||||||
Stock-based compensation expense | 0 | $ 0 | 683 | 0 | 0 | 683 | ||||||||||||
Treasury stock (in shares) | 0 | (981) | 0 | |||||||||||||||
Treasury stock | $ 0 | $ (4,517) | $ 0 | $ 0 | $ 0 | $ (4,517) | 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 | (12,798) | ||||||||||||||||
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 | (11,630) | ||||||||||||||||
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 | 16,363 | |||||||||||||||||
Balance (in shares) at Sep. 30, 2023 | 121,341 | (15,627) | ||||||||||||||||
Balance at Sep. 30, 2023 | $ 12,134 | $ (65,145) | 356,424 | 844 | 140,114 | 444,371 | ||||||||||||
Balance (in shares) at Mar. 31, 2023 | 120,116 | (12,798) | ||||||||||||||||
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 | (249) | ||||||||||||||||
Shares issued - stock-based compensation | $ 109 | $ 0 | (1) | 0 | 0 | 108 | ||||||||||||
Stock-based compensation expense | $ 0 | $ 0 | 708 | 0 | 0 | 708 | ||||||||||||
Treasury stock (in shares) | 0 | (1,161) | 0 | 0 | ||||||||||||||
Treasury stock | $ 0 | $ (5,023) | 0 | 0 | 0 | (5,023) | $ 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 | (14,208) | ||||||||||||||||
Balance at Jun. 30, 2023 | $ 12,121 | $ (59,055) | 355,206 | 3,060 | 140,674 | 452,006 | ||||||||||||
Shares issued - stock-based compensation (in shares) | 135 | (16) | ||||||||||||||||
Shares issued - stock-based compensation | $ 13 | $ 0 | 198 | 0 | 0 | 211 | ||||||||||||
Stock-based compensation expense | $ 0 | $ 0 | 1,020 | 0 | 0 | 1,020 | ||||||||||||
Treasury stock (in shares) | 0 | (1,403) | 0 | 0 | ||||||||||||||
Treasury stock | $ 0 | $ (6,026) | $ 0 | $ 0 | $ 0 | $ (6,026) | $ 0 | $ (64) | 0 | 0 | 0 | (64) | ||||||
Dividend distributions | 0 | 0 | 0 | 0 | (6,701) | (6,701) | ||||||||||||
Other comprehensive loss | 0 | 0 | 0 | (2,216) | 0 | (2,216) | ||||||||||||
Net income | $ 0 | $ 0 | 0 | 0 | 6,141 | 6,141 | ||||||||||||
Balance (in shares) at Sep. 30, 2023 | 121,341 | (15,627) | ||||||||||||||||
Balance at Sep. 30, 2023 | $ 12,134 | $ (65,145) | $ 356,424 | $ 844 | $ 140,114 | $ 444,371 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 16,363 | $ 34,136 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Loss from discontinued operations, net of tax | 15 | 58 |
Depreciation, depletion and amortization | 94,958 | 21,827 |
Bargain purchase gain | 1,412 | 0 |
Exploration Expense | 1,194 | 0 |
Deferred taxes | (2,305) | 39,540 |
Unrealized foreign exchange loss | 932 | 914 |
Stock-based compensation | 2,332 | 2,300 |
Cash settlements paid on exercised stock appreciation rights | (282) | (805) |
Derivative instruments (gain) loss, net | 2,268 | 37,522 |
Cash settlements paid on matured derivative contracts, net | (62) | (42,683) |
Cash settlements paid on asset retirement obligations | (4,796) | 0 |
Credit losses and other | 2,437 | 2,083 |
Other operating loss, net | 317 | 5 |
Operational expenses associated with equipment and other | 2,560 | 953 |
Change in operating assets and liabilities: | ||
Trade receivables | 29,364 | 5,683 |
Accounts with joint venture owners | 15,090 | (11,118) |
Other receivables | 694 | (2,904) |
Crude oil inventory | (5,952) | (2,661) |
Prepayments and other | 1,198 | (1,120) |
Value added tax and other receivables | (3,719) | (5,371) |
Other long-term assets | 2,942 | (2,842) |
Accounts payable | (10,083) | 4,129 |
Foreign income taxes receivable/payable | 36,025 | 24,928 |
Accrued liabilities and other | (11,076) | 25,182 |
Net cash provided by (used in) continuing operating activities | 171,826 | 129,756 |
Net cash used in discontinued operating activities | (15) | (57) |
Net cash provided by (used in) operating activities | 171,811 | 129,699 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Property and equipment expenditures | (77,365) | (103,853) |
Net cash provided by (used in) continuing investing activities | (77,365) | (103,853) |
Net cash used in discontinued investing activities | 0 | 0 |
Net cash provided by (used in) investing activities | (77,365) | (103,853) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from the issuances of common stock | 593 | 257 |
Dividend distribution | (20,153) | (5,816) |
Treasury shares | (17,493) | (788) |
Deferred financing costs | (83) | (1,535) |
Payments of finance lease | (5,246) | (193) |
Net cash provided by (used in) in continuing financing activities | (42,382) | (8,075) |
Net cash used in discontinued financing activities | 0 | 0 |
Net cash provided by (used in) in financing activities | (42,382) | (8,075) |
Effects of exchange rate changes on cash | (321) | 0 |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 51,743 | 17,771 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 59,776 | 72,314 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | 111,519 | 90,085 |
Supplemental disclosure of cash flow information: | ||
Interest paid, net of amounts capitalized | 6,622 | 401 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Property and equipment additions incurred but not paid at end of period | 23,820 | 39,105 |
Recognition of right-of-use operating lease assets and liabilities | 2,582 | 0 |
Recognition of right-of-use finance lease assets and liabilities | 3,273 | 1,851 |
Asset retirement obligations | $ 2,487 | $ 0 |
Note 1 - Organization and Accou
Note 1 - Organization and Accounting Policies | 9 Months Ended |
Sep. 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”) reflect the opinion of management and 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, 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 following table provides an analysis of the change of the aggregate credit loss allowance and other allowances. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Allowance for credit losses and other Balance at beginning of period $ (13,519 ) $ (6,389 ) $ (8,704 ) $ (5,741 ) Credit loss charges and other, net of receipts (822 ) (1,020 ) (2,437 ) (2,083 ) Cumulative effect of adjustment upon adoption of ASU 2016-13 on January 1, 2023 — — (3,120 ) — Foreign currency gain (loss) 238 355 158 770 Balance at end of period $ (14,103 ) $ (7,054 ) $ (14,103 ) $ (7,054 ) Prepayments and Other September 30, 2023 Fair value of financial instruments As of September 30, 2023 Balance Sheet Line Level 1 Level 2 Level 3 Total (in thousands) Assets Derivative asset Prepayments and other $ — $ — $ — $ — $ — $ — $ — $ — Liabilities SARs liability Accrued liabilities and other $ — $ 239 $ — $ 239 Derivative liability Accrued liabilities and other — 2,162 — 2,162 $ — $ 2,401 $ — $ 2,401 ` 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 2 - New Accounting Standar
Note 2 - New Accounting Standards | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 2. NEW ACCOUNTING STANDARDS Adopted The Company adopted ASU 2016 13 326” January 1, 2023 2016 03 first 326 one January 1, 2023. On October 3, 2023 2022 06, 848 848, 848 December 31, 2024 2020 04, 6 6 2020 04 2023 06, |
Note 3 - Acquisitions and Dispo
Note 3 - Acquisitions and Dispositions | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 3. TransGlobe Merger In 2022 fourth first 2023, September 30, 2023, three September 30, 2023 not nine September 30, 2023 y $1.4 million nine September 30, 2023 The actual impact of the TransGlobe acquisition was an increase to “Crude oil, natural gas and NGLs sales” of $134.0 million and $21.0 million o nine September 30, 2023 three September 30, 2023 $59.0 million and $19.3 million o The unaudited pro forma results presented below have been prepared to give the effect of the TransGlobe acquisition discussed above on the Company’s results for the three nine September 30, 2022, January 1, 2021. not Three Months Ended September 30, Nine Months Ended September 30, 2022 2022 (in thousands) (in thousands) Pro forma (unaudited): Crude oil, natural gas and natural gas liquids sales $ 137,926 (a) $ 442,718 (a) Operating income $ 60,176 (b) $ 231,694 (d) Net income $ 32,544 (c) $ 105,401 (e) Basic net income per share: $ 0.30 $ 0.97 Basic weighted average shares outstanding 108,375 108,207 Diluted net income per share: $ 0.30 $ 0.97 Diluted weighted average shares outstanding 108,757 108,642 (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 September 30, 2022 (c) The unaudited pro forma net income for the three September 30, 2022 (d) The unaudited pro forma operating income for the nine September 30, 2022 2022, (e) The unaudited pro forma net income for the nine September 30, 2022 |
Note 4 - Segment Information
Note 4 - Segment Information | 9 Months Ended |
