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REVENUE | 9 Months Ended
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Sep. 30, 2024
Revenue from Contract with Customer [Abstract] |
REVENUE | REVENUE Gabon The Company currently sells crude oil production from Gabon under term crude oil sales and purchase agreements (“COSPA” or “COSPAs”) or crude oil sales and marketing agreements ("COSMA” or “COSMAs"). The following table presents revenues from contracts with customers as well as revenues associated with the obligations under the Etame PSC.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenues from customer contracts: | (in thousands)
Sales under the COSPA or COSMA | $ | 54,933 |  |  | $ | 64,100 |  |  | $ | 182,048 |  |  | $ | 194,179 |
Other items reported in revenue not associated with customer contracts: |  |  |  |  |  |  |
Carried interest recoupment | 652 |  |  | 1,378 |  |  | 1,826 |  |  | 3,590 |
Royalties | (7,977) |  |  | (8,203) |  |  | (25,088) |  |  | (25,833) |
Net revenues | $ | 47,608 |  |  | $ | 57,275 |  |  | $ | 158,786 |  |  | $ | 171,936 |
With respect to the government’s share of Profit Oil, the Etame PSC provides that corporate income tax is satisfied through the payment of Profit Oil. In the unaudited consolidated statements of operations and comprehensive income, the government’s share of revenues from Profit Oil is reported in revenues with a corresponding amount reflected in the current provision for income tax expense. Payments of the income tax expense are reported in the period that the government takes its Profit Oil in-kind, which is the period in which it lifts the crude oil. As of September 30, 2024 and December 31, 2023, the Company had a $35.7 million and $18.9 million, respectively, of foreign income tax payable, respectively. Egypt The following table presents revenues in Egypt from contracts with customers:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenues from customer contracts: | (in thousands)
Gross sales | $ | 63,432 |  |  | $ | 88,748 |  |  | $ | 191,938 |  |  | $ | 193,570 |
Royalties | (28,714) |  |  | (37,944) |  |  | (84,550) |  |  | (86,176) |
Selling costs | (174) |  |  | (497) |  |  | (402) |  |  | (995) |
Net revenues | $ | 34,544 |  |  | $ | 50,307 |  |  | $ | 106,986 |  |  | $ | 106,399 |
Canada The following table presents revenues in Canada from contracts with customers:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenues from customer contracts: | (in thousands)
Oil revenue | $ | 8,039 |  |  | $ | 7,832 |  |  | 21,739 |  |  | $ | 22,811 |
Gas revenue | 224 |  |  | 988 |  |  | 1,429 |  |  | 2,649 |
NGL revenue | 2,008 |  |  | 2,073 |  |  | 5,905 |  |  | 6,421 |
Royalties | (1,533) |  |  | (2,206) |  |  | (3,801) |  |  | (4,304) |
Selling costs | (351) |  |  | — |  |  | (812) |  |  | — |
Net revenues | $ | 8,387 |  |  | $ | 8,687 |  |  | 24,460 |  |  | $ | 27,577 |
Cote d'Ivoire The following table presents revenues in Cote d'Ivoire from contracts with customers:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenues from customer contracts: | (in thousands)
Revenues | $ | 49,795 |  |  | $ | — |  |  | $ | 67,035 |  |  | $ | — |
Information about the Company’s most significant customers For the three months ended September 30, 2024, the Company had one customer each that comprised 100% of its sales for Gabon, Egypt and Cote d'Ivoire. In Canada, three separate customers made up approximately 59%, 22% and 16% of its sales. For the nine months ended September 30, 2024, the Company had one customer each that comprised 100% of its sales for Gabon, Egypt and Cote d'Ivoire. In Canada, three separate customers made up approximately 44%, 30% and 21% of its sales.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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