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Note 1 - Organization and Accounting Policies | 3 Months Ended
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Mar. 31, 2024
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 NGLs properties. As operator, the Company has production operations and conducts exploration activities in Gabon and Canada and hold interests in two production sharing contracts ("PSCs") in Egypt and holds a non-operator interest in Cote d’Ivoire. The Company has opportunities to participate in development and exploration activities in Equatorial Guinea, West Africa. 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 necessarily indicative of results expected for the full year. These condensed consolidated financial statements have been prepared in accordance with rules of the Securities and Exchange Commission (“SEC”) and do not include all the information and disclosures required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. They should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, which includes a summary of the significant accounting policies. Reclassification – Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. An adjustment has been made to the Condensed Consolidated Balance Sheet, Condensed Consolidated Statements of Operations and Comprehensive Income and Condensed Consolidated Statements of Cash Flows for fiscal year ended December 31, 2023, in the amounts of $673 thousand, $15 thousand, and $15 thousand, respectively, to reclassify the discontinued operations account balances and transactions. Allowance for credit losses and other – 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 be collected. The following table provides an analysis of the change of the aggregate credit loss allowance and other allowances.
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
|  | (in thousands) |
Allowance for credit losses and other |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | (6,029 | ) |  | $ | (8,704 | )
Credit loss charges and other, net of receipts |  |  | (1,812 | ) |  |  | (935 | )
Cumulative effect of adjustment upon adoption of ASU 2016-13 on January 1, 2023 |  |  | — |  |  |  | (3,120 | )
Foreign currency gain (loss) |  |  | 12 |  |  |  | (73 | )
Balance at end of period |  | $ | (7,829 | ) |  | $ | (12,832 | )
Fair value of financial instruments
|  |  | As of March 31, 2024 |
| Balance Sheet Line |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  |  | (in thousands) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative asset | Prepayments and other |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
|  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liability | Accrued liabilities and other |  | $ | — |  |  | $ | 420 |  |  | $ | — |  |  | $ | 420 |
|  |  | $ | — |  |  | $ | 420 |  |  | $ | — |  |  | $ | 420 |
` |  |  |  | As of December 31, 2023 |
|  | Balance Sheet Line |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  |  |  | (in thousands) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative asset |  | Prepayments and other |  | $ | — |  |  | $ | 403 |  |  | $ | — |  |  | $ | 403 |
|  |  | $ | — |  |  | $ | 403 |  |  | $ | — |  |  | $ | 403 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SARs liability |  | Accrued liabilities and other |  | $ | — |  |  | $ | 163 |  |  | $ | — |  |  | $ | 163 |
|  |  | $ | — |  |  | $ | 163 |  |  | $ | — |  |  | $ | 163 |

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- Definition The entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 235 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/235/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 275 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/275/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/810/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205/tableOfContent + Details
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