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Note 5 - Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2022
Notes Tables |
Schedule of Segment Reporting Information, by Segment [Table Text Block] |
|  | Year ended December 31, 2022 |
(in thousands) |  | Gabon |  |  | Egypt |  |  | Canada |  |  | Equatorial Guinea |  |  | Corporate and Other |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Crude oil, natural gas and natural gas liquids sales |  | $ | 306,775 |  |  | $ | 37,710 |  |  | $ | 9,841 |  |  | $ | — |  |  | $ | — |  |  | $ | 354,326 |
Operating costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Production expense |  |  | 96,854 |  |  |  | 11,936 |  |  |  | 1,972 |  |  |  | 1,899 |  |  |  | — |  |  |  | 112,661 |
FPSO demobilization |  |  | 8,867 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8,867 |
Exploration expense |  |  | 258 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 258 |
Depreciation, depletion and amortization |  |  | 34,651 |  |  |  | 10,444 |  |  |  | 2,921 |  |  |  | — |  |  |  | 127 |  |  |  | 48,143 |
General and administrative expense |  |  | 3,101 |  |  |  | — |  |  |  | — |  |  |  | 538 |  |  |  | 6,438 |  |  |  | 10,077 |
Bad debt expense and other |  |  | 2,743 |  |  |  | — |  |  |  | — |  |  |  | 339 |  |  |  | — |  |  |  | 3,082 |
Total operating costs and expenses |  |  | 146,474 |  |  |  | 22,380 |  |  |  | 4,893 |  |  |  | 2,776 |  |  |  | 6,565 |  |  |  | 183,088 |
Other operating income, net |  |  | 38 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 38 |
Operating income (loss) |  |  | 160,339 |  |  |  | 15,330 |  |  |  | 4,948 |  |  |  | (2,776 | ) |  |  | (6,565 | ) |  |  | 171,276 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments gain (loss), net |  |  | — |  |  |  | — |  |  |  | 13 |  |  |  | — |  |  |  | (37,825 | ) |  |  | (37,812 | )
Interest (expense) income, net |  |  | (1,446 | ) |  |  | (596 | ) |  |  | — |  |  |  | — |  |  |  | 8 |  |  |  | (2,034 | )
Other expense, net |  |  | (1,484 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (6,564 | ) |  |  | (8,048 | )
Total other Income (expense), net |  |  | (2,930 | ) |  |  | (596 | ) |  |  | 13 |  |  |  | — |  |  |  | (44,381 | ) |  |  | (47,894 | )
Income (loss) from continuing operations before income taxes |  |  | 157,409 |  |  |  | 14,734 |  |  |  | 4,961 |  |  |  | (2,776 | ) |  |  | (50,946 | ) |  |  | 123,382 |
Income tax (benefit) expense |  |  | 68,509 |  |  |  | 6,254 |  |  |  | — |  |  |  | 1 |  |  |  | (3,344 | ) |  |  | 71,420 |
Income (loss) from continuing operations |  |  | 88,900 |  |  |  | 8,480 |  |  |  | 4,961 |  |  |  | (2,777 | ) |  |  | (47,602 | ) |  |  | 51,962 |
Loss from discontinued operations, net of tax |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (72 | ) |  |  | (72 | )
Net income (loss) |  | $ | 88,900 |  |  | $ | 8,480 |  |  | $ | 4,961 |  |  | $ | (2,777 | ) |  | $ | (47,674 | ) |  | $ | 51,890 |
Consolidated capital expenditures (1) |  | $ | 162,375 |  |  | $ | 168,012 |  |  | $ | 103,263 |  |  | $ | — |  |  | $ | 710 |  |  | $ | 434,360 |
|  | Year Ended December 31, 2021 |
(in thousands) |  | Gabon |  |  | Equatorial Guinea |  |  | Corporate and Other |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Crude oil and natural gas sales |  | $ | 199,075 |  |  | $ | — |  |  | $ | — |  |  | $ | 199,075 |
Operating costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Production expense |  |  | 80,717 |  |  |  | 532 |  |  |  | 6 |  |  |  | 81,255 |
Exploration expense |  |  | 1,579 |  |  |  | — |  |  |  | — |  |  |  | 1,579 |
Depreciation, depletion and amortization |  |  | 20,972 |  |  |  | — |  |  |  | 88 |  |  |  | 21,060 |
General and administrative expense |  |  | 1,301 |  |  |  | 321 |  |  |  | 13,144 |  |  |  | 14,766 |
Bad debt expense and other |  |  | 875 |  |  |  | - |  |  |  | — |  |  |  | 875 |
Total operating costs and expenses |  |  | 105,444 |  |  |  | 853 |  |  |  | 13,238 |  |  |  | 119,535 |
Other operating expense, net |  |  | (440 | ) |  |  | — |  |  |  | — |  |  |  | (440 | )