Sep. 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 nine September 30, 2023 2022 September 30, 2023 December 31, 2022 Three Months Ended September 30, 2023 (in thousands) Gabon Egypt Canada Equatorial Guinea Corporate and Other Total Revenues: Crude oil, natural gas and natural gas liquids sales $ 57,275 $ 50,307 $ 8,687 $ — $ — $ 116,269 Operating costs and expenses: Production expense 20,731 16,040 2,627 259 299 39,956 FPSO Demobilization — — — — — — Exploration expense — 1,194 — — — 1,194 Depreciation, depletion and amortization 14,583 12,967 4,948 — 40 32,538 General and administrative expense 348 54 — 94 5,720 6,216 Credit losses and other 684 — — 138 — 822 Total operating costs and expenses 36,346 30,255 7,575 491 6,059 80,726 Other operating income (expense), net 5 — — — — 5 Operating income 20,934 20,052 1,112 (491 ) (6,059 ) 35,548 Other income (expense): Derivative instruments loss, net — — — — (2,320 ) (2,320 ) Interest (expense) income, net (1,371 ) (270 ) — — 215 (1,426 ) Other (expense) income, net 111 — — (3 ) 75 183 Total other expense, net (1,260 ) (270 ) — (3 ) (2,030 ) (3,563 ) Income (loss) from continuing operations before income taxes 19,674 19,782 1,112 (494 ) (8,089 ) 31,985 Income tax (benefit) expense 13,173 888 — — 11,783 25,844 Income (loss) from continuing operations 6,501 18,894 1,112 (494 ) (19,872 ) 6,141 Loss from discontinued operations, net of tax — — — — — — Net income (loss) $ 6,501 $ 18,894 $ 1,112 $ (494 ) $ (19,872 ) $ 6,141 Consolidated capital expenditures $ 10,109 $ 11,987 $ 3,870 $ — $ — $ 25,966 Nine Months Ended September 30, 2023 (in thousands) Gabon Egypt Canada Equatorial Guinea Corporate and Other Total Revenues: Crude oil, natural gas and natural gas liquids sales $ 171,936 $ 106,399 $ 27,577 $ — $ — $ 305,912 Operating costs and expenses: Production expense 59,077 38,239 8,136 1,007 301 106,760 FPSO Demobilization 5,647 — — — — 5,647 Exploration expense 51 1,208 — — — 1,259 Depreciation, depletion and amortization 43,885 37,519 13,406 — 148 94,958 General and administrative expense 1,284 435 — 310 14,806 16,835 Credit losses and other 2,137 — — 300 — 2,437 Total operating costs and expenses 112,081 77,401 21,542 1,617 15,255 227,896 Other operating income, net (57 ) (241 ) — — — (298 ) Operating income (loss) 59,798 28,757 6,035 (1,617 ) (15,255 ) 77,718 Other income (expense): Derivative instruments gain, net — — — — (2,268 ) (2,268 ) Interest (expense) income, net (4,254 ) (1,581 ) (4 ) — 464 (5,375 ) Other income (expense), net 9 — 1 (4 ) (1,500 ) (1,494 ) Total other expense, net (4,245 ) (1,581 ) (3 ) (4 ) (3,304 ) (9,137 ) Income (loss) from continuing operations before income taxes 55,553 27,176 6,032 (1,621 ) (18,559 ) 68,581 Income tax expense (benefit) 36,002 10,141 — — 6,060 52,203 Income (loss) from continuing operations 19,551 17,035 6,032 (1,621 ) (24,619 ) 16,378 Loss from discontinued operations, net of tax — — — — (15 ) (15 ) Net income (loss) $ 19,551 $ 17,035 $ 6,032 $ (1,621 ) $ (24,634 ) $ 16,363 Consolidated capital expenditures $ 15,173 $ 32,084 $ 16,008 $ — $ 36 $ 63,301 Three Months Ended September 30, 2022 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Revenues: Crude oil and natural gas sales $ 78,097 $ — $ — $ 78,097 Operating costs and expenses: Production expense 22,828 484 — 23,312 FPSO demobilization 8,867 — — 8,867 Exploration expense 56 — — 56 Depreciation, depletion and amortization 8,940 — 23 8,963 General and administrative expense 915 120 944 1,979 Bad debt expense and other 681 339 — 1,020 Total operating costs and expenses 42,287 943 967 44,197 Other operating income (expense), net — — — — Operating income 35,810 (943 ) (967 ) 33,900 Other income (expense): Derivative instruments loss, net — — 3,778 3,778 Interest (expense) income, net (351 ) — 117 (234 ) Other (expense) income, net (1,305 ) 1 (6,403 ) (7,707 ) Total other expense, net (1,656 ) 1 (2,508 ) (4,163 ) Income from continuing operations before income taxes 34,154 (942 ) (3,475 ) 29,737 Income tax (benefit) expense 25,415 — (2,572 ) 22,843 Income from continuing operations 8,739 (942 ) (903 ) 6,894 Loss from discontinued operations, net of tax — — (26 ) (26 ) Net income $ 8,739 $ (942 ) $ (929 ) $ 6,868 Consolidated capital expenditures $ 51,610 $ — $ 53 $ 51,663 Nine Months Ended September 30, 2022 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Revenues: Crude oil and natural gas sales $ 257,738 $ — $ — $ 257,738 Operating costs and expenses: Production expense 66,269 878 — 67,147 FPSO demobilization 8,867 — — 8,867 Exploration expense 250 — — 250 Depreciation, depletion and amortization 21,766 — 61 21,827 General and administrative expense 2,073 329 8,105 10,507 Credit losses and other 1,744 339 — 2,083 Total operating costs and expenses 100,969 1,546 8,166 110,681 Other operating income (expense), net (5 ) — — (5 ) Operating income 156,764 (1,546 ) (8,166 ) 147,052 Other income (expense): Derivative instruments loss, net — — (37,522 ) (37,522 ) Interest (expense) income, net (515 ) — 160 (355 ) Other (expense) income, net (2,799 ) (1 ) (7,714 ) (10,514 ) Total other expense, net (3,314 ) (1 ) (45,076 ) (48,391 ) Income from continuing operations before income taxes 153,450 (1,547 ) (53,242 ) 98,661 Income tax (benefit) expense 74,671 1 (10,205 ) 64,467 Income from continuing operations 78,779 (1,548 ) (43,037 ) 34,194 Loss from discontinued operations, net of tax — — (58 ) (58 ) Net income $ 78,779 $ (1,548 ) $ (43,095 ) $ 34,136 Consolidated capital expenditures $ 121,492 $ — $ 120 $ 121,612 (in thousands) Gabon Egypt Canada Equatorial Guinea Corporate and Other Total Long-lived assets from continuing operations: As of September 30, 2023 $ 186,966 $ 163,639 $ 106,561 $ 10,000 $ 711 $ 467,877 As of December 31, 2022 $ 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 September 30, 2023 $ 353,896 $ 254,673 $ 112,289 $ 11,335 $ 95,635 $ 827,828 As of December 31, 2022 $ 395,393 $ 293,640 $ 110,071 $ 10,861 $ 45,676 $ 855,641 Information about the Company’s most significant customers For the three nine September 30, 2023 three nine September 30, 2022, July 2022. August September 2022, three September 30, 2023 nine September 30, 2023 first second third or the three nine September 30, 2023 , revenues in Canada were concentrated in three nine September 30, 2023, For the three September 30, 2023, |
Note 5 - Earnings Per Share
Note 5 - Earnings Per Share | 9 Months Ended |
Sep. 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Net income (loss) (numerator): Income (loss) from continuing operations $ 6,141 $ 6,894 $ 16,378 $ 34,194 Income from continuing operations attributable to unvested shares (58 ) (75 ) (73 ) (457 ) Numerator for basic 6,083 6,819 16,305 33,737 Loss from continuing operations attributable to unvested shares (8 ) — (49 ) 3 Numerator for dilutive $ 6,075 $ 6,819 $ 16,256 $ 33,740 Loss from discontinued operations, net of tax $ — $ (26 ) $ (15 ) $ (58 ) Loss from discontinued operations attributable to unvested shares — — 0 1 Numerator for basic — (26 ) (15 ) (57 ) (Income) loss from discontinued operations attributable to unvested shares — — (0 ) — Numerator for dilutive $ - $ (26 ) $ (15 ) $ (57 ) Net income (loss) $ 6,141 $ 6,868 $ 16,363 $ 34,136 Net income attributable to unvested shares (66 ) (75 ) (122 ) (456 ) Numerator for basic 6,075 6,793 16,241 33,680 Net (income) loss attributable to unvested shares (8 ) — (49 ) 3 Numerator for dilutive $ 6,067 $ 6,793 $ 16,192 $ 33,683 Weighted average shares (denominator): Basic weighted average shares outstanding 106,289 59,068 106,876 58,900 Effect of dilutive securities 144 382 196 435 Diluted weighted average shares outstanding 106,433 59,450 107,072 59,335 Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be anti-dilutive 530 388 336 195 |
Note 6 - Revenue
Note 6 - Revenue | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 6. Gabon 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 following table presents revenues from contracts with customers as well as revenues associated with the obligations under the Etame PSC. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Revenues from customer contracts: (in thousands) Sales under the COSPA or COSMA $ 64,100 $ 87,661 $ 194,179 $ 289,290 Other items reported in revenue not associated with customer contracts: Carried interest recoupment 1,378 2,360 3,590 5,843 Royalties (8,203 ) (11,924 ) (25,833 ) (37,395 ) Net revenues $ 57,275 $ 78,097 $ 171,936 $ 257,738 With respect to the government’s share of Profit Oil, the Etame PSC provides that corporate income tax is satisfied through the payment of Profit Oil. In the consolidated statements of operations and comprehensive income, 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 The Company has a foreign income tax payable as of September 30, 2023 related to Gabon. As of December 31, 2022, receivable of $2.8 million, as the Gabonese government lifted more oil-in-kind than what December 2022. Egypt The following table presents revenues in Egypt from contracts with customers: Three Months Ended September 30, Nine Months Ended September 30, 2023 2023 Revenues from customer contracts: (in thousands) Gross sales $ 88,748 $ 193,570 Royalties (37,944 ) (86,176 ) Selling costs (497 ) (995 ) Net revenues $ 50,307 $ 106,399 Canada The following table presents revenues in Canada from contracts with customers: Three Months Ended September 30, Nine Months Ended September 30, 2023 2023 Revenues from customer contracts: (in thousands) Oil revenue $ 7,832 $ 22,811 Gas revenue 988 2,649 NGL revenue 2,073 6,421 Royalties (2,206 ) (4,304 ) Net revenues $ 8,687 $ 27,577 |
Note 7 - Crude Oil, Natural Gas
Note 7 - Crude Oil, Natural Gas and NGLs Properties and Equipment | 9 Months Ended |
Sep. 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 September 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 $ 1,463,395 $ 1,406,888 Work-in-progress — — Undeveloped acreage 54,443 56,251 Equipment and other 44,358 38,796 1,562,196 1,501,935 Accumulated depreciation, depletion, amortization and impairment (1,094,319 ) (1,006,663 ) Net crude oil, natural gas and NGLs properties, equipment and other $ 467,877 $ 495,272 Exploration Expense The East Arta 54 three nine September 30, 2023. |
Note 8 - Derivatives and Fair V
Note 8 - Derivatives and Fair Value | 9 Months Ended |
Sep. 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 September 30, 2023 Settlement Period Type of Contract Index Average Monthly Volumes Weighted Average Put Price Weighted Average Call Price (Bbls) (per Bbl) (per Bbl) October 2023 - December 2023 Collars Dated Brent 85,000 $ 65.00 $ 90.00 January 2024 - March 2024 Collars Dated Brent 85,000 $ 65.00 $ 97.00 April 2024 - June 2024 Collars Dated Brent 65,000 $ 65.00 $ 100.00 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 September 30, Nine Months Ended September 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 $ 1 $ (9,124 ) $ (62 ) $ (42,683 ) Unrealized gain (loss) (2,321 ) 12,902 (2,206 ) 5,161 Derivative instruments gain (loss), net $ (2,320 ) $ 3,778 $ (2,268 ) $ (37,522 ) |
Note 9 - Accrued Liabilities an
Note 9 - Accrued Liabilities and Other | 9 Months Ended |
