XML 119 R38.htm IDEA: XBRL DOCUMENT
v3.25.1

INCOME TAXES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income (Loss) Before Income Taxes | Income (loss) before income taxes is attributable as follows:
|  | Year Ended December 31,
(in thousands) |  | 2024 |  | 2023 |  | 2022
U.S. |  | $ | (26,337) |  |  | $ | (15,781) |  |  | $ | (56,750) |
Foreign |  | 166,134 |  |  | 165,927 |  |  | 180,132 |
|  | $ | 139,797 |  |  | $ | 150,146 |  |  | $ | 123,382 |
Schedule of Income Taxes Related to Income (Loss) | Provision for income taxes related to income (loss) consists of the following:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
U.S. Federal: | (in thousands)
Current | $ | — |  |  | $ | — |  |  | $ | — |
Deferred | (1,698) |  |  | 6,214 |  |  | (3,344) |
Foreign: |  |  |  |  |
Current | 98,882 |  |  | 92,642 |  |  | 26,615 |
Deferred | (15,877) |  |  | (9,079) |  |  | 48,149 |
Total | $ | 81,307 |  |  | $ | 89,777 |  |  | $ | 71,420 |
Schedule of Income Tax Expense (Benefit) to Income Tax | The reconciliation of income tax expense (benefit) to income tax at the U.S. statutory rate is as follows:
|  | Year Ended December 31,
(in thousands) |  | 2024 |  | 2023 |  | 2022
Tax provision computed at U.S. statutory rate |  | $ | 29,360 |  |  | $ | 31,530 |  |  | $ | 25,910 |
Foreign taxes not offset in U.S. by foreign tax credits |  | 14,833 |  |  | 25,719 |  |  | 53,851 |
Permanent differences |  | 932 |  |  | 3,455 |  |  | 778 |
Foreign tax credit expirations |  | — |  |  | — |  |  | 17,247 |
Increase/(decrease) in valuation allowance |  | 34,281 |  |  | 27,656 |  |  | (25,623) |
Bargain purchase gain |  | (2,842) |  |  | — |  |  | — |
Other |  | 4,743 |  |  | 1,417 |  |  | (743) |
Total income tax expense (benefit) |  | $ | 81,307 |  |  | $ | 89,777 |  |  | $ | 71,420 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of significant temporary differences giving rise to deferred tax assets and liabilities are as follows:
|  | December 31,
(in thousands) |  | 2024 |  | 2023
Deferred tax assets: |  |  |  |
Fixed assets(1) |  | $ | 35,541 |  |  | $ | 9,132 |
Foreign tax credit carryforward |  | 123,660 |  |  | 55,069 |
Net operating losses |  | 56,317 |  |  | 32,306 |
Asset retirement obligations |  | 20,384 |  |  | 9,631 |
ROU lease liabilities |  | 9,973 |  |  | 10,345 |
Accrued liabilities |  | 19,686 |  |  | 3,808 |
Receivables |  | (1,788) |  |  | (146) |
Other |  | 2,682 |  |  | 719 |
Total deferred tax assets |  | 266,455 |  |  | 120,864 |
Valuation allowance |  | (173,140) |  |  | (83,893) |
Net deferred tax assets |  | $ | 93,315 |  |  | $ | 36,971 |
Deferred tax liabilities: |  |  |  |
Basis difference in fixed assets |  | (131,639) |  |  | (81,310) |
Net deferred tax liabilities |  | $ | (131,639) |  |  | $ | (81,310) |
(1)This line includes ROU lease asset.
Schedule of Operating Loss Carryforwards | The Company has NOL’s, in the following jurisdictions as of December 31, 2024:
Jurisdiction |  | Amount (in thousands) |  | Expiration Period
U.S. |  | $ | — |  |  | No expiration
Gabon |  | $ | — |  |  | No expiration
Egypt |  | $ | 18,322 |  |  | 2025-2029
Canada |  | $ | 77,132 |  |  | 2032-2041
Equatorial Guinea |  | $ | 124,589 |  |  | No expiration
UK |  | $ | — |  |  | No expiration
Schedule of Income Tax Examinations | The following table summarizes the tax years that remain subject to examination by major tax jurisdictions.
Jurisdiction |  | Years
U.S. |  | 2014-2024
Gabon |  | 2020-2024
Egypt |  | 2019-2024
Canada |  | 2019-2024
Sweden |  | 2018-2024
Cote d'Ivoire |  | 2020-2024

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

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-15 + Details
Name: | us-gaap_SummaryOfIncomeTaxExaminationsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-3 + Details
Name: | us-gaap_SummaryOfOperatingLossCarryforwardsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration