Quarterly report pursuant to Section 13 or 15(d)

Note 4 - Segment Information (Tables)

v3.23.2
Note 4 - Segment Information (Tables)
6 Months Ended
Jun. 30, 2023
Notes Tables  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
   

Three Months Ended June 30, 2023

 

(in thousands)

 

Gabon

   

Egypt

   

Canada

   

Equatorial Guinea

   

Corporate and Other

   

Total

 

Revenues:

                                               

Crude oil, natural gas and natural gas liquids sales

  $ 77,924     $ 21,308     $ 10,008     $     $     $ 109,240  

Operating costs and expenses:

                                               

Production expense

    23,931       11,089       3,255       386       (57 )     38,604  

FPSO Demobilization - Norms Waste Disposal

    5,647                               5,647  

Exploration expense

    43       14                         57  

Depreciation, depletion and amortization

    19,457       13,757       4,747             42       38,003  

General and administrative expense

    318       202             87       4,788       5,395  

Credit losses and other

    518                   162             680  

Total operating costs and expenses

    49,914       25,062       8,002       635       4,773       88,386  

Other operating income (expense), net

    (62 )     (241 )                       (303 )

Operating income

    27,948       (3,995 )     2,006       (635 )     (4,773 )     20,551  

Other income (expense):

                                               

Derivative instruments loss, net

                            31       31  

Interest (expense) income, net

    (1,376 )     (503 )                 176       (1,703 )

Other (expense) income, net

    (619 )           1             81       (537 )

Total other expense, net

    (1,995 )     (503 )     1             288       (2,209 )

Income (loss) from continuing operations before income taxes

    25,953       (4,498 )     2,007       (635 )     (4,485 )     18,342  

Income tax (benefit) expense

    16,251       4,261                   (8,924 )     11,588  

Income (loss) from continuing operations

    9,702       (8,759 )     2,007       (635 )     4,439       6,754  

Loss from discontinued operations, net of tax

                            (2 )     (2 )

Net income (loss)

  $ 9,702     $ (8,759 )   $ 2,007     $ (635 )   $ 4,437     $ 6,752  

Consolidated capital expenditures

  $ 1,375     $ 8,526     $ 6,491     $     $ 36     $ 16,427  
   

Six Months Ended June 30, 2023

 

(in thousands)

 

Gabon

   

Egypt

   

Canada

   

Equatorial Guinea

   

Corporate and Other

   

Total

 

Revenues:

                                               

Crude oil, natural gas and natural gas liquids sales

  $ 114,661     $ 56,092     $ 18,890     $     $     $ 189,643  

Operating costs and expenses:

                                               

Production expense

    38,346       22,199       5,509       748       2       66,804  

FPSO Demobilization - Norms Waste Disposal

    5,647                               5,647  

Exploration expense

    51       14                         65  

Depreciation, depletion and amortization

    29,302       24,552       8,458             108       62,420  

General and administrative expense

    936       381             216       9,086       10,619  

Credit losses and other

    1,453                   162             1,615  

Total operating costs and expenses

    75,735       47,146       13,967       1,126       9,196       147,170  

Other operating income, net

    (62 )     (241 )                       (303 )

Operating income (loss)

    38,864       8,705       4,923       (1,126 )     (9,196 )     42,170  

Other income (expense):

                                               

Derivative instruments gain, net

                            52       52  

Interest (expense) income, net

    (2,883 )     (1,311 )     (4 )           249       (3,949 )

Other income (expense), net

    (102 )           1       (1 )     (1,575 )     (1,677 )

Total other expense, net

    (2,985 )     (1,311 )     (3 )     (1 )     (1,274 )     (5,574 )

Income (loss) from continuing operations before income taxes

    35,879       7,394       4,920       (1,127 )     (10,470 )     36,596  

Income tax expense (benefit)

    22,829       9,253                   (5,723 )     26,359  

Income (loss) from continuing operations

    13,050       (1,859 )     4,920       (1,127 )     (4,747 )     10,237  

Loss from discontinued operations, net of tax

                            (15 )     (15 )

Net income (loss)

