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SEGMENT INFORMATION | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
SEGMENT INFORMATION | 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 operational results 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 category 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 nine months ended September 30, 2024 and 2023 as well as long-lived assets and segment assets at September 30, 2024 and December 31, 2023 are as follows:
| Three Months Ended September 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 | $ | 47,608 |  |  | $ | 34,544 |  |  | $ | 8,387 |  |  | $ | — |  |  | $ | 49,795 |  |  | $ | — |  |  | $ | 140,334 |
Operating costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Production expense | 13,932 |  |  | 12,477 |  |  | 3,015 |  |  | 195 |  |  | 12,701 |  |  | 4 |  |  | 42,324 |
Exploration expense | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Depreciation, depletion and amortization | 12,796 |  |  | 8,729 |  |  | 6,106 |  |  | — |  |  | 19,184 |  |  | 216 |  |  | 47,031 |
General and administrative expense | 241 |  |  | (79) |  |  | (4) |  |  | 62 |  |  | 1,061 |  |  | 5,648 |  |  | 6,929 |
Credit losses and other | — |  |  | — |  |  | — |  |  | 69 |  |  | — |  |  | — |  |  | 69 |
Total operating costs and expenses | 26,969 |  |  | 21,127 |  |  | 9,117 |  |  | 326 |  |  | 32,946 |  |  | 5,868 |  |  | 96,353 |
Other operating income (expense), net | — |  |  | — |  |  | 102 |  |  | — |  |  | — |  |  | — |  |  | 102 |
Operating income (loss) | 20,639 |  |  | 13,417 |  |  | (628) |  |  | (326) |  |  | 16,849 |  |  | (5,868) |  |  | 44,083 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments gain(loss), net | — |  |  | — |  |  | — |  |  | — |  |  | (169) |  |  | 379 |  |  | 210 |
Interest (expense) income, net | (964) |  |  | (360) |  |  | — |  |  | — |  |  | 2,029 |  |  | (1,293) |  |  | (588) |
Bargain purchase gain | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other (expense) income, net | (72) |  |  | (101) |  |  | 669 |  |  | (4) |  |  | (37) |  |  | (597) |  |  | (141) |
Total other expense, net | (1,036) |  |  | (461) |  |  | 670 |  |  | (4) |  |  | 1,823 |  |  | (1,511) |  |  | (519) |
Income (loss) before income taxes | 19,603 |  |  | 12,956 |  |  | 42 |  |  | (330) |  |  | 18,672 |  |  | (7,379) |  |  | 43,564 |
Income tax (benefit) expense | 12,932 |  |  | 3,613 |  |  | — |  |  | — |  |  | 8,454 |  |  | 7,575 |  |  | 32,574 |
Net income (loss) | $ | 6,671 |  |  | $ | 9,343 |  |  | $ | 42 |  |  | $ | (330) |  |  | $ | 10,218 |  |  | $ | (14,953) |  |  | $ | 10,990 |
Consolidated capital expenditures | $ | 8,859 |  |  | $ | 1,698 |  |  | $ | 3,014 |  |  | $ | 38 |  |  | $ | 11,158 |  |  | $ | 1,839 |  |  | $ | 26,606 |
| Nine Months Ended September 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 | $ | 158,786 |  |  | $ | 106,986 |  |  | $ | 24,460 |  |  | $ | — |  |  | $ | 67,035 |  |  | $ | — |  |  | $ | 357,267 |
Operating costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Production expense | 49,131 |  |  | 38,652 |  |  | 8,753 |  |  | 712 |  |  | 29,606 |  |  | 5 |  |  | 126,859 |
Exploration expense | — |  |  | 48 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 48 |
Depreciation, depletion and amortization | 39,591 |  |  | 25,481 |  |  | 15,297 |  |  | — |  |  | 25,233 |  |  | 385 |  |  | 105,987 |
General and administrative expense | 1,194 |  |  | 297 |  |  | (119) |  |  | 233 |  |  | 1,185 |  |  | 18,440 |  |  | 21,230 |
Credit losses and other | 20 |  |  | 4,812 |  |  | — |  |  | 390 |  |  | — |  |  | — |  |  | 5,222 |
