XML 35 R10.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Note 4 - Segment Information
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

4. SEGMENT INFORMATION 

 

The Company’s operations are based in Gabon, Egypt, Canada, Equatorial Guinea and Cote d'Ivoire. 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 and six months ended June 30, 2024 and 2023 as well as long-lived assets and segment assets at June 30, 2024 and December 31, 2023 are as follows:

 

  

Three Months Ended June 30, 2024

 

(in thousands)

 

Gabon

  

Egypt

  

Canada

  

Equatorial Guinea

  

Cote d'Ivoire

  

Corporate and Other

  

Total

 

Revenues:

                            

Crude oil, natural gas and natural gas liquids sales

 $53,674  $35,481  $10,383  $—  $17,240  $—  $116,778 

Operating costs and expenses:

                            

Production expense

  18,486   13,424   3,359   272   16,905   —   52,446 

Exploration expense

  —   —   —   —   —   —   — 

Depreciation, depletion and amortization

  13,344   8,416   5,294   —   6,049   29   33,132 

General and administrative expense

  319   207   (127)  93   124   6,975   7,591 

Credit losses and other

  —   3,178   —   163   —   —   3,341 

Total operating costs and expenses

  32,149   25,225   8,526   528   23,078   7,004   96,510 

Other operating income (expense), net

  132   —   —   —   —   —   132 

Operating income

  21,657   10,256   1,857   (528)  (5,838)  (7,004)  20,400 

Other income (expense):

                            

Derivative instruments loss, net

  —   —   —   —   —   257   257 

Interest (expense) income, net

  (1,158)  (350)  14   —   (1,540)  1,917   (1,117)

Bargain purchase gain

  —   —   —   —   —   19,898   19,898 

Other (expense) income, net

  (137)  —   5   3   (301)  (1,554)  (1,984)

Total other expense, net

  (1,295)  (350)  19   3   (1,841)  20,519   17,054 

Income (loss) before income taxes

  20,362   9,906   1,876   (525)  (7,679)  13,515   37,454 

Income tax (benefit) expense

  9,731   8,749   —   —   (3,050)  (6,127)  9,303 

Net income (loss)

 $10,631  $1,157  $1,876  $(525) $(4,630) $19,642  $28,151 

Consolidated capital expenditures

 $5,102  $1,868  $7,155  $—  $7,152  $1,153  $22,431 

 

  

Six Months Ended June 30, 2024

 

(in thousands)

 

Gabon

  

Egypt

  

Canada

  

Equatorial Guinea

  

Cote d'Ivoire

  

Corporate and Other

  

Total

 

Revenues:

                            

Crude oil, natural gas and natural gas liquids sales

 $111,178  $72,442  $16,073  $—  $17,240  $—  $216,933 

Operating costs and expenses:

                            

Production expense

  35,199   26,175   5,738   517   16,905   1   84,535 

Exploration expense

  —   48   —   —   —   —   48 

Depreciation, depletion and amortization

  26,795   16,752   9,191   —   6,049   169   58,956 

General and administrative expense

  953   376   (115)  171   124   12,792   14,301 

Credit losses and other

  20   4,812   —   321   —   —   5,153 

Total operating costs and expenses

  62,967   48,163   14,814   1,009   23,078   12,962   162,993 

Other operating income, net

  (34)  —   —   —   —   —   (34)

Operating income (loss)

  48,177   24,279   1,259   (1,009)  (5,838)  (12,962)  53,906 

Other income (expense):

                            

Derivative instruments gain, net

  —   —   —   —   —   (590)  (590)

Interest (expense) income, net

  (2,475)  (760)  38   —   (1,540)  2,685   (2,052)

Bargain purchase gain

  —   —   —   —   —   19,898   19,898 

Other income (expense), net

  (231)  —   5   2   (301)  (3,259)  (3,784)

Total other expense, net

  (2,706)  (760)  43   2   (1,841)  18,735   13,472 

Income (loss) before income taxes

  45,471   23,519   1,302   (1,007)  (7,679)  5,773   67,378 

Income tax expense (benefit)

  26,024   15,782   —   —   (3,050)  (7,215)  31,541 

Net income (loss)

 $19,447  $7,737  $1,302  $(1,007) $(4,630) $12,988  $35,837 

Consolidated capital expenditures

 $11,389  $6,196  $19,714  $—  $7,152  $2,001  $46,453 

 

  

Three Months Ended June 30, 2023

 

(in thousands)

 

Gabon

  

Egypt

  

Canada

  

Equatorial Guinea

  

Cote d'Ivoire

  