Sep. 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 September 30, 2023 As of December 31, 2022 (in thousands) Accrued accounts payable invoices $ 19,029 $ 28,360 Gabon DMO, PID and PIH obligations 13,871 10,509 Derivative liability - Collars 2,162 — Capital expenditures 16,356 26,618 Stock appreciation rights – current portion 266 570 Accrued wages and other compensation 3,540 8,161 ARO Obligation 3,901 306 Egypt modernization payments 9,742 9,933 Excess cost oil payable 3,999 — Other 3,604 6,935 Total accrued liabilities and other $ 76,470 $ 91,392 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 9 Months Ended |
Sep. 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. At September 30, 2023 In the first 2023, March 2023. No second third 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, the Company 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. Share Buyback Program On November 1, 2022, 10b5 1 “10b5 1 10b 18 1934. 10b5 1 August 16, 2023, November 2023, not The following table shows the repurchases of equity securities related to the share repurchase program from July 1, 2023 September 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 July 1, 2023 - July 31, 2023 505,720 $ 3.96 505,720 $ 15,504,180 August 1, 2023 - August 31, 2023 435,342 $ 4.61 435,342 $ 13,505,242 September 1, 2023 - September 30, 2023 462,300 $ 4.31 462,300 $ 11,514,870 Total 1,403,362 1,403,362 The following table shows the repurchases of equity securities related to the share repurchase program after September 30, 2023 November 3, 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 October 1, 2023 - October 31, 2023 491,869 $4.07 491,869 $9,515,101 November 1, 2023 - November 3, 2023 63,873 $4.48 63,873 $9,229,122 Total 555,742 555,742 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. September 30, 2023 The Company also has minimum financial work commitments of $50.0 million per each five February 1, 2020 ( September 30, 2023 five $50 five As the Merged Concession Agreement is effective as of February 1, 2020, October 13, 2022, September 30, 2023, Government Related Receivables Under Article 35 October 2021, In November 2022, not September 30, 2023 not Lease Obligations The following table describes the future maturities of the Company’s lease liabilities at September 30, 2023 Operating Leases Finance Leases Year (in thousands) 2023 $ 1,257 $ 3,632 2024 2,464 14,448 2025 32 16,202 2026 — 16,443 2027 — 15,023 Thereafter — 51,562 3,753 117,310 Less: imputed interest 132 31,638 Total lease liabilities $ 3,621 $ 85,672 Under the joint operating agreements, other joint venture owners are obligated to fund $49.6 million of the $120.3 million in future lease liabilities. |
Note 11 - Debt
Note 11 - Debt | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 11. As of September 30, 2023 December 31, 2022, RBL Facility On May 16, 2022, October 1, 2023 April 1 October 1 October 1, 2023, 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 originally bore an interest at a rate equal to LIBOR plus a margin (the “Applicable Margin”) of (i) 6.00% until the third third October 3, 2023 Pursuant to the Facility Agreement, the Company shall pay to Glencore for the account of each Lender a quarterly commitment fee equal to (i) 35% per annum of the Applicable Margin on the daily amount by which the lower of the total commitments and the borrowing base amount exceeds the amount of all outstanding utilizations under the Facility, plus (ii) 20% per annum of the Applicable Margin on the daily amount by which the total commitments exceed the borrowing base amount. The Borrower is also required to pay customary arrangement and security agent fees. The Facility Agreement contains certain debt covenants, including that, as of the last day of each calendar quarter, (i) the ratio of Consolidated Total Net Debt to EBITDAX (as each term is defined in the Facility Agreement) for the trailing 12 not 3.0x not September 30, 2023 90 April 11, 2023. September 30, 2023 The Facility will mature on the earlier of (i) the fifth first ATB Facility In connection with the TransGlobe acquisition in October 2022, January 5, 2023, not |
Note 12 - Stock-based Compensat
Note 12 - Stock-based Compensation and Other Benefit Plans | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 12. STOCK-BASED COMPENSATION AND OTHER BENEFIT PLANS 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 nine September 30, 2023 2022, Nine Months Ended September 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 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 During the nine September 30, 2023 September 30, 2023, |
Note 13 - Income Taxes
Note 13 - Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. 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. The foreign taxes payable are attributable to Gabon and Egypt for the nine September 30, 2023 2022 Provision for income taxes related to income from continuing operations consists of the following: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 U.S. Federal: (in thousands) Current $ — $ — $ — $ — Deferred 1,220 461 2,677 (9,408 ) Foreign: Current 26,829 (1,165 ) 51,530 24,928 Deferred (2,205 ) 23,547 (2,004 ) 48,947 Total $ 25,844 $ 22,843 $ 52,203 $ 64,467 The Company’s effective tax rate for the three nine September 30, 2023 three nine September 30, 2022, three September 30, 2023 nine September 30, 2023 three September 30, 2022, nine September 30, 2022, As of September 30, 2023 |
Note 14 - Other Comprehensive I
Note 14 - Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 14. OTHER COMPREHENSIVE INCOME The Company’s other comprehensive income was million for the three September 30, 2023 . Th The components of accumulated other comprehensive income are as follows: Currency Translation Adjustments (in thousands) Balance at December 31, 2022 $ 1,179 Other comprehensive income (loss) before reclassifications (125 ) Balance at March 31, 2023 $ 1,054 Other comprehensive income (loss) before reclassifications 2,006 Balance at June 30, 2023 $ 3,060 Other comprehensive income (loss) before reclassifications (2,216 ) Balance at September 30, 2023 $ 844 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 | Sep. 30, 2023 | |
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] | 5. OTHER INFORMATION During the three September 30, 2023 none 16a 1 10b5 1 10b5 1 408 | |
Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
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 following table provides an analysis of the change of the aggregate credit loss allowance and other allowances. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Allowance for credit losses and other Balance at beginning of period $ (13,519 ) $ (6,389 ) $ (8,704 ) $ (5,741 ) Credit loss charges and other, net of receipts (822 ) (1,020 ) (2,437 ) (2,083 ) Cumulative effect of adjustment upon adoption of ASU 2016-13 on January 1, 2023 — — (3,120 ) — Foreign currency gain (loss) 238 355 158 770 Balance at end of period $ (14,103 ) $ (7,054 ) $ (14,103 ) $ (7,054 ) |
Prepayments and Other [Policy Text Block] | Prepayments and Other September 30, 2023 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair value of financial instruments As of September 30, 2023 Balance Sheet Line Level 1 Level 2 Level 3 Total (in thousands) Assets Derivative asset Prepayments and other $ — $ — $ — $ — $ — $ — $ — $ — Liabilities SARs liability Accrued liabilities and other $ — $ 239 $ — $ 239 Derivative liability Accrued liabilities and other — 2,162 — 2,162 $ — $ 2,401 $ — $ 2,401 ` 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 1 - Organization and Acc_2
Note 1 - Organization and Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Allowance for credit losses and other Balance at beginning of period $ (13,519 ) $ (6,389 ) $ (8,704 ) $ (5,741 ) Credit loss charges and other, net of receipts (822 ) (1,020 ) (2,437 ) (2,083 ) Cumulative effect of adjustment upon adoption of ASU 2016-13 on January 1, 2023 — — (3,120 ) — Foreign currency gain (loss) 238 355 158 770 Balance at end of period $ (14,103 ) $ (7,054 ) $ (14,103 ) $ (7,054 ) |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | As of September 30, 2023 Balance Sheet Line Level 1 Level 2 Level 3 Total (in thousands) Assets Derivative asset Prepayments and other $ — $ — $ — $ — $ — $ — $ — $ — Liabilities SARs liability Accrued liabilities and other $ — $ 239 $ — $ 239 Derivative liability Accrued liabilities and other — 2,162 — 2,162 $ — $ 2,401 $ — $ 2,401 ` 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) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Business Acquisition, Pro Forma Information [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2022 2022 (in thousands) (in thousands) Pro forma (unaudited): Crude oil, natural gas and natural gas liquids sales $ 137,926 (a) $ 442,718 (a) Operating income $ 60,176 (b) $ 231,694 (d) Net income $ 32,544 (c) $ 105,401 (e) Basic net income per share: $ 0.30 $ 0.97 Basic weighted average shares outstanding 108,375 108,207 Diluted net income per share: $ 0.30 $ 0.97 Diluted weighted average shares outstanding 108,757 108,642 |
Note 4 - Segment Information (T
