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Segment Information | 12 Months Ended
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Dec. 31, 2019
Segment Information [Abstract] |
Segment Information | 5. SEGMENT INFORMATION The Company’s operations are based in Gabon and Equatorial Guinea. Each of the two 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 m anagement 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 allocated to the reportable operating segments. Segment activity of continuing operations for the years ended December 31, 2019, 2018 and 2017 and long-lived assets and segment assets at December 31, 2019 and 2018 are as follows:
|  | Years Ended December 31, 2019
(in thousands) |  | Gabon |  | Equatorial Guinea |  | Corporate and Other |  | Total
Revenues-crude oil and natural gas sales |  | $ | 84,521 |  | $ | — |  | $ | — |  | $ | 84,521
Depreciation, depletion and amortization |  |  | 6,825 |  |  | — |  |  | 258 |  |  | 7,083
Gain on revision of asset retirement obligations |  |  | (379) |  |  | — |  |  | — |  |  | (379)
Bad debt recovery and other |  |  | (341) |  |  | — |  |  | — |  |  | (341)
Other operating income (expense), net |  |  | (4,456) |  |  | — |  |  | 35 |  |  | (4,421)
Operating income (loss) |  |  | 35,049 |  |  | (438) |  |  | (13,418) |  |  | 21,193
Derivatives instruments loss, net |  |  | — |  |  | — |  |  | (446) |  |  | (446)
Interest income |  |  | 5 |  |  | — |  |  | 728 |  |  | 733
Other, net |  |  | (230) |  |  | (3) |  |  | (205) |  |  | (438)
Income tax expense |  |  | 20,311 |  |  | 12 |  |  | 3,567 |  |  | 23,890
Additions to crude oil and natural gas properties and equipment – accrual |  |  | 22,116 |  |  | — |  |  | 57 |  |  | 22,173
|  | Years Ended December 31, 2018
(in thousands) |  | Gabon |  | Equatorial Guinea |  | Corporate and Other |  | Total
Revenues-crude oil and natural gas sales |  | $ | 104,938 |  | $ | — |  | $ | 5 |  | $ | 104,943
Depreciation, depletion and amortization |  |  | 5,176 |  |  | — |  |  | 420 |  |  | 5,596
Gain on revision of asset retirement obligations |  |  | (3,325) |  |  | — |  |  | — |  |  | (3,325)
Bad debt recovery and other |  |  | (77) |  |  | — |  |  | — |  |  | (77)
Other operating income, net |  |  | 365 |  |  | — |  |  | — |  |  | 365
Operating income (loss) |  |  | 61,930 |  |  | (470) |  |  | (10,173) |  |  | 51,287
Derivatives instruments gain, net |  |  | — |  |  | — |  |  | 4,264 |  |  | 4,264
Interest income (expense), net |  |  | (396) |  |  | — |  |  | 251 |  |  | (145)
Other, net |  |  | 92 |  |  | (4) |  |  | (20) |  |  | 68
Income tax benefit |  |  | (26,670) |  |  | — |  |  | (16,584) |  |  | (43,254)
Additions to crude oil and natural gas properties and equipment – accrual |  |  | 38,430 |  |  | 187 |  |  | 17 |  |  | 38,634
|  | Years Ended December 31, 2017
(in thousands) |  | Gabon |  | Equatorial Guinea |  | Corporate and Other |  | Total
Revenues-crude oil and natural gas sales |  | $ | 76,978 |  | $ | — |  | $ | 47 |  | $ | 77,025
Depreciation, depletion and amortization |  |  | 6,196 |  |  | — |  |  | 261 |  |  | 6,457
Bad debt expense and other |  |  | 452 |  |  | — |  |  | — |  |  | 452
Other operating expense, net |  |  | (84) |  |  | — |  |  | — |  |  | (84)
Operating income (loss) |  |  | 28,488 |  |  | (122) |  |  | (8,415) |  |  | 19,951
Derivatives instruments loss, net |  |  | — |  |  | — |  |  | (1,032) |  |  | (1,032)
Interest expense, net |  |  | (1,414) |  |  | — |  |  | — |  |  | (1,414)
Other, net |  |  | 3,142 |  |  | 15 |  |  | (12) |  |  | 3,145
Income tax expense |  |  | 11,638 |  |  | — |  |  | (1,260) |  |  | 10,378
Additions to crude oil and natural gas properties and equipment – accrual |  |  | 1,576 |  |  | — |  |  | 126 |  |  | 1,702
(in thousands) |  | Gabon |  | Equatorial Guinea |  | Corporate and Other |  | Total
Long-lived assets from continuing operations: |  |  |  |  |  |  |  |  |  |  |  |
As of December 31, 2019 |  | $ | 57,930 |  | $ | 10,000 |  | $ | 328 |  | $ | 68,258
As of December 31, 2018 |  | $ | 42,195 |  | $ | 10,187 |  | $ | 342 |  |  | 52,724
(in thousands) |  | Gabon |  | Equatorial Guinea |  | Corporate and Other |  | Total
Total assets from continuing operations: |  |  |  |  |  |  |  |  |  |  |  |
As of December 31, 2019 |  | $ | 151,686 |  | $ | 10,087 |  | $ | 49,764 |  | $ | 211,537
As of December 31, 2018 |  | $ | 103,401 |  | $ | 10,320 |  | $ | 49,301 |  |  | 163,022
Information about the Company’s most significant customers The Company sells crude oil production from Gabon under term contracts with pricing based upon an average of Dated Brent in the month of lifting, adjusted for location and market factors. From August 2015 through January 2019, the Company sold its crude oil to Glencore Energy UK Ltd. (“Glencore”). The Company signed a new contract with Mercuria Energy Trading SA (“Mercuria”) that covers sales from February 2019 through January 2020 with pricing based upon an average of Dated Brent in the month of lifting, adjusted for location and market factors. The Company signed a new contract with ExxonMobil Corporation (“Exxon”) that covers sales from February 2020 through January 2021 with pricing based upon an average of Dated Brent in the month of lifting, adjusted for location and market factors. Sales of crude oil to Glencore and Mercuria were approximately 6% and 94%, respectively, of total revenues for the period during the terms of their contracts.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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