| Segment Information |
The Company's operations are based in Gabon, Angola, the British North Sea and in the United States. Management reviews and evaluates the operation of each geographic segment separately. The operations of all segments include exploration for and production of hydrocarbons where commercial reserves have been found and developed. The accounting policies of the reportable segments are the same as in Note 2. Revenues are based on the location of hydrocarbon production. The Company evaluates each segment based on income (loss) from operations. Segment activity for the years ended December 31, 2011, 2010 and 2009 are as follows: (in thousands)
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2011
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Gabon |
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Angola |
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North
Sea |
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USA |
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Corporate
and Other |
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Total |
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Revenues
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$ |
208,781 |
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|
$ |
— |
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$ |
— |
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|
1,655 |
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— |
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$ |
210,436 |
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Depreciation, depletion and amortization
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23,604 |
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20 |
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— |
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1,922 |
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50 |
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25,596 |
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Operating income (loss)
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155,550 |
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(6,221 |
) |
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(382 |
) |
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(7,680 |
) |
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(8,706 |
) |
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132,561 |
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Interest income
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80 |
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— |
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— |
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— |
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|
104 |
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|
184 |
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Income taxes
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93,468 |
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— |
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— |
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— |
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— |
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93,468 |
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Provision for bad debt
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— |
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4,448 |
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— |
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— |
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— |
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|
4,448 |
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Impairment of long lived assets
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— |
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— |
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— |
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4,975 |
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— |
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|
4,975 |
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Additions to properties and equipment
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8,528 |
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7 |
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— |
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|
24,371 |
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|
60 |
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|
32,966 |
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Long lived assets
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68,965 |
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|
10,964 |
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— |
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19,772 |
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|
147 |
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|
99,848 |
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Total assets
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185,341 |
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|
21,452 |
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— |
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|
22,236 |
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|
45,986 |
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|
275,015 |
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2010
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Gabon |
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Angola |
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North
Sea |
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USA |
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Corporate
and Other |
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Total |
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Revenues
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$ |
134,346 |
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$ |
— |
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$ |
— |
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|
126 |
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$ |
— |
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$ |
134,472 |
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Depreciation, depletion and amortization
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19,946 |
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16 |
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— |
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11 |
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|
48 |
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|
20,021 |
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Operating income (loss)
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85,594 |
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(2,846 |
) |
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(425 |
) |
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(387 |
) |
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(3,813 |
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|
78,123 |
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Interest income
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|
85 |
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— |
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— |
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— |
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|
66 |
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|
151 |
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Income taxes
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|
35,260 |
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|
— |
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— |
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— |
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— |
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|
35,260 |
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Additions to properties and equipment
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38,082 |
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27 |
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— |
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|
2,260 |
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|
83 |
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|
40,452 |
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Long lived assets
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83,412 |
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|
10,977 |
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— |
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|
2,295 |
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|
136 |
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|
96,820 |
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Total assets
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|
181,642 |
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|
14,081 |
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— |
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|
3,189 |
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39,488 |
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|
238,400 |
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2009
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|
Gabon |
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Angola |
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North
Sea |
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USA |
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Corporate
and Other |
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Total |
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Revenues
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$ |
115,214 |
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$ |
— |
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|
$ |
— |
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|
84 |
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$ |
— |
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$ |
115,298 |
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Depreciation, depletion and amortization
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|
20,702 |
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|
14 |
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|
— |
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|
1 |
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|
43 |
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|
20,760 |
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Operating income (loss)
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52,625 |
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(3,218 |
) |
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(9,819 |
) |
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(28 |
) |
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(6,541 |
) |
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|
33,019 |
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Interest income
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|
91 |
|
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|
36 |
|
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|
— |
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|
— |
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|
527 |
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|
654 |
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Interest expense
|
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|
450 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
450 |
|
|
Income taxes
|
|
|
36,902 |
|
|
|
— |
|
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|
— |
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— |
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|
— |
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|
36,902 |
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Additions to (disposal of) properties and equipment
|
|
|
13,280 |
|
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|
1 |
|
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|
(794 |
) |
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|
— |
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|
|
(328 |
) |
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|
12,159 |
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