Note 4 - Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended September 30, 2023 (in thousands) Gabon Egypt Canada Equatorial Guinea Corporate and Other Total Revenues: Crude oil, natural gas and natural gas liquids sales $ 57,275 $ 50,307 $ 8,687 $ — $ — $ 116,269 Operating costs and expenses: Production expense 20,731 16,040 2,627 259 299 39,956 FPSO Demobilization — — — — — — Exploration expense — 1,194 — — — 1,194 Depreciation, depletion and amortization 14,583 12,967 4,948 — 40 32,538 General and administrative expense 348 54 — 94 5,720 6,216 Credit losses and other 684 — — 138 — 822 Total operating costs and expenses 36,346 30,255 7,575 491 6,059 80,726 Other operating income (expense), net 5 — — — — 5 Operating income 20,934 20,052 1,112 (491 ) (6,059 ) 35,548 Other income (expense): Derivative instruments loss, net — — — — (2,320 ) (2,320 ) Interest (expense) income, net (1,371 ) (270 ) — — 215 (1,426 ) Other (expense) income, net 111 — — (3 ) 75 183 Total other expense, net (1,260 ) (270 ) — (3 ) (2,030 ) (3,563 ) Income (loss) from continuing operations before income taxes 19,674 19,782 1,112 (494 ) (8,089 ) 31,985 Income tax (benefit) expense 13,173 888 — — 11,783 25,844 Income (loss) from continuing operations 6,501 18,894 1,112 (494 ) (19,872 ) 6,141 Loss from discontinued operations, net of tax — — — — — — Net income (loss) $ 6,501 $ 18,894 $ 1,112 $ (494 ) $ (19,872 ) $ 6,141 Consolidated capital expenditures $ 10,109 $ 11,987 $ 3,870 $ — $ — $ 25,966 Nine Months Ended September 30, 2023 (in thousands) Gabon Egypt Canada Equatorial Guinea Corporate and Other Total Revenues: Crude oil, natural gas and natural gas liquids sales $ 171,936 $ 106,399 $ 27,577 $ — $ — $ 305,912 Operating costs and expenses: Production expense 59,077 38,239 8,136 1,007 301 106,760 FPSO Demobilization 5,647 — — — — 5,647 Exploration expense 51 1,208 — — — 1,259 Depreciation, depletion and amortization 43,885 37,519 13,406 — 148 94,958 General and administrative expense 1,284 435 — 310 14,806 16,835 Credit losses and other 2,137 — — 300 — 2,437 Total operating costs and expenses 112,081 77,401 21,542 1,617 15,255 227,896 Other operating income, net (57 ) (241 ) — — — (298 ) Operating income (loss) 59,798 28,757 6,035 (1,617 ) (15,255 ) 77,718 Other income (expense): Derivative instruments gain, net — — — — (2,268 ) (2,268 ) Interest (expense) income, net (4,254 ) (1,581 ) (4 ) — 464 (5,375 ) Other income (expense), net 9 — 1 (4 ) (1,500 ) (1,494 ) Total other expense, net (4,245 ) (1,581 ) (3 ) (4 ) (3,304 ) (9,137 ) Income (loss) from continuing operations before income taxes 55,553 27,176 6,032 (1,621 ) (18,559 ) 68,581 Income tax expense (benefit) 36,002 10,141 — — 6,060 52,203 Income (loss) from continuing operations 19,551 17,035 6,032 (1,621 ) (24,619 ) 16,378 Loss from discontinued operations, net of tax — — — — (15 ) (15 ) Net income (loss) $ 19,551 $ 17,035 $ 6,032 $ (1,621 ) $ (24,634 ) $ 16,363 Consolidated capital expenditures $ 15,173 $ 32,084 $ 16,008 $ — $ 36 $ 63,301 Three Months Ended September 30, 2022 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Revenues: Crude oil and natural gas sales $ 78,097 $ — $ — $ 78,097 Operating costs and expenses: Production expense 22,828 484 — 23,312 FPSO demobilization 8,867 — — 8,867 Exploration expense 56 — — 56 Depreciation, depletion and amortization 8,940 — 23 8,963 General and administrative expense 915 120 944 1,979 Bad debt expense and other 681 339 — 1,020 Total operating costs and expenses 42,287 943 967 44,197 Other operating income (expense), net — — — — Operating income 35,810 (943 ) (967 ) 33,900 Other income (expense): Derivative instruments loss, net — — 3,778 3,778 Interest (expense) income, net (351 ) — 117 (234 ) Other (expense) income, net (1,305 ) 1 (6,403 ) (7,707 ) Total other expense, net (1,656 ) 1 (2,508 ) (4,163 ) Income from continuing operations before income taxes 34,154 (942 ) (3,475 ) 29,737 Income tax (benefit) expense 25,415 — (2,572 ) 22,843 Income from continuing operations 8,739 (942 ) (903 ) 6,894 Loss from discontinued operations, net of tax — — (26 ) (26 ) Net income $ 8,739 $ (942 ) $ (929 ) $ 6,868 Consolidated capital expenditures $ 51,610 $ — $ 53 $ 51,663 Nine Months Ended September 30, 2022 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Revenues: Crude oil and natural gas sales $ 257,738 $ — $ — $ 257,738 Operating costs and expenses: Production expense 66,269 878 — 67,147 FPSO demobilization 8,867 — — 8,867 Exploration expense 250 — — 250 Depreciation, depletion and amortization 21,766 — 61 21,827 General and administrative expense 2,073 329 8,105 10,507 Credit losses and other 1,744 339 — 2,083 Total operating costs and expenses 100,969 1,546 8,166 110,681 Other operating income (expense), net (5 ) — — (5 ) Operating income 156,764 (1,546 ) (8,166 ) 147,052 Other income (expense): Derivative instruments loss, net — — (37,522 ) (37,522 ) Interest (expense) income, net (515 ) — 160 (355 ) Other (expense) income, net (2,799 ) (1 ) (7,714 ) (10,514 ) Total other expense, net (3,314 ) (1 ) (45,076 ) (48,391 ) Income from continuing operations before income taxes 153,450 (1,547 ) (53,242 ) 98,661 Income tax (benefit) expense 74,671 1 (10,205 ) 64,467 Income from continuing operations 78,779 (1,548 ) (43,037 ) 34,194 Loss from discontinued operations, net of tax — — (58 ) (58 ) Net income $ 78,779 $ (1,548 ) $ (43,095 ) $ 34,136 Consolidated capital expenditures $ 121,492 $ — $ 120 $ 121,612 |
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 September 30, 2023 $ 186,966 $ 163,639 $ 106,561 $ 10,000 $ 711 $ 467,877 As of December 31, 2022 $ 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 September 30, 2023 $ 353,896 $ 254,673 $ 112,289 $ 11,335 $ 95,635 $ 827,828 As of December 31, 2022 $ 395,393 $ 293,640 $ 110,071 $ 10,861 $ 45,676 $ 855,641 |
Note 5 - Earnings Per Share (Ta
Note 5 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) Net income (loss) (numerator): Income (loss) from continuing operations $ 6,141 $ 6,894 $ 16,378 $ 34,194 Income from continuing operations attributable to unvested shares (58 ) (75 ) (73 ) (457 ) Numerator for basic 6,083 6,819 16,305 33,737 Loss from continuing operations attributable to unvested shares (8 ) — (49 ) 3 Numerator for dilutive $ 6,075 $ 6,819 $ 16,256 $ 33,740 Loss from discontinued operations, net of tax $ — $ (26 ) $ (15 ) $ (58 ) Loss from discontinued operations attributable to unvested shares — — 0 1 Numerator for basic — (26 ) (15 ) (57 ) (Income) loss from discontinued operations attributable to unvested shares — — (0 ) — Numerator for dilutive $ - $ (26 ) $ (15 ) $ (57 ) Net income (loss) $ 6,141 $ 6,868 $ 16,363 $ 34,136 Net income attributable to unvested shares (66 ) (75 ) (122 ) (456 ) Numerator for basic 6,075 6,793 16,241 33,680 Net (income) loss attributable to unvested shares (8 ) — (49 ) 3 Numerator for dilutive $ 6,067 $ 6,793 $ 16,192 $ 33,683 Weighted average shares (denominator): Basic weighted average shares outstanding 106,289 59,068 106,876 58,900 Effect of dilutive securities 144 382 196 435 Diluted weighted average shares outstanding 106,433 59,450 107,072 59,335 Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be anti-dilutive 530 388 336 195 |
Note 6 - Revenue (Tables)
Note 6 - Revenue (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Revenues from customer contracts: (in thousands) Sales under the COSPA or COSMA $ 64,100 $ 87,661 $ 194,179 $ 289,290 Other items reported in revenue not associated with customer contracts: Carried interest recoupment 1,378 2,360 3,590 5,843 Royalties (8,203 ) (11,924 ) (25,833 ) (37,395 ) Net revenues $ 57,275 $ 78,097 $ 171,936 $ 257,738 Three Months Ended September 30, Nine Months Ended September 30, 2023 2023 Revenues from customer contracts: (in thousands) Gross sales $ 88,748 $ 193,570 Royalties (37,944 ) (86,176 ) Selling costs (497 ) (995 ) Net revenues $ 50,307 $ 106,399 Three Months Ended September 30, Nine Months Ended September 30, 2023 2023 Revenues from customer contracts: (in thousands) Oil revenue $ 7,832 $ 22,811 Gas revenue 988 2,649 NGL revenue 2,073 6,421 Royalties (2,206 ) (4,304 ) Net revenues $ 8,687 $ 27,577 |
Note 7 - Crude Oil, Natural G_2
Note 7 - Crude Oil, Natural Gas and NGLs Properties and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of September 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 $ 1,463,395 $ 1,406,888 Work-in-progress — — Undeveloped acreage 54,443 56,251 Equipment and other 44,358 38,796 1,562,196 1,501,935 Accumulated depreciation, depletion, amortization and impairment (1,094,319 ) (1,006,663 ) Net crude oil, natural gas and NGLs properties, equipment and other $ 467,877 $ 495,272 |
Note 8 - Derivatives and Fair_2
Note 8 - Derivatives and Fair Value (Tables) | 9 Months Ended |
Sep. 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) October 2023 - December 2023 Collars Dated Brent 85,000 $ 65.00 $ 90.00 January 2024 - March 2024 Collars Dated Brent 85,000 $ 65.00 $ 97.00 April 2024 - June 2024 Collars Dated Brent 65,000 $ 65.00 $ 100.00 |
Schedule of Derivative Instruments [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 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 $ 1 $ (9,124 ) $ (62 ) $ (42,683 ) Unrealized gain (loss) (2,321 ) 12,902 (2,206 ) 5,161 Derivative instruments gain (loss), net $ (2,320 ) $ 3,778 $ (2,268 ) $ (37,522 ) |
Note 9 - Accrued Liabilities _2
Note 9 - Accrued Liabilities and Other (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | As of September 30, 2023 As of December 31, 2022 (in thousands) Accrued accounts payable invoices $ 19,029 $ 28,360 Gabon DMO, PID and PIH obligations 13,871 10,509 Derivative liability - Collars 2,162 — Capital expenditures 16,356 26,618 Stock appreciation rights – current portion 266 570 Accrued wages and other compensation 3,540 8,161 ARO Obligation 3,901 306 Egypt modernization payments 9,742 9,933 Excess cost oil payable 3,999 — Other 3,604 6,935 Total accrued liabilities and other $ 76,470 $ 91,392 |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 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 July 1, 2023 - July 31, 2023 505,720 $ 3.96 505,720 $ 15,504,180 August 1, 2023 - August 31, 2023 435,342 $ 4.61 435,342 $ 13,505,242 September 1, 2023 - September 30, 2023 462,300 $ 4.31 462,300 $ 11,514,870 Total 1,403,362 1,403,362 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 October 1, 2023 - October 31, 2023 491,869 $4.07 491,869 $9,515,101 November 1, 2023 - November 3, 2023 63,873 $4.48 63,873 $9,229,122 Total 555,742 555,742 |
