Annual report pursuant to Section 13 and 15(d)

Segment Information

v2.4.0.6
Segment Information
 12 Months Ended
Dec. 31, 2012
Segment Information [Abstract]  
SEGMENT INFORMATION
10. SEGMENT INFORMATION

 

The Company’s operations are based in Gabon, Angola, Equatorial Guinea, the British North Sea and in the United States. Management reviews and evaluates the operation of each geographic segment separately. The operations of all segments include exploration for and production of hydrocarbons where commercial reserves have been found and developed. The accounting policies of the reportable segments are the same as in Note 2. Revenues are based on the location of hydrocarbon production. The Company evaluates each segment based on income (loss) from operations. Segment activity for the years ended December 31, 2012, 2011 and 2010 are as follows: (in thousands)

 

                                                         

2012

   Gabon     Angola     Equatorial
Guinea		     North
Sea		     USA     Corporate
and Other		     Total  

Revenues

   $ 192,489     $ —       $ —       $ —       $ 2,798     $ —       $ 195,287  

Depreciation, depletion and amortization

     15,954       28       —         —         3,872       59       19,913  

Operating income (loss)

     147,985       (3,293 )      (754 )      (281 )      (48,940 )      (8,124 )      86,593  

Interest income

     60       (1 )      —         —         —         86       145  

Income taxes

     81,813       —         —         —         —         —         81,813  

Bad debt expenses

     —         1,621       —         —         —         —         1,621  

Impairment of proved properties

     —         —         —         —         7,620       —         7,620  

Additions to properties and equipment

     22,731       —         10,000       —         13,558       77       46,366  

Long lived assets

     71,225       10,938       10,000       —         14,279       166       106,608  

Total assets

     190,652       11,405       10,000       —         17,314       38,585       267,956  
               

2011

   Gabon     Angola     Equatorial
Guinea		     North
Sea		     USA     Corporate
and Other		     Total  

Revenues

   $ 208,781     $ —       $ —       $ —         1,655     $ —       $ 210,436  

Depreciation, depletion and amortization

     23,604       20       —         —         1,922       50       25,596  

Operating income (loss)

     155,550       (6,221 )      —         (382 )      (7,680 )      (8,706 )      132,561  

Interest income

     80       —         —         —         —          104       184  

Income taxes

     93,468       —         —         —         —          —         93,468  

Bad debt expenses

     —         4,448       —         —         —          —         4,448  

Impairment of proved properties

     —         —         —         —         4,975       —         4,975  

Additions to properties and equipment

     8,528       7       —         —         24,371       60       32,966  

Long lived assets

     68,965       10,964       —         —         19,772       147       99,848  

Total assets

     185,341       21,452       —         —         22,236       45,986       275,015  
               

2010

   Gabon     Angola     Equatorial
Guinea		     North
Sea		     USA     Corporate
and Other		     Total  

Revenues

   $ 134,346     $ —       $ —       $ —         126     $ —       $ 134,472  

Depreciation, depletion and amortization

     19,946       16       —         —         11       48       20,021  

Operating income (loss)

     85,594       (2,846 )      —         (425 )      (387 )      (3,813 )      78,123  

Interest income

     85       —         —         —         —         66       151  

Income taxes

     35,260       —         —         —         —         —         35,260  

Additions to properties and equipment

     38,082       27       —         —         2,260       83       40,452  

Total assets

     181,642       14,081       —         —         3,189       39,488       238,400  

 

Information about our most significant customers

 

In Gabon, the Company sold oil under contracts with Mercuria Trading NV (“Mercuria”) in 2012 and 2011. In 2010, the Company sold its Gabon oil to Vitol S.A. In both 2012 and 2011, approximately 99% of total sales were made to Mercuria. In 2010, approximately 100% of total sales were made to Vitol S.A.