Total operating costs and expenses | 89,936 |  |  | 69,290 |  |  | 23,931 |  |  | 1,335 |  |  | 56,024 |  |  | 18,830 |  |  | 259,346 |
Other operating income (expense), net | (34) |  |  | — |  |  | 102 |  |  | — |  |  | — |  |  | — |  |  | 68 |
Operating income (loss) | 68,816 |  |  | 37,696 |  |  | 631 |  |  | (1,335) |  |  | 11,011 |  |  | (18,830) |  |  | 97,989 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments gain, net | — |  |  | — |  |  | — |  |  | — |  |  | (169) |  |  | (211) |  |  | (380) |
Interest (expense) income, net | (3,439) |  |  | (1,120) |  |  | 38 |  |  | — |  |  | 489 |  |  | 1,392 |  |  | (2,640) |
Bargain purchase gain | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 19,898 |  |  | 19,898 |
Other income (expense), net | (303) |  |  | (101) |  |  | 674 |  |  | (2) |  |  | (338) |  |  | (3,856) |  |  | (3,925) |
Total other expense, net | (3,742) |  |  | (1,221) |  |  | 713 |  |  | (2) |  |  | (18) |  |  | 17,223 |  |  | 12,953 |
Income (loss) before income taxes | 65,074 |  |  | 36,475 |  |  | 1,344 |  |  | (1,337) |  |  | 10,993 |  |  | (1,608) |  |  | 110,942 |
Income tax expense (benefit) | 38,956 |  |  | 19,395 |  |  | — |  |  | — |  |  | 5,404 |  |  | 360 |  |  | 64,115 |
Net income (loss) | $ | 26,118 |  |  | $ | 17,080 |  |  | $ | 1,344 |  |  | $ | (1,337) |  |  | $ | 5,589 |  |  | $ | (1,967) |  |  | $ | 46,827 |
Consolidated capital expenditures | $ | 20,248 |  |  | $ | 7,894 |  |  | $ | 22,728 |  |  | $ | 38 |  |  | $ | 18,310 |  |  | $ | 3,840 |  |  | $ | 73,058 |
| Three Months Ended September 30, 2023
(in thousands) | Gabon |  | Egypt |  | Canada |  | Equatorial Guinea |  |  |  | Corporate and Other |  | Total
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |
Crude oil, natural gas and natural gas liquids sales | $ | 57,275 |  |  | $ | 50,307 |  |  | $ | 8,687 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 116,269 |
Operating costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Production expense | 20,731 |  |  | 16,040 |  |  | 2,627 |  |  | 259 |  |  |  |  | 299 |  |  | 39,956 |
FPSO demobilization and other costs | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Exploration expense | — |  |  | 1,194 |  |  | — |  |  | — |  |  |  |  | — |  |  | 1,194 |
Depreciation, depletion and amortization | 14,583 |  |  | 12,967 |  |  | 4,948 |  |  | — |  |  |  |  | 40 |  |  | 32,538 |
General and administrative expense | 348 |  |  | 54 |  |  | — |  |  | 94 |  |  |  |  | 5,720 |  |  | 6,216 |
Credit losses and other | 684 |  |  | — |  |  | — |  |  | 138 |  |  |  |  | — |  |  | 822 |
Total operating costs and expenses | 36,346 |  |  | 30,255 |  |  | 7,575 |  |  | 491 |  |  |  |  | 6,059 |  |  | 80,726 |
Other operating income, net | 5 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 5 |
Operating income (loss) | 20,934 |  |  | 20,052 |  |  | 1,112 |  |  | (491) |  |  |  |  | (6,059) |  |  | 35,548 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments loss, net | — |  |  | — |  |  | — |  |  | — |  |  |  |  | (2,320) |  |  | (2,320) |
Interest income (expense), net | (1,371) |  |  | (270) |  |  | — |  |  | — |  |  |  |  | 215 |  |  | (1,426) |
Other income (expense), net | 111 |  |  | — |  |  | — |  |  | (3) |  |  |  |  | 75 |  |  | 183 |
Total other expense, net | (1,260) |  |  | (270) |  |  | — |  |  | (3) |  |  |  |  | (2,030) |  |  | (3,563) |
Income (loss) before income taxes | 19,674 |  |  | 19,782 |  |  | 1,112 |  |  | (494) |  |  |  |  | (8,089) |  |  | 31,985 |
Income tax expense | 13,173 |  |  | 888 |  |  | — |  |  | — |  |  |  |  | 11,783 |  |  | 25,844 |
