XML 39 R24.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Note 4 - Segment Information (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
Notes Tables |
Schedule of Segment Reporting Information, by Segment [Table Text Block] |
|  |  | 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 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] |
(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 |

X
- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_TableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration