| Segment Information |
11. SEGMENT INFORMATION
Our operations are based in Gabon, Equatorial Guinea and the 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 six months ended June 30, 2017 and 2016 and segment assets at June 30, 2017 and December 31, 2016 are as follows:
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Three Months Ended June 30, 2017
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(in thousands)
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Gabon
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Equatorial Guinea
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U.S.
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Corporate and Other
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Total
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Revenues-oil and natural gas sales
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$
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20,415
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$
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-
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$
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10
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$
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-
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$
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20,425
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Depreciation, depletion and amortization
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1,902
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-
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0
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68
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1,970
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Bad debt expense and other
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183
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-
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-
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-
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183
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Operating income (loss)
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8,090
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(15)
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339
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(2,827)
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5,587
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Interest income (expense), net
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(378)
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-
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-
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-
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(378)
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Income tax expense
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3,096
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-
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-
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-
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3,096
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Additions to property and equipment
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625
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-
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-
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-
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625
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Three Months Ended June 30, 2016
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(in thousands)
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Gabon
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Equatorial Guinea
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U.S.
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Corporate and Other
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Total
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Revenues-oil and natural gas sales
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$
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18,764
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$
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-
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$
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83
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$
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-
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$
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18,847
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Depreciation, depletion and amortization
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1,833
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-
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42
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67
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1,942
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Bad debt expense and other
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171
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-
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-
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-
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171
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Other operating expense
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754
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-
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-
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-
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754
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Operating income (loss)
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8,424
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(87)
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-
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(3,722)
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4,615
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Interest income (expense), net
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(1,468)
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-
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-
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(2)
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(1,470)
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Income tax expense
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3,001
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-
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-
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-
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3,001
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Additions to property and equipment
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(2,493)
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-
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140
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-
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(2,353)
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Six Months Ended June 30, 2017
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(in thousands)
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Gabon
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Equatorial Guinea
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U.S.
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Corporate and Other
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Total
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Revenues-oil and natural gas sales
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$
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41,661
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$
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-
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$
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30
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$
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-
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$
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41,691
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Depreciation, depletion and amortization
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3,711
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-
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1
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127
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3,839
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Bad debt expense and other
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281
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-
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-
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-
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281
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Operating income (loss)
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19,050
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(53)
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346
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(5,608)
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13,735
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Interest income (expense), net
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(781)
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-
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-
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-
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(781)
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Income tax expense
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6,290
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-
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-
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-
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6,290
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Additions to property and equipment
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814
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-
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814
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Six Months Ended June 30, 2016
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(in thousands)
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Gabon
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Equatorial Guinea
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U.S.
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Corporate and Other
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Total
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Revenues-oil and natural gas sales
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$
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29,672
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$
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-
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$
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151
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$
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-
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$
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29,823
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Depreciation, depletion and amortization
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3,976
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-
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63
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141
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4,180
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Bad debt expense and other
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514
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-
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-
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-
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514
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Other operating expense
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9,635
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-
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-
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-
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9,635
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Operating income (loss)
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(3,532)
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(135)
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(3)
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(5,230)
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(8,900)
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Interest expense, net
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(1,956)
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-
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-
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(2)
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(1,958)
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Income tax expense
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4,686
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-
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-
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-
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4,686
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Additions to property and equipment
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(2,493)
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-
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140
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-
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(2,353)
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(in thousands)
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Gabon
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Equatorial Guinea
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U.S.
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Corporate and Other
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Total
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Total assets from continuing operations:
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As of June 30, 2017
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$
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62,481
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$
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10,108
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$
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108
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$
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3,868
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$
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76,565
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As of December 31, 2016
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64,478
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10,122
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382
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3,911
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78,893
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