Lessee, Operating and Finance Lease Liability, Maturity [Table Text Block] | Operating Leases Finance Leases Year (in thousands) 2023 $ 1,257 $ 3,632 2024 2,464 14,448 2025 32 16,202 2026 — 16,443 2027 — 15,023 Thereafter — 51,562 3,753 117,310 Less: imputed interest 132 31,638 Total lease liabilities $ 3,621 $ 85,672 |
Note 12 - Stock-based Compens_2
Note 12 - Stock-based Compensation and Other Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Nine Months Ended September 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 |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 U.S. Federal: (in thousands) Current $ — $ — $ — $ — Deferred 1,220 461 2,677 (9,408 ) Foreign: Current 26,829 (1,165 ) 51,530 24,928 Deferred (2,205 ) 23,547 (2,004 ) 48,947 Total $ 25,844 $ 22,843 $ 52,203 $ 64,467 |
Note 14 - Other Comprehensive_2
Note 14 - Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 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 Other comprehensive income (loss) before reclassifications (125 ) Balance at March 31, 2023 $ 1,054 Other comprehensive income (loss) before reclassifications 2,006 Balance at June 30, 2023 $ 3,060 Other comprehensive income (loss) before reclassifications (2,216 ) Balance at September 30, 2023 $ 844 |
Note 1 - Organization and Acc_3
Note 1 - Organization and Accounting Policies (Details Textual) $ in Millions | Sep. 30, 2023 USD ($) |
Prepayments for Fixed Assets | $ 2.3 |
Prepaid Royalties | 4.3 |
Prepaid Insurance | 1 |
Prepaid Payroll | 1.2 |
Other Prepaid Expense, Current | 3.3 |
EGYPT | |
Advances to Contractors | $ 4 |
Note 1 - Organization and Acc_4
Note 1 - Organization and Accounting Policies - Analysis of Change in Allowance for Bad Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Balance at beginning of period | $ (13,519) | $ (6,389) | $ (8,704) | $ (5,741) |
Credit loss charges and other, net of receipts | (822) | (1,020) | (2,437) | (2,083) |
Foreign currency gain (loss) | 238 | 355 | 158 | 770 |
Balance at end of period | (14,103) | (7,054) | (14,103) | (7,054) |
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Balance at beginning of period | $ 0 | $ 0 | $ (3,120) | $ 0 |
Note 1 - Organization and Acc_5
Note 1 - Organization and Accounting Policies - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Liabilities, Fair Value Disclosure | $ 2,401 | $ 556 |
Assets, Fair Value Disclosure | 102 | |
Prepayments and Other [Member] | ||
Derivative asset | 0 | 102 |
Accrued Liabilities and Other [Member] | ||
SARs liability | 239 | 556 |
Derivative liability | 2,162 | |
Fair Value, Inputs, Level 1 [Member] | ||
Liabilities, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure | 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 |
Derivative liability | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Liabilities, Fair Value Disclosure | 2,401 | 556 |
Assets, Fair Value Disclosure | 102 | |
Fair Value, Inputs, Level 2 [Member] | Prepayments and Other [Member] | ||
Derivative asset | 0 | 102 |
Fair Value, Inputs, Level 2 [Member] | Accrued Liabilities and Other [Member] | ||
SARs liability | 239 | 556 |
Derivative liability | 2,162 | |
Fair Value, Inputs, Level 3 [Member] | ||
Liabilities, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure | 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 |
Derivative liability | $ 0 |
Note 2 - New Accounting Stand_2
Note 2 - New Accounting Standards (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts Receivable, Allowance for Credit Loss | $ 14,103 | $ 13,519 | $ 8,704 | $ 7,054 | $ 6,389 | $ 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) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | |
Excluded From ProForma [Member] | TransGlobe [Member] | |||
Asset Impairment Charges | $ 26 | ||
TransGlobe [Member] | |||
Business Combination, Bargain Purchase, Increase (Decrease) of Gain Recognized, Amount | $ (1.4) | ||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 59 | 134 | |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 19.3 | 21 | |
TransGlobe [Member] | Foreign Tax Authority [Member] | Egyptian Tax Authority [Member] | |||
Business Combination, Deferred Tax Liability Assumed | $ 1.4 | $ 1.4 |
Note 3 - Acquisition and Dispos
Note 3 - Acquisition and Dispositions - Unaudited Proforma Results (Details) - TransGlobe [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] | $ 137,926 | $ 442,718 | ||
Operating income | 60,176,000 | [2] | 231,694,000 | [3] | |
Net income | $ 32,544,000 | [4] | $ 105,401,000 | [5] | |
Basic net income per share: (in dollars per share) | $ 0.3 | $ 0.97 | |||
Basic weighted average shares outstanding (in shares) | 108,375 | 108,207 | |||
Diluted net income per share: (in dollars per share) | $ 0.3 | $ 0.97 | |||
Diluted weighted average shares outstanding (in shares) | 108,757 | 108,642 | |||
[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 September 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 acquisition based on the purchase price allocation.[3]The unaudited pro forma operating income for the nine months ended September 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 acquisition based on the purchase price allocation.[4]The unaudited pro forma net income for the three months ended September 30, 2022 reclassifies interest expense, for certain leases identified as operating leases, as production expense.[5]The unaudited pro forma net income for the nine months ended September 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) - Revenue Benchmark [Member] | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2022 | Aug. 31, 2022 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Customer Concentration Risk [Member] | Glencore [Member] | Oil and Gas [Member] | ||||||||
Concentration Risk, Percentage | 100% | 100% | ||||||
Customer Concentration Risk [Member] | Exxon [Member] | Oil and Gas [Member] | ||||||||
Concentration Risk, Percentage | 100% | 100% | ||||||
Customer Concentration Risk [Member] | Plains Midstream Canada [Member] | CANADA | ||||||||
Concentration Risk, Percentage | 19.80% | 41.90% | ||||||
Customer Concentration Risk [Member] | Altagas [Member] | CANADA | ||||||||
Concentration Risk, Percentage | 17.50% | 18.40% | ||||||
Customer Concentration Risk [Member] | PetroGas Energy [Member] | CANADA | ||||||||
Concentration Risk, Percentage | 51% | 28.40% | ||||||
Geographic Concentration Risk [Member] | Glencore [Member] | Oil and Gas [Member] | ||||||||
Concentration Risk, Percentage | 100% | 100% | ||||||
Geographic Concentration Risk [Member] | Mercuria [Member] | Oil and Gas [Member] | EGYPT | ||||||||
Concentration Risk, Percentage | 100% | |||||||
Geographic Concentration Risk [Member] | EGPC [Member] | Oil and Gas [Member] | EGYPT | ||||||||
Concentration Risk, Percentage | 100% |
Note 4 - Segment Information -
Note 4 - Segment Information - Segment Activity of Continuing Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||||
Crude oil, natural gas and natural gas liquids sales | $ 116,269 | $ 78,097 | $ 305,912 | $ 257,738 | |||||||
Production expense | 39,956 | 23,312 | 106,760 | 67,147 | |||||||
FPSO Demobilization | 0 | 8,867 | 5,647 | 8,867 | |||||||
Exploration expense | 1,194 | 56 | 1,259 | 250 | |||||||
Depreciation, depletion and amortization | 32,538 | 8,963 | 94,958 | 21,827 | |||||||
General and administrative expense | 6,216 | 1,979 | 16,835 | 10,507 | |||||||
Credit losses and other | 822 | 1,020 | 2,437 | 2,083 | |||||||
Total operating costs and expenses | 80,726 | 44,197 | 227,896 | 110,681 | |||||||
Other operating income (expense), net | 5 | 0 | (298) | (5) | |||||||
Operating income | 35,548 | 33,900 | 77,718 | 147,052 | |||||||
Derivative instruments gain (loss), net | (2,320) | 3,778 | (2,268) | (37,522) | |||||||
Interest expense, net | (1,426) | (234) | (5,375) | (355) | |||||||
Other income (expense), net | 183 | (7,707) | (1,494) | (10,514) | |||||||
Total other expense, net | (3,563) | (4,163) | (9,137) | (48,391) | |||||||
Income (loss) from continuing operations before income taxes | 31,985 | 29,737 | 68,581 | 98,661 | |||||||
Income tax (benefit) expense | 25,844 | 22,843 | 52,203 | 64,467 | |||||||
Income (loss) from continuing operations | 6,141 | 6,894 | 16,378 | 34,194 | |||||||
Loss from discontinued operations, net of tax | 0 | (26) | 15 | 58 | |||||||
Net income | 6,141 | $ 6,752 | $ 3,470 | 6,868 | $ 15,104 | $ 12,164 | 16,363 | 34,136 | |||
Consolidated capital expenditures | 25,966 | [1] | 51,663 | 63,301 | [1] | 121,612 | |||||
Loss from discontinued operations, net of tax | 0 | 26 | (15) | (58) | |||||||
Crude oil and natural gas sales | 116,269 | 78,097 | 305,912 | 257,738 | |||||||
Production expense | 39,956 | 23,312 | 106,760 | 67,147 | |||||||
FPSO Demobilization | 0 | 8,867 | 5,647 | 8,867 | |||||||
Results of Operations, Exploration Expense | 1,194 | 56 | 1,259 | 250 | |||||||
General and administrative expense | 6,216 | 1,979 | 16,835 | 10,507 | |||||||
Total operating costs and expenses | 80,726 | 44,197 | 227,896 | 110,681 | |||||||
Derivative instruments loss, net | (2,320) | 3,778 | (2,268) | (37,522) | |||||||
Interest (expense) income, net | (1,426) | (234) | (5,375) | (355) | |||||||
Other (expense) income, net | 183 | (7,707) | (1,494) | (10,514) | |||||||
Total other expense, net | (3,563) | (4,163) | (9,137) | (48,391) | |||||||
Income from continuing operations before income taxes | 31,985 | 29,737 | 68,581 | 98,661 | |||||||
Income from continuing operations | 6,141 | 6,894 | 16,378 | 34,194 | |||||||
Loss from discontinued operations, net of tax | 0 | (26) | 15 | 58 | |||||||
Net income | 6,141 | $ 6,752 | $ 3,470 | 6,868 | $ 15,104 | $ 12,164 | 16,363 | 34,136 | |||
Consolidated capital expenditures | 25,966 | [1] | 51,663 | 63,301 | [1] | 121,612 | |||||
Other operating income (expense), net | 5 | 0 | (298) | (5) | |||||||
Loss from discontinued operations, net of tax | 0 | 26 | (15) | (58) | |||||||
