Quarterly report pursuant to Section 13 or 15(d)

Note 4 - Segment Information

v3.24.2.u1
Note 4 - Segment Information
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

4. SEGMENT INFORMATION 

 

The Company’s operations are based in Gabon, Egypt, Canada, Equatorial Guinea and Cote d'Ivoire. Each of the reportable operating segments are organized and managed based upon geographic location. The Company’s Chief Executive Officer, who is the chief operating decision maker, evaluates 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 three and six months ended June 30, 2024 and 2023 as well as long-lived assets and segment assets at June 30, 2024 and December 31, 2023 are as follows:

 

   

Three Months Ended June 30, 2024

  

(in thousands)

  

Gabon

    

Egypt

    

Canada

    

Equatorial Guinea

    

Cote d'Ivoire

    

Corporate and Other

    

Total

  

Revenues:

                                                        

Crude oil, natural gas and natural gas liquids sales

   $ 53,674     $ 35,481     $ 10,383     $ —     $ 17,240     $ —     $ 116,778  

Operating costs and expenses:

                                                        

Production expense

     18,486       13,424       3,359       272       16,905       —       52,446  

Exploration expense

     —       —       —       —       —       —       —  

Depreciation, depletion and amortization

     13,344       8,416       5,294       —       6,049       29       33,132  

General and administrative expense

     319       207       (127 )     93       124       6,975       7,591  

Credit losses and other

     —       3,178       —       163       —       —       3,341  

Total operating costs and expenses

     32,149       25,225       8,526       528       23,078       7,004       96,510  

Other operating income (expense), net

     132       —       —       —       —       —       132  

Operating income

     21,657       10,256       1,857       (528 )     (5,838 )     (7,004 )     20,400  

Other income (expense):

                                                        

Derivative instruments loss, net

     —       —       —       —       —       257       257  

Interest (expense) income, net

     (1,158 )     (350 )     14       —       (1,540 )     1,917       (1,117 )

Bargain purchase gain

     —       —       —       —       —       19,898       19,898  

Other (expense) income, net

     (137 )     —       5       3       (301 )     (1,554 )     (1,984 )

Total other expense, net

     (1,295 )     (350 )     19       3       (1,841 )     20,519       17,054  

Income (loss) before income taxes

     20,362       9,906       1,876       (525 )     (7,679 )     13,515       37,454  

Income tax (benefit) expense

     9,731       8,749       —       —       (3,050 )     (6,127 )     9,303  

Net income (loss)

   $ 10,631     $ 1,157     $ 1,876     $ (525 )   $ (4,630 )   $ 19,642     $ 28,151  

Consolidated capital expenditures

   $ 5,102     $ 1,868     $ 7,155     $ —     $ 7,152     $ 1,153     $ 22,431  

 

   

Six Months Ended June 30, 2024

  

(in thousands)

  

Gabon

    

Egypt

    

Canada

    

Equatorial Guinea

    

Cote d'Ivoire

    

Corporate and Other

    

Total

  

Revenues:

                                                        

Crude oil, natural gas and natural gas liquids sales

   $ 111,178     $ 72,442     $ 16,073     $ —     $ 17,240     $ —     $ 216,933  

Operating costs and expenses:

                                                        

Production expense

     35,199       26,175       5,738       517       16,905       1       84,535  

Exploration expense

     —       48       —       —       —       —       48  

Depreciation, depletion and amortization

     26,795       16,752       9,191       —       6,049       169       58,956  

General and administrative expense

     953       376       (115 )     171       124       12,792       14,301  

Credit losses and other

     20       4,812       —       321       —       —       5,153  

Total operating costs and expenses

     62,967       48,163       14,814       1,009       23,078       12,962       162,993  

Other operating income, net

     (34 )     —       —       —       —       —       (34 )

Operating income (loss)

     48,177       24,279       1,259       (1,009 )     (5,838 )     (12,962 )     53,906  

Other income (expense):

                                                        

Derivative instruments gain, net

     —       —       —       —       —       (590 )     (590 )

Interest (expense) income, net

     (2,475 )     (760 )     38       —       (1,540 )     2,685       (2,052 )

Bargain purchase gain

     —       —       —       —       —       19,898       19,898  

Other income (expense), net

     (231 )     —       5       2       (301 )     (3,259 )     (3,784 )

Total other expense, net

     (2,706 )     (760 )     43       2       (1,841 )     18,735       13,472  

Income (loss) before income taxes

     45,471       23,519       1,302       (1,007 )     (7,679 )     5,773       67,378  

Income tax expense (benefit)

     26,024       15,782       —       —       (3,050 )     (7,215 )     31,541  

Net income (loss)

   $ 19,447     $ 7,737     $ 1,302     $ (1,007 )   $ (4,630 )   $ 12,988     $ 35,837  

Consolidated capital expenditures

   $ 11,389     $ 6,196     $ 19,714     $ —     $ 7,152     $ 2,001     $ 46,453  

 

   

Three Months Ended June 30, 2023

  

(in thousands)

  

Gabon

    

Egypt

    

Canada

    