Net income (loss) | $ | 6,501 |  |  | $ | 18,894 |  |  | $ | 1,112 |  |  | $ | (494) |  |  |  |  | $ | (19,872) |  |  | $ | 6,141 |
Consolidated capital expenditures | $ | 10,109 |  |  | $ | 11,987 |  |  | $ | 3,870 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 25,966 |
| Nine Months Ended September 30, 2023
(in thousands) | Gabon |  | Egypt |  | Canada |  | Equatorial Guinea |  |  |  | Corporate and Other |  | Total
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |
Crude oil, natural gas and natural gas liquids sales | $ | 171,936 |  |  | $ | 106,399 |  |  | $ | 27,577 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 305,912 |
Operating costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Production expense | 59,077 |  |  | 38,239 |  |  | 8,136 |  |  | 1,007 |  |  |  |  | 301 |  |  | 106,760 |
FPSO demobilization and other costs | 5,647 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 5,647 |
Exploration expense | 51 |  |  | 1,208 |  |  | — |  |  | — |  |  |  |  | — |  |  | 1,259 |
Depreciation, depletion and amortization | 43,885 |  |  | 37,519 |  |  | 13,406 |  |  | — |  |  |  |  | 148 |  |  | 94,958 |
General and administrative expense | 1,284 |  |  | 435 |  |  | — |  |  | 310 |  |  |  |  | 14,806 |  |  | 16,835 |
Credit losses and other | 2,137 |  |  | — |  |  | — |  |  | 300 |  |  |  |  | — |  |  | 2,437 |
Total operating costs and expenses | 112,081 |  |  | 77,401 |  |  | 21,542 |  |  | 1,617 |  |  |  |  | 15,255 |  |  | 227,896 |
Other operating income (loss), net | (57) |  |  | (241) |  |  | — |  |  | — |  |  |  |  | — |  |  | (298) |
Operating income (loss) | 59,798 |  |  | 28,757 |  |  | 6,035 |  |  | (1,617) |  |  |  |  | (15,255) |  |  | 77,718 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments loss, net | — |  |  | — |  |  | — |  |  | — |  |  |  |  | (2,268) |  |  | (2,268) |
Interest income (expense), net | (4,254) |  |  | (1,581) |  |  | (4) |  |  | — |  |  |  |  | 464 |  |  | (5,375) |
Bargain purchase gain | — |  |  | — |  |  | — |  |  | — |  |  |  |  | (1,412) |  |  | (1,412) |
Other income (expense), net | 9 |  |  | — |  |  | 1 |  |  | (4) |  |  |  |  | (103) |  |  | (97) |
Total other expense, net | (4,245) |  |  | (1,581) |  |  | (3) |  |  | (4) |  |  |  |  | (3,319) |  |  | (9,152) |
Income (loss) before income taxes | 55,553 |  |  | 27,176 |  |  | 6,032 |  |  | (1,621) |  |  |  |  | (18,574) |  |  | 68,566 |
Income tax expense | 36,002 |  |  | 10,141 |  |  | — |  |  | — |  |  |  |  | 6,060 |  |  | 52,203 |
Net income (loss) | $ | 19,551 |  |  | $ | 17,035 |  |  | $ | 6,032 |  |  | $ | (1,621) |  |  |  |  | $ | (24,634) |  |  | $ | 16,363 |
Consolidated capital expenditures | $ | 15,173 |  |  | $ | 32,084 |  |  | $ | 16,008 |  |  | $ | — |  |  |  |  | $ | 36 |  |  | $ | 63,301 |
(in thousands) |  | Gabon |  | Egypt |  | Canada |  | Equatorial Guinea |  | Cote d'Ivoire |  | Corporate and Other |  | Total
Long-lived assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of September 30, 2024 |  | $ | 158,256 |  |  | $ | 153,636 |  |  | $ | 110,474 |  |  | $ | 10,038 |  |  | $ | 94,387 |  |  | $ | 4,798 |  |  | $ | 531,589 |
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 September 30, 2024 |  | $ | 205,649 |  |  | $ | 319,955 |  |  | $ | 116,455 |  |  | $ | 14,689 |  |  | $ | 157,357 |  |  | $ | 123,798 |  |  | $ | 937,903 |
As of December 31, 2023 |  | $ | 309,394 |  |  | $ | 263,015 |  |  | $ | 114,215 |  |  | $ | 11,327 |  |  | $ | — |  |  | $ | 125,265 |  |  | $ | 823,216 |

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