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v3.26.1

Business Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2026
Segment Reporting [Abstract] |
Schedule of Business Segment Information | Financial information for each area is presented below:
| Ghana |  | Equatorial Guinea(2) |  | Mauritania/Senegal |  | Gulf of America |  | Corporate & Other |  | Eliminations |  | Total
| (In thousands)
Three Months Ended June 30, 2026 |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues and other income: |  |  |  |  |  |  |  |  |  |  |  |  |
Oil and gas revenue | $ | 356,595 |  |  | $ | 47,161 |  |  | $ | 92,058 |  |  | $ | 111,439 |  |  | $ | — |  |  | $ | — |  |  | $ | 607,253 |
Gain on sale of assets | — |  |  | 9,421 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,421 |
Other income, net | 361 |  |  | — |  |  | — |  |  | 46 |  |  | 131 |  |  | (177) |  |  | 361 |
Total revenues and other income | 356,956 |  |  | 56,582 |  |  | 92,058 |  |  | 111,485 |  |  | 131 |  |  | (177) |  |  | 617,035 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Oil and gas production | 59,031 |  |  | 25,244 |  |  | 65,827 |  |  | 29,327 |  |  | — |  |  | — |  |  | 179,429 |
Exploration expenses | (3) |  |  | 146 |  |  | 238 |  |  | 2,653 |  |  | 163 |  |  | — |  |  | 3,197 |
General and administrative | 3,227 |  |  | 1,003 |  |  | 2,710 |  |  | 4,886 |  |  | 41,984 |  |  | (34,547) |  |  | 19,263 |
Depletion, depreciation and amortization | 54,075 |  |  | 2,611 |  |  | 35,221 |  |  | 27,740 |  |  | 854 |  |  | — |  |  | 120,501 |
Interest and other financing costs, net(1) | 10,803 |  |  | (22) |  |  | 8,379 |  |  | 1,320 |  |  | 33,220 |  |  | — |  |  | 53,700 |
Derivatives, net | — |  |  | — |  |  | — |  |  | — |  |  | (51,809) |  |  | — |  |  | (51,809) |
Other expenses, net | (21,970) |  |  | (226) |  |  | 1,352 |  |  | (4,662) |  |  | 1,417 |  |  | 34,370 |  |  | 10,281 |
Total costs and expenses | 105,163 |  |  | 28,756 |  |  | 113,727 |  |  | 61,264 |  |  | 25,829 |  |  | (177) |  |  | 334,562 |
Income (loss) before income taxes | 251,793 |  |  | 27,826 |  |  | (21,669) |  |  | 50,221 |  |  | (25,698) |  |  | — |  |  | 282,473 |
Income tax expense | 91,498 |  |  | 5,093 |  |  | 9 |  |  | 70 |  |  | 1,028 |  |  | — |  |  | 97,698 |
Net income (loss) | $ | 160,295 |  |  | $ | 22,733 |  |  | $ | (21,678) |  |  | $ | 50,151 |  |  | $ | (26,726) |  |  | $ | — |  |  | $ | 184,775 |
Consolidated capital expenditures | $ | 70,494 |  |  | $ | 2,090 |  |  | $ | 3,216 |  |  | $ | 28,382 |  |  | $ | 870 |  |  | $ | — |  |  | $ | 105,052 |
| Ghana |  | Equatorial Guinea(2) |  | Mauritania/Senegal |  | Gulf of America |  | Corporate & Other |  | Eliminations |  | Total
| (In thousands)
Six months ended June 30, 2026 |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues and other income: |  |  |  |  |  |  |  |  |  |  |  |  |
Oil and gas revenue | $ | 557,859 |  |  | $ | 69,556 |  |  | $ | 144,325 |  |  | $ | 206,241 |  |  | $ | — |  |  | $ | — |  |  | $ | 977,981 |
