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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

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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.

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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.

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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.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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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.

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