Supplemental Information On Oil And Gas Producing Activities (Tables)
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12 Months Ended |
Dec. 31, 2015 |
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| Supplemental Information On Oil And Gas Producing Activities [Abstract] |
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| Costs Incurred in Oil and Gas Property - Acquisition, Exploration and Development Activities |
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Year Ended December 31,
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Costs incurred during the year:
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2015
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2014
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2013
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International:
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(in thousands)
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Exploration - capitalized
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$
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-
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$
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-
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$
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2,942
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Exploration - expensed
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28,052
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15,358
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12,431
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Acquisition
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-
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-
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-
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Development
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60,397
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79,722
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54,420
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Total
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$
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88,449
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$
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95,080
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$
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69,793
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United States:
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Exploration - capitalized
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$
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-
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$
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-
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$
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-
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Exploration - expensed
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-
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-
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11,497
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Acquisition
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-
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-
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-
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Development
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-
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8
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113
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Total
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$
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-
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$
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8
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$
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11,610
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| Capitalized Costs Relating to Oil and Gas Producing Activities |
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Capitalized costs pertain our producing activities in Gabon and the U.S and to undeveloped leasehold in Gabon, Angola, Equatorial Guinea, and the U.S.
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December 31,
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2015
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2014
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Capitalized costs:
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(in thousands)
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Properties not being amortized
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$
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10,000
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$
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47,290
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Properties being amortized (1)
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423,541
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347,186
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Total capitalized costs
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$
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433,541
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$
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394,476
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Less accumulated depreciation, depletion, and amortization
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(400,168)
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(289,272)
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Net capitalized costs
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$
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33,373
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$
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105,204
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(1) Includes $8.7 million and $5.2 million asset retirement cost in 2015 and 2014.
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| Results of Operations for Oil and Gas Producing Activities |
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International
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United States
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Year Ended December 31,
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Year Ended December 31,
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2015
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2014
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2013
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2015
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2014
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2013
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(in thousands)
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Crude oil and natural gas sales
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$
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79,947
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$
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126,322
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$
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167,386
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$
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498
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$
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1,369
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$
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1,891
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Production and other expense (1)
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(51,959)
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(34,503)
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(38,783)
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(171)
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(467)
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(735)
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Depreciation, depletion and amortization
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(32,137)
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(19,079)
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(15,302)
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(633)
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(901)
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(1,528)
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Exploration expenses
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(45,203)
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(15,358)
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(12,431)
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(1,250)
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-
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(11,497)
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Impairment of proved properties
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(78,080)
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(98,341)
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-
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(3,242)
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-
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-
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Bad debt expense
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(2,700)
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(2,400)
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(1,562)
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-
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-
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-
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Income tax
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(13,238)
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(22,486)
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(34,115)
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(1,349)
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-
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-
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Results from oil and natural gas producing activities
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$
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(143,370)
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$
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(65,845)
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$
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65,193
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$
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(6,147)
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$
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1
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$
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(11,869)
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(1)Excludes corporate costs, general and administrative expenses and allocated corporate overhead.
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| Net Proved Reserves |
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Oil
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Natural
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Proved reserves:
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(MBbls)
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Gas (MMCF)*
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Balance at January 1, 2013
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7,488
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1,544
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Production
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(1,549)
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(325)
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Revisions of previous estimates
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771
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114
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Extensions and discoveries
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522
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-
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Balance at December 31, 2013
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7,232
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1,333
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Production
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(1,351)
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(227)
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Revisions of previous estimates
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2,312
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300
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Extensions and discoveries
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67
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-
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Balance at December 31, 2014
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8,260
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1,406
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Production
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(1,659)
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(181)
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Revisions of previous estimates
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(3,746)
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(172)
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Balance at December 31, 2015
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2,855
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1,053
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*The natural gas reserves shown as of December 31, 2015 include natural gas liquids (“NGL”) expressed as gas volumes using a ratio of 4.9 MMcf to 1 MBbl of NGL.
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Oil
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Natural
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Proved developed reserves:
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(MBbls)
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Gas (MMCF)
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Balance at January 1, 2013
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3,750
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1,544
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Balance at December 31, 2013
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3,305
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1,333
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Balance at December 31, 2014
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3,224
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1,406
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Balance at December 31, 2015
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2,855
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1,053
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| Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil Reserves |
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International
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United States
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Total
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December 31,
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December 31,
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December 31,
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(In thousands)
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2015
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2014
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2013
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2015
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2014
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2013
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2015
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2014
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2013
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Future cash inflows
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$
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140,190
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$
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814,059
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$
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725,485
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$
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3,086
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$
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9,598
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$
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8,276
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$
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143,276
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$
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823,657
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$
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733,761
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Future production costs
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(81,973)
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(307,331)
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(223,643)
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(1,644)
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(1,475)
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(3,038)
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(83,617)
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(308,806)
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(226,681)
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Future development costs (1)
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(10,900)
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(136,137)
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(164,142)
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(259)
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-
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-
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(11,159)
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(136,137)
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(164,142)
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Future income tax expense
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(21,598)
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(177,924)
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(154,519)
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-
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(359)
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(825)
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(21,598)
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(178,283)
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(155,344)
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Future net cash flows
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25,719
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192,667
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183,181
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1,183
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7,764
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4,413
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26,902
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200,431
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187,594
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Discount to present value
at 10% annual rate
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491
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(47,528)
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(48,859)
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(252)
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(3,516)
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(1,299)
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239
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(51,044)
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(50,158)
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Standardized measure of
discounted future net
cash flows
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$
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26,210
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$
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145,139
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$
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134,322
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$
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931
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$
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4,248
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$
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3,114
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$
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27,141
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$
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149,387
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$
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137,436
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(1)Includes costs expected to be incurred to abandon the properties.
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| Changes in Standardized Measure of Discounted Future Net Cash Flows |
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December 31,
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2015
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2014
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2013
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(in thousands)
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Balance at beginning of period
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$
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149,387
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$
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137,436
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$
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152,902
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Sales of oil and natural gas, net of production costs
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(40,349)
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(95,973)
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(132,662)
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Net changes in prices and production costs
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(146,536)
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(28,098)
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(52,056)
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Revisions of previous quantity estimates
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(104,158)
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74,497
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43,815
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Additions
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-
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2,188
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29,620
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Changes in estimated future development costs
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(15,604)
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31,686
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(5,345)
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Development costs incurred during the period
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60,004
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-
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44,389
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Accretion of discount
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27,312
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24,163
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15,290
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Net change of income taxes
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104,303
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(15,609)
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26,120
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Change in production rates (timing) and other
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(7,218)
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19,097
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15,363
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Balance at end of period
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$
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27,141
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$
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149,387
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$
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137,436
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