Gain on sale of assets | — |  |  | 9,421 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,421 |
Other income, net | 530 |  |  | — |  |  | — |  |  | 103 |  |  | 291,492 |  |  | (291,595) |  |  | 530 |
Total revenues and other income | 558,389 |  |  | 78,977 |  |  | 144,325 |  |  | 206,344 |  |  | 291,492 |  |  | (291,595) |  |  | 987,932 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Oil and gas production | 87,455 |  |  | 40,097 |  |  | 121,168 |  |  | 61,304 |  |  | — |  |  | — |  |  | 310,024 |
Exploration expenses | — |  |  | 1,260 |  |  | 574 |  |  | 6,667 |  |  | 14,440 |  |  | — |  |  | 22,941 |
General and administrative | 7,167 |  |  | 2,468 |  |  | 5,420 |  |  | 10,690 |  |  | 95,198 |  |  | (73,970) |  |  | 46,973 |
Depletion, depreciation and amortization | 107,592 |  |  | 6,732 |  |  | 66,017 |  |  | 59,026 |  |  | 1,007 |  |  | — |  |  | 240,374 |
Interest and other financing costs, net(1) | 22,566 |  |  | (57) |  |  | 13,960 |  |  | 3,694 |  |  | 72,339 |  |  | — |  |  | 112,502 |
Derivatives, net | — |  |  | — |  |  | — |  |  | — |  |  | 200,187 |  |  | — |  |  | 200,187 |
Other expenses, net | 132,978 |  |  | 67,842 |  |  | 2,077 |  |  | 25,829 |  |  | 2,444 |  |  | (217,625) |  |  | 13,545 |
Total costs and expenses | 357,758 |  |  | 118,342 |  |  | 209,216 |  |  | 167,210 |  |  | 385,615 |  |  | (291,595) |  |  | 946,546 |
Income (loss) before income taxes | 200,631 |  |  | (39,365) |  |  | (64,891) |  |  | 39,134 |  |  | (94,123) |  |  | — |  |  | 41,386 |
Income tax expense (benefit) | 73,950 |  |  | 5,743 |  |  | 9 |  |  | 71 |  |  | 2,412 |  |  | — |  |  | 82,185 |
Net income (loss) | $ | 126,681 |  |  | $ | (45,108) |  |  | $ | (64,900) |  |  | $ | 39,063 |  |  | $ | (96,535) |  |  | $ | — |  |  | $ | (40,799) |
Consolidated capital expenditures, net | $ | 140,105 |  |  | $ | 2,599 |  |  | $ | 5,266 |  |  | $ | 46,907 |  |  | $ | 1,655 |  |  | $ | — |  |  | $ | 196,532 |
As of June 30, 2026 |  |  |  |  |  |  |  |  |  |  |  |  |
Property and equipment, net | $ | 1,001,641 |  |  | $ | 13,999 |  |  | $ | 1,846,885 |  |  | $ | 487,042 |  |  | $ | 1,959 |  |  | $ | — |  |  | $ | 3,351,526 |
Total assets | $ | 3,429,540 |  |  | $ | 132,939 |  |  | $ | 6,326,648 |  |  | $ | 3,884,596 |  |  | $ | 29,688,971 |  |  | $ | (39,152,547) |  |  | $ | 4,310,147 |
______________________________________ (1)Interest expense is recorded based on actual third-party and intercompany debt agreements. Capitalized interest is recorded on the business unit where the assets reside. (2)In June 2026, the Company completed the disposition of its interests in the Ceiba Field and Okume Complex production assets located in Block G offshore Equatorial Guinea. The operating results of the Equatorial Guinea segment are included in the Company's consolidated results through the date of sale in June 2026. The disposition did not qualify for discontinued operations presentation. See Note 3 - Acquisitions and Divestitures for additional information.
