XML 87 R29.htm IDEA: XBRL DOCUMENT

Note 5 - Segment Information (Tables)

12 Months Ended

Dec. 31, 2022

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

		*Year ended December 31, 2022*
*(in thousands)*		*Gabon*				*Egypt*				*Canada*				*Equatorial Guinea*				*Corporate and Other*				*Total*
Revenues:
Crude oil, natural gas and natural gas liquids sales		$	306,775			$	37,710			$	9,841			$	—			$	—			$	354,326
Operating costs and expenses:
Production expense			96,854				11,936				1,972				1,899				—				112,661
FPSO demobilization			8,867				—				—				—				—				8,867
Exploration expense			258				—				—				—				—				258
Depreciation, depletion and amortization			34,651				10,444				2,921				—				127				48,143
General and administrative expense			3,101				—				—				538				6,438				10,077
Bad debt expense and other			2,743				—				—				339				—				3,082
Total operating costs and expenses			146,474				22,380				4,893				2,776				6,565				183,088
Other operating income, net			38				—				—				—				—				38
Operating income (loss)			160,339				15,330				4,948				(2,776	)			(6,565	)			171,276
Other income (expense):
Derivative instruments gain (loss), net			—				—				13				—				(37,825	)			(37,812	)
Interest (expense) income, net			(1,446	)			(596	)			—				—				8				(2,034	)
Other expense, net			(1,484	)			—				—				—				(6,564	)			(8,048	)
Total other Income (expense), net			(2,930	)			(596	)			13				—				(44,381	)			(47,894	)
Income (loss) from continuing operations before income taxes			157,409				14,734				4,961				(2,776	)			(50,946	)			123,382
Income tax (benefit) expense			68,509				6,254				—				1				(3,344	)			71,420
Income (loss) from continuing operations			88,900				8,480				4,961				(2,777	)			(47,602	)			51,962
Loss from discontinued operations, net of tax			—				—				—				—				(72	)			(72	)
Net income (loss)		$	88,900			$	8,480			$	4,961			$	(2,777	)		$	(47,674	)		$	51,890
Consolidated capital expenditures ⁽¹⁾		$	162,375			$	168,012			$	103,263			$	—			$	710			$	434,360

		*Year Ended December 31, 2021*
*(in thousands)*		*Gabon*				*Equatorial Guinea*				*Corporate and Other*				*Total*
Revenues:
Crude oil and natural gas sales		$	199,075			$	—			$	—			$	199,075
Operating costs and expenses:
Production expense			80,717				532				6				81,255
Exploration expense			1,579				—				—				1,579
Depreciation, depletion and amortization			20,972				—				88				21,060
General and administrative expense			1,301				321				13,144				14,766
Bad debt expense and other			875				-				—				875
Total operating costs and expenses			105,444				853				13,238				119,535
Other operating expense, net			(440	)			—				—				(440	)
Operating income			93,191				(853	)			(13,238	)			79,100
Other income (expense):
Derivative instruments loss, net			—				—				(22,826	)			(22,826	)
Interest income, net			—				—				10				10
Other (expense) income, net			6,925				(3	)			(3,428	)			3,494
Total other income (expense), net			6,925				(3	)			(26,244	)			(19,322	)
Income (loss) from continuing operations before income taxes			100,116				(856	)			(39,482	)			59,778
Income tax (benefit) expense			12,392				1				(34,549	)			(22,156	)
Income (loss) from continuing operations			87,724				(857	)			(4,933	)			81,934
Loss from discontinued operations, net of tax			—				—				(98	)			(98	)
Net income (loss)		$	87,724			$	(857	)		$	(5,031	)		$	81,836
Consolidated capital expenditures ⁽¹⁾		$	79,169			$	—			$	52			$	79,221

		*Year Ended December 31, 2020*
*(in thousands)*		*Gabon*				*Equatorial Guinea*				*Corporate and Other*				*Total*
Revenues:
Crude oil and natural gas sales		$	67,176			$	—			$	—			$	67,176
Operating costs and expenses:
Production expense			37,298				1				16				37,315
Exploration expense			3,588				—				—				3,588
Depreciation, depletion and amortization			9,028				—				354				9,382
Impairment of proved crude oil and natural gas properties			30,625				—				—				30,625
General and administrative expense			1,064				430				9,201				10,695
Bad debt expense and other			1,165				—				—				1,165
Total operating costs and expenses			82,768				431				9,571				92,770
Other operating expense, net			(1,669	)			—				—				(1,669	)
Operating loss			(17,261	)			(431	)			(9,571	)			(27,263	)
Other income (expense):
Derivative instruments gain, net			—				—				6,577				6,577
Interest income, net			—				—				155				155
Other (expense) income, net			194				3				(68	)			129
Total other expense, net			194				3				6,664				6,861
Loss from continuing operations before income taxes			(17,067	)			(428	)			(2,907	)			(20,402	)
Income tax expense			16,204				1				11,476				27,681
Loss from continuing operations			(33,271	)			(429	)			(14,383	)			(48,083	)
Loss from discontinued operations, net of tax			—				—				(98	)			(98	)
Net loss		$	(33,271	)		$	(429	)		$	(14,481	)		$	(48,181	)
Consolidated capital expenditures		$	10,503			$	—			$	(9	)		$	10,494

Reconciliation of Assets from Segment to Consolidated [Table Text Block]

(in thousands)		Gabon				Egypt				Canada				Equatorial Guinea				Corporate and Other				Total
Long-lived assets from continuing operations:
As of December 31, 2022 ⁽¹⁾		$	213,204			$	168,012			$	103,263			$	10,000			$	793			$	495,272
As of December 31, 2021 ⁽²⁾			84,156			$	—			$	—			$	10,000			$	168			$	94,324

(in thousands)		*Gabon*				*Egypt*				*Canada*				*Equatorial Guinea*				*Corporate and Other*				*Total*
Total assets from continuing operations:
As of December 31, 2022 ⁽¹⁾		$	395,393			$	293,640			$	110,071			$	10,861			$	45,676			$	855,641
As of December 31, 2021 ⁽²⁾			201,748			$	—			$	—			$	10,548			$	50,794			$	263,090