| 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 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 and nine months ended September 30, 2015 and 2014 and segment assets at September 30, 2015 and December 31, 2014 are as follows:
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Three Months Ended September 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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17,405
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$
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-
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$
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-
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$
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141
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$
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-
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$
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17,546
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Depreciation, depletion and amortization
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8,060
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3
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-
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140
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56
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8,259
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Impairment of proved properties
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17,988
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-
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-
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-
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-
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17,988
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Operating income (loss)
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(29,007)
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(1,170)
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(287)
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42
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(1,699)
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(32,121)
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Interest income (expense), net
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(294)
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-
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-
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-
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(168)
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(462)
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Income tax expense
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2,707
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-
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-
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-
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-
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2,707
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Three Months Ended September 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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24,132
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$
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-
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$
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-
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$
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354
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$
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-
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$
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24,486
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Depreciation, depletion and amortization
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4,035
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5
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-
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239
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10
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4,289
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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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Operating income (loss)
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10,326
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(1,319)
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(254)
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(100)
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(1,966)
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6,687
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Interest income (expense), net
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12
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-
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-
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-
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7
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19
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Income tax expense
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3,761
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-
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-
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-
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-
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3,761
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Nine Months Ended September 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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62,496
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$
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-
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$
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-
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$
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426
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$
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-
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$
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62,922
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Depreciation, depletion and amortization
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22,844
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9
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-
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467
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173
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23,493
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Impairment of proved properties
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29,208
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-
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-
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-
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-
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29,208
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Operating loss
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(31,286)
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(30,014)
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(944)
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(372)
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(5,813)
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(68,429)
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Interest income (expense), net
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(944)
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-
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-
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-
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(163)
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(1,107)
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Income tax expense
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10,345
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-
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-
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-
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-
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10,345
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Nine Months Ended September 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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103,507
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$
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-
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$
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-
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$
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1,152
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$
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-
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$
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104,659
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Depreciation, depletion and amortization
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14,638
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11
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-
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749
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46
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15,444
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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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Operating income (loss)
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49,239
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(3,165)
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(591)
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(33)
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(5,580)
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39,870
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Interest income (expense), net
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37
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-
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-
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-
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28
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65
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Income tax expense
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18,897
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-
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-
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-
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-
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18,897
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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 September 30, 2015
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$
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150,040
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$
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22,268
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$
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10,295
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$
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5,904
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$
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6,572
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$
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195,079
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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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