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Segment Information | 12 Months Ended
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Dec. 31, 2020
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, 2020, 2019 and 2018 and long-lived assets and segment assets at December 31, 2020 and 2019 are as follows:
|  | Year Ended December 31, 2020
(in thousands) |  | Gabon |  | Equatorial Guinea |  | Corporate and Other |  | Total
Revenues-crude oil and natural gas sales |  | $ | 67,176 |  | $ | — |  | $ | — |  | $ | 67,176
Depreciation, depletion and amortization |  |  | 9,028 |  |  | — |  |  | 354 |  |  | 9,382
Impairment of proved crude oil and natural gas properties |  |  | 30,625 |  |  | — |  |  | — |  |  | 30,625
Bad debt (recovery) expense and other |  |  | 1,165 |  |  | — |  |  | — |  |  | 1,165
Other operating expense, net |  |  | (1,669) |  |  | — |  |  | — |  |  | (1,669)
Operating loss |  |  | (17,261) |  |  | (431) |  |  | (9,571) |  |  | (27,263)
Derivative instruments gain, net |  |  | — |  |  | — |  |  | 6,577 |  |  | 6,577
Interest income, net |  |  | — |  |  | — |  |  | 155 |  |  | 155
Other, net |  |  | 194 |  |  | 3 |  |  | (68) |  |  | 129
Income tax expense |  |  | 16,204 |  |  | 1 |  |  | 11,476 |  |  | 27,681
Additions to crude oil and natural gas properties and equipment – accrual |  |  | 10,503 |  |  | — |  |  | (9) |  |  | 10,494
|  | Year 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) expense and other |  |  | (341) |  |  | — |  |  | — |  |  | (341)
Other operating expense, net |  |  | (4,456) |  |  | — |  |  | 35 |  |  | (4,421)
Operating income (loss) |  |  | 35,049 |  |  | (438) |  |  | (13,418) |  |  | 21,193
Derivative instruments loss, net |  |  | — |  |  | — |  |  | (446) |  |  | (446)
Interest income, net |  |  | 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
|  | Year 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) expense and other |  |  | (77) |  |  | — |  |  | — |  |  | (77)
Other operating expense, net |  |  | 365 |  |  | — |  |  | — |  |  | 365
Operating income (loss) |  |  | 61,930 |  |  | (470) |  |  | (10,173) |  |  | 51,287
Derivative 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
(in thousands) |  | Gabon |  | Equatorial Guinea |  | Corporate and Other |  | Total
Long-lived assets from continuing operations: |  |  |  |  |  |  |  |  |  |  |  |
As of December 31, 2020 |  | $ | 26,832 |  | $ | 10,000 |  | $ | 204 |  | $ | 37,036
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 December 31, 2020 |  | $ | 101,399 |  | $ | 10,267 |  | $ | 29,566 |  | $ | 141,232
As of December 31, 2019 |  | $ | 151,686 |  | $ | 10,087 |  | $ | 49,764 |  | $ | 211,537
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”) and from February 2019 through January 2020, crude sales were to Mercuria Energy Trading SA (“Mercuria”). Sales of crude oil to Glencore and Mercuria were approximately 6% and 94%, respectively, of total revenues for the year ended December 31, 2019. The Company signed a new contract with ExxonMobil that covers sales from February 2020 through July 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 Mercuria and ExxonMobil were approximately 14% and 86%, respectively, of the Company’s total revenues from customers for the year ended December 31, 2020.

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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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