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Note 4 - Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2022
Notes Tables |
Schedule of Segment Reporting Information, by Segment [Table Text Block] |
|  | Three Months Ended June 30, 2022 |
(in thousands) |  | Gabon |  |  | Equatorial Guinea |  |  | Corporate and Other |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Crude oil and natural gas sales |  | $ | 110,985 |  |  | $ | — |  |  | $ | — |  |  | $ | 110,985 |
Operating costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Production expense |  |  | 25,360 |  |  |  | 175 |  |  |  | (60 | ) |  |  | 25,475 |
Exploration expense |  |  | 67 |  |  |  | — |  |  |  | — |  |  |  | 67 |
Depreciation, depletion and amortization |  |  | 8,173 |  |  |  | — |  |  |  | 18 |  |  |  | 8,191 |
General and administrative expense |  |  | 565 |  |  |  | 110 |  |  |  | 2,859 |  |  |  | 3,534 |
Bad debt expense and other |  |  | 571 |  |  |  | — |  |  |  | — |  |  |  | 571 |
Total operating costs and expenses |  |  | 34,736 |  |  |  | 285 |  |  |  | 2,817 |  |  |  | 37,838 |
Other operating expense, net |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Operating income |  |  | 76,249 |  |  |  | (285 | ) |  |  | (2,817 | ) |  |  | 73,147 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments loss, net |  |  | — |  |  |  | — |  |  |  | (9,542 | ) |  |  | (9,542 | )
Interest (expense) income, net |  |  | (158 | ) |  |  | — |  |  |  | 40 |  |  |  | (118 | )
Other (expense) income, net |  |  | (856 | ) |  |  | (1 | ) |  |  | (1,254 | ) |  |  | (2,111 | )
Total other expense, net |  |  | (1,014 | ) |  |  | (1 | ) |  |  | (10,756 | ) |  |  | (11,771 | )
Income from continuing operations before income taxes |  |  | 75,235 |  |  |  | (286 | ) |  |  | (13,573 | ) |  |  | 61,376 |
Income tax (benefit) expense |  |  | 36,423 |  |  |  | 1 |  |  |  | 9,828 |  |  |  | 46,252 |
Income from continuing operations |  |  | 38,812 |  |  |  | (287 | ) |  |  | (23,401 | ) |  |  | 15,124 |
Loss from discontinued operations, net of tax |  |  | — |  |  |  | — |  |  |  | (20 | ) |  |  | (20 | )
Net income |  | $ | 38,812 |  |  | $ | (287 | ) |  | $ | (23,421 | ) |  | $ | 15,104 |
Consolidated capital expenditures |  | $ | 38,102 |  |  | $ | — |  |  | $ | 67 |  |  | $ | 38,169 |
|  | Six Months Ended June 30, 2022 |
(in thousands) |  | Gabon |  |  | Equatorial Guinea |  |  | Corporate and Other |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Crude oil and natural gas sales |  | $ | 179,641 |  |  | $ | — |  |  | $ | — |  |  | $ | 179,641 |
Operating costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Production expense |  |  | 43,441 |  |  |  | 394 |  |  |  | — |  |  |  | 43,835 |
Exploration expense |  |  | 194 |  |  |  | — |  |  |  | — |  |  |  | 194 |
Depreciation, depletion and amortization |  |  | 12,826 |  |  |  | — |  |  |  | 38 |  |  |  | 12,864 |
General and administrative expense |  |  | 1,158 |  |  |  | 209 |  |  |  | 7,161 |  |  |  | 8,528 |
Bad debt expense and other |  |  | 1,063 |  |  |  | — |  |  |  | — |  |  |  | 1,063 |
Total operating costs and expenses |  |  | 58,682 |  |  |  | 603 |  |  |  | 7,199 |  |  |  | 66,484 |
Other operating expense, net |  |  | (5 | ) |  |  | — |  |  |  | — |  |  |  | (5 | )
Operating income |  |  | 120,954 |  |  |  | (603 | ) |  |  | (7,199 | ) |  |  | 113,152 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments loss, net |  |  | — |  |  |  | — |  |  |  | (41,300 | ) |  |  | (41,300 | )
Interest (expense) income, net |  |  | (164 | ) |  |  | — |  |  |  | 43 |  |  |  | (121 | )
Other (expense) income, net |  |  | (1,494 | ) |  |  | (2 | ) |  |  | (1,311 | ) |  |  | (2,807 | )
Total other expense, net |  |  | (1,658 | ) |  |  | (2 | ) |  |  | (42,568 | ) |  |  | (44,228 | )
Income from continuing operations before income taxes |  |  | 119,296 |  |  |  | (605 | ) |  |  | (49,767 | ) |  |  | 68,924 |
Income tax (benefit) expense |  |  | 49,256 |  |  |  | 1 |  |  |  | (7,633 | ) |  |  | 41,624 |
Income from continuing operations |  |  | 70,040 |  |  |  | (606 | ) |  |  | (42,134 | ) |  |  | 27,300 |
Loss from discontinued operations, net of tax |  |  | — |  |  |  | — |  |  |  | (32 | ) |  |  | (32 | )
Net income |  | $ | 70,040 |  |  | $ | (606 | ) |  | $ | (42,166 | ) |  | $ | 27,268 |
Consolidated capital expenditures |  | $ | 69,882 |  |  | $ | — |  |  | $ | 67 |  |  | $ | 69,949 |
|  | Three Months Ended June 30, 2021 |
(in thousands) |  | Gabon |  |  | Equatorial Guinea |  |  | Corporate and Other |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Crude oil and natural gas sales |  | $ | 47,023 |  |  | $ | — |  |  | $ | — |  |  | $ | 47,023 |
