Quarterly report pursuant to Section 13 or 15(d)

Note 4 - Segment Information

v3.24.1.u1
Note 4 - Segment Information
 3 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

4. SEGMENT INFORMATION 

 

The Company’s operations are based in Gabon, Egypt, Canada and Equatorial Guinea. Each of the reportable operating segments are organized and managed based upon geographic location. The Company’s Chief Executive Officer, who is the chief operating decision maker, evaluates the operation of each geographic segment separately, primarily based on Operating income (loss). The operations of all segments include exploration for and production of hydrocarbons where commercial reserves have been found and developed. Revenues are based on the location of hydrocarbon production. Corporate and other is primarily corporate and operations support costs that are not allocated to the reportable operating segments.  

 

Segment activity of continuing operations for the three months ended March 31, 2024 and 2023 as well as long-lived assets and segment assets at March 31, 2024 and December 31, 2023 are as follows:

 

      Three Months Ended March 31, 2024  

(in thousands)

  

Gabon

    

Egypt

    

Canada

    

Equatorial Guinea

    

Corporate and Other

    

Total

  

Revenues:

                                                

Crude oil, natural gas and natural gas liquids sales

   $ 57,504     $ 36,961     $ 5,690     $ —     $ —     $ 100,155  

Operating costs and expenses:

                                                

Production expense

     16,713       12,751       2,379       245       1       32,089  

Exploration expense

     —       48       —       —       —       48  

Depreciation, depletion and amortization

     13,451       8,336       3,897       —       140       25,824  

Transaction costs related to acquisition

     —       —       —       —       1,313       1,313  

General and administrative expense

     634       169       12       78       5,817       6,710  

Credit losses and other

     20       1,634       —       158       —       1,812  

Total operating costs and expenses

     30,818       22,938       6,288       481       7,271       67,796  

Other operating income (expense), net

     (166 )     —       —       —       —       (166 )

Operating income

     26,520       14,023       (598 )     (481 )     (7,271 )     32,193  

Other income (expense):

                                                

Derivative instruments loss, net

     —       —       —       —       (847 )     (847 )

Interest (expense) income, net

     (1,317 )     (410 )     24       —       768       (935 )

Other (expense) income, net

     (94 )     —       —       (1 )     (392 )     (487 )

Total other expense, net

     (1,411 )     (410 )     24       (1 )     (471 )     (2,269 )

Income (loss) before income taxes

     25,109       13,613       (574 )     (482 )     (7,742 )     29,924  

Income tax (benefit) expense

     16,293       7,033       —       —       (1,088 )     22,238  

Net income (loss)

   $ 8,816     $ 6,580     $ (574 )   $ (482 )   $ (6,654 )   $ 7,686  

Consolidated capital expenditures

   $ 6,287     $ 4,328     $ 12,559     $ -     $ 848     $ 24,022  

 

   

Three Months Ended March 31, 2023

  

(in thousands)

  

Gabon

    

Egypt

    

Canada

    

Equatorial Guinea

    

Corporate and Other

    

Total

  

Revenues:

                                                

Crude oil, natural gas and natural gas liquids sales

   $ 36,737     $ 34,784     $ 8,882     $ —     $ —     $ 80,403  

Operating costs and expenses:

                                                

Production expense

     14,415       11,110       2,254       362       59       28,200  

Exploration expense

     8       —       —       —       —       8  

Depreciation, depletion and amortization

     9,845       10,795       3,711       —       66       24,417  

General and administrative expense

     618       179       —       129       4,298       5,224  

Credit losses and other

     935       —       —       —       —       935  

Total operating costs and expenses

     25,821       22,084       5,965       491       4,423       58,784  

Operating income (loss)

     10,916       12,700       2,917       (491 )     (4,423 )     21,619  

Other income (expense):

                                                

Derivative instruments gain, net

     —       —       —       —       21       21  

Interest (expense) income, net

     (1,507 )     (808 )     (4 )     —       73       (2,246 )

Other income (expense), net

     517       —       —       (1 )     (1,669 )     (1,153 )

Total other expense, net

     (990 )     (808 )     (4 )     (1 )     (1,575 )     (3,378 )

Income (loss) before income taxes

     9,926       11,892       2,913       (492 )     (5,998 )     18,241  

Income tax expense (benefit)

     6,578       4,992       —       —       3,201       14,771  

Net income (loss)

   $ 3,348     $ 6,900     $ 2,913     $ (492 )   $ (9,199 )   $ 3,470  

Consolidated capital expenditures

   $ 3,689     $ 11,571     $ 10,165     $ —     $ —     $ 25,425  

 

(in thousands)

  

Gabon

    

Egypt

    

Canada

    

Equatorial Guinea

    

Corporate and Other

    

Total

  

Long-lived assets:

                                                

As of March 31, 2024

   $ 166,596     $ 167,215     $ 111,313     $ 10,000     $ 2,295     $ 457,419  

As of December 31, 2023

   $ 171,787     $ 171,224     $ 105,189     $ 10,000     $ 1,586     $ 459,786  

 

(in thousands)

  

Gabon

    

Egypt

    

Canada

    

Equatorial Guinea

    

Corporate and Other

    

Total

  

Total assets:

                                                

As of March 31, 2024

   $ 302,389     $ 253,656     $ 120,598     $ 11,365     $ 121,139     $ 809,147  

As of December 31, 2023

   $ 309,394     $ 263,015     $ 114,215     $ 11,327     $ 125,265     $ 823,216