Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v2.4.0.8
Segment Information
 9 Months Ended
Sep. 30, 2013
Segment Information

7.       SEGMENT INFORMATION

The Company’s main operations are based in Gabon, Angola, Equatorial Guinea, and in the United States. Minor activities for the Company’s United Kingdom subsidiary are included in the “Corporate and Other” column in the table. Management reviews and evaluates the operation of each geographic segment separately. Segments include exploration for and production of hydrocarbons where commercial reserves have been found and developed. Revenues are recognized at the geographical location of hydrocarbon production. The Company evaluates each segment based on operating income (loss).

Segment activity for the three months and nine months ended September 30, 2013 and 2012 are as follows:

 

($ thousands)

  

Gabon

 

  

Angola

 

 

EG

 

  

USA

 

 

Corporate
and Other

 

 

Total

 

Three months ended September 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues             

 

$

  37,253

 

 

$

-

 

 

$

-

 

 

$

  487

 

 

$

-

 

 

$

  37,740

 

Operating income (loss)             

 

 

  14,156

 

 

 

(538

)

 

 

(149

)

 

 

(4,754

)

 

 

(611

)

 

 

  8,104

 

2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues             

 

$

  36,950

 

 

$

-

 

 

$

-

 

 

$

  680

 

 

$

-

 

 

$

  37,630

 

Operating income (loss)             

 

 

  27,248

 

 

 

(781

)

 

 

-

 

 

 

(8,994

)

 

 

(1,879

)

 

 

  15,594

 

 

($ thousands)

  

Gabon

 

  

Angola

 

 

EG

 

  

USA

 

 

Corporate
and Other

 

 

Total

 

Nine months ended September 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues             

 

$

  109,482

 

 

$

-

 

 

$

-

 

 

$

  1,513

 

 

$

-

 

 

$

  110,995

 

Operating income (loss)             

 

 

  59,871

 

 

 

(2,120

)

 

 

(604

)

 

 

(11,782

)

 

 

(4,091

)

 

 

  41,274

 

2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues             

 

$

  139,563

 

 

$

-

 

 

$

-

 

 

$

  2,171

 

 

 

-

 

 

$

  141,734

 

Operating income (loss)             

 

 

  106,852

 

 

 

(1,980

)

 

 

-

 

 

 

(13,599

)

 

 

(6,940

)

 

 

  84,333

 

 

Total Assets

($ thousands)

  

Gabon

 

  

Angola

 

 

EG

 

  

USA

 

 

Corporate
and Other

 

 

Total

As of September 30, 2013             

 

$

  220,098

 

 

$

  12,574

 

 

$

  10,129

 

 

$

  9,693

 

 

$

  21,127

 

 

$

  273,621

 

As of December 31, 2012             

 

 

  190,652

 

 

 

  11,405

 

 

 

  10,000

 

 

 

  17,314

 

 

 

  38,585

 

 

 

  267,956