Corporate, Non-Segment [Member] | |||||||||||
Crude oil, natural gas and natural gas liquids sales | 0 | 0 | 0 | 0 | |||||||
Production expense | 299 | 0 | 301 | 0 | |||||||
FPSO Demobilization | 0 | 0 | 0 | 0 | |||||||
Exploration expense | 0 | 0 | 0 | 0 | |||||||
Depreciation, depletion and amortization | 40 | 23 | 148 | 61 | |||||||
General and administrative expense | 5,720 | 944 | 14,806 | 8,105 | |||||||
Credit losses and other | 0 | 0 | 0 | 0 | |||||||
Total operating costs and expenses | 6,059 | 967 | 15,255 | 8,166 | |||||||
Other operating income (expense), net | 0 | 0 | 0 | 0 | |||||||
Operating income | (6,059) | (967) | (15,255) | (8,166) | |||||||
Derivative instruments gain (loss), net | (2,320) | 3,778 | (2,268) | (37,522) | |||||||
Interest expense, net | 215 | 117 | 464 | 160 | |||||||
Other income (expense), net | 75 | (6,403) | (1,500) | (7,714) | |||||||
Total other expense, net | (2,030) | (2,508) | (3,304) | (45,076) | |||||||
Income (loss) from continuing operations before income taxes | (8,089) | (3,475) | (18,559) | (53,242) | |||||||
Income tax (benefit) expense | 11,783 | (2,572) | 6,060 | (10,205) | |||||||
Income (loss) from continuing operations | (19,872) | (903) | (24,619) | (43,037) | |||||||
Loss from discontinued operations, net of tax | 0 | (26) | 15 | 58 | |||||||
Net income | (19,872) | (929) | (24,634) | (43,095) | |||||||
Consolidated capital expenditures | 0 | [1] | 53 | 36 | [1] | 120 | |||||
Loss from discontinued operations, net of tax | 0 | 26 | (15) | (58) | |||||||
Crude oil and natural gas sales | 0 | 0 | 0 | 0 | |||||||
Production expense | 299 | 0 | 301 | 0 | |||||||
FPSO Demobilization | 0 | 0 | 0 | 0 | |||||||
Results of Operations, Exploration Expense | 0 | 0 | 0 | 0 | |||||||
General and administrative expense | 5,720 | 944 | 14,806 | 8,105 | |||||||
Total operating costs and expenses | 6,059 | 967 | 15,255 | 8,166 | |||||||
Derivative instruments loss, net | (2,320) | 3,778 | (2,268) | (37,522) | |||||||
Interest (expense) income, net | 215 | 117 | 464 | 160 | |||||||
Other (expense) income, net | 75 | (6,403) | (1,500) | (7,714) | |||||||
Total other expense, net | (2,030) | (2,508) | (3,304) | (45,076) | |||||||
Income from continuing operations before income taxes | (8,089) | (3,475) | (18,559) | (53,242) | |||||||
Income from continuing operations | (19,872) | (903) | (24,619) | (43,037) | |||||||
Loss from discontinued operations, net of tax | 0 | (26) | 15 | 58 | |||||||
Net income | (19,872) | (929) | (24,634) | (43,095) | |||||||
Consolidated capital expenditures | 0 | [1] | 53 | 36 | [1] | 120 | |||||
Other operating income (expense), net | 0 | 0 | 0 | 0 | |||||||
Loss from discontinued operations, net of tax | 0 | 26 | (15) | (58) | |||||||
Gabon Segment [Member] | Operating Segments [Member] | |||||||||||
Crude oil, natural gas and natural gas liquids sales | 57,275 | 78,097 | 171,936 | 257,738 | |||||||
Production expense | 20,731 | 22,828 | 59,077 | 66,269 | |||||||
FPSO Demobilization | 0 | 8,867 | 5,647 | 8,867 | |||||||
Exploration expense | 0 | 56 | 51 | 250 | |||||||
Depreciation, depletion and amortization | 14,583 | 8,940 | 43,885 | 21,766 | |||||||
General and administrative expense | 348 | 915 | 1,284 | 2,073 | |||||||
Credit losses and other | 684 | 681 | 2,137 | 1,744 | |||||||
Total operating costs and expenses | 36,346 | 42,287 | 112,081 | 100,969 | |||||||
Other operating income (expense), net | 5 | 0 | (57) | (5) | |||||||
Operating income | 20,934 | 35,810 | 59,798 | 156,764 | |||||||
Derivative instruments gain (loss), net | 0 | 0 | 0 | 0 | |||||||
Interest expense, net | (1,371) | (351) | (4,254) | (515) | |||||||
Other income (expense), net | 111 | (1,305) | 9 | (2,799) | |||||||
Total other expense, net | (1,260) | (1,656) | (4,245) | (3,314) | |||||||
Income (loss) from continuing operations before income taxes | 19,674 | 34,154 | 55,553 | 153,450 | |||||||
Income tax (benefit) expense | 13,173 | 25,415 | 36,002 | 74,671 | |||||||
Income (loss) from continuing operations | 6,501 | 8,739 | 19,551 | 78,779 | |||||||
Loss from discontinued operations, net of tax | 0 | 0 | 0 | 0 | |||||||
Net income | 6,501 | 8,739 | 19,551 | 78,779 | |||||||
Consolidated capital expenditures | 10,109 | [1] | 51,610 | 15,173 | [1] | 121,492 | |||||
Loss from discontinued operations, net of tax | 0 | 0 | 0 | 0 | |||||||
Crude oil and natural gas sales | 57,275 | 78,097 | 171,936 | 257,738 | |||||||
Production expense | 20,731 | 22,828 | 59,077 | 66,269 | |||||||
FPSO Demobilization | 0 | 8,867 | 5,647 | 8,867 | |||||||
Results of Operations, Exploration Expense | 0 | 56 | 51 | 250 | |||||||
General and administrative expense | 348 | 915 | 1,284 | 2,073 | |||||||
Total operating costs and expenses | 36,346 | 42,287 | 112,081 | 100,969 | |||||||
Derivative instruments loss, net | 0 | 0 | 0 | 0 | |||||||
Interest (expense) income, net | (1,371) | (351) | (4,254) | (515) | |||||||
Other (expense) income, net | 111 | (1,305) | 9 | (2,799) | |||||||
Total other expense, net | (1,260) | (1,656) | (4,245) | (3,314) | |||||||
Income from continuing operations before income taxes | 19,674 | 34,154 | 55,553 | 153,450 | |||||||
Income from continuing operations | 6,501 | 8,739 | 19,551 | 78,779 | |||||||
Loss from discontinued operations, net of tax | 0 | 0 | 0 | 0 | |||||||
Net income | 6,501 | 8,739 | 19,551 | 78,779 | |||||||
Consolidated capital expenditures | 10,109 | [1] | 51,610 | 15,173 | [1] | 121,492 | |||||
Other operating income (expense), net | 5 | 0 | (57) | (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 | 50,307 | 106,399 | |||||||||
Production expense | 16,040 | 38,239 | |||||||||
FPSO Demobilization | 0 | 0 | |||||||||
Exploration expense | 1,194 | 1,208 | |||||||||
Depreciation, depletion and amortization | 12,967 | 37,519 | |||||||||
General and administrative expense | 54 | 435 | |||||||||
Credit losses and other | 0 | 0 | |||||||||
Total operating costs and expenses | 30,255 | 77,401 | |||||||||
Other operating income (expense), net | 0 | (241) | |||||||||
Operating income | 20,052 | 28,757 | |||||||||
Derivative instruments gain (loss), net | 0 | 0 | |||||||||
Interest expense, net | (270) | (1,581) | |||||||||
Other income (expense), net | 0 | 0 | |||||||||
Total other expense, net | (270) | (1,581) | |||||||||
Income (loss) from continuing operations before income taxes | 19,782 | 27,176 | |||||||||
Income tax (benefit) expense | 888 | 10,141 | |||||||||
Income (loss) from continuing operations | 18,894 | 17,035 | |||||||||
Loss from discontinued operations, net of tax | 0 | 0 | |||||||||
Net income | 18,894 | 17,035 | |||||||||
Consolidated capital expenditures | [1] | 11,987 | 32,084 | ||||||||
Loss from discontinued operations, net of tax | 0 | 0 | |||||||||
Crude oil and natural gas sales | 50,307 | 106,399 | |||||||||
Production expense | 16,040 | 38,239 | |||||||||
FPSO Demobilization | 0 | 0 | |||||||||
Results of Operations, Exploration Expense | 1,194 | 1,208 | |||||||||
General and administrative expense | 54 | 435 | |||||||||
Total operating costs and expenses | 30,255 | 77,401 | |||||||||
Derivative instruments loss, net | 0 | 0 | |||||||||
Interest (expense) income, net | (270) | (1,581) | |||||||||
Other (expense) income, net | 0 | 0 | |||||||||
Total other expense, net | (270) | (1,581) | |||||||||
Income from continuing operations before income taxes | 19,782 | 27,176 | |||||||||
Income from continuing operations | 18,894 | 17,035 | |||||||||
Loss from discontinued operations, net of tax | 0 | 0 | |||||||||
Net income | 18,894 | 17,035 | |||||||||
Consolidated capital expenditures | [1] | 11,987 | 32,084 | ||||||||
Other operating income (expense), net | 0 | (241) | |||||||||
Loss from discontinued operations, net of tax | 0 | 0 | |||||||||
Canada [Member] | Operating Segments [Member] | |||||||||||
Crude oil, natural gas and natural gas liquids sales | 8,687 | 27,577 | |||||||||
Production expense | 2,627 | 8,136 | |||||||||
FPSO Demobilization | 0 | 0 | |||||||||
Exploration expense | 0 | 0 | |||||||||
Depreciation, depletion and amortization | 4,948 | 13,406 | |||||||||
General and administrative expense | 0 | 0 | |||||||||
Credit losses and other | 0 | 0 | |||||||||
Total operating costs and expenses | 7,575 | 21,542 | |||||||||
Other operating income (expense), net | 0 | 0 | |||||||||
Operating income | 1,112 | 6,035 | |||||||||
Derivative instruments gain (loss), net | 0 | 0 | |||||||||
Interest expense, net | 0 | (4) | |||||||||
Other income (expense), net | 0 | 1 | |||||||||
Total other expense, net | 0 | (3) | |||||||||
Income (loss) from continuing operations before income taxes | 1,112 | 6,032 | |||||||||
Income tax (benefit) expense | 0 | 0 | |||||||||
Income (loss) from continuing operations | 1,112 | 6,032 | |||||||||
Loss from discontinued operations, net of tax | 0 | 0 | |||||||||
Net income | 1,112 | 6,032 | |||||||||
Consolidated capital expenditures | [1] | 3,870 | 16,008 | ||||||||
Loss from discontinued operations, net of tax | 0 | 0 | |||||||||
Crude oil and natural gas sales | 8,687 | 27,577 | |||||||||
Production expense | 2,627 | 8,136 | |||||||||
FPSO Demobilization | 0 | 0 | |||||||||
Results of Operations, Exploration Expense | 0 | 0 | |||||||||
General and administrative expense | 0 | 0 | |||||||||
Total operating costs and expenses | 7,575 | 21,542 | |||||||||
Derivative instruments loss, net | 0 | 0 | |||||||||
Interest (expense) income, net | 0 | (4) | |||||||||
Other (expense) income, net | 0 | 1 | |||||||||
Total other expense, net | 0 | (3) | |||||||||
Income from continuing operations before income taxes | 1,112 | 6,032 | |||||||||
Income from continuing operations | 1,112 | 6,032 | |||||||||
Loss from discontinued operations, net of tax | 0 | 0 | |||||||||
Net income | 1,112 | 6,032 | |||||||||
Consolidated capital expenditures | [1] | 3,870 | 16,008 | ||||||||