Corporate and Other

  

Total

 

Revenues:

                            

Crude oil, natural gas and natural gas liquids sales

 $77,924  $21,308  $10,008  $—  $—  $—  $109,240 

Operating costs and expenses:

                            

Production expense

  23,931   11,089   3,255   386   —   (57)  38,604 

FPSO demobilization and other costs

  5,647   —   —   —   —   —   5,647 

Exploration expense

  43   14   —   —   —   —   57 

Depreciation, depletion and amortization

  19,457   13,757   4,747   —   —   42   38,003 

General and administrative expense

  318   202   —   87   —   4,788   5,395 

Credit losses and other

  518   —   —   162   —   —   680 

Total operating costs and expenses

  49,914   25,062   8,002   635   —   4,773   88,386 

Other operating income, net

  (62)  (241)  —   —   —   —   (303)

Operating income (loss)

  27,948   (3,995)  2,006   (635)  —   (4,773)  20,551 

Other income (expense):

                            

Derivative instruments gain, net

  —   —   —   —   —   31   31 

Interest (expense) income, net

  (1,376)  (503)  —   —   —   176   (1,703)

Other income (expense), net

  (619)  —   —   1   —   79   (539)

Total other expense, net

  (1,995)  (503)  —   1   —   286   (2,211)

Income (loss) before income taxes

  25,953   (4,498)  2,006   (634)  —   (4,487)  18,340 

Income tax expense (benefit)

  16,251   4,261   —   —   —   (8,924)  11,588 

Net income (loss)

 $9,702  $(8,759) $2,006  $(634) $—  $4,437  $6,752 

Consolidated capital expenditures

 $1,375  $8,526  $6,491  $—  $—  $36  $16,427 

 

 

 

  

Six Months June 30, 2023

 

(in thousands)

 

Gabon

  

Egypt

  

Canada

  

Equatorial Guinea

  

Cote d'Ivoire

  

Corporate and Other

  

Total

 

Revenues:

                            

Crude oil, natural gas and natural gas liquids sales

 $114,661  $56,092  $18,890  $—  $—  $—  $189,643 

Operating costs and expenses:

                            

Production expense

  38,346   22,199   5,509   748   —   2   66,804 

FPSO demobilization and other costs

  5,647   —   —   —   —   —   5,647 

Exploration expense

  51   14   —   —   —   —   65 

Depreciation, depletion and amortization

  29,302   24,552   8,458   —   —   108   62,420 

General and administrative expense

  936   381   —   216   —   9,086   10,619 

Credit losses and other

  1,453   —   —   162   —   —   1,615 

Total operating costs and expenses

  75,735   47,146   13,967   1,126   —   9,196   147,170 

Other operating income, net

  (62)  (241)  —   —   —   —   (303)

Operating income (loss)

  38,864   8,705   4,923   (1,126)  —   (9,196)  42,170 

Other income (expense):

                            

Derivative instruments gain, net

  —   —   —   —   —   52   52 

Interest (expense) income, net

  (2,883)  (1,311)  (4)  —   —   249   (3,949)

Other income (expense), net

  (102)  —   1   (1)  —   (1,590)  (1,692)

Total other expense, net

  (2,985)  (1,311)  (3)  (1)  —   (1,289)  (5,589)

Income (loss) before income taxes

  35,879   7,394   4,920   (1,127)  —   (10,485)  36,581 

Income tax expense (benefit)

  22,829   9,253   —   —   —   (5,723)  26,359 

Net income (loss)

 $13,050  $(1,859) $4,920  $(1,127) $—  $(4,762) $10,222 

Consolidated capital expenditures

 $5,064  $20,097  $16,656  $—  $—  $36  $41,852 

 

 

(in thousands)

 

Gabon

  

Egypt

  

Canada

  

Equatorial Guinea

  

Cote d'Ivoire

  

Corporate and Other

  

Total

 

Long-lived assets:

                            

As of June 30, 2024

 $160,240  $160,668  $112,373  $10,000  $101,690  $3,444  $548,415 

As of December 31, 2023

 $171,787  $171,224  $105,189  $10,000  $—  $1,586  $459,786 

 

(in thousands)

 

Gabon

  

Egypt

  

Canada

  

Equatorial Guinea

  

Cote d'Ivoire

  

Corporate and Other

  

Total

 

Total assets:

                            

As of June 30, 2024

 $289,669  $260,414  $119,229  $11,482  $145,427  $91,143  $917,364 

As of December 31, 2023

 $309,394  $263,015  $114,215  $11,327  $—  $125,265  $823,216