Equatorial Guinea

    

Cote d'Ivoire

    

Corporate and Other

    

Total

  

Revenues:

                                                        

Crude oil, natural gas and natural gas liquids sales

   $ 77,924     $ 21,308     $ 10,008     $ —     $ —     $ —     $ 109,240  

Operating costs and expenses:

                                                        

Production expense

     23,931       11,089       3,255       386       —       (57 )     38,604  

FPSO demobilization and other costs

     5,647       —       —       —       —       —       5,647  

Exploration expense

     43       14       —       —       —       —       57  

Depreciation, depletion and amortization

     19,457       13,757       4,747       —       —       42       38,003  

General and administrative expense

     318       202       —       87       —       4,788       5,395  

Credit losses and other

     518       —       —       162       —       —       680  

Total operating costs and expenses

     49,914       25,062       8,002       635       —       4,773       88,386  

Other operating income, net

     (62 )     (241 )     —       —       —       —       (303 )

Operating income (loss)

     27,948       (3,995 )     2,006       (635 )     —       (4,773 )     20,551  

Other income (expense):

                                                        

Derivative instruments gain, net

     —       —       —       —       —       31       31  

Interest (expense) income, net

     (1,376 )     (503 )     —       —       —       176       (1,703 )

Other income (expense), net

     (619 )     —       —       1       —       79       (539 )

Total other expense, net

     (1,995 )     (503 )     —       1       —       286       (2,211 )

Income (loss) before income taxes

     25,953       (4,498 )     2,006       (634 )     —       (4,487 )     18,340  

Income tax expense (benefit)

     16,251       4,261       —       —       —       (8,924 )     11,588  

Net income (loss)

   $ 9,702     $ (8,759 )   $ 2,006     $ (634 )   $ —     $ 4,437     $ 6,752  

Consolidated capital expenditures

   $ 1,375     $ 8,526     $ 6,491     $ —     $ —     $ 36     $ 16,427  

 

 

 

   

Six Months June 30, 2023

  

(in thousands)

  

Gabon

    

Egypt

    

Canada

    

Equatorial Guinea

    

Cote d'Ivoire

    

Corporate and Other

    

Total

  

Revenues:

                                                        

Crude oil, natural gas and natural gas liquids sales

   $ 114,661     $ 56,092     $ 18,890     $ —     $ —     $ —     $ 189,643  

Operating costs and expenses:

                                                        

Production expense

     38,346       22,199       5,509       748       —       2       66,804  

FPSO demobilization and other costs

     5,647       —       —       —       —       —       5,647  

Exploration expense

     51       14       —       —       —       —       65  

Depreciation, depletion and amortization

     29,302       24,552       8,458       —       —       108       62,420  

General and administrative expense

     936       381       —       216       —       9,086       10,619  

Credit losses and other

     1,453       —       —       162       —       —       1,615  

Total operating costs and expenses

     75,735       47,146       13,967       1,126       —       9,196       147,170  

Other operating income, net

     (62 )     (241 )     —       —       —       —       (303 )

Operating income (loss)

     38,864       8,705       4,923       (1,126 )     —       (9,196 )     42,170  

Other income (expense):

                                                        

Derivative instruments gain, net

     —       —       —       —       —       52       52  

Interest (expense) income, net

     (2,883 )     (1,311 )     (4 )     —       —       249       (3,949 )

Other income (expense), net

     (102 )     —       1       (1 )     —       (1,590 )     (1,692 )

Total other expense, net

     (2,985 )     (1,311 )     (3 )     (1 )     —       (1,289 )     (5,589 )

Income (loss) before income taxes

     35,879       7,394       4,920       (1,127 )     —       (10,485 )     36,581  

Income tax expense (benefit)

     22,829       9,253       —       —       —       (5,723 )     26,359  

Net income (loss)

   $ 13,050     $ (1,859 )   $ 4,920     $ (1,127 )   $ —     $ (4,762 )   $ 10,222  

Consolidated capital expenditures

   $ 5,064     $ 20,097     $ 16,656     $ —     $ —     $ 36     $ 41,852  

 

 

(in thousands)

  

Gabon

    

Egypt

    

Canada

    

Equatorial Guinea

    

Cote d'Ivoire

    

Corporate and Other

    

Total

  

Long-lived assets:

                                                        

As of June 30, 2024

   $ 160,240     $ 160,668     $ 112,373     $ 10,000     $ 101,690     $ 3,444     $ 548,415  

As of December 31, 2023

   $ 171,787     $ 171,224     $ 105,189     $ 10,000     $ —     $ 1,586     $ 459,786  

 

(in thousands)

  

Gabon

    

Egypt

    

Canada

    

Equatorial Guinea

    

Cote d'Ivoire

    

Corporate and Other

    

Total

  

Total assets:

                                                        

As of June 30, 2024

   $ 289,669     $ 260,414     $ 119,229     $ 11,482     $ 145,427     $ 91,143     $ 917,364  

As of December 31, 2023

   $ 309,394     $ 263,015     $ 114,215     $ 11,327     $ —     $ 125,265     $ 823,216