Annual report pursuant to Section 13 and 15(d)

Quarterly Financial Information (Unaudited)

v2.4.1.9
Quarterly Financial Information (Unaudited)
 12 Months Ended
Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information (Unaudited)

14.

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

The following represents our unaudited quarterly results for years ended December 31, 2014 and 2013. The quarterly results were prepared in accordance with accounting principles generally accepted in the United States of America, and reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results. These adjustments are of a normal recurring nature.

 

(In thousands of dollars except per share information)

 

1st Quarter

 

 

2nd Quarter

 

 

3rd Quarter

 

 

4th Quarter

 

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues (1)

 

$

28,071

 

 

$

52,098

 

 

$

24,486

 

 

$

23,037

 

Total operating costs and expenses

 

 

28,721

 

 

 

18,270

 

 

 

17,799

 

 

 

117,308

 

Operating income (loss)

 

 

(650

)

 

 

33,828

 

 

 

6,687

 

 

 

(94,270

)

Net income (loss)

 

 

(7,038

)

 

 

24,712

 

 

 

3,109

 

 

 

(98,332

)

Basic net income (loss) per share

 

$

(0.12

)

 

$

0.43

 

 

$

0.05

 

 

$

(1.70

)

Diluted net income (loss) per share

 

$

(0.12

)

 

$

0.43

 

 

$

0.05

 

 

$

(1.70

)

 

(In thousands of dollars except per share information)

 

1st Quarter

 

 

2nd Quarter

 

 

3rd Quarter

 

 

4th Quarter

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues (1)

 

$

44,137

 

 

$

29,118

 

 

$

37,740

 

 

$

58,282

 

Total operating costs and expenses

 

 

22,634

 

 

 

17,452

 

 

 

29,636

 

 

 

22,331

 

Operating income

 

 

21,503

 

 

 

11,666

 

 

 

8,104

 

 

 

35,951

 

Net income

 

 

7,188

 

 

 

7,121

 

 

 

2,386

 

 

 

26,377

 

Basic net income per share

 

$

0.12

 

 

$

0.12

 

 

$

0.04

 

 

$

0.46

 

Diluted net income per share

 

$

0.12

 

 

$

0.12

 

 

$

0.04

 

 

$

0.46

 

 

(1)

Gabon crude oil sales are a function of the number and size of crude oil liftings in each quarter from the floating production, storage and offloading (“FPSO”) facility.

Quarterly income per share is based on the weighted average number of shares outstanding during the quarter. Because of changes in the number of shares outstanding during the quarters due to the exercise of stock options and issuance of common stock, the sum of quarterly earnings per share may not equal earnings per share for the year.