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SEGMENT INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of Segment Activity of Continuing Operations | Segment activity of continuing operations for the years ended December 31, 2024, 2023 and 2022 and long-lived assets and segment assets at December 31, 2024 and 2023 are as follows:
|  | Year ended December 31, 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 |  | $ | 205,954 |  |  | $ | 145,966 |  |  | $ | 31,986 |  |  | $ | — |  |  | $ | 95,082 |  |  | $ | — |  |  | $ | 478,988 |
Operating costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Production expense |  | 62,234 |  |  | 50,770 |  |  | 11,301 |  |  | 1,173 |  |  | 38,017 |  |  | 5 |  |  | 163,500 |
Exploration expense |  | — |  |  | 48 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 48 |
Depreciation, depletion and amortization |  | 50,679 |  |  | 33,458 |  |  | 19,309 |  |  | — |  |  | 38,771 |  |  | 817 |  |  | 143,034 |
General and administrative expense |  | 1,679 |  |  | 70 |  |  | (206) |  |  | 305 |  |  | 1,701 |  |  | 26,135 |  |  | 29,684 |
Credit (recovery) losses and other |  | 812 |  |  | 4,813 |  |  | — |  |  | 679 |  |  | — |  |  | — |  |  | 6,304 |
Total operating costs and expenses |  | 115,404 |  |  | 89,159 |  |  | 30,404 |  |  | 2,157 |  |  | 78,489 |  |  | 26,957 |  |  | 342,570 |
Other operating income (expense), net |  | (24) |  |  | — |  |  | 102 |  |  | — |  |  | — |  |  | — |  |  | 78 |
Operating income (loss) |  | 90,526 |  |  | 56,807 |  |  | 1,684 |  |  | (2,157) |  |  | 16,593 |  |  | (26,957) |  |  | 136,496 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments gain (loss), net |  | — |  |  | — |  |  | — |  |  | — |  |  | (533) |  |  | (212) |  |  | (745) |
Interest (expense) income, net |  | (4,694) |  |  | (1,489) |  |  | (46) |  |  | — |  |  | 313 |  |  | 2,184 |  |  | (3,732) |
Bargain purchase gain |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 13,532 |  |  | 13,532 |
Other income (expense), net |  | (1,635) |  |  | (204) |  |  | 225 |  |  | (7) |  |  | (1) |  |  | (4,132) |  |  | (5,754) |
Total other income (expense), net |  | (6,329) |  |  | (1,693) |  |  | 179 |  |  | (7) |  |  | (221) |  |  | 11,372 |  |  | 3,301 |
Income (loss) before income taxes |  | 84,197 |  |  | 55,114 |  |  | 1,863 |  |  | (2,164) |  |  | 16,372 |  |  | (15,585) |  |  | 139,797 |
Income tax expense |  | 48,026 |  |  | 30,648 |  |  | — |  |  | — |  |  | 4,229 |  |  | (1,596) |  |  | 81,307 |
Net income (loss) |  | $ | 36,171 |  |  | $ | 24,466 |  |  | $ | 1,863 |  |  | $ | (2,164) |  |  | $ | 12,143 |  |  | $ | (13,989) |  |  | $ | 58,490 |
Consolidated capital expenditures |  | $ | 22,579 |  |  | $ | 11,364 |  |  | $ | 25,828 |  |  | $ | 641 |  |  | $ | 44,435 |  |  | $ | 4,592 |  |  | $ | 109,438 |
|  | Year Ended December 31, 2023
(in thousands) |  | Gabon |  | Egypt |  | Canada |  | Equatorial Guinea |  | Corporate and Other |  | Total
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Crude oil, natural gas and natural gas liquids sales |  | $ | 260,346 |  |  | $ | 161,049 |  |  | $ | 33,671 |  |  | $ | — |  |  | $ | — |  |  | $ | 455,066 |
Operating costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Production expense |  | 87,131 |  |  | 54,779 |  |  | 9,463 |  |  | 1,481 |  |  | 303 |  |  | 153,157 |
FPSO demobilization and other costs |  | 7,484 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,484 |
Exploration expense |  | 51 |  |  | 1,914 |  |  | — |  |  | — |  |  | — |  |  | 1,965 |
Depreciation, depletion and amortization |  | 62,622 |  |  | 35,095 |  |  | 17,398 |  |  | — |  |  | 187 |  |  | 115,302 |
General and administrative expense |  | 1,769 |  |  | 974 |  |  | — |  |  | 416 |  |  | 20,681 |  |  | 23,840 |
Credit (recovery) losses and other |  | (10,596) |  |  | 5,182 |  |  | — |  |  | 508 |  |  | — |  |  | (4,906) |
Total operating costs and expenses |  | 148,461 |  |  | 97,944 |  |  | 26,861 |  |  | 2,405 |  |  | 21,171 |  |  | 296,842 |
Other operating income (expense), net |  | (55) |  |  | (241) |  |  | 729 |  |  | — |  |  | — |  |  | 433 |
Operating income (loss) |  | 111,830 |  |  | 62,864 |  |  | 7,539 |  |  | (2,405) |  |  | (21,171) |  |  | 158,657 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments gain (loss), net |  | — |  |  | — |  |  | — |  |  | — |  |  | 232 |  |  | 232 |
Interest (expense) income, net |  | (5,563) |  |  | (2,110) |  |  | (4) |  |  | — |  |  | 1,225 |  |  | (6,452) |
Other expense, net |  | (820) |  |  | — |  |  | 2 |  |  | (6) |  |  | (1,482) |  |  | (2,306) |
Total other income (expense), net |  | (6,383) |  |  | (2,110) |  |  | (2) |  |  | (6) |  |  | (25) |  |  | (8,526) |
Income (loss) before income taxes |  | 105,447 |  |  | 60,754 |  |  | 7,537 |  |  | (2,411) |  |  | (21,196) |  |  | 150,131 |
Income tax (benefit) expense |  | 50,692 |  |  | 32,859 |  |  | - |  |  | — |  |  | 6,226 |  |  | 89,777 |
Net income (loss) |  | $ | 54,755 |  |  | $ | 27,895 |  |  | 7,537 |  |  | (2,411) |  |  | $ | (27,422) |  |  | $ | 60,354 |
Consolidated capital expenditures (1) |  | $ | 17,011 |  |  | $ | 37,866 |  |  | 16,809 |  |  | — |  |  | $ | 950 |  |  | $ | 72,636 |
(1)Includes assets acquired in the TransGlobe acquisition.
