Quarterly report pursuant to Section 13 or 15(d)

SEGMENT INFORMATION (Tables)

v3.24.3
SEGMENT INFORMATION (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Schedule of Segment Activity of Continuing Operations
Segment activity of continuing operations for the three and nine months ended September 30, 2024 and 2023 as well as long-lived assets and segment assets at September 30, 2024 and December 31, 2023 are as follows:
Three Months Ended September 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 $ 47,608  $ 34,544  $ 8,387  $ —  $ 49,795  $ —  $ 140,334 
Operating costs and expenses:              
Production expense 13,932  12,477  3,015  195  12,701  4  42,324 
Exploration expense —  —  —  —  —  —  — 
Depreciation, depletion and amortization 12,796  8,729  6,106  —  19,184  216  47,031 
General and administrative expense 241  (79) (4) 62  1,061  5,648  6,929 
Credit losses and other —  —  —  69  —  —  69 
Total operating costs and expenses 26,969  21,127  9,117  326  32,946  5,868  96,353 
Other operating income (expense), net —  —  102  —  —  —  102 
Operating income (loss) 20,639  13,417  (628) (326) 16,849  (5,868) 44,083 
Other income (expense):            
Derivative instruments gain(loss), net —  —  —  —  (169) 379  210 
Interest (expense) income, net (964) (360) —  —  2,029  (1,293) (588)
Bargain purchase gain —  —  —  —  —  —  — 
Other (expense) income, net (72) (101) 669  (4) (37) (597) (141)
Total other expense, net (1,036) (461) 670  (4) 1,823  (1,511) (519)
Income (loss) before income taxes 19,603  12,956  42  (330) 18,672  (7,379) 43,564 
Income tax (benefit) expense 12,932  3,613  —  —  8,454  7,575  32,574 
Net income (loss) $ 6,671  $ 9,343  $ 42  $ (330) $ 10,218  $ (14,953) $ 10,990 
Consolidated capital expenditures $ 8,859  $ 1,698  $ 3,014  $ 38  $ 11,158  $ 1,839  $ 26,606 
Nine Months Ended September 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 $ 158,786  $ 106,986  $ 24,460  $ —  $ 67,035  $ —  $ 357,267 
Operating costs and expenses:              
Production expense 49,131  38,652  8,753  712  29,606  5  126,859 
Exploration expense —  48  —  —  —  —  48 
Depreciation, depletion and amortization 39,591  25,481  15,297  —  25,233  385  105,987 
General and administrative expense 1,194  297  (119) 233  1,185  18,440  21,230 
Credit losses and other 20  4,812  —  390  —  —  5,222 
Total operating costs and expenses 89,936  69,290  23,931  1,335  56,024  18,830  259,346 
Other operating income (expense), net (34) —  102  —  —  —  68 
Operating income (loss) 68,816  37,696  631  (1,335) 11,011  (18,830) 97,989 
Other income (expense):              
Derivative instruments gain, net —  —  —  —  (169) (211) (380)
Interest (expense) income, net (3,439) (1,120) 38  —  489  1,392  (2,640)
Bargain purchase gain —  —  —  —  —  19,898  19,898 
Other income (expense), net (303) (101) 674  (2) (338) (3,856) (3,925)
Total other expense, net (3,742) (1,221) 713  (2) (18) 17,223  12,953 
Income (loss) before income taxes 65,074  36,475  1,344  (1,337) 10,993  (1,608) 110,942 
Income tax expense (benefit) 38,956  19,395  —  —  5,404  360  64,115 
Net income (loss) $ 26,118  $ 17,080  $ 1,344  $ (1,337) $ 5,589  $ (1,967) $ 46,827 
Consolidated capital expenditures $ 20,248  $ 7,894  $ 22,728  $ 38  $ 18,310  $ 3,840  $ 73,058 
  Three Months Ended September 30, 2023
