| Segment Information |
6. SEGMENT INFORMATION
Our operations are based in Gabon, Angola, Equatorial Guinea and the United States (“USA”). Each of our four reportable operating segments is organized and managed based upon geographic location. Management reviews and evaluates the operation of each geographic segment separately based on Operating income (loss). The operations of all segments include exploration for and production of hydrocarbons where commercial reserves have been found and developed. Revenues are based on the location of hydrocarbon production. Corporate and other is primarily corporate and operations support not allocated to the reportable operating segments.
Segment activity for the three and six months ended June 30, 2015 and 2014 and segment assets at June 30, 2015 and December 31, 2014 are as follows:
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Three Months Ended June 30, 2015
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Equatorial
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Corporate
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(in thousands)
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Gabon
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Angola
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Guinea
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USA
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and Other
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Total
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Revenues-oil and gas sales
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$
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26,991
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$
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-
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$
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-
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$
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146
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$
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-
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$
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27,137
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Depreciation, depletion and amortization
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9,078
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3
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-
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157
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61
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9,299
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Impairment of proved properties
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5,821
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-
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-
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-
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-
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5,821
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Operating income (loss)
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2,266
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(978)
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(418)
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(663)
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(1,237)
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(1,030)
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Interest income (expense), net
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(343)
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-
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-
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-
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4
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(339)
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Income tax expense
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4,273
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-
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-
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-
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-
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4,273
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Three Months Ended June 30, 2014
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Equatorial
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Corporate
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(in thousands)
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Gabon
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Angola
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Guinea
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USA
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and Other
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Total
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Revenues-oil and gas sales
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$
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51,631
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$
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-
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$
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-
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$
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467
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$
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-
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$
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52,098
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Depreciation, depletion and amortization
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6,706
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-
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-
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270
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19
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6,995
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Operating income (loss)
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36,223
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(721)
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(139)
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130
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(1,665)
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33,828
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Interest income (expense), net
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9
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-
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-
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-
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8
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17
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Income tax expense
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9,009
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-
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-
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-
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-
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9,009
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Six Months Ended June 30, 2015
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Equatorial
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Corporate
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(in thousands)
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Gabon
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Angola
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Guinea
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USA
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and Other
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Total
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Revenues-oil and gas sales
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$
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45,091
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$
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-
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$
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-
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$
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285
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$
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-
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$
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45,376
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Depreciation, depletion and amortization
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14,784
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6
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-
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327
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117
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15,234
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Impairment of proved properties
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11,220
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-
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-
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-
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-
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11,220
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Operating income (loss)
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(2,279)
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(28,844)
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(657)
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(414)
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(4,114)
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(36,308)
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Interest income (expense), net
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(650)
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-
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-
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-
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5
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(645)
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Income tax expense
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7,638
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-
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-
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-
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-
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7,638
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Six Months Ended June 30, 2014
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Equatorial
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Corporate
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(in thousands)
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Gabon
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Angola
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Guinea
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USA
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and Other
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Total
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Revenues-oil and gas sales
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$
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79,375
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$
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-
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$
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-
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$
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797
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$
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-
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$
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80,172
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Depreciation, depletion and amortization
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10,602
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6
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-
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510
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37
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11,155
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Operating income (loss)
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38,913
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(1,847)
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(339)
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67
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(3,613)
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33,181
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Interest income (expense), net
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24
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-
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-
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22
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-
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46
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Income tax expense
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15,135
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-
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-
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-
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-
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15,135
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Equatorial
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Corporate
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(in thousands)
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Gabon
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Angola
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Guinea
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USA
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and Other
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Total
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Total assets as of June 30, 2015
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$
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182,898
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$
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21,588
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$
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10,326
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$
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5,934
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$
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13,541
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$
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234,287
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Total assets as of December 31, 2014
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192,957
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22,305
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10,197
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6,611
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16,779
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248,849
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