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 | 259 | 484 | 1,007 | 878 | |||||||
FPSO Demobilization | 0 | 0 | 0 | 0 | |||||||
Exploration expense | 0 | 0 | 0 | 0 | |||||||
Depreciation, depletion and amortization | 0 | 0 | 0 | 0 | |||||||
General and administrative expense | 94 | 120 | 310 | 329 | |||||||
Credit losses and other | 138 | 339 | 300 | 339 | |||||||
Total operating costs and expenses | 491 | 943 | 1,617 | 1,546 | |||||||
Other operating income (expense), net | 0 | 0 | 0 | 0 | |||||||
Operating income | (491) | (943) | (1,617) | (1,546) | |||||||
Derivative instruments gain (loss), net | 0 | 0 | 0 | 0 | |||||||
Interest expense, net | 0 | 0 | 0 | 0 | |||||||
Other income (expense), net | (3) | 1 | (4) | (1) | |||||||
Total other expense, net | (3) | 1 | (4) | (1) | |||||||
Income (loss) from continuing operations before income taxes | (494) | (942) | (1,621) | (1,547) | |||||||
Income tax (benefit) expense | 0 | 0 | 0 | 1 | |||||||
Income (loss) from continuing operations | (494) | (942) | (1,621) | (1,548) | |||||||
Loss from discontinued operations, net of tax | 0 | 0 | 0 | 0 | |||||||
Net income | (494) | (942) | (1,621) | (1,548) | |||||||
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 | 259 | 484 | 1,007 | 878 | |||||||
FPSO Demobilization | 0 | 0 | 0 | 0 | |||||||
Results of Operations, Exploration Expense | 0 | 0 | 0 | 0 | |||||||
General and administrative expense | 94 | 120 | 310 | 329 | |||||||
Total operating costs and expenses | 491 | 943 | 1,617 | 1,546 | |||||||
Derivative instruments loss, net | 0 | 0 | 0 | 0 | |||||||
Interest (expense) income, net | 0 | 0 | 0 | 0 | |||||||
Other (expense) income, net | (3) | 1 | (4) | (1) | |||||||
Total other expense, net | (3) | 1 | (4) | (1) | |||||||
Income from continuing operations before income taxes | (494) | (942) | (1,621) | (1,547) | |||||||
Income from continuing operations | (494) | (942) | (1,621) | (1,548) | |||||||
Loss from discontinued operations, net of tax | 0 | 0 | 0 | 0 | |||||||
Net income | (494) | (942) | (1,621) | (1,548) | |||||||
Consolidated capital expenditures | 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 | Sep. 30, 2023 | Dec. 31, 2022 |
Long-lived assets from continuing operations | $ 467,877 | $ 495,272 |
Total assets from continuing operations | 827,828 | 855,641 |
Operating Segments [Member] | Gabon Segment [Member] | ||
Long-lived assets from continuing operations | 186,966 | 213,204 |
Total assets from continuing operations | 353,896 | 395,393 |
Operating Segments [Member] | Egypt [Member] | ||
Long-lived assets from continuing operations | 163,639 | 168,012 |
Total assets from continuing operations | 254,673 | 293,640 |
Operating Segments [Member] | Canada [Member] | ||
Long-lived assets from continuing operations | 106,561 | 103,263 |
Total assets from continuing operations | 112,289 | 110,071 |
Operating Segments [Member] | Equatorial Guinea Segment [Member] | ||
Long-lived assets from continuing operations | 10,000 | 10,000 |
Total assets from continuing operations | 11,335 | 10,861 |
Corporate, Non-Segment [Member] | ||
Long-lived assets from continuing operations | 711 | 793 |
Total assets from continuing operations | $ 95,635 | $ 45,676 |
Note 5 - Earnings Per Share - R
Note 5 - Earnings Per Share - Reconciliation of Basic and Diluted EPS and Shares (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income (loss) from continuing operations | $ 6,141 | $ 6,894 | $ 16,378 | $ 34,194 | ||||
Income from continuing operations attributable to unvested shares | (58) | (75) | (73) | (457) | ||||
Numerator for basic | (6,083) | (6,819) | (16,305) | (33,737) | ||||
Loss from continuing operations attributable to unvested shares | (8) | 0 | (49) | 3 | ||||
Numerator for dilutive | 6,075 | 6,819 | 16,256 | 33,740 | ||||
Loss from discontinued operations, net of tax | 0 | (26) | (15) | (58) | ||||
Loss from discontinued operations attributable to unvested shares | 0 | 0 | 0 | 1 | ||||
Numerator for basic | 0 | (26) | (15) | (57) | ||||
(Income) loss from discontinued operations attributable to unvested shares | 0 | 0 | 0 | 0 | ||||
Numerator for dilutive | 0 | (26) | (15) | (57) | ||||
Net income (loss) | 6,141 | $ 6,752 | $ 3,470 | 6,868 | $ 15,104 | $ 12,164 | 16,363 | 34,136 |
Net income attributable to unvested shares | (66) | (75) | (122) | (456) | ||||
Numerator for basic | 6,075 | 6,793 | 16,241 | 33,680 | ||||
Net (income) loss attributable to unvested shares | (8) | 0 | (49) | 3 | ||||
Numerator for dilutive | $ 6,067 | $ 6,793 | $ 16,192 | $ 33,683 | ||||
Basic weighted average shares outstanding (in shares) | 106,289 | 59,068 | 106,876 | 58,900 | ||||
Effect of dilutive securities (in shares) | 144 | 382 | 196 | 435 | ||||
Diluted weighted average shares outstanding (in shares) | 106,433 | 59,450 | 107,072 | 59,335 | ||||
Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be anti-dilutive (in shares) | 530 | 388 | 336 | 195 |
Note 6 - Revenue (Details Textu
Note 6 - Revenue (Details Textual) - Foreign Tax Authority [Member] - Tax Administration of Gabon [Member] - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Accrued Income Taxes | $ 29.2 | |
Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member] | ||
Income Taxes Receivable | $ 2.8 |
Note 6 - Revenue - Revenues fro
Note 6 - Revenue - Revenues from Contracts with Customers and Other Items Not Associated with Customer Contracts (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Crude oil and natural gas sales | $ 116,269 | $ 78,097 | $ 305,912 | $ 257,738 |
Net revenues | 116,269 | 78,097 | 305,912 | 257,738 |
Crude oil, natural gas and natural gas liquids sales | 116,269 | 78,097 | 305,912 | 257,738 |
EGYPT | ||||
Royalties | (37,944) | (86,176) | ||
Crude oil and natural gas sales | 50,307 | 106,399 | ||
Gross sales | 88,748 | 193,570 | ||
Royalties | (37,944) | (86,176) | ||
Selling costs | (497) | (995) | ||
Net revenues | 50,307 | 106,399 | ||
Revenue | 88,748 | 193,570 | ||
Crude oil, natural gas and natural gas liquids sales | 50,307 | 106,399 | ||
CANADA | ||||
Royalties | (2,206) | (4,304) | ||
Crude oil and natural gas sales | 8,687 | 27,577 | ||
Royalties | (2,206) | (4,304) | ||
Net revenues | 8,687 | 27,577 | ||
Crude oil, natural gas and natural gas liquids sales | 8,687 | 27,577 | ||
Crude Oil Sales and Purchase Agreements [Member] | ||||
Sales under the COSPA or COSMA | 64,100 | 87,661 | 194,179 | 289,290 |
Revenue | 64,100 | 87,661 | 194,179 | 289,290 |
Crude Oil [Member] | CANADA | ||||
Gross sales | 7,832 | 22,811 | ||
Revenue | 7,832 | 22,811 | ||
Carried Interest Recoupment [Member] | ||||
Other items reported in revenue not associated with customer contracts | 1,378 | 2,360 | 3,590 | 5,843 |
Gas [Member] | CANADA | ||||
Gross sales | 988 | 2,649 | ||
Revenue | 988 | 2,649 | ||
Oil and Gas [Member] | ||||
Royalties | (8,203) | (11,924) | (25,833) | (37,395) |
Crude oil and natural gas sales | 57,275 | 78,097 | 171,936 | 257,738 |
Royalties | (8,203) | (11,924) | (25,833) | (37,395) |
Net revenues | 57,275 | 78,097 | 171,936 | 257,738 |
Crude oil, natural gas and natural gas liquids sales | 57,275 | $ 78,097 | 171,936 | $ 257,738 |
Natural Gas Liquids [Member] | CANADA | ||||
Sales under the COSPA or COSMA | 2,073 | 6,421 | ||
Revenue | $ 2,073 | $ 6,421 |
Note 7 - Crude Oil, Natural G_3
Note 7 - Crude Oil, Natural Gas and NGLs Properties and Equipment (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Results of Operations, Exploration Expense | $ 1,194 | $ 56 | $ 1,259 | $ 250 |
EGYPT | ||||
Results of Operations, Exploration Expense | $ 1,200 | $ 1,200 |
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 | Sep. 30, 2023 | Dec. 31, 2022 |
Gross crude oil and natural gas properties, equipment and other | $ 1,562,196 | $ 1,501,935 |
Accumulated depreciation, depletion, amortization and impairment | (1,094,319) | (1,006,663) |
Net crude oil, natural gas and NGLs properties, equipment and other | 467,877 | 495,272 |
Wells and Related Equipment and Facilities [Member] | ||
Gross crude oil and natural gas properties, equipment and other | 1,463,395 | 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 | 54,443 | 56,251 |
Other Capitalized Property Plant and Equipment [Member] | ||
Gross crude oil and natural gas properties, equipment and other | $ 44,358 | $ 38,796 |
Note 8 - Derivatives and Fair_3
Note 8 - Derivatives and Fair Value - Unexpired Barrels (Details) | 9 Months Ended |
Sep. 30, 2023 $ / bbl $ / item bbl | |
Commodity Contract, October 2023 - December 2023 [Member] | |
Barrels (Barrel of Oil) | bbl | 85,000 |
Weighted average price put price (in USD per Barrel of Oil) | $ / bbl | 65 |
Weighted average price call price (in USD per Per Share) | 90 |
Commodity Contract, January 2024 - March 2024 [Member] | |
Barrels (Barrel of Oil) | bbl | 85,000 |
Weighted average price put price (in USD per Barrel of Oil) | 65 |
Weighted average price call price (in USD per Per Share) | 97 |
Commodity Contract, April 2024 - June 2024 [Member] | |
Barrels (Barrel of Oil) | bbl | 65,000 |
Weighted average price put price (in USD per Barrel of Oil) | 65 |
Weighted average price call price (in USD per Per Share) | 100 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative instruments loss, net | $ (2,320) | $ 3,778 | $ (2,268) | $ (37,522) |
Cash Settlements Paid on Matured Derivative Contracts, Net [Member] | ||||
Derivative instruments loss, net | 1 | (9,124) | (62) | (42,683) |
Unrealized Gain (Loss) [Member] | ||||
Derivative instruments loss, net | $ (2,321) | $ 12,902 | $ (2,206) | $ 5,161 |
Note 9 - Accrued Liabilities _3
Note 9 - Accrued Liabilities and Other - Schedule of Accrued Liabilities and Other Balances (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Accrued accounts payable invoices | $ 19,029 | $ 28,360 |
Gabon DMO, PID and PIH obligations | 13,871 | 10,509 |
Capital expenditures | 16,356 | 26,618 |