Operating costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Production expense |  |  | 16,378 |  |  |  | 32 |  |  |  | 9 |  |  |  | 16,419 |
Exploration expense |  |  | 665 |  |  |  | — |  |  |  | — |  |  |  | 665 |
Depreciation, depletion and amortization |  |  | 5,786 |  |  |  | — |  |  |  | 24 |  |  |  | 5,810 |
General and administrative expense |  |  | 254 |  |  |  | 70 |  |  |  | 4,410 |  |  |  | 4,734 |
Bad debt expense and other |  |  | 395 |  |  |  | — |  |  |  | — |  |  |  | 395 |
Total operating costs and expenses |  |  | 23,478 |  |  |  | 102 |  |  |  | 4,443 |  |  |  | 28,023 |
Other operating expense, net |  |  | (126 | ) |  |  | — |  |  |  | — |  |  |  | (126 | )
Operating income |  |  | 23,419 |  |  |  | (102 | ) |  |  | (4,443 | ) |  |  | 18,874 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments loss, net |  |  | — |  |  |  | — |  |  |  | (9,969 | ) |  |  | (9,969 | )
Interest (expense) income, net |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 1 |
Other (expense) income, net |  |  | (156 | ) |  |  | 1 |  |  |  | (9 | ) |  |  | (164 | )
Total other expense, net |  |  | (156 | ) |  |  | 1 |  |  |  | (9,977 | ) |  |  | (10,132 | )
Income from continuing operations before income taxes |  |  | 23,263 |  |  |  | (101 | ) |  |  | (14,420 | ) |  |  | 8,742 |
Income tax (benefit) expense |  |  | 6,045 |  |  |  | — |  |  |  | (3,220 | ) |  |  | 2,825 |
Income from continuing operations |  |  | 17,218 |  |  |  | (101 | ) |  |  | (11,200 | ) |  |  | 5,917 |
Loss from discontinued operations, net of tax |  |  | — |  |  |  | — |  |  |  | (33 | ) |  |  | (33 | )
Net income |  | $ | 17,218 |  |  | $ | (101 | ) |  | $ | (11,233 | ) |  | $ | 5,884 |
Consolidated capital expenditures (1) |  | $ | 1,782 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,782 |
|  | Six Months Ended June 30, 2021 |
(in thousands) |  | Gabon |  |  | Equatorial Guinea |  |  | Corporate and Other |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Crude oil and natural gas sales |  | $ | 86,797 |  |  | $ | — |  |  | $ | — |  |  | $ | 86,797 |
Operating costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Production expense |  |  | 32,511 |  |  |  | 32 |  |  |  | 9 |  |  |  | 32,552 |
Exploration expense |  |  | 807 |  |  |  | — |  |  |  | — |  |  |  | 807 |
Depreciation, depletion and amortization |  |  | 9,907 |  |  |  | — |  |  |  | 51 |  |  |  | 9,958 |
General and administrative expense |  |  | 491 |  |  |  | 202 |  |  |  | 8,588 |  |  |  | 9,281 |
Bad debt expense and other |  |  | 496 |  |  |  | — |  |  |  | — |  |  |  | 496 |
Total operating costs and expenses |  |  | 44,212 |  |  |  | 234 |  |  |  | 8,648 |  |  |  | 53,094 |
Other operating expense, net |  |  | (133 | ) |  |  | — |  |  |  | (353 | ) |  |  | (486 | )
Operating income |  |  | 42,452 |  |  |  | (234 | ) |  |  | (9,001 | ) |  |  | 33,217 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments loss, net |  |  | — |  |  |  | — |  |  |  | (15,923 | ) |  |  | (15,923 | )
Interest (expense) income, net |  |  | — |  |  |  | — |  |  |  | 6 |  |  |  | 6 |
Other (expense) income, net |  |  | 7,172 |  |  |  | (1 | ) |  |  | (2,755 | ) |  |  | 4,416 |
Total other expense, net |  |  | 7,172 |  |  |  | (1 | ) |  |  | (18,672 | ) |  |  | (11,501 | )
Income from continuing operations before income taxes |  |  | 49,624 |  |  |  | (235 | ) |  |  | (27,673 | ) |  |  | 21,716 |
Income tax (benefit) expense |  |  | 9,479 |  |  |  | 1 |  |  |  | (3,569 | ) |  |  | 5,911 |
Income from continuing operations |  |  | 40,145 |  |  |  | (236 | ) |  |  | (24,104 | ) |  |  | 15,805 |
Loss from discontinued operations, net of tax |  |  | — |  |  |  | — |  |  |  | (52 | ) |  |  | (52 | )
Net income |  | $ | 40,145 |  |  | $ | (236 | ) |  | $ | (24,156 | ) |  | $ | 15,753 |
Consolidated capital expenditures (1) |  | $ | 4,297 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,297 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] |
(in thousands) |  | Gabon |  |  | Equatorial Guinea |  |  | Corporate and Other |  |  | Total |
Long-lived assets from continuing operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of June 30, 2022 |  | $ | 141,522 |  |  | $ | 10,000 |  |  | $ | 196 |  |  | $ | 151,718 |
As of December 31, 2021 |  | $ | 84,156 |  |  | $ | 10,000 |  |  | $ | 168 |  |  | $ | 94,324 |
(in thousands) |  | Gabon |  |  | Equatorial Guinea |  |  | Corporate and Other |  |  | Total |
Total assets from continuing operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of June 30, 2022 |  | $ | 291,730 |  |  | $ | 10,927 |  |  | $ | 66,907 |  |  | $ | 369,564 |
As of December 31, 2021 |  | $ | 201,748 |  |  | $ | 10,548 |  |  | $ | 50,794 |  |  | $ | 263,090 |

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