| Segment Information |
The Company’s operations are based in Gabon, Angola, Equatorial Guinea and the United States. Management reviews and evaluates the operation of each geographic segment separately. The operations of all segments include exploration for and production of hydrocarbons where commercial reserves have been found and developed. The accounting policies of the reportable segments are the same as in Note 2. Revenues are based on the location of hydrocarbon production. The Company evaluates each segment based on income (loss) from operations. Segment activity for the years ended December 31, 2013, 2012 and 2011 are as follows: (in thousands)
2013 |
Gabon |
|
|
Angola |
|
|
Equatorial
Guinea |
|
|
USA |
|
|
Corporate
and Other |
|
|
Total |
|
Revenues |
$ |
167,386 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
1,891 |
|
|
$ |
- |
|
|
$ |
169,277 |
|
Depreciation, depletion and amortization |
|
15,310 |
|
|
|
28 |
|
|
|
- |
|
|
|
1,528 |
|
|
|
63 |
|
|
|
16,929 |
|
Operating income (loss) |
|
98,795 |
|
|
|
(3,018) |
|
|
|
(768 |
) |
|
|
(11,869 |
) |
|
|
(5,915 |
) |
|
|
77,225 |
|
Interest income |
|
40 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
33 |
|
|
|
73 |
|
Income taxes |
|
34,115 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
34,115 |
|
Bad debt and other expenses |
|
1,764 |
|
|
|
1,562 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,326 |
|
Additions to properties and equipment |
|
53,015 |
|
|
|
629 |
|
|
|
- |
|
|
|
- |
|
|
|
47 |
|
|
|
53,691 |
|
Long lived assets |
|
109,597 |
|
|
|
11,540 |
|
|
|
10,000 |
|
|
|
7,235 |
|
|
|
152 |
|
|
|
138,524 |
|
Total assets |
|
256,033 |
|
|
|
12,204 |
|
|
|
10,059 |
|
|
|
9,660 |
|
|
|
20,211 |
|
|
|
308,167 |
|
2012 |
Gabon |
|
|
Angola |
|
|
Equatorial
Guinea |
|
|
USA |
|
|
Corporate
and Other |
|
|
Total |
|
Revenues |
$ |
192,489 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
2,798 |
|
|
$ |
- |
|
|
$ |
195,287 |
|
Depreciation, depletion and amortization |
|
15,954 |
|
|
|
28 |
|
|
|
- |
|
|
|
3,872 |
|
|
|
59 |
|
|
|
19,913 |
|
Operating income (loss) |
|
147,985 |
|
|
|
(3,293 |
) |
|
|
(754 |
) |
|
|
(48,940 |
) |
|
|
(8,405 |
) |
|
|
86,593 |
|
Interest income |
|
60 |
|
|
|
(1 |
) |
|
|
- |
|
|
|
- |
|
|
|
86 |
|
|
|
145 |
|
Income taxes |
|
81,813 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
81,813 |
|
Bad debt and other expenses |
|
- |
|
|
|
1,621 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,621 |
|
Impairment of proved properties |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
7,620 |
|
|
|
- |
|
|
|
7,620 |
|
Additions to properties and equipment |
|
22,731 |
|
|
|
- |
|
|
|
10,000 |
|
|
|
13,558 |
|
|
|
77 |
|
|
|
46,366 |
|
Long lived assets |
|
71,225 |
|
|
|
10,938 |
|
|
|
10,000 |
|
|
|
14,279 |
|
|
|
166 |
|
|
|
106,608 |
|
Total assets |
|
190,652 |
|
|
|
11,405 |
|
|
|
10,000 |
|
|
|
17,314 |
|
|
|
38,585 |
|
|
|
267,956 |
|
2011 |
Gabon |
|
|
Angola |
|
|
Equatorial
Guinea |
|
|
USA |
|
|
Corporate
and Other |
|
|
Total |
|
Revenues |
$ |
208,781 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
1,655 |
|
|
$ |
- |
|
|
$ |
210,436 |
|
Depreciation, depletion and amortization |
|
23,604 |
|
|
|
20 |
|
|
|
- |
|
|
|
1,922 |
|
|
|
50 |
|
|
|
25,596 |
|
Operating income (loss) |
|
155,550 |
|
|
|
(6,221 |
) |
|
|
- |
|
|
|
(7,680 |
) |
|
|
(9,088 |
) |
|
|
132,561 |
|
Interest income |
|
80 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
104 |
|
|
|
184 |
|
Income taxes |
|
93,468 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
93,468 |
|
Bad debt and expenses |
|
- |
|
|
|
4,448 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
4,448 |
|
Impairment of proved properties |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
4,975 |
|
|
|
- |
|
|
|
4,975 |
|
Additions to properties and equipment |
|
8,528 |
|
|
|
7 |
|
|
|
- |
|
|
|
24,371 |
|
|
|
60 |
|
|
|
32,966 |
|
Long lived assets |
|
68,965 |
|
|
|
10,964 |
|
|
|
- |
|
|
|
19,772 |
|
|
|
147 |
|
|
|
99,848 |
|
Total assets |
|
185,341 |
|
|
|
21,452 |
|
|
|
- |
|
|
|
22,236 |
|
|
|
45,986 |
|
|
|
275,015 |
|
Information about our most significant customers
In Gabon, the Company sold oil under contracts with Mercuria Trading NV (“Mercuria”) in 2013, 2012 and 2011.
|