| Segment Information |
10. SEGMENT INFORMATION
Our operations are based in Gabon, Angola, Equatorial Guinea and the United States (“U.S.”). Each of our four reportable operating segments is organized and managed based upon geographic location. Our Chief Executive Officer, who is the chief operating decision maker, along with management review and evaluate the operation of each geographic segment separately primarily 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 months ended March 31, 2016 and 2015 and segment assets at March 31, 2016 and December 31, 2015 are as follows:
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Three Months Ended March 31, 2016
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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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U.S.
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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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10,908
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$
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-
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$
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-
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$
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68
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$
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-
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$
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10,976
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Depreciation, depletion and amortization
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2,143
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3
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-
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21
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74
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2,241
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Impairment of proved properties
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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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Bad debt expense (recovery) and other
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343
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(7,629)
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-
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-
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-
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(7,286)
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Operating income (loss)
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(11,956)
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7,306
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(48)
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(3)
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(1,947)
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(6,648)
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Interest income (expense), net
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(488)
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3,201
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-
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-
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-
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2,713
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Income tax expense
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1,685
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2,967
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-
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-
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-
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4,652
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Additions to property and equipment
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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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Three Months Ended March 31, 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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U.S.
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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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18,100
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$
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-
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$
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-
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$
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139
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$
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-
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$
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18,239
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Depreciation, depletion and amortization
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5,706
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3
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-
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170
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56
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5,935
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Impairment of proved properties
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5,399
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-
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-
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-
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-
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5,399
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Bad debt expense (recovery) and other
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280
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-
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-
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-
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-
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280
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Operating income (loss)
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(4,545)
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(27,866)
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(239)
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248
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(2,876)
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(35,278)
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Interest income (expense), net
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(307)
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-
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-
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-
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1
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(306)
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Income tax expense
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3,365
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-
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-
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-
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-
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3,365
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Additions to property and equipment
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30,561
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583
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-
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65
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-
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31,209
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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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U.S.
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and Other
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Total
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Total assets as of March 31, 2016
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$
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82,582
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$
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20,789
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$
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10,186
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$
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1,299
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$
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1,834
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$
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116,690
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Total assets as of December 31, 2015
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98,858
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10,304
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10,200
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1,470
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3,126
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123,958
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