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Note 4 - Segment Information | 3 Months Ended
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Mar. 31, 2024
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | 4. 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. Segment activity of continuing operations for the three months ended March 31, 2024 and 2023 as well as long-lived assets and segment assets at March 31, 2024 and December 31, 2023 are as follows:
|  |  | Three Months Ended March 31, 2024 |
(in thousands) |  | Gabon |  |  | Egypt |  |  | Canada |  |  | Equatorial Guinea |  |  | Corporate and Other |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Crude oil, natural gas and natural gas liquids sales |  | $ | 57,504 |  |  | $ | 36,961 |  |  | $ | 5,690 |  |  | $ | — |  |  | $ | — |  |  | $ | 100,155 |
Operating costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Production expense |  |  | 16,713 |  |  |  | 12,751 |  |  |  | 2,379 |  |  |  | 245 |  |  |  | 1 |  |  |  | 32,089 |
Exploration expense |  |  | — |  |  |  | 48 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 48 |
Depreciation, depletion and amortization |  |  | 13,451 |  |  |  | 8,336 |  |  |  | 3,897 |  |  |  | — |  |  |  | 140 |  |  |  | 25,824 |
Transaction costs related to acquisition |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,313 |  |  |  | 1,313 |
General and administrative expense |  |  | 634 |  |  |  | 169 |  |  |  | 12 |  |  |  | 78 |  |  |  | 5,817 |  |  |  | 6,710 |
Credit losses and other |  |  | 20 |  |  |  | 1,634 |  |  |  | — |  |  |  | 158 |  |  |  | — |  |  |  | 1,812 |
Total operating costs and expenses |  |  | 30,818 |  |  |  | 22,938 |  |  |  | 6,288 |  |  |  | 481 |  |  |  | 7,271 |  |  |  | 67,796 |
Other operating income (expense), net |  |  | (166 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (166 | )
Operating income |  |  | 26,520 |  |  |  | 14,023 |  |  |  | (598 | ) |  |  | (481 | ) |  |  | (7,271 | ) |  |  | 32,193 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments loss, net |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (847 | ) |  |  | (847 | )
Interest (expense) income, net |  |  | (1,317 | ) |  |  | (410 | ) |  |  | 24 |  |  |  | — |  |  |  | 768 |  |  |  | (935 | )
Other (expense) income, net |  |  | (94 | ) |  |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | (392 | ) |  |  | (487 | )
Total other expense, net |  |  | (1,411 | ) |  |  | (410 | ) |  |  | 24 |  |  |  | (1 | ) |  |  | (471 | ) |  |  | (2,269 | )
Income (loss) before income taxes |  |  | 25,109 |  |  |  | 13,613 |  |  |  | (574 | ) |  |  | (482 | ) |  |  | (7,742 | ) |  |  | 29,924 |
Income tax (benefit) expense |  |  | 16,293 |  |  |  | 7,033 |  |  |  | — |  |  |  | — |  |  |  | (1,088 | ) |  |  | 22,238 |
Net income (loss) |  | $ | 8,816 |  |  | $ | 6,580 |  |  | $ | (574 | ) |  | $ | (482 | ) |  | $ | (6,654 | ) |  | $ | 7,686 |
Consolidated capital expenditures |  | $ | 6,287 |  |  | $ | 4,328 |  |  | $ | 12,559 |  |  | $ | - |  |  | $ | 848 |  |  | $ | 24,022 |
|  | 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 | ) |  |  | (1,669 | ) |  |  | (1,153 | )
Total other expense, net |  |  | (990 | ) |  |  | (808 | ) |  |  | (4 | ) |  |  | (1 | ) |  |  | (1,575 | ) |  |  | (3,378 | )
Income (loss) before income taxes |  |  | 9,926 |  |  |  | 11,892 |  |  |  | 2,913 |  |  |  | (492 | ) |  |  | (5,998 | ) |  |  | 18,241 |
Income tax expense (benefit) |  |  | 6,578 |  |  |  | 4,992 |  |  |  | — |  |  |  | — |  |  |  | 3,201 |  |  |  | 14,771 |
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 |
(in thousands) |  | Gabon |  |  | Egypt |  |  | Canada |  |  | Equatorial Guinea |  |  | Corporate and Other |  |  | Total |
Long-lived assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of March 31, 2024 |  | $ | 166,596 |  |  | $ | 167,215 |  |  | $ | 111,313 |  |  | $ | 10,000 |  |  | $ | 2,295 |  |  | $ | 457,419 |
As of December 31, 2023 |  | $ | 171,787 |  |  | $ | 171,224 |  |  | $ | 105,189 |  |  | $ | 10,000 |  |  | $ | 1,586 |  |  | $ | 459,786 |
(in thousands) |  | Gabon |  |  | Egypt |  |  | Canada |  |  | Equatorial Guinea |  |  | Corporate and Other |  |  | Total |
Total assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of March 31, 2024 |  | $ | 302,389 |  |  | $ | 253,656 |  |  | $ | 120,598 |  |  | $ | 11,365 |  |  | $ | 121,139 |  |  | $ | 809,147 |
As of December 31, 2023 |  | $ | 309,394 |  |  | $ | 263,015 |  |  | $ | 114,215 |  |  | $ | 11,327 |  |  | $ | 125,265 |  |  | $ | 823,216 |

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