Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Taxes [Abstract]  
Provision for Income Taxes

Years Ended December 31,

2019

2018

2017

U.S. Federal:

(in thousands)

Current

$

(337)

$

(674)

$

Deferred

3,916

(15,910)

(1,260)

Foreign:

Current

9,747

14,327

11,638

Deferred

10,564

(40,997)

Total

$

23,890

$

(43,254)

$

10,378

Summary of Differences between the Financial Statement and Tax Bases of Assets and Liabilities

As of December 31,

(in thousands)

2019

2018

Deferred tax assets:

Basis difference in fixed assets

$

26,590

$

38,479

Foreign tax credit carryforward

34,144

43,760

Alternative minimum tax credit carryover

337

674

U.S. federal net operating losses

30,572

20,616

Foreign net operating losses

11,770

19,989

Asset retirement obligations

3,407

3,111

Basis difference in accrued liabilities

676

3,816

Basis difference in receivables

171

387

Other

1,120

180

Total deferred tax assets

108,787

131,012

Valuation allowance

(84,628)

(90,935)

Net deferred tax assets

$

24,159

$

40,077

Pretax Income

Year Ended December 31,

(in thousands)

2019

2018

2017

U.S.

$

(13,330)

$

(5,672)

$

(9,453)

Foreign

34,372

61,146

30,103

$

21,042

$

55,474

$

20,650

Statutory Rate Reconciliation

Year Ended December 31,

(in thousands)

2019

2018

2017

Tax provision computed at U.S. statutory rate

$

4,386

$

11,650

$

7,228

Foreign taxes not offset in U.S. by foreign tax credits

16,015

24,840

6,775

Impact of Tax Reform Act

52,449

Recognition of foreign deferred tax assets, net of U.S. impact

(45,751)

Unrealizable foreign deferred tax assets

24,176

Effect of change in foreign statutory rates

Permanent differences

180

(104)

309

Foreign tax credit expirations

9,616

4,311 

2,394

Increase/(decrease) in valuation allowance

(6,307)

(62,270)

(58,777)

Other

(106)

Total income tax expense (benefit)

$

23,890

$

(43,254)

$

10,378

Income Tax Years Subject to Examination by Major Tax Jurisdictions

Jurisdiction

Years

U.S.

2009-2019

Gabon

2015-2019