Operating income |  |  | 93,191 |  |  |  | (853 | ) |  |  | (13,238 | ) |  |  | 79,100 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments loss, net |  |  | — |  |  |  | — |  |  |  | (22,826 | ) |  |  | (22,826 | )
Interest income, net |  |  | — |  |  |  | — |  |  |  | 10 |  |  |  | 10 |
Other (expense) income, net |  |  | 6,925 |  |  |  | (3 | ) |  |  | (3,428 | ) |  |  | 3,494 |
Total other income (expense), net |  |  | 6,925 |  |  |  | (3 | ) |  |  | (26,244 | ) |  |  | (19,322 | )
Income (loss) from continuing operations before income taxes |  |  | 100,116 |  |  |  | (856 | ) |  |  | (39,482 | ) |  |  | 59,778 |
Income tax (benefit) expense |  |  | 12,392 |  |  |  | 1 |  |  |  | (34,549 | ) |  |  | (22,156 | )
Income (loss) from continuing operations |  |  | 87,724 |  |  |  | (857 | ) |  |  | (4,933 | ) |  |  | 81,934 |
Loss from discontinued operations, net of tax |  |  | — |  |  |  | — |  |  |  | (98 | ) |  |  | (98 | )
Net income (loss) |  | $ | 87,724 |  |  | $ | (857 | ) |  | $ | (5,031 | ) |  | $ | 81,836 |
Consolidated capital expenditures (1) |  | $ | 79,169 |  |  | $ | — |  |  | $ | 52 |  |  | $ | 79,221 |
|  | 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 |
Operating costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Production expense |  |  | 37,298 |  |  |  | 1 |  |  |  | 16 |  |  |  | 37,315 |
Exploration expense |  |  | 3,588 |  |  |  | — |  |  |  | — |  |  |  | 3,588 |
Depreciation, depletion and amortization |  |  | 9,028 |  |  |  | — |  |  |  | 354 |  |  |  | 9,382 |
Impairment of proved crude oil and natural gas properties |  |  | 30,625 |  |  |  | — |  |  |  | — |  |  |  | 30,625 |
General and administrative expense |  |  | 1,064 |  |  |  | 430 |  |  |  | 9,201 |  |  |  | 10,695 |
Bad debt expense and other |  |  | 1,165 |  |  |  | — |  |  |  | — |  |  |  | 1,165 |
Total operating costs and expenses |  |  | 82,768 |  |  |  | 431 |  |  |  | 9,571 |  |  |  | 92,770 |
Other operating expense, net |  |  | (1,669 | ) |  |  | — |  |  |  | — |  |  |  | (1,669 | )
Operating loss |  |  | (17,261 | ) |  |  | (431 | ) |  |  | (9,571 | ) |  |  | (27,263 | )
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments gain, net |  |  | — |  |  |  | — |  |  |  | 6,577 |  |  |  | 6,577 |
Interest income, net |  |  | — |  |  |  | — |  |  |  | 155 |  |  |  | 155 |
Other (expense) income, net |  |  | 194 |  |  |  | 3 |  |  |  | (68 | ) |  |  | 129 |
Total other expense, net |  |  | 194 |  |  |  | 3 |  |  |  | 6,664 |  |  |  | 6,861 |
Loss from continuing operations before income taxes |  |  | (17,067 | ) |  |  | (428 | ) |  |  | (2,907 | ) |  |  | (20,402 | )
Income tax expense |  |  | 16,204 |  |  |  | 1 |  |  |  | 11,476 |  |  |  | 27,681 |
Loss from continuing operations |  |  | (33,271 | ) |  |  | (429 | ) |  |  | (14,383 | ) |  |  | (48,083 | )
Loss from discontinued operations, net of tax |  |  | — |  |  |  | — |  |  |  | (98 | ) |  |  | (98 | )
Net loss |  | $ | (33,271 | ) |  | $ | (429 | ) |  | $ | (14,481 | ) |  | $ | (48,181 | )
Consolidated capital expenditures |  | $ | 10,503 |  |  | $ | — |  |  | $ | (9 | ) |  | $ | 10,494 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] |
(in thousands) |  | Gabon |  |  | Egypt |  |  | Canada |  |  | Equatorial Guinea |  |  | Corporate and Other |  |  | Total |
Long-lived assets from continuing operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of December 31, 2022 (1) |  | $ | 213,204 |  |  | $ | 168,012 |  |  | $ | 103,263 |  |  | $ | 10,000 |  |  | $ | 793 |  |  | $ | 495,272 |
As of December 31, 2021 (2) |  |  | 84,156 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,000 |  |  | $ | 168 |  |  | $ | 94,324 |
(in thousands) |  | Gabon |  |  | Egypt |  |  | Canada |  |  | Equatorial Guinea |  |  | Corporate and Other |  |  | Total |
Total assets from continuing operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of December 31, 2022 (1) |  | $ | 395,393 |  |  | $ | 293,640 |  |  | $ | 110,071 |  |  | $ | 10,861 |  |  | $ | 45,676 |  |  | $ | 855,641 |
As of December 31, 2021 (2) |  |  | 201,748 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,548 |  |  | $ | 50,794 |  |  | $ | 263,090 |

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