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Segment Information | 9 Months Ended
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Sep. 30, 2020
Segment Information [Abstract] |
Segment Information | 4. SEGMENT INFORMATION The Company’s operations are based in Gabon and the Company has an undeveloped block in Equatorial Guinea. Each of the Company’s two reportable operating segments is organized and managed based upon geographic location. T he Company’s Chief Executive Officer, who is the chief operating decision maker, and management 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 three and nine months ended September 30, 2020 and 2019 as well as long-lived assets and segment assets at September 30, 2020 and December 31, 2019 are as follows:
|  | Three Months Ended September 30, 2020
(in thousands) |  | Gabon |  | Equatorial Guinea |  | Corporate and Other |  | Total
Revenues-crude oil and natural gas sales |  | $ | 18,256 |  | $ | — |  | $ | — |  | $ | 18,256
Depreciation, depletion and amortization |  |  | 1,946 |  |  | — |  |  | 266 |  |  | 2,212
Operating income (loss) |  |  | 6,957 |  |  | (95) |  |  | (2,184) |  |  | 4,678
Income tax expense (benefit) |  |  | (2,464) |  |  | 1 |  |  | (296) |  |  | (2,759)
Additions to crude oil and natural gas properties and equipment – accrual |  |  | (306) |  |  | — |  |  | (9) |  |  | (315)
|  | Nine Months Ended September 30, 2020
(in thousands) |  | Gabon |  | Equatorial Guinea |  | Corporate and Other |  | Total
Revenues-crude oil and natural gas sales |  | $ | 54,619 |  | $ | — |  | $ | — |  | $ | 54,619
Depreciation, depletion and amortization |  |  | 7,790 |  |  | — |  |  | 326 |  |  | 8,116
Impairment of proved crude oil and natural gas properties |  |  | 30,625 |  |  | — |  |  | — |  |  | 30,625
Bad debt expense and other |  |  | 1,140 |  |  | — |  |  | — |  |  | 1,140
Other operating expense, net |  |  | (883) |  |  | — |  |  | — |  |  | (883)
Operating loss |  |  | (17,622) |  |  | (289) |  |  | (5,060) |  |  | (22,971)
Derivative instruments gain, net |  |  | — |  |  | — |  |  | 6,583 |  |  | 6,583
Income tax expense |  |  | 19,302 |  |  | 1 |  |  | 9,167 |  |  | 28,470
Additions to crude oil and natural gas properties and equipment – accrual |  |  | 10,305 |  |  | — |  |  | (9) |  |  | 10,296
|  | Three Months Ended September 30, 2019
(in thousands) |  | Gabon |  | Equatorial Guinea |  | Corporate and Other |  | Total
Revenues-crude oil and natural gas sales |  | $ | 17,603 |  | $ | — |  | $ | — |  | $ | 17,603
Depreciation, depletion and amortization |  |  | 1,437 |  |  | — |  |  | 72 |  |  | 1,509
Operating income (loss) |  |  | 6,048 |  |  | (54) |  |  | (4,493) |  |  | 1,501
Derivative instruments gain, net |  |  | — |  |  | — |  |  | 2,267 |  |  | 2,267
Income tax expense |  |  | 4,774 |  |  | — |  |  | 2,907 |  |  | 7,681
Additions to crude oil and natural gas properties and equipment – accrual |  |  | 6,112 |  |  | — |  |  | — |  |  | 6,112
|  | Nine Months Ended September 30, 2019
(in thousands) |  | Gabon |  | Equatorial Guinea |  | Corporate and Other |  | Total
Revenues-crude oil and natural gas sales |  | $ | 62,598 |  | $ | — |  | $ | — |  | $ | 62,598
Depreciation, depletion and amortization |  |  | 4,751 |  |  | — |  |  | 220 |  |  | 4,971
Other operating expense, net |  |  | (4,436) |  |  | — |  |  | 35 |  |  | (4,401)
Operating income (loss) |  |  | 24,541 |  |  | (370) |  |  | (10,754) |  |  | 13,417
Derivative instruments gain, net |  |  | — |  |  | — |  |  | 2,266 |  |  | 2,266
Interest income, net |  |  | 4 |  |  | — |  |  | 577 |  |  | 581
Other, net |  |  | (333) |  |  | (4) |  |  | (184) |  |  | (521)
Income tax expense |  |  | 15,134 |  |  | 12 |  |  | 4,496 |  |  | 19,642
Additions to crude oil and natural gas properties and equipment – accrual |  |  | 8,386 |  |  | (187) |  |  | 220 |  |  | 8,419
(in thousands) |  | Gabon |  | Equatorial Guinea |  | Corporate and Other |  | Total
Long-lived assets from continuing operations: |  |  |  |  |  |  |  |  |  |  |  |
As of September 30, 2020 |  | $ | 28,614 |  | $ | 10,000 |  | $ | 231 |  | $ | 38,845
As of December 31, 2019 |  | $ | 57,930 |  | $ | 10,000 |  | $ | 328 |  | $ | 68,258
(in thousands) |  | Gabon |  | Equatorial Guinea |  | Corporate and Other |  | Total
Total assets from continuing operations: |  |  |  |  |  |  |  |  |  |  |  |
As of September 30, 2020 |  | $ | 87,954 |  | $ | 10,116 |  | $ | 37,367 |  | $ | 135,437
As of December 31, 2019 |  | $ | 151,686 |  | $ | 10,087 |  | $ | 49,764 |  | $ | 211,537
Information about the Company’s most significant customers The Company currently 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”) and from February 2019 to January 2020, crude oil sales were to Mercuria Energy Trading SA (“Mercuria”). Sales of crude oil to Glencore and Mercuria were approximately 100% of total revenues for the period during the terms of their contracts. The Company signed a new contract with ExxonMobil Sales and Supply LLC (“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. During the nine months ended September 30, 2020, revenues from sales of crude oil to Mercuria and Exxon were approximately 18% and 82%, respectively, of the Company’s total revenues from customers.

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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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