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Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
We evaluate our estimated annual effective income tax rate each quarter, based on current and forecasted business results and enacted tax laws, and apply this tax rate to our ordinary income or loss to calculate our estimated tax expense or benefit. The Company excludes zero statutory tax rate and tax-exempt jurisdictions from our evaluation of the estimated annual effective income tax rate. The tax effect of discrete items are recognized in the period in which they occur at the applicable statutory tax rate.

Income before income taxes is composed of the following:
 
 Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
 (In thousands)
United States$(81,858)$(35,934)$(186,319)$(110,976)
Foreign(24,614)142,486 (77,944)494,621 
Income before income taxes$(106,472)$106,552 $(264,263)$383,645 
 
For the three months ended, September 30, 2025 and 2024, our effective tax rate was (17)% and 58%, respectively. For the nine months ended September 30, 2025 and 2024, our effective tax rate was (22)% and 49%, respectively. For the three and nine months ended September 30, 2025 and 2024, our overall effective tax rates were impacted by:

•The difference in our 21% U.S. income tax reporting rate and the statutory income tax rates applicable to our foreign operations, primarily in Ghana and Equatorial Guinea,
•Jurisdictions that have a 0% statutory tax rate or that are tax exempt,
•Jurisdictions where we have incurred losses and have recorded valuation allowances against the corresponding deferred tax assets, and
•Other non-deductible expenses.

In July 2025, new U.S tax legislation was signed into law in the United States known as the "One Big Beautiful Bill Act" or "OBBBA". The legislation includes a broad range of U.S. corporate tax reform provisions affecting businesses across numerous industries. The necessary adjustments have been reflected for the nine months ended September 30, 2025. Based on our evaluation, we have determined that the impact of OBBBA is not material to the Company’s financial position or results.