Note 8 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	Twelve Months Ended December 31,
	2023			2022			2021
U.S. Federal:	(in thousands)
Current	$	—		$	—		$	—
Deferred		6,214			(3,344	)		(34,548	)
Foreign:
Current		92,642			26,615			20,282
Deferred		(9,079	)		48,149			(7,890	)
Total	$	89,777		$	71,420		$	(22,156	)

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	As of December 31,
(in thousands)	2023			2022
Deferred tax assets:
Basis difference in fixed assets (1)	$	9,132		$	9,299
Foreign tax credit carryforward		55,069			14,848
Net operating losses		32,306			48,981
Asset retirement obligations		9,631			8,531
ROU lease liabilities		10,345			10,753
Basis difference in accrued liabilities		3,808			3,800
Basis difference in receivables		(146	)		2,783
Other		719			622
Total deferred tax assets		120,864			99,617
Valuation allowance		(83,893	)		(47,583	)
Net deferred tax assets	$	36,971		$	52,034
Deferred tax liabilities:
Basis difference in fixed assets		(81,310	)		(97,825	)
Net deferred tax liabilities	$	(81,310	)	$	(97,825	)

Summary of Operating Loss Carryforwards [Table Text Block]

Jurisdiction	Amount		Expiration Period
U.S.	$	-	No expiration
Gabon	$	-	No expiration
Egypt	$	16,000		2024-2028
Canada	$	85,407		2031-2040
Equatorial Guinea	$	12,313	No expiration
UK	$	7,222	No expiration

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

	Year Ended December 31,
(in thousands)	2023			2022			2021
U.S.	$	(15,781	)	$	(56,750	)	$	(38,867	)
Foreign		165,927			180,132			98,645
	$	150,146		$	123,382		$	59,778

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Year Ended December 31,
(in thousands)	2023		2022			2021
Tax provision computed at U.S. statutory rate	$	31,530	$	25,910		$	12,553
Foreign taxes not offset in U.S. by foreign tax credits		25,719		53,851			35,306
Permanent differences		3,455		778			(703	)
Foreign tax credit expirations		—		17,247			14,060
Increase/(decrease) in valuation allowance		27,656		(25,623	)		(83,372	)
Other		1,417		(743	)		—
Total income tax expense (benefit)	$	89,777	$	71,420		$	(22,156	)

Summary of Income Tax Examinations [Table Text Block]

Jurisdiction	Years
U.S.	2014-2023
Gabon	2019-2023
Egypt	2017-2023
Canada	2018-2023