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Note 5 - Segment Information | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | 5. SEGMENT INFORMATION The Company’s operations are based in Gabon, Egypt, Canada and Equatorial Guinea. Each of the reportable operating segments are organized and managed based upon geographic location. The Company’s Chief Executive Officer, who is the chief operating decision maker evaluates 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. No transactions occurred between segments. Segment activity of continuing operations for the years ended December 31, 2023, 2022 and 2021 and long-lived assets and segment assets at December 31, 2023 and 2022 are as follows:
|  | Year ended December 31, 2023 |
(in thousands) |  | Gabon |  |  | Egypt |  |  | Canada |  |  | Equatorial Guinea |  |  | Corporate and Other |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Crude oil, natural gas and natural gas liquids sales |  | $ | 260,346 |  |  | $ | 161,049 |  |  | $ | 33,671 |  |  | $ | — |  |  | $ | — |  |  | $ | 455,066 |
Operating costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Production expense |  |  | 87,131 |  |  |  | 54,779 |  |  |  | 9,463 |  |  |  | 1,481 |  |  |  | 303 |  |  |  | 153,157 |
FPSO demobilization and other costs |  |  | 7,484 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,484 |
Exploration expense |  |  | 51 |  |  |  | 1,914 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,965 |
Depreciation, depletion and amortization |  |  | 62,622 |  |  |  | 35,095 |  |  |  | 17,398 |  |  |  | — |  |  |  | 187 |  |  |  | 115,302 |
General and administrative expense |  |  | 1,769 |  |  |  | 974 |  |  |  | — |  |  |  | 416 |  |  |  | 20,681 |  |  |  | 23,840 |
Credit (recovery) losses and other |  |  | (10,596 | ) |  |  | 5,182 |  |  |  | — |  |  |  | 508 |  |  |  | — |  |  |  | (4,906 | )
Total operating costs and expenses |  |  | 148,461 |  |  |  | 97,944 |  |  |  | 26,861 |  |  |  | 2,405 |  |  |  | 21,171 |  |  |  | 296,842 |
Other operating income (expense), net |  |  | (55 | ) |  |  | (241 | ) |  |  | 729 |  |  |  | — |  |  |  | — |  |  |  | 433 |
Operating income (loss) |  |  | 111,830 |  |  |  | 62,864 |  |  |  | 7,539 |  |  |  | (2,405 | ) |  |  | (21,171 | ) |  |  | 158,657 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments gain (loss), net |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 232 |  |  |  | 232 |
Interest (expense) income, net |  |  | (5,563 | ) |  |  | (2,110 | ) |  |  | (4 | ) |  |  | — |  |  |  | 1,225 |  |  |  | (6,452 | )
Other income (expense), net |  |  | (820 | ) |  |  | — |  |  |  | 2 |  |  |  | (6 | ) |  |  | (1,467 | ) |  |  | (2,291 | )
Total other income (expense), net |  |  | (6,383 | ) |  |  | (2,110 | ) |  |  | (2 | ) |  |  | (6 | ) |  |  | (10 | ) |  |  | (8,511 | )
Income (loss) from continuing operations before income taxes |  |  | 105,447 |  |  |  | 60,754 |  |  |  | 7,537 |  |  |  | (2,411 | ) |  |  | (21,181 | ) |  |  | 150,146 |
Income tax expense |  |  | 50,692 |  |  |  | 32,859 |  |  |  | — |  |  |  | — |  |  |  | 6,226 |  |  |  | 89,777 |
Income (loss) from continuing operations |  |  | 54,755 |  |  |  | 27,895 |  |  |  | 7,537 |  |  |  | (2,411 | ) |  |  | (27,407 | ) |  |  | 60,369 |
Loss from discontinued operations, net of tax |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (15 | ) |  |  | (15 | )
Net income (loss) |  | $ | 54,755 |  |  | $ | 27,895 |  |  | $ | 7,537 |  |  | $ | (2,411 | ) |  | $ | (27,422 | ) |  | $ | 60,354 |
Consolidated capital expenditures |  | $ | 17,011 |  |  | $ | 37,866 |  |  | $ | 16,809 |  |  | $ | — |  |  | $ | 950 |  |  | $ | 72,636 |
|  | 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 and other costs |  |  | 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 |
Credit (recovery) losses 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 (expense), 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 |
(1) Includes assets acquired in the TransGlobe acquisition.
|  | 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 |
Credit (recovery) losses and other |  |  | 875 |  |  |  | — |  |  |  | — |  |  |  | 875 |
Total operating costs and expenses |  |  | 105,444 |  |  |  | 853 |  |  |  | 13,238 |  |  |  | 119,535 |
Other operating income (expense), net |  |  | (440 | ) |  |  | — |  |  |  | — |  |  |  | (440 | )
Operating income (loss) |  |  | 93,191 |  |  |  | (853 | ) |  |  | (13,238 | ) |  |  | 79,100 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments loss, net |  |  | — |  |  |  | — |  |  |  | (22,826 | ) |  |  | (22,826 | )
Interest income, net |  |  | — |  |  |  | — |  |  |  | 10 |  |  |  | 10 |
Other income (expense), 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 |  | $ | 79,169 |  |  | $ | — |  |  | $ | 52 |  |  | $ | 79,221 |
(in thousands) |  | Gabon |  |  | Egypt |  |  | Canada |  |  | Equatorial Guinea |  |  | Corporate and Other |  |  | Total |
Long-lived assets from continuing operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of December 31, 2023 |  | $ | 171,787 |  |  | $ | 171,224 |  |  | $ | 105,189 |  |  | $ | 10,000 |  |  | $ | 1,586 |  |  | $ | 459,786 |
As of December 31, 2022 |  | $ | 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 December 31, 2023 |  | $ | 309,394 |  |  | $ | 263,015 |  |  | $ | 114,215 |  |  | $ | 11,327 |  |  | $ | 125,265 |  |  | $ | 823,216 |
As of December 31, 2022 |  | $ | 395,393 |  |  | $ | 293,640 |  |  | $ | 110,071 |  |  | $ | 10,861 |  |  | $ | 45,676 |  |  | $ | 855,641 |

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