Note 16—Business Segment Information

The Company owns 99.3% of its subsidiary, GEIC, which owns 100% of GRE and 97% of GOGAS. The Company has three reportable business segments: GRE, Afek and GOGAS. GRE owns and operates REPs, including IDT Energy, Residents Energy, Town Square Energy, and Mirabito, and also offers energy brokerage and advisory services. Its REP businesses resell electricity and natural gas to residential and small business customers primarily in the Eastern and Midwestern United States. Internationally, GRE has begun serving customers in the United Kingdom through a joint venture and acquired a license to service customers in Japan. GRE’s international operations have not been material to date. The Afek segment is comprised of the Company’s 86.1% interest in Afek, an oil and gas exploration project in the Golan Heights in Northern Israel. The GOGAS segment is comprised of inactive oil shale projects. GOGAS also owns Atid Drilling Ltd., a drilling services company operating in Israel. In September 2018, the Company divested a majority interest in Atid (see Note 4). Corporate costs include unallocated compensation, consulting fees, legal fees, business development expense and other corporate-related general and administrative expenses. Corporate does not generate any revenues, nor does it incur any cost of revenues.

The Company’s reportable segments are distinguished by types of service, customers and methods used to provide their services. The operating results of these business segments are regularly reviewed by the Company’s chief operating decision maker.

The accounting policies of the segments are the same as the accounting policies of the Company as a whole. The Company evaluates the performance of its business segments based primarily on income (loss) from operations. There are no significant asymmetrical allocations to segments.

Operating results for the business segments of the Company were as follows:

(in thousands)	GRE		Afek			GOGAS			Corporate			Total
Three Months Ended September 30, 2018
Revenues	$	71,672	$	—		$	170		$	—		$	71,842
Income (loss) from operations		9,208		(54	)		(1,062	)		(2,046	)		6,046
Write-down of assets held for sale to fair value		—		—			451			—			451
Exploration		—		—			—			—			—
Equity in the net loss of equity method investee		767		—			94			—			861

Three Months Ended September 30, 2017
Revenues	$	69,473	$	—		$	—		$	—		$	69,473
Income (loss) from operations		4,773		(1,011	)		(158	)		(2,201	)		1,403
Exploration		—		753			—			—			753
Equity in net loss of Shoreditch		159		—			—			—			159

Nine Months Ended September 30, 2018
Revenues	$	217,373	$	—		$	171		$	—		$	217,544
Income (loss) from operations		22,826		(541	)		(5,307	)		(6,624	)		10,354
Write-down of assets held for sale to fair value		—		—			2,742			—			2,742
Exploration		—		244			—			—			244
Equity in the net loss of joint venture		1,988		—			94			—			2,082

Nine Months Ended September 30, 2017
Revenues	$	191,126	$	—		$	—		$	—		$	191,126
Income (loss) from operations		4,352		(3,611	)		(350	)		(7,359	)		(6,968	)
Exploration		—		2,256			—			—			2,256
Equity in net loss of Shoreditch		159		—			—			—			159

Total assets for the business segments of the Company were as follows:

(in thousands)	GRE		Afek		GOGAS		Corporate		Total
Total assets:
September 30, 2018	$	122,992	$	1,228	$	4,516	$	2,727	$	131,463

December 31, 2017		112,521		2,588	$	7,887		2,782		125,778