  $ 13,050     $ (1,859 )   $ 4,920     $ (1,127 )   $ (4,762 )   $ 10,222  

Consolidated capital expenditures

  $ 5,064     $ 20,097     $ 16,656     $     $ 36     $ 41,852  
   

Three Months Ended June 30, 2022

 

(in thousands)

 

Gabon

   

Equatorial Guinea

   

Corporate and Other

   

Total

 

Revenues:

                               

Crude oil and natural gas sales

  $ 110,985     $     $     $ 110,985  

Operating costs and expenses:

                               

Production expense

    25,360       175       (60 )     25,475  

Exploration expense

    67                   67  

Depreciation, depletion and amortization

    8,173             18       8,191  

General and administrative expense

    565       110       2,859       3,534  

Bad debt expense and other

    571                   571  

Total operating costs and expenses

    34,736       285       2,817       37,838  

Other operating income (expense), net

                       

Operating income

    76,249       (285 )     (2,817 )     73,147  

Other income (expense):

                               

Derivative instruments loss, net

                (9,542 )     (9,542 )

Interest (expense) income, net

    (158 )           40       (118 )

Other (expense) income, net

    (856 )     (1 )     (1,254 )     (2,111 )

Total other expense, net

    (1,014 )     (1 )     (10,756 )     (11,771 )

Income from continuing operations before income taxes

    75,235       (286 )     (13,573 )     61,376  

Income tax (benefit) expense

    36,423       1       9,828       46,252  

Income from continuing operations

    38,812       (287 )     (23,401 )     15,124  

Loss from discontinued operations, net of tax

                (20 )     (20 )

Net income

  $ 38,812     $ (287 )   $ (23,421 )   $ 15,104  

Consolidated capital expenditures (1)

  $ 38,102     $     $ 67     $ 38,169  
   

Six Months Ended June 30, 2022

 

(in thousands)

 

Gabon

   

Equatorial Guinea

   

Corporate and Other

   

Total

 

Revenues:

                               

Crude oil and natural gas sales

  $ 179,641     $     $     $ 179,641  

Operating costs and expenses:

                               

Production expense

    43,441       394             43,835  

Exploration expense

    194                   194  

Depreciation, depletion and amortization

    12,826             38       12,864  

General and administrative expense

    1,158       209       7,161       8,528  

Credit losses and other

    1,063                   1,063  

Total operating costs and expenses

    58,682       603       7,199       66,484  

Other operating income (expense), net

    (5 )                 (5 )

Operating income

    120,954       (603 )     (7,199 )     113,152  

Other income (expense):

                               

Derivative instruments loss, net

                (41,300 )     (41,300 )

Interest (expense) income, net

    (164 )           43       (121 )

Other (expense) income, net

    (1,494 )     (2 )     (1,311 )     (2,807 )

Total other expense, net

    (1,658 )     (2 )     (42,568 )     (44,228 )

Income from continuing operations before income taxes

    119,296       (605 )     (49,767 )     68,924  

Income tax (benefit) expense

    49,256       1       (7,633 )     41,624  

Income from continuing operations

    70,040       (606 )     (42,134 )     27,300  

Loss from discontinued operations, net of tax

                (32 )     (32 )

Net income

  $ 70,040     $ (606 )   $ (42,166 )   $ 27,268  

Consolidated capital expenditures (1)

  $ 69,882     $     $ 67     $ 69,949  
Reconciliation of Assets from Segment to Consolidated [Table Text Block]

(in thousands)

 

Gabon

   

Egypt

   

Canada

   

Equatorial Guinea

   

Corporate and Other

   

Total

 

Long-lived assets from continuing operations:

                                               

As of June 30, 2023

  $ 193,501     $ 165,813     $ 111,677     $ 10,000     $ 749     $ 481,740  

As of December 31, 2022 (1)

    213,204     $ 168,012     $ 103,263     $ 10,000     $ 793     $ 495,272  

(in thousands)

 

Gabon

   

Egypt

   

Canada

   

Equatorial Guinea

   

Corporate and Other

   

Total

 

Total assets from continuing operations:

                                               

As of June 30, 2023

  $ 384,554     $ 270,653     $ 118,604     $ 11,144     $ 44,058     $ 829,013  

As of December 31, 2022 (1)

    395,393     $ 293,640     $ 110,071     $ 10,861     $ 45,676     $ 855,641