| Ghana |  | Equatorial Guinea(2) |  | Mauritania/Senegal |  | Gulf of America |  | Corporate & Other |  | Eliminations |  | Total
| (In thousands)
Three months ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues and other income: |  |  |  |  |  |  |  |  |  |  |  |  |
Oil and gas revenue | $ | 204,706 |  |  | $ | 64,590 |  |  | $ | 20,239 |  |  | $ | 103,100 |  |  | $ | — |  |  | $ | — |  |  | $ | 392,635 |
Gain on sale of assets | — |  |  | — |  |  | — |  |  | 600 |  |  | — |  |  | — |  |  | 600 |
Other income, net | 246 |  |  | — |  |  | — |  |  | 219 |  |  | 13,880 |  |  | (14,062) |  |  | 283 |
Total revenues and other income | 204,952 |  |  | 64,590 |  |  | 20,239 |  |  | 103,919 |  |  | 13,880 |  |  | (14,062) |  |  | 393,518 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Oil and gas production | 95,357 |  |  | 39,957 |  |  | 69,141 |  |  | 38,663 |  |  | — |  |  | — |  |  | 243,118 |
Exploration expenses | 24 |  |  | (892) |  |  | 2,119 |  |  | 2,649 |  |  | 169 |  |  | — |  |  | 4,069 |
General and administrative | 2,904 |  |  | 1,150 |  |  | 2,575 |  |  | 3,269 |  |  | 44,804 |  |  | (35,628) |  |  | 19,074 |
Depletion, depreciation and amortization | 43,624 |  |  | 27,468 |  |  | 12,677 |  |  | 67,364 |  |  | 135 |  |  | — |  |  | 151,268 |
Interest and other financing costs, net(1) | 13,242 |  |  | (62) |  |  | 5,416 |  |  | (2,141) |  |  | 38,379 |  |  | — |  |  | 54,834 |
Derivatives, net | — |  |  | — |  |  | — |  |  | — |  |  | (21,566) |  |  | — |  |  | (21,566) |
Other expenses, net | (11,084) |  |  | (6,842) |  |  | 433 |  |  | 1,915 |  |  | 493 |  |  | 21,566 |  |  | 6,481 |
Total costs and expenses | 144,067 |  |  | 60,779 |  |  | 92,361 |  |  | 111,719 |  |  | 62,414 |  |  | (14,062) |  |  | 457,278 |
Income (loss) before income taxes | 60,885 |  |  | 3,811 |  |  | (72,122) |  |  | (7,800) |  |  | (48,534) |  |  | — |  |  | (63,760) |
Income tax expense (benefit) | 21,993 |  |  | 1,493 |  |  | — |  |  | 97 |  |  | 397 |  |  | — |  |  | 23,980 |
Net income (loss) | $ | 38,892 |  |  | $ | 2,318 |  |  | $ | (72,122) |  |  | $ | (7,897) |  |  | $ | (48,931) |  |  | $ | — |  |  | $ | (87,740) |
Consolidated capital expenditures, net | $ | 37,738 |  |  | $ | 3,914 |  |  | $ | 13,105 |  |  | $ | 31,181 |  |  | $ | 169 |  |  | $ | — |  |  | $ | 86,107 |
| Ghana |  | Equatorial Guinea(2) |  | Mauritania/Senegal |  | Gulf of America |  | Corporate & Other |  | Eliminations |  | Total
| (In thousands)
Six months ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues and other income: |  |  |  |  |  |  |  |  |  |  |  |  |
Oil and gas revenue | $ | 355,959 |  |  | $ | 98,997 |  |  | $ | 22,936 |  |  | $ | 204,878 |  |  | $ | — |  |  | $ | — |  |  | $ | 682,770 |
Gain on sale of assets | — |  |  | — |  |  | — |  |  | 600 |  |  | — |  |  | — |  |  | 600 |
Other income, net | 498 |  |  | — |  |  | — |  |  | 708 |  |  | 60,671 |  |  | (61,298) |  |  | 579 |
Total revenues and other income | 356,457 |  |  | 98,997 |  |  | 22,936 |  |  | 206,186 |  |  | 60,671 |  |  | (61,298) |  |  | 683,949 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Oil and gas production | 136,668 |  |  | 56,935 |  |  | 127,242 |  |  | 89,581 |  |  | — |  |  | — |  |  | 410,426 |
