Annual report pursuant to Section 13 and 15(d)

Note 5 - Segment Information

v3.24.0.1
Note 5 - Segment Information
12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

5. SEGMENT INFORMATION

 

The Company’s operations are based in Gabon, Egypt, Canada and Equatorial Guinea. Each of the reportable operating segments are organized and managed based upon geographic location. The Company’s Chief Executive Officer, who is the chief operating decision maker evaluates 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 costs that are not allocated to the reportable operating segments. No transactions occurred between segments. 

 

Segment activity of continuing operations for the years ended December 31, 2023, 2022 and 2021 and long-lived assets and segment assets at December 31, 2023 and 2022 are as follows:

 

   

Year ended December 31, 2023

 

(in thousands)

 

Gabon

   

Egypt

   

Canada

   

Equatorial Guinea

   

Corporate and Other

   

Total

 

Revenues:

                                               

Crude oil, natural gas and natural gas liquids sales

  $ 260,346     $ 161,049     $ 33,671     $     $     $ 455,066  

Operating costs and expenses:

                                               

Production expense

    87,131       54,779       9,463       1,481       303       153,157  

FPSO demobilization and other costs

    7,484                               7,484  

Exploration expense

    51       1,914                         1,965  

Depreciation, depletion and amortization

    62,622       35,095       17,398             187       115,302  

General and administrative expense

    1,769       974             416       20,681       23,840  

Credit (recovery) losses and other

    (10,596 )     5,182             508             (4,906 )

Total operating costs and expenses

    148,461       97,944       26,861       2,405       21,171       296,842  

Other operating income (expense), net

    (55 )     (241 )     729                   433  

Operating income (loss)

    111,830       62,864       7,539       (2,405 )     (21,171 )     158,657  

Other income (expense):

                                               

Derivative instruments gain (loss), net

                            232       232  

Interest (expense) income, net

    (5,563 )     (2,110 )     (4 )           1,225       (6,452 )

Other income (expense), net

    (820 )           2       (6 )     (1,467 )     (2,291 )

Total other income (expense), net

    (6,383 )     (2,110 )     (2 )     (6 )     (10 )     (8,511 )

Income (loss) from continuing operations before income taxes

    105,447       60,754       7,537       (2,411 )     (21,181 )     150,146  

Income tax expense

    50,692       32,859                   6,226       89,777  

Income (loss) from continuing operations

    54,755       27,895       7,537       (2,411 )     (27,407 )     60,369  

Loss from discontinued operations, net of tax

                            (15 )     (15 )

Net income (loss)

  $ 54,755     $ 27,895     $ 7,537     $ (2,411 )   $ (27,422 )   $ 60,354  

Consolidated capital expenditures

  $ 17,011     $ 37,866     $ 16,809     $     $ 950     $ 72,636  

 

 

   

Year Ended December 31, 2022

 

(in thousands)

 

Gabon

   

Egypt

   

Canada

   

Equatorial Guinea

   

Corporate and Other

   

Total

 

Revenues:

                                               

Crude oil, natural gas and natural gas liquids sales

  $ 306,775     $ 37,710     $ 9,841     $     $     $ 354,326  

Operating costs and expenses:

                                               

Production expense

    96,854       11,936       1,972       1,899             112,661  

FPSO demobilization and other costs

    8,867                               8,867  

Exploration expense

    258                               258  

Depreciation, depletion and amortization

    34,651       10,444       2,921             127       48,143  

General and administrative expense

    3,101                   538       6,438       10,077  

Credit (recovery) losses and other

    2,743                   339             3,082  

Total operating costs and expenses

    146,474       22,380       4,893       2,776       6,565       183,088  

Other operating income (expense), net

    38                               38  

Operating income (loss)

    160,339       15,330       4,948       (2,776 )     (6,565 )     171,276  

Other income (expense):

                                               

Derivative instruments gain (loss), net

                13             (37,825 )     (37,812 )

Interest (expense) income, net

    (1,446 )     (596 )                 8       (2,034 )

Other expense, net

    (1,484 )                       (6,564 )     (8,048 )

Total other income (expense), net

    (2,930 )     (596 )     13             (44,381 )     (47,894 )

Income (loss) from continuing operations before income taxes

    157,409       14,734       4,961       (2,776 )     (50,946 )     123,382  

Income tax (benefit) expense

    68,509       6,254       -       1       (3,344 )     71,420  

Income (loss) from continuing operations

    88,900       8,480       4,961       (2,777 )     (47,602 )     51,962  

Loss from discontinued operations, net of tax

                            (72 )     (72 )

Net income (loss)

  $ 88,900     $ 8,480       4,961       (2,777 )   $ (47,674 )   $ 51,890  

Consolidated capital expenditures (1)

  $ 162,375     $ 168,012       103,263           $ 710     $ 434,360  

(1) Includes assets acquired in the TransGlobe acquisition.

 

 

   

Year Ended December 31, 2021

 

(in thousands)

 

Gabon

   

Equatorial Guinea

   

Corporate and Other

   

Total

 

Revenues:

                               

Crude oil and natural gas sales

  $ 199,075     $     $     $ 199,075  

Operating costs and expenses:

                               

Production expense

    80,717       532       6       81,255  

Exploration expense

    1,579                   1,579  

Depreciation, depletion and amortization

    20,972             88       21,060  

General and administrative expense

    1,301       321       13,144       14,766  

Credit (recovery) losses and other

    875                   875  

Total operating costs and expenses

    105,444       853       13,238       119,535  

Other operating income (expense), net

    (440 )                 (440 )

Operating income (loss)

    93,191       (853 )     (13,238 )     79,100  

Other income (expense):

                               

Derivative instruments loss, net

                (22,826 )     (22,826 )

Interest income, net

                10       10  

Other income (expense), net

    6,925       (3 )     (3,428 )     3,494  

Total other income (expense), net

    6,925       (3 )     (26,244 )     (19,322 )

Income (loss) from continuing operations before income taxes

    100,116       (856 )     (39,482 )     59,778  

Income tax (benefit) expense

    12,392       1       (34,549 )     (22,156 )

Income (loss) from continuing operations

    87,724       (857 )     (4,933 )     81,934  

Loss from discontinued operations, net of tax

                (98 )     (98 )

Net income (loss)

  $ 87,724     $ (857 )   $ (5,031 )   $ 81,836  

Consolidated capital expenditures

  $ 79,169     $     $ 52     $ 79,221  

 

(in thousands)

 

Gabon

   

Egypt

   

Canada

   

Equatorial Guinea

   

Corporate and Other

   

Total

 

Long-lived assets from continuing operations:

                                               

As of December 31, 2023

  $ 171,787     $ 171,224     $ 105,189     $ 10,000     $ 1,586     $ 459,786  

As of December 31, 2022

  $ 213,204     $ 168,012     $ 103,263     $ 10,000     $ 793     $ 495,272  

 

 

(in thousands)

 

Gabon

   

Egypt

   

Canada

   

Equatorial Guinea

   

Corporate and Other

   

Total

 

Total assets from continuing operations:

                                               

As of December 31, 2023

  $ 309,394     $ 263,015     $ 114,215     $ 11,327     $ 125,265     $ 823,216  

As of December 31, 2022

  $ 395,393     $ 293,640     $ 110,071     $ 10,861     $ 45,676     $ 855,641