Stock appreciation rights – current portion | 266 | 570 |
Accrued wages and other compensation | 3,540 | 8,161 |
ARO Obligation | 3,901 | 306 |
Egypt modernization payments | 9,742 | 9,933 |
Excess cost oil payable | 3,999 | 0 |
Other | 3,604 | 6,935 |
Total accrued liabilities and other | 76,470 | 91,392 |
Accrued Liabilities and Other [Member] | ||
Derivative liability - Collars | $ 2,162 | $ 0 |
Note 10 - Commitments and Con_3
Note 10 - Commitments and Contingencies (Details Textual) | 3 Months Ended | 9 Months Ended | |||||||||||||||
Feb. 01, 2023 USD ($) | Nov. 01, 2022 USD ($) | Aug. 20, 2022 USD ($) | Feb. 01, 2022 USD ($) | Jan. 20, 2022 USD ($) | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Feb. 01, 2026 USD ($) | Feb. 01, 2025 USD ($) | Feb. 01, 2024 USD ($) | Aug. 13, 2023 USD ($) | Dec. 31, 2022 USD ($) | Oct. 13, 2022 USD ($) | Sep. 30, 2020 | |
Abandonment Funding | $ 6,268,000 | $ 6,268,000 | $ 20,586,000 | ||||||||||||||
Payments for Abandonment Funding | $ 15,600,000 | ||||||||||||||||
Allowance for Credit Loss, Receivable, Other, Current | 3,500,000 | 3,500,000 | $ 0 | ||||||||||||||
Oil and Gas Joint Interest Billing Receivables | 49,600,000 | 49,600,000 | |||||||||||||||
Lessee, Operating And Finance Lease Liability, Payments Due | 120,300,000 | 120,300,000 | |||||||||||||||
Increase (Decrease) in Other Receivables | (694,000) | $ 2,904,000 | |||||||||||||||
Egyptian General Petroleum Corporation (EGPC) [Member] | |||||||||||||||||
Contractual Obligation, Total | 150,000,000 | $ 150,000,000 | |||||||||||||||
Development Timeframe (Year) | 5 years | ||||||||||||||||
Increase (Decrease) in Other Receivables | $ (10,000,000) | ||||||||||||||||
Minimum [Member] | Egyptian General Petroleum Corporation (EGPC) [Member] | |||||||||||||||||
Contractual Obligation, Total | 50,000,000 | $ 50,000,000 | |||||||||||||||
Parent Company [Member] | |||||||||||||||||
Contractual Obligation, Total | 27,100,000 | 27,100,000 | |||||||||||||||
Parent Company [Member] | Accrued Liabilities and Other [Member] | |||||||||||||||||
Contractual Obligation, Total | 9,700,000 | 9,700,000 | |||||||||||||||
Parent Company [Member] | Other Long-term Liabilities [Member] | |||||||||||||||||
Contractual Obligation, Total | 17,400,000 | 17,400,000 | |||||||||||||||
TransGlobe [Member] | |||||||||||||||||
Other Receivables | 50,300,000 | 50,300,000 | $ 67,500,000 | ||||||||||||||
Sogara [Member] | |||||||||||||||||
Other Receivables | 17,900,000 | 17,900,000 | |||||||||||||||
Allowance for Credit Loss, Receivable, Other, Current | 3,500,000 | 3,500,000 | |||||||||||||||
Share Buyback Program [Member] | |||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 30,000,000 | $ 30,000,000 | |||||||||||||||
Stock Repurchase Program, Period in Force (Month) | 20 months | ||||||||||||||||
Stock Repurchase Program, Monthly Authorized Amount | $ 2,000,000 | ||||||||||||||||
FPSO Charter [Member] | |||||||||||||||||
Number of Charter Extension Periods | 2 | ||||||||||||||||
Charter Day Rates | $ 150,000 | ||||||||||||||||
Other Demobilization Fees, Gross | 15,300,000 | ||||||||||||||||
Other Demobilization Fees, Net | $ 8,900,000 | 0 | $ 5,600,000 | ||||||||||||||
Estimated Abandonment Costs | 5,600,000 | 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 | 6,300,000 | |||||||||||||||
Payments for Abandonment Funding | 15,600,000 | ||||||||||||||||
Etame Marine Block [Member] | |||||||||||||||||
Abandonment Funding | $ 10,700,000 | $ 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 | ||||||||||||||||
Contractual Obligation, Total | $ 10,000,000 | ||||||||||||||||
Egyptian General Petroleum Corporation (EGPC) [Member] | Merged Concession Agreement [Member] | Forecast [Member] | |||||||||||||||||
Contractual Obligation, Total | $ 10,000,000 | $ 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 | 2 Months Ended | 3 Months Ended | ||||
Nov. 30, 2023 | Oct. 31, 2023 | Sep. 30, 2023 | Aug. 31, 2023 | Jul. 31, 2023 | Nov. 30, 2023 | Sep. 30, 2023 | |
Shares Purchased as Part of Publicly Announced Programs [Member] | |||||||
Number of Shares Purchased (in shares) | 1,403,362 | ||||||
Number of Shares Purchased (in shares) | 1,403,362 | ||||||
Shares Purchased as Part of Publicly Announced Programs [Member] | Subsequent Event [Member] | |||||||
Number of Shares Purchased (in shares) | 555,742 | ||||||
Number of Shares Purchased (in shares) | 555,742 | ||||||
Share Repurchase Program [Member] | Subsequent Event [Member] | |||||||
Number of Shares Purchased (in shares) | 555,742 | ||||||
Number of Shares Purchased (in shares) | 555,742 | ||||||
Common Stock [Member] | Shares Purchased as Part of Publicly Announced Programs [Member] | |||||||
Number of Shares Purchased (in shares) | 462,300 | 435,342 | 505,720 | ||||
Average Price Paid per Share (in dollars per share) | $ 4.31 | $ 4.61 | $ 3.96 | ||||
Stock Repurchase Program, Authorized Amount | $ 11,514,870 | $ 13,505,242 | $ 15,504,180 | $ 11,514,870 | |||
Number of Shares Purchased (in shares) | 462,300 | 435,342 | 505,720 | ||||
Average Price Paid per Share (in dollars per share) | $ 4.31 | $ 4.61 | $ 3.96 | ||||
Authorized Amount | $ 11,514,870 | $ 13,505,242 | $ 15,504,180 | $ 11,514,870 | |||
Common Stock [Member] | Shares Purchased as Part of Publicly Announced Programs [Member] | Subsequent Event [Member] | |||||||
Number of Shares Purchased (in shares) | 63,873 | 491,869 | |||||
Average Price Paid per Share (in dollars per share) | $ 4.48 | $ 4.07 | |||||
Stock Repurchase Program, Authorized Amount | $ 9,229,122 | $ 9,515,101 | $ 9,229,122 | ||||
Number of Shares Purchased (in shares) | 63,873 | 491,869 | |||||
Average Price Paid per Share (in dollars per share) | $ 4.48 | $ 4.07 | |||||
Authorized Amount | $ 9,229,122 | $ 9,515,101 | $ 9,229,122 |
Note 10 - Commitments and Con_5
Note 10 - Commitments and Contingencies - Future Maturities of Lease Liabilities (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
2023, operating leases | $ 1,257 |
2023, finance leases | 3,632 |
2024, operating leases | 2,464 |
2024, finance leases | 14,448 |
2025, operating leases | 32 |
2025, finance leases | 16,202 |
2026, operating leases | 0 |
2026, finance leases | 16,443 |
2027, operating leases | 0 |
2027, finance leases | 15,023 |
Thereafter, operating leases | 0 |
Thereafter, finance leases | 51,562 |
Total due, operating leases | 3,753 |
Total due, finance leases | 117,310 |
Less: imputed interest, operating leases | 132 |
Less: imputed interest, finance leases | 31,638 |
Total lease liabilities, operating leases | 3,621 |
Total lease liabilities, finance leases | $ 85,672 |
Note 11 - Debt (Details Textual
Note 11 - Debt (Details Textual) $ in Thousands, $ in Millions | 1 Months Ended | |||||
May 16, 2025 | May 16, 2022 USD ($) | Oct. 31, 2022 CAD ($) | Oct. 01, 2023 USD ($) | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Long-Term Debt, Total | $ 0 | $ 0 | ||||
The Facility [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000 | |||||
Line of Credit Facility, Additional Commitment in Maximum Borrowing Capacity, Yearly Decrease | $ 6,300 | |||||
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 | |||||
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% | |||||
The Facility [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member] | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 43,800 | |||||
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 - Stock-based Compens_3
Note 12 - Stock-based Compensation and Other Benefit Plans (Details Textual) - $ / shares | 1 Months Ended | 9 Months Ended |
Jun. 30, 2023 | Sep. 30, 2023 | |
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 | |
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, 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 Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 796,639 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 354,080 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 22,325 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 1,084,671 |
Note 12 - Stock-based Compens_4
Note 12 - Stock-based Compensation and Other Benefit Plans - Weighted Average Assumptions (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Weighted average exercise price - ($/share) (in dollars per share) | $ 4.19 | $ 6.41 |
Expected life in years (Year) | 6 years 4 months 24 days | 6 years |
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) (in dollars per share) | $ 2.29 | $ 2.84 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Effective Income Tax Rate Reconciliation, Percent | 63.85% | 131.40% | 63.57% | 90.30% |
Income Tax Expense (Benefit), Favorable (Unfavorable) Oil Price Adjustment | $ 5,400 | $ 8,700 | $ 8,000 | $ 4,400 |
Current Income Tax Expense (Benefit) | (1,200) | 51,500 | 24,900 | |
Current Foreign Income Tax Expense (Benefit), Net Of Oil Price Adjustment | $ 7,500 | 43,500 | $ 29,300 | |
Unrecognized Tax Benefits | $ 0 | $ 0 |
Note 13 - Income Taxes - Provis
Note 13 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Current | $ 0 | $ 0 | $ 0 | $ 0 |
Deferred | 1,220 | 461 | 2,677 | (9,408) |
Current | 26,829 | (1,165) | 51,530 | 24,928 |
Deferred | (2,205) | 23,547 | (2,004) | 48,947 |
Total | $ 25,844 | $ 22,843 | $ 52,203 | $ 64,467 |
Note 14 - Other Comprehensive_3
Note 14 - Other Comprehensive Income (Details Textual) $ in Millions | 3 Months Ended |
Sep. 30, 2023 USD ($) | |
Other Comprehensive Income (Loss), Net of Tax | $ (2.2) |
Note 14 - Other Comprehensive_4
Note 14 - Other Comprehensive Income - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | |
Balance | $ 452,006 | $ 455,175 | $ 466,105 |
Balance | 444,371 | 452,006 | 455,175 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Balance | 3,060 | 1,054 | 1,179 |
Other comprehensive income (loss) before reclassifications | (2,216) | 2,006 | (125) |
Balance | $ 844 | $ 3,060 | $ 1,054 |