Exploration expenses | 70 |  |  | 1,469 |  |  | 3,737 |  |  | 7,145 |  |  | 1,317 |  |  | — |  |  | 13,738 |
General and administrative | 6,189 |  |  | 2,970 |  |  | 5,103 |  |  | 8,453 |  |  | 98,746 |  |  | (76,132) |  |  | 45,329 |
Depletion, depreciation and amortization | 88,440 |  |  | 42,568 |  |  | 15,595 |  |  | 125,039 |  |  | 293 |  |  | — |  |  | 271,935 |
Interest and other financing costs, net(1) | 24,384 |  |  | (129) |  |  | 4,402 |  |  | (4,161) |  |  | 82,180 |  |  | — |  |  | 106,676 |
Derivatives, net | — |  |  | — |  |  | — |  |  | — |  |  | (14,834) |  |  | — |  |  | (14,834) |
Other expenses, net | (5,888) |  |  | (5,317) |  |  | 1,147 |  |  | 3,262 |  |  | 432 |  |  | 14,834 |  |  | 8,470 |
Total costs and expenses | 249,863 |  |  | 98,496 |  |  | 157,226 |  |  | 229,319 |  |  | 168,134 |  |  | (61,298) |  |  | 841,740 |
Income (loss) before income taxes | 106,594 |  |  | 501 |  |  | (134,290) |  |  | (23,133) |  |  | (107,463) |  |  | — |  |  | (157,791) |
Income tax expense (benefit) | 38,669 |  |  | 892 |  |  | — |  |  | (14) |  |  | 1,008 |  |  | — |  |  | 40,555 |
Net income (loss) | $ | 67,925 |  |  | $ | (391) |  |  | $ | (134,290) |  |  | $ | (23,119) |  |  | $ | (108,471) |  |  | $ | — |  |  | $ | (198,346) |
Consolidated capital expenditures, net | $ | 56,696 |  |  | $ | 2,557 |  |  | $ | 62,118 |  |  | $ | 49,513 |  |  | $ | 1,411 |  |  | $ | — |  |  | $ | 172,295 |
As of June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
Property and equipment, net | $ | 961,336 |  |  | $ | 446,405 |  |  | $ | 2,106,488 |  |  | $ | 827,437 |  |  | $ | 16,146 |  |  | $ | — |  |  | $ | 4,357,812 |
Total assets | $ | 3,644,403 |  |  | $ | 2,458,795 |  |  | $ | 3,352,428 |  |  | $ | 4,112,600 |  |  | $ | 25,932,829 |  |  | $ | (34,288,049) |  |  | $ | 5,213,006 |
______________________________________ (1)Interest expense is recorded based on actual third-party and intercompany debt agreements. Capitalized interest is recorded on the business unit where the assets reside. (2)In June 2026, the Company completed the disposition of its interests in the Ceiba Field and Okume Complex production assets located in Block G offshore Equatorial Guinea. The disposition did not qualify for discontinued operations presentation. See Note 3 - Acquisitions and Divestitures for additional information.
| Six Months Ended June 30, |
| 2026 |  | 2025 |
| (In thousands) |
Consolidated capital expenditures: |  |  |  |
Consolidated Statements of Cash Flows - Investing activities: |  |  |  |
Oil and gas assets | $ | 163,477 |  |  | $ | 172,766 |  |
Consolidated Statement of Cash Flows - Financing activities: |  |  |  |
Financing lease | 14,951 |  |  | — |  |
Adjustments: |  |  |  |
Changes in capital accruals | 5,473 |  |  | (5,910) |  |
Exploration expense, excluding unsuccessful well costs and leasehold impairments(1) | 8,982 |  |  | 13,577 |  |
Capitalized interest | (4,096) |  |  | (8,510) |  |
Other | 7,745 |  |  | 372 |  |
Total consolidated capital expenditures, net | $ | 196,532 |  |  | $ | 172,295 |  |
______________________________________ (1)Costs related to unsuccessful exploratory wells and leaseholds that are subsequently written off to Exploration expense are included in oil and gas assets when incurred.

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