Quarterly report pursuant to Section 13 or 15(d)

REVENUE

v3.24.3
REVENUE
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
Gabon

The Company currently sells crude oil production from Gabon under term crude oil sales and purchase agreements (“COSPA” or “COSPAs”) or crude oil sales and marketing agreements ("COSMA” or “COSMAs"). The following table presents revenues from contracts with customers as well as revenues associated with the obligations under the Etame PSC.
Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
Revenues from customer contracts: (in thousands)
Sales under the COSPA or COSMA $ 54,933  $ 64,100  $ 182,048  $ 194,179 
Other items reported in revenue not associated with customer contracts:
Carried interest recoupment 652  1,378  1,826  3,590 
Royalties (7,977) (8,203) (25,088) (25,833)
Net revenues $ 47,608  $ 57,275  $ 158,786  $ 171,936 
With respect to the government’s share of Profit Oil, the Etame PSC provides that corporate income tax is satisfied through the payment of Profit Oil. In the unaudited consolidated statements of operations and comprehensive income, the government’s share of revenues from Profit Oil is reported in revenues with a corresponding amount reflected in the current provision for income tax expense. Payments of the income tax expense are reported in the period that the government takes its Profit Oil in-kind, which is the period in which it lifts the crude oil. As of September 30, 2024 and December 31, 2023, the Company had a $35.7 million and $18.9 million, respectively, of foreign income tax payable, respectively.
Egypt
The following table presents revenues in Egypt from contracts with customers:
Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
Revenues from customer contracts: (in thousands)
Gross sales $ 63,432  $ 88,748  $ 191,938  $ 193,570 
Royalties (28,714) (37,944) (84,550) (86,176)
Selling costs (174) (497) (402) (995)
Net revenues $ 34,544  $ 50,307  $ 106,986  $ 106,399 
Canada
The following table presents revenues in Canada from contracts with customers:
Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
Revenues from customer contracts: (in thousands)
Oil revenue $ 8,039  $ 7,832  21,739  $ 22,811 
Gas revenue 224  988  1,429  2,649 
NGL revenue 2,008  2,073  5,905  6,421 
Royalties (1,533) (2,206) (3,801) (4,304)
Selling costs (351) —  (812) — 
Net revenues $ 8,387  $ 8,687  24,460  $ 27,577 
Cote d'Ivoire
The following table presents revenues in Cote d'Ivoire from contracts with customers:
Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
Revenues from customer contracts: (in thousands)
Revenues $ 49,795  $ —  $ 67,035  $ — 
Information about the Company’s most significant customers
For the three months ended September 30, 2024, the Company had one customer each that comprised 100% of its sales for Gabon, Egypt and Cote d'Ivoire. In Canada, three separate customers made up approximately 59%, 22% and 16% of its sales.
For the nine months ended September 30, 2024, the Company had one customer each that comprised 100% of its sales for Gabon, Egypt and Cote d'Ivoire. In Canada, three separate customers made up approximately 44%, 30% and 21% of its sales.