| Segment Information |
The Company’s operations are based in Gabon, Angola, Equatorial Guinea and the United States. The chief operating decision maker, the CEO and management review 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, 2014, 2013 and 2012 are as follows: (in thousands)
|
2014
|
|
Gabon
|
|
|
Angola
|
|
|
Equatorial
Guinea
|
|
|
USA
|
|
|
Corporate
and Other
|
|
|
Total
|
|
|
Revenues
|
|
$
|
126,322
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
1,369
|
|
|
$
|
-
|
|
|
$
|
127,691
|
|
|
Depreciation, depletion and amortization
|
|
|
19,079
|
|
|
|
12
|
|
|
|
-
|
|
|
|
901
|
|
|
|
94
|
|
|
|
20,086
|
|
|
Operating income (loss)
|
|
|
(42,105
|
)
|
|
|
(3,798
|
)
|
|
|
(1,525
|
)
|
|
|
(119
|
)
|
|
|
(6,859
|
)
|
|
|
(54,406
|
)
|
|
Interest income
|
|
|
42
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
33
|
|
|
|
75
|
|
|
Income taxes
|
|
|
22,486
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
22,486
|
|
|
Bad debt and other expenses
|
|
|
2,400
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2,400
|
|
|
Impairment of proved properties
|
|
|
98,341
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
98,341
|
|
|
Additions to properties and equipment
|
|
|
83,170
|
|
|
|
3,117
|
|
|
|
-
|
|
|
|
8
|
|
|
|
816
|
|
|
|
87,111
|
|
|
Long lived assets
|
|
|
76,247
|
|
|
|
14,645
|
|
|
|
10,000
|
|
|
|
6,359
|
|
|
|
873
|
|
|
|
108,124
|
|
|
Total assets
|
|
|
192,957
|
|
|
|
22,305
|
|
|
|
10,197
|
|
|
|
6,611
|
|
|
|
16,779
|
|
|
|
248,849
|
|
|
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 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
|
|
Information about our most significant customers
In Gabon, starting in the second quarter of 2014, the Company switched to an agency model to sell its crude oil. The Company contracted with a third party in order to sell, based on a fixed barrel fee, on the spot market. Prior to the second quarter in 2014, the Company sold oil under contracts with Mercuria Trading NV (“Mercuria”) beginning with the calendar year 2011. For the first quarter of 2015, the Company will also sell its oil under the agency model on the spot market.
|