|  | Year Ended December 31, 2022
(in thousands) |  | Gabon |  | Egypt |  | Canada |  | Equatorial Guinea |  | Corporate and Other |  | Total
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Crude oil, natural gas and natural gas liquids sales |  | $ | 306,775 |  |  | $ | 37,710 |  |  | $ | 9,841 |  |  | $ | — |  |  | $ | — |  |  | $ | 354,326 |
Operating costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Production expense |  | 96,854 |  |  | 11,936 |  |  | 1,972 |  |  | 1,899 |  |  | — |  |  | 112,661 |
FPSO demobilization and other costs |  | 8,867 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8,867 |
Exploration expense |  | 258 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 258 |
Depreciation, depletion and amortization |  | 34,651 |  |  | 10,444 |  |  | 2,921 |  |  | — |  |  | 127 |  |  | 48,143 |
General and administrative expense |  | 3,101 |  |  | — |  |  | — |  |  | 538 |  |  | 6,438 |  |  | 10,077 |
Credit (recovery) losses and other |  | 2,743 |  |  | — |  |  | — |  |  | 339 |  |  | — |  |  | 3,082 |
Total operating costs and expenses |  | 146,474 |  |  | 22,380 |  |  | 4,893 |  |  | 2,776 |  |  | 6,565 |  |  | 183,088 |
Other operating income (expense), net |  | 38 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 38 |
Operating income (loss) |  | 160,339 |  |  | 15,330 |  |  | 4,948 |  |  | (2,776) |  |  | (6,565) |  |  | 171,276 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments loss, net |  | — |  |  | — |  |  | 13 |  |  | — |  |  | (37,825) |  |  | (37,812) |
Interest income, net |  | (1,446) |  |  | (596) |  |  | — |  |  | — |  |  | 8 |  |  | (2,034) |
Other income (expense), net |  | (1,484) |  |  | — |  |  | — |  |  | — |  |  | (6,636) |  |  | (8,120) |
Total other income (expense), net |  | (2,930) |  |  | (596) |  |  | 13 |  |  | — |  |  | (44,453) |  |  | (47,966) |
Income (loss) before income taxes |  | 157,409 |  |  | 14,734 |  |  | 4,961 |  |  | (2,776) |  |  | (51,018) |  |  | 123,310 |
Income tax (benefit) expense |  | 68,509 |  |  | 6,254 |  |  | — |  |  | 1 |  |  | (3,344) |  |  | 71,420 |
Net income (loss) |  | $ | 88,900 |  |  | $ | 8,480 |  |  | $ | 4,961 |  |  | $ | (2,777) |  |  | $ | (47,674) |  |  | $ | 51,890 |
Consolidated capital expenditures |  | $ | 162,375 |  |  | $ | 168,012 |  |  | $ | 103,263 |  |  | $ | — |  |  | $ | 710 |  |  | $ | 434,360 |
Schedule of Long-lived Assets and Segment Assets |
(in thousands) |  | Gabon |  | Egypt |  | Canada |  | Equatorial Guinea |  | Cote d'Ivoire |  | Corporate and Other |  | Total
Long-lived assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of December 31, 2024 |  | $ | 153,576 |  |  | $ | 149,129 |  |  | $ | 104,891 |  |  | $ | 10,641 |  |  | $ | 114,756 |  |  | $ | 5,110 |  |  | $ | 538,103 |
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 December 31, 2024 |  | $ | 300,568 |  |  | $ | 269,905 |  |  | $ | 113,310 |  |  | $ | 12,331 |  |  | $ | 187,264 |  |  | $ | 71,572 |  |  | $ | 954,950 |
As of December 31, 2023 |  | $ | 309,394 |  |  | $ | 263,015 |  |  | $ | 114,215 |  |  | $ | 11,327 |  |  | $ | — |  |  | $ | 125,265 |  |  | $ | 823,216 |

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