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Note 4 - Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2023
Notes Tables |
Schedule of Segment Reporting Information, by Segment [Table Text Block] |
|  | Three Months Ended March 31, 2023 |
(in thousands) |  | Gabon |  |  | Egypt |  |  | Canada |  |  | Equatorial Guinea |  |  | Corporate and Other |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Crude oil, natural gas and natural gas liquids sales |  | $ | 36,737 |  |  | $ | 34,784 |  |  | $ | 8,882 |  |  | $ | — |  |  | $ | — |  |  | $ | 80,403 |
Operating costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Production expense |  |  | 14,415 |  |  |  | 11,110 |  |  |  | 2,254 |  |  |  | 362 |  |  |  | 59 |  |  |  | 28,200 |
Exploration expense |  |  | 8 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8 |
Depreciation, depletion and amortization |  |  | 9,845 |  |  |  | 10,795 |  |  |  | 3,711 |  |  |  | — |  |  |  | 66 |  |  |  | 24,417 |
General and administrative expense |  |  | 618 |  |  |  | 179 |  |  |  | — |  |  |  | 129 |  |  |  | 4,298 |  |  |  | 5,224 |
Credit losses and other |  |  | 935 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 935 |
Total operating costs and expenses |  |  | 25,821 |  |  |  | 22,084 |  |  |  | 5,965 |  |  |  | 491 |  |  |  | 4,423 |  |  |  | 58,784 |
Operating income (loss) |  |  | 10,916 |  |  |  | 12,700 |  |  |  | 2,917 |  |  |  | (491 | ) |  |  | (4,423 | ) |  |  | 21,619 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments gain, net |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 21 |  |  |  | 21 |
Interest (expense) income, net |  |  | (1,507 | ) |  |  | (808 | ) |  |  | (4 | ) |  |  | — |  |  |  | 73 |  |  |  | (2,246 | )
Other income (expense), net |  |  | 517 |  |  |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | (1,656 | ) |  |  | (1,140 | )
Total other expense, net |  |  | (990 | ) |  |  | (808 | ) |  |  | (4 | ) |  |  | (1 | ) |  |  | (1,562 | ) |  |  | (3,365 | )
Income (loss) from continuing operations before income taxes |  |  | 9,926 |  |  |  | 11,892 |  |  |  | 2,913 |  |  |  | (492 | ) |  |  | (5,985 | ) |  |  | 18,254 |
Income tax expense |  |  | 6,578 |  |  |  | 4,992 |  |  |  | — |  |  |  | — |  |  |  | 3,201 |  |  |  | 14,771 |
Income (loss) from continuing operations |  |  | 3,348 |  |  |  | 6,900 |  |  |  | 2,913 |  |  |  | (492 | ) |  |  | (9,186 | ) |  |  | 3,483 |
Loss from discontinued operations, net of tax |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (13 | ) |  |  | (13 | )
Net income (loss) |  | $ | 3,348 |  |  | $ | 6,900 |  |  | $ | 2,913 |  |  | $ | (492 | ) |  | $ | (9,199 | ) |  | $ | 3,470 |
Consolidated capital expenditures |  | $ | 3,689 |  |  | $ | 11,571 |  |  | $ | 10,165 |  |  | $ | — |  |  | $ | — |  |  | $ | 25,425 |
|  | Three Months Ended March 31, 2022 |
(in thousands) |  | Gabon |  |  | Equatorial Guinea |  |  | Corporate and Other |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Crude oil and natural gas sales |  | $ | 68,656 |  |  | $ | — |  |  | $ | — |  |  | $ | 68,656 |
Operating costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Production expense |  |  | 18,081 |  |  |  | 219 |  |  |  | 60 |  |  |  | 18,360 |
Exploration expense |  |  | 127 |  |  |  | — |  |  |  | — |  |  |  | 127 |
Depreciation, depletion and amortization |  |  | 4,653 |  |  |  | — |  |  |  | 20 |  |  |  | 4,673 |
General and administrative expense |  |  | 593 |  |  |  | 99 |  |  |  | 4,302 |  |  |  | 4,994 |
Credit losses and other |  |  | 492 |  |  |  | — |  |  |  | — |  |  |  | 492 |
Total operating costs and expenses |  |  | 23,946 |  |  |  | 318 |  |  |  | 4,382 |  |  |  | 28,646 |
Other operating expense, net |  |  | (5 | ) |  |  | — |  |  |  | — |  |  |  | (5 | )
Operating income |  |  | 44,705 |  |  |  | (318 | ) |  |  | (4,382 | ) |  |  | 40,005 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments loss, net |  |  | — |  |  |  | — |  |  |  | (31,758 | ) |  |  | (31,758 | )
Interest (expense) income, net |  |  | (6 | ) |  |  | — |  |  |  | 3 |  |  |  | (3 | )
Other expense, net |  |  | (638 | ) |  |  | (1 | ) |  |  | (57 | ) |  |  | (696 | )
Total other expense, net |  |  | (644 | ) |  |  | (1 | ) |  |  | (31,812 | ) |  |  | (32,457 | )
Income from continuing operations before income taxes |  |  | 44,061 |  |  |  | (319 | ) |  |  | (36,194 | ) |  |  | 7,548 |
Income tax (benefit) expense |  |  | 7,858 |  |  |  | — |  |  |  | (12,486 | ) |  |  | (4,628 | )
Income (loss) from continuing operations |  |  | 36,203 |  |  |  | (319 | ) |  |  | (23,708 | ) |  |  | 12,176 |
Loss from discontinued operations, net of tax |  |  | — |  |  |  | — |  |  |  | (12 | ) |  |  | (12 | )
Net income (loss) |  | $ | 36,203 |  |  | $ | (319 | ) |  | $ | (23,720 | ) |  | $ | 12,164 |
Consolidated capital expenditures |  | $ | 31,780 |  |  | $ | — |  |  | $ | — |  |  | $ | 31,780 |
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 March 31, 2023 |  | $ | 209,127 |  |  | $ | 170,249 |  |  | $ | 109,824 |  |  | $ | 10,000 |  |  | $ | 753 |  |  | $ | 499,953 |
As of December 31, 2022 (1) |  |  | 213,204 |  |  | $ | 168,012 |  |  | $ | 103,263 |  |  | $ | 10,000 |  |  | $ | 793 |  |  | $ | 495,272 |
(in thousands) |  | Gabon |  |  | Egypt |  |  | Canada |  |  | Equatorial Guinea |  |  | Corporate and Other |  |  | Total |
Total assets from continuing operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of March 31, 2023 |  | $ | 381,009 |  |  | $ | 270,629 |  |  | $ | 116,554 |  |  | $ | 11,013 |  |  | $ | 44,778 |  |  | $ | 823,983 |
As of December 31, 2022 (1) |  |  | 395,393 |  |  | $ | 293,640 |  |  | $ | 110,071 |  |  | $ | 10,861 |  |  | $ | 45,676 |  |  | $ | 855,641 |

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