Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.5.0.2
Segment Information
 9 Months Ended
Sep. 30, 2016
Segment Information [Abstract]  
Segment Information

12.  SEGMENT INFORMATION

Our operations are based in Gabon, Equatorial Guinea and the United States (“U.S.”).  Each of our three reportable operating segments is organized and managed based upon geographic location. Our Chief Executive Officer, who is the chief operating decision maker, and management, review and evaluate 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 which are not allocated to the reportable operating segments.

Segment activity of continuing operations for the three and nine months ended September 30, 2016 and 2015 and segment assets at September 30, 2016 and December 31, 2015 are as follows:



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended September 30, 2016



 

 

 

 

Equatorial

 

 

 

 

Corporate

 

 

 

(in thousands)

 

Gabon

 

Guinea

 

U.S.

 

and Other

 

Total

Revenues-oil and gas sales

 

$

 14,540 

 

$

 -

 

$

 95 

 

$

 -

 

$

 14,635 

Depreciation, depletion and amortization

 

 

 1,508 

 

 

 -

 

 

 38 

 

 

 61 

 

 

 1,607 

Impairment of proved properties

 

 

 -

 

 

 -

 

 

 88 

 

 

 -

 

 

 88 

Bad debt expense (recovery) and other

 

 

 63 

 

 

 -

 

 

 -

 

 

 -

 

 

 63 

Other operating expense

 

 

 324 

 

 

 -

 

 

 -

 

 

 -

 

 

 324 

Operating income (loss)

 

 

 5,013 

 

 

 (184)

 

 

 (61)

 

 

 (1,910)

 

 

 2,858 

Interest income (expense), net

 

 

 (329)

 

 

 -

 

 

 -

 

 

 2 

 

 

 (327)

Income tax expense

 

 

 2,305 

 

 

 -

 

 

 -

 

 

 (107)

 

 

 2,198 

Additions to property and equipment

 

 

 674 

 

 

 -

 

 

 -

 

 

 7 

 

 

 681 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended September 30, 2015



 

 

 

 

Equatorial

 

 

 

 

Corporate

 

 

 

(in thousands)

 

Gabon

 

Guinea

 

U.S.

 

and Other

 

Total

Revenues-oil and gas sales

 

$

 17,405 

 

$

 -

 

$

 141 

 

$

 -

 

$

 17,546 

Depreciation, depletion and amortization

 

 

 8,060 

 

 

 -

 

 

 140 

 

 

 56 

 

 

 8,256 

Impairment of proved properties

 

 

 17,988 

 

 

 -

 

 

 -

 

 

 -

 

 

 17,988 

Bad debt expense (recovery) and other

 

 

 2,750 

 

 

 -

 

 

 -

 

 

 -

 

 

 2,750 

Operating income (loss)

 

 

 (29,007)

 

 

 (287)

 

 

 42 

 

 

 (1,699)

 

 

 (30,951)

Interest income (expense), net

 

 

 (294)

 

 

 -

 

 

 -

 

 

 (168)

 

 

 (462)

Income tax expense

 

 

 2,707 

 

 

 -

 

 

 -

 

 

 -

 

 

 2,707 

Additions to property and equipment

 

 

 10,796 

 

 

 -

 

 

 1 

 

 

 7 

 

 

 10,804 







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Nine Months Ended September 30, 2016



 

 

 

 

Equatorial

 

 

 

 

Corporate

 

 

 

(in thousands)

 

Gabon

 

Guinea

 

U.S.

 

and Other

 

Total

Revenues-oil and natural gas sales

 

$

 44,212 

 

$

 -

 

$

 246 

 

$

 -

 

$

 44,458 

Depreciation, depletion and amortization

 

 

 5,484 

 

 

 -

 

 

 121 

 

 

 182 

 

 

 5,787 

Impairment of proved properties

 

 

 -

 

 

 -

 

 

 88 

 

 

 -

 

 

 88 

Bad debt expense (recovery) and other

 

 

 577 

 

 

 -

 

 

 -

 

 

 -

 

 

 577 

Other operating expense

 

 

 9,959 

 

 

 -

 

 

 -

 

 

 -

 

 

 9,959 

Operating income (loss)

 

 

 1,481 

 

 

 (319)

 

 

 (64)

 

 

 (7,322)

 

 

 (6,224)

Interest income (expense), net

 

 

 (2,285)

 

 

 -

 

 

 -

 

 

 -

 

 

 (2,285)

Income tax expense

 

 

 6,884 

 

 

 -

 

 

 -

 

 

 -

 

 

 6,884 

Additions to property and equipment

 

 

 (1,819)

 

 

 -

 

 

 140 

 

 

 7 

 

 

 (1,672)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Nine Months Ended September 30, 2015



 

 

 

 

Equatorial

 

 

 

 

Corporate

 

 

 

(in thousands)

 

Gabon

 

Guinea

 

U.S.

 

and Other

 

Total

Revenues-oil and natural gas sales

 

$

 62,496 

 

$

 -

 

$

 426 

 

$

 -

 

$

 62,922 

Depreciation, depletion and amortization

 

 

 22,844 

 

 

 -

 

 

 467 

 

 

 173 

 

 

 23,484 

Impairment of proved properties

 

 

 29,208 

 

 

 -

 

 

 -

 

 

 -

 

 

 29,208 

Bad debt expense and other

 

 

 3,326 

 

 

 -

 

 

 -

 

 

 -

 

 

 3,326 

Operating loss

 

 

 (31,286)

 

 

 (944)

 

 

 (372)

 

 

 (5,813)

 

 

 (38,415)

Interest income (expense), net

 

 

 (944)

 

 

 -

 

 

 -

 

 

 (163)

 

 

 (1,107)

Income tax expense

 

 

 10,345 

 

 

 -

 

 

 -

 

 

 -

 

 

 10,345 

Additions to property and equipment

 

 

 44,215 

 

 

 -

 

 

 (16)

 

 

 158 

 

 

 44,357 







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

Equatorial

 

 

 

 

Corporate

 

 

 

(in thousands)

 

Gabon

 

Guinea

 

U.S.

 

and Other

 

Total

Total assets from continuing operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

as of September 30, 2016

 

$

 55,833 

 

$

 10,169 

 

$

 1,379 

 

$

 9,074 

 

$

 76,455 

as of December 31, 2015

 

 

 98,858 

 

 

 10,200 

 

 

 1,470 

 

 

 5,045 

 

 

 115,573