| Selected Quarterly Financial Information |
16. SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
Our unaudited quarterly results for years ended December 31, 2018 and 2017 were prepared in accordance with GAAP, and reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results. These adjustments are of a normal recurring nature. Quarterly income per share is based on the weighted average number of shares outstanding during the quarter. Because of changes in the number of shares outstanding during the quarters due to the exercise of stock options and issuance of common stock, the sum of quarterly earnings per share may not equal earnings per share for the year.
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Three Months Ended
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March 31,
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June 30,
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September 30,
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December 31,
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(in thousands of dollars except per share information)
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2018:
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Total revenues
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$
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27,645
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$
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24,426
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$
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25,266
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$
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27,606
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Total operating costs and expenses
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14,631
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19,017
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7,940
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12,433
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Operating income
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13,038
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5,723
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17,320
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15,206
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Income from continuing operations
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8,711
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887
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78,626
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10,504
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Loss from discontinued operations
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(52)
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(343)
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(21)
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(80)
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Net income
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8,659
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544
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78,605
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10,424
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Basic net income per share
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$
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0.15
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$
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0.02
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$
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1.31
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$
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0.17
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Diluted net income per share
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$
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0.15
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$
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0.02
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$
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1.28
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$
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0.17
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Basic income from continuing operations per share
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$
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0.15
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$
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0.02
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$
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1.31
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$
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0.17
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Diluted income from continuing operations per share
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$
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0.15
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$
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0.02
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$
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1.28
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$
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0.17
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As discussed further in Note 8, deferred income tax expense (benefit) for the three months ended September 30 and December 31, 2018 included $(66.6) million and $9.0 million, respectively, related to the recognition of deferred tax assets as well as adjustments to valuation allowances.
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Three Months Ended
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March 31,
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June 30,
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September 30,
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December 31,
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(in thousands of dollars except per share information)
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2017:
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Total revenues
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$
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21,266
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$
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20,425
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$
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18,178
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$
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17,156
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Total operating costs and expenses
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13,055
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15,068
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14,454
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14,413
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Operating income
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8,148
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5,587
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3,721
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2,495
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Income (loss) from continuing operations
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4,435
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2,451
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(148)
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3,534
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Loss from discontinued operations
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(176)
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(168)
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(174)
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(103)
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Net income (loss)
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4,259
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2,283
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(322)
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3,431
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Basic net income (loss) per share
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$
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0.07
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$
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0.04
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$
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0.00
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$
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0.06
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Diluted net income (loss) per share
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$
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0.07
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$
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0.04
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$
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0.00
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$
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0.06
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Basic income (loss) from continuing operations per share
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$
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0.07
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$
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0.04
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$
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0.00
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$
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0.06
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Diluted income (loss) from continuing operations per share
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$
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0.07
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$
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0.04
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$
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0.00
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$
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0.06
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As discussed in Note 2, subsequent to the issuance of our condensed consolidated financial statements for the three months ended September 30, 2018, we identified an error related to a gross up in oil and natural gas properties for the establishment of a deferred tax liability of $18.6 million as a result of differences between the book basis attributable to leasehold costs incurred in connection with the extension of the Etame Marin block production sharing contract with Gabon entered into on September 25, 2018 and the tax basis in these costs. The condensed consolidated balance sheet below reflects the impact of this error as of September 30, 2018.
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As of September 30, 2018
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As Previously Reported
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Adjustments
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As Restated
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ASSETS
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Current assets:
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Cash and cash equivalents
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$
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33,715
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$
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—
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$
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33,715
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Restricted cash
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1,025
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—
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1,025
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Receivables:
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Trade
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—
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—
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—
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Accounts with joint venture owners, net of allowance of $0.5 million
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931
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—
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931
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Other
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408
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—
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408
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Crude oil inventory
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2,232
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—
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2,232
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Prepayments and other
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3,058
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—
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3,058
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Current assets - discontinued operations
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3,222
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—
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3,222
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Total current assets
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44,591
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—
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44,591
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Oil and natural gas properties, at cost - successful efforts method:
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Proved properties
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398,072
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11,539
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409,611
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Unproved properties
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16,698
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7,073
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23,771
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Equipment and other
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8,821
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—
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8,821
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423,591
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18,612
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442,203
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Accumulated depreciation, depletion, amortization and impairment
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(388,660)
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—
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(388,660)
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Net oil and natural gas properties, equipment and other
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34,931
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18,612
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53,543
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Other noncurrent assets:
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Restricted cash
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918
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—
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918
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Value added tax and other receivables, net of allowance of $2.1 million
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2,306
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—
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2,306
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Deferred tax assets
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68,807
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(18,612)
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50,195
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Abandonment funding
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10,808
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—
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10,808
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Total assets
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$
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162,361
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$
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—
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$
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162,361
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LIABILITIES AND SHAREHOLDERS' EQUITY
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Current liabilities:
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Accounts payable
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$
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7,219
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$
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—
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$
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7,219
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Accounts with joint venture owners
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5,496
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—
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5,496
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Accrued liabilities and other
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17,662
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—
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17,662
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Foreign taxes payable
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1,775
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—
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1,775
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Current portion of long term debt
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—
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—
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—
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Current liabilities - discontinued operations
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15,191
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—
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15,191
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Total current liabilities
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47,343
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—
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47,343
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Asset retirement obligations
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14,459
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—
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14,459
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Other long-term liabilities
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1,264
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—
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1,264
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Long term debt, excluding current portion, net
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—
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—
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—
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Total liabilities
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63,066
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—
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63,066
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Commitments and contingencies
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Shareholders’ equity:
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Preferred stock, none issued, 500,000 shares authorized, $25 par value
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—
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—
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—
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Common stock, $0.10 par value; 100,000,000 shares authorized, 67,092,825 shares issued and 59,538,878 shares outstanding
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6,709
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—
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6,709
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Additional paid-in capital
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72,229
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—
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72,229
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Less treasury stock, 7,553,947 shares at cost
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(37,798)
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—
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(37,798)
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Retained earnings
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58,155
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—
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58,155
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Total shareholders' equity
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99,295
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—
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99,295
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Total liabilities and shareholders' equity
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$
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162,361
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$
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—
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$
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162,361
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