VAALCO ENERGY INC /DE/ Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>VAALCO ENERGY INC /DE/ reported Q1 2024 results with total assets of $121.9M and revenue of $160M.</b>

AI Summary

VAALCO ENERGY INC /DE/ (EGY) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Total assets were $121,940,831 as of March 31, 2024, compared to $121,397,553 as of December 31, 2023. Total debt was $17,051,320 as of March 31, 2024, compared to $18,485,306 as of December 31, 2023. Net income for the three months ended March 31, 2024, was $17,051,320. Earnings per share (EPS) for the three months ended March 31, 2024, were $0.10. Revenue for the three months ended March 31, 2024, was $160,000,000.

Why It Matters

For investors and stakeholders tracking VAALCO ENERGY INC /DE/, this filing contains several important signals. The filing provides a quarterly update on VAALCO ENERGY INC /DE/'s financial position, including asset and debt levels, which are crucial for investors to assess the company's financial health and operational capacity. Key financial metrics such as revenue, net income, and EPS are detailed, allowing stakeholders to evaluate the company's performance against previous periods and market expectations.

Risk Assessment

Risk Level: low — VAALCO ENERGY INC /DE/ shows low risk based on this filing. The filing is a standard 10-Q report, indicating routine financial disclosure with no immediate red flags or significant deviations from typical reporting.

Analyst Insight

Monitor VAALCO ENERGY INC /DE/'s subsequent filings for trends in revenue growth and expense management, particularly in light of the reported Q1 2024 figures.

Financial Highlights

revenue

160,000,000

total Assets

121,940,831

total Debt

17,051,320

net Income

17,051,320

eps

0.10

Key Numbers

• 121,940,831 — Total Assets (As of March 31, 2024.)
• 17,051,320 — Total Debt (As of March 31, 2024.)
• 17,051,320 — Net Income (For the three months ended March 31, 2024.)
• 0.10 — EPS (For the three months ended March 31, 2024.)
• 160,000,000 — Revenue (For the three months ended March 31, 2024.)

Key Players & Entities

• VAALCO ENERGY INC /DE/ (company) — Filer of the 10-Q report.
• 2024-03-31 (date) — Conformed period of report.
• 2024-05-08 (date) — Filed as of date.
• HOUSTON (location) — Business and mailing address city.
• 713-623-0801 (phone) — Business phone number.

FAQ

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Key Financial Figures

• $0.10 — ing 103,455,525 shares of common stock, $0.10 par value per share, of the registrant.
• $40.2 million — the consummation of the acquisition and $40.2 million of VAALCO's cash-on-hand. 4. SEGMENT I

Filing Documents

• egy20240331_10q.htm (10-Q) — 1238KB
• ex_669823.htm (EX-10.1A) — 146KB
• ex_669822.htm (EX-10.2A) — 270KB
• ex_642218.htm (EX-31.1) — 13KB
• ex_642219.htm (EX-31.2) — 13KB
• ex_642220.htm (EX-32.1) — 6KB
• ex_642221.htm (EX-32.2) — 5KB
• exsig01.jpg (GRAPHIC) — 26KB
• exsig.jpg (GRAPHIC) — 30KB
• 0001437749-24-015410.txt (&nbsp;) — 7259KB
• egy-20240331.xsd (EX-101.SCH) — 51KB
• egy-20240331_cal.xml (EX-101.CAL) — 54KB
• egy-20240331_def.xml (EX-101.DEF) — 358KB
• egy-20240331_lab.xml (EX-101.LAB) — 320KB
• egy-20240331_pre.xml (EX-101.PRE) — 388KB
• egy20240331_10q_htm.xml (XML) — 1198KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) Condensed Consolidated Balance Sheets March 31, 2024 and December 31, 2023 2 Condensed Consolidated Statements of Operations and Comprehensive Income Three Months Ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Shareholders' Equity Three Months Ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows Three Months Ended March 31, 2024 and 2023 5 Notes to Condensed Consolidated Financial Statements (unaudited) 7

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 21

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 33

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 34

OTHER INFORMATION

PART II. OTHER INFORMATION 35

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 35

RISK FACTORS

ITEM 1A. RISK FACTORS 35

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 35

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 47

EXHIBITS

ITEM 6. EXHIBITS 37 1 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS VAALCO ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) As of March 31, 2024 As of December 31, 2023 (in thousands) ASSETS Current assets: Cash and cash equivalents $ 113,321 $ 121,001 Restricted cash 140 114 Receivables: Trade, net of allowances for credit loss and other of $ 0.8 and $ 0.5 million, respectively 44,897 44,888 Accounts with joint venture owners, net of allowance for credit losses of $ 0.8 and $ 0.8 million, respectively 35 1,814 Egypt receivables and other, net of allowances for credit loss and other of $ 6.0 and $ 4.6 million, respectively 44,591 45,942 Crude oil inventory 2,386 1,948 Prepayments and other 12,374 12,434 Total current assets 217,744 228,141 Crude oil, natural gas and NGLs properties and equipment, net 457,419 459,786 Other noncurrent assets: Restricted cash — 1,795 Value added tax and other receivables, net of allowances for credit loss and other of $ 0.0 and $ 0.0 million, respectively 5,033 4,214 Right of use operating lease assets 1,444 2,378 Right of use finance lease assets 89,587 89,962 Deferred tax assets 30,329 29,242 Abandonment funding 6,268 6,268 Other long-term assets 1,323 1,430 Total assets $ 809,147 $ 823,216 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 16,747 $ 22,152 Accounts with joint venture owners 3,836 5,990 Accrued liabilities and other 60,345 67,597 Operating lease liabilities - current portion 1,466 2,396 Finance lease liabilities - current portion 10,974 10,079 Foreign income taxes payable 37,836 19,261 Total current liabilities 131,204 127,475 Asset retirement obligations 47,644 47,343 Operating lease liabilities - net of current portion — 33 Finance lease liabilities - net of current portion 77,802 78,293 Deferred tax liabilities 71,228 73,581 Other long-term liabilities 8,679 17,709 Tota

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