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Note 4 - Segment Information (Tables)

6 Months Ended

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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