Segment Information |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| Segment Information [Abstract] | |
| Segment Information | 5. SEGMENT INFORMATIONThe Company’s operations are based in Gabon and Equatorial Guinea. Each of the two reportable operating segments is organized and managed based upon geographic location. The Company’s 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 that are not allocated to the reportable operating segments. Segment activity of continuing operations for the years ended December 31, 2021, 2020 and 2019 and long-lived assets and segment assets at December 31, 2021 and 2020 are as follows: Year Ended December 31, 2021(in thousands) Gabon Equatorial Guinea Corporate and Other TotalRevenues-crude oil and natural gas sales $ 199,075 $ — $ — $ 199,075Depreciation, depletion and amortization 20,972 — 88 21,060Bad debt expense and other 875 — — 875Other operating expense, net (440) — — (440)Operating income (loss) 93,191 (853) (13,238) 79,100Derivative instruments loss, net — — (22,826) (22,826)Other, net 6,925 (3) (3,428) 3,494Income tax expense (benefit) 12,392 1 (34,549) (22,156)Additions to crude oil and natural gas properties and equipment – accrual (1) 79,169 — 52 79,221(1) Includes assets acquired in the Sasol acquisition. Year Ended December 31, 2020(in thousands) Gabon Equatorial Guinea Corporate and Other TotalRevenues-crude oil and natural gas sales $ 67,176 $ — $ — $ 67,176Depreciation, depletion and amortization 9,028 — 354 9,382Impairment of proved crude oil and natural gas properties 30,625 — — 30,625Bad debt expense and other 1,165 — — 1,165Other operating expense, net (1,669) — — (1,669)Operating loss (17,261) (431) (9,571) (27,263)Derivative instruments gain, net — — 6,577 6,577Interest income, net — — 155 155Other, net 194 3 (68) 129Income tax expense 16,204 1 11,476 27,681Additions to crude oil and natural gas properties and equipment – accrual 10,503 — (9) 10,494 Year Ended December 31, 2019(in thousands) Gabon Equatorial Guinea Corporate and Other TotalRevenues-crude oil and natural gas sales $ 84,521 $ — $ — $ 84,521Depreciation, depletion and amortization 6,825 — 258 7,083Gain on revision of asset retirement obligations (379) — — (379)Bad debt (recovery) expense and other (341) — — (341)Other operating expense, net (4,456) — 35 (4,421)Operating income (loss) 35,049 (438) (13,418) 21,193Derivative instruments gain, net — — (446) (446)Interest income (expense), net 5 — 728 733Other, net (230) (3) (205) (438)Income tax benefit 20,311 12 3,567 23,890Additions to crude oil and natural gas properties and equipment – accrual 22,116 — 57 22,173 it (in thousands) Gabon Equatorial Guinea Corporate and Other TotalLong-lived assets from continuing operations: As of December 31, 2021 $ 84,156 $ 10,000 $ 168 $ 94,324As of December 31, 2020 $ 26,832 $ 10,000 $ 204 $ 37,036 (in thousands) Gabon Equatorial Guinea Corporate and Other TotalTotal assets from continuing operations: As of December 31, 2021 $ 201,748 $ 10,548 $ 50,794 $ 263,090As of December 31, 2020 $ 101,399 $ 10,267 $ 29,566 $ 141,232 Information about the Company’s most significant customersThe Company currently sells crude oil production from Gabon under term contracts with pricing based upon an average of Dated Brent in the month of lifting, adjusted for location and market factors. From February 2019 to January 2020, crude oil sales were to Mercuria Energy Trading SA (“Mercuria”). The Company signed a new contract with ExxonMobil Sales and Supply LLC (“Exxon”) that covers sales from February 2020 through January 2022 with pricing based upon an average of Dated Brent in the month of lifting, adjusted for location and market factors. In January 2022, the contract with ExxonMobil was amended to extend the date of the contract through the end of July 2022.During the year ended December 31, 2021, revenues from sales of crude oil to Exxon were 100% of the Company’s total revenues from customers. |