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Note 5 - Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2023
Notes Tables |
Schedule of Segment Reporting Information, by Segment [Table Text Block] |
|  | 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 |
|  | 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 |
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, 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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