(in thousands) Gabon Egypt Canada Equatorial Guinea Corporate and Other Total
Revenues:            
Crude oil, natural gas and natural gas liquids sales $ 57,275  $ 50,307  $ 8,687  $ —  $ —  $ 116,269 
Operating costs and expenses:            
Production expense 20,731  16,040  2,627  259  299  39,956 
FPSO demobilization and other costs —  —  —  —  —  — 
Exploration expense —  1,194  —  —  —  1,194 
Depreciation, depletion and amortization 14,583  12,967  4,948  —  40  32,538 
General and administrative expense 348  54  —  94  5,720  6,216 
Credit losses and other 684  —  —  138  —  822 
Total operating costs and expenses 36,346  30,255  7,575  491  6,059  80,726 
Other operating income, net 5  —  —  —  —  5 
Operating income (loss) 20,934  20,052  1,112  (491) (6,059) 35,548 
Other income (expense):            
Derivative instruments loss, net —  —  —  —  (2,320) (2,320)
Interest income (expense), net (1,371) (270) —  —  215  (1,426)
Other income (expense), net 111  —  —  (3) 75  183 
Total other expense, net (1,260) (270) —  (3) (2,030) (3,563)
Income (loss) before income taxes 19,674  19,782  1,112  (494) (8,089) 31,985 
Income tax expense 13,173  888  —  —  11,783  25,844 
Net income (loss) $ 6,501  $ 18,894  $ 1,112  $ (494) $ (19,872) $ 6,141 
Consolidated capital expenditures $ 10,109  $ 11,987  $ 3,870  $ —  $ —  $ 25,966 
Nine Months Ended September 30, 2023
(in thousands) Gabon Egypt Canada Equatorial Guinea Corporate and Other Total
Revenues:
Crude oil, natural gas and natural gas liquids sales $ 171,936  $ 106,399  $ 27,577  $ —  $ —  $ 305,912 
Operating costs and expenses:            
Production expense 59,077  38,239  8,136  1,007  301  106,760 
FPSO demobilization and other costs 5,647  —  —  —  —  5,647 
Exploration expense 51  1,208  —  —  —  1,259 
Depreciation, depletion and amortization 43,885  37,519  13,406  —  148  94,958 
General and administrative expense 1,284  435  —  310  14,806  16,835 
Credit losses and other 2,137  —  —  300  —  2,437 
Total operating costs and expenses 112,081  77,401  21,542  1,617  15,255  227,896 
Other operating income (loss), net (57) (241) —  —  —  (298)
Operating income (loss) 59,798  28,757  6,035  (1,617) (15,255) 77,718 
Other income (expense):
Derivative instruments loss, net —  —  —  —  (2,268) (2,268)
Interest income (expense), net (4,254) (1,581) (4) —  464  (5,375)
Bargain purchase gain —  —  —  —  (1,412) (1,412)
Other income (expense), net 9  —  1  (4) (103) (97)
Total other expense, net (4,245) (1,581) (3) (4) (3,319) (9,152)
Income (loss) before income taxes 55,553  27,176  6,032  (1,621) (18,574) 68,566 
Income tax expense 36,002  10,141  —  —  6,060  52,203 
Net income (loss) $ 19,551  $ 17,035  $ 6,032  $ (1,621) $ (24,634) $ 16,363 
Consolidated capital expenditures $ 15,173  $ 32,084  $ 16,008  $ —  $ 36  $ 63,301 
Schedule of Long-lived Assets and Segment Assets
(in thousands) Gabon Egypt Canada Equatorial Guinea Cote d'Ivoire Corporate and Other Total
Long-lived assets:              
As of September 30, 2024 $ 158,256  $ 153,636  $ 110,474  $ 10,038  $ 94,387  $ 4,798  $ 531,589 
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 September 30, 2024 $ 205,649  $ 319,955  $ 116,455  $ 14,689  $ 157,357  $ 123,798  $ 937,903 
As of December 31, 2023 $ 309,394  $ 263,015  $ 114,215  $ 11,327  $ —  $ 125,265  $ 823,216