Annual report pursuant to Section 13 and 15(d)

Selected Quarterly Financial Information

v3.10.0.1
Selected Quarterly Financial Information
12 Months Ended
Dec. 31, 2018
Selected Quarterly Financial Information [Abstract]  
Selected Quarterly Financial Information

16.  SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

Our unaudited quarterly results for years ended December 31, 2018 and 2017 were prepared in accordance with GAAP, 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. 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.





 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended



 

March 31,

 

June 30,

 

September 30,

 

December 31,



 

(in thousands of dollars except per share information)

2018:

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

27,645 

 

$

24,426 

 

$

25,266 

 

$

27,606 

Total operating costs and expenses

 

 

14,631 

 

 

19,017 

 

 

7,940 

 

 

12,433 

Operating income

 

 

13,038 

 

 

5,723 

 

 

17,320 

 

 

15,206 

Income from continuing operations

 

 

8,711 

 

 

887 

 

 

78,626 

 

 

10,504 

Loss from discontinued operations

 

 

(52)

 

 

(343)

 

 

(21)

 

 

(80)

Net income

 

 

8,659 

 

 

544 

 

 

78,605 

 

 

10,424 

Basic net income per share

 

$

0.15 

 

$

0.02 

 

$

1.31 

 

$

0.17 

Diluted net income per share

 

$

0.15 

 

$

0.02 

 

$

1.28 

 

$

0.17 

Basic income from continuing operations per share

 

$

0.15 

 

$

0.02 

 

$

1.31 

 

$

0.17 

Diluted income from continuing operations per share

 

$

0.15 

 

$

0.02 

 

$

1.28 

 

$

0.17 



As discussed further in Note 8, deferred income tax expense (benefit) for the three months ended September 30 and December 31, 2018 included $(66.6) million and $9.0 million, respectively, related to the recognition of deferred tax assets as well as adjustments to valuation allowances. 





 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended



 

March 31,

 

June 30,

 

September 30,

 

December 31,



 

(in thousands of dollars except per share information)

2017:

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

21,266 

 

$

20,425 

 

$

18,178 

 

$

17,156 

Total operating costs and expenses

 

 

13,055 

 

 

15,068 

 

 

14,454 

 

 

14,413 

Operating income

 

 

8,148 

 

 

5,587 

 

 

3,721 

 

 

2,495 

Income (loss) from continuing operations

 

 

4,435 

 

 

2,451 

 

 

(148)

 

 

3,534 

Loss from discontinued operations

 

 

(176)

 

 

(168)

 

 

(174)

 

 

(103)

Net income (loss)

 

 

4,259 

 

 

2,283 

 

 

(322)

 

 

3,431 

Basic net income (loss) per share

 

$

0.07 

 

$

0.04 

 

$

0.00 

 

$

0.06 

Diluted net income (loss) per share

 

$

0.07 

 

$

0.04 

 

$

0.00 

 

$

0.06 

Basic income (loss) from continuing operations per share

 

$

0.07 

 

$

0.04 

 

$

0.00 

 

$

0.06 

Diluted income (loss) from continuing operations per share

 

$

0.07 

 

$

0.04 

 

$

0.00 

 

$

0.06 

 







As discussed in Note 2, subsequent to the issuance of our condensed consolidated financial statements for the three months ended September 30, 2018, we identified an error related to a gross up in oil and natural gas properties for the establishment of a deferred tax liability of $18.6 million as a result of differences between the book basis attributable to leasehold costs incurred in connection with the extension of the Etame Marin block production sharing contract with Gabon entered into on September 25, 2018 and the tax basis in these costs.   The condensed consolidated balance sheet below reflects the impact of this error as of September 30, 2018. 





 

 

 

 

 

 

 

 

 



 

As of September 30, 2018



 

As Previously Reported

 

Adjustments

 

As Restated

ASSETS

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

33,715 

 

$

 —

 

$

33,715 

Restricted cash

 

 

1,025 

 

 

 —

 

 

1,025 

Receivables:

 

 

 

 

 

 

 

 

 

Trade

 

 

 —

 

 

 —

 

 

 —

Accounts with joint venture owners, net of allowance of $0.5 million

 

 

931 

 

 

 —

 

 

931 

Other

 

 

408 

 

 

 —

 

 

408 

Crude oil inventory

 

 

2,232 

 

 

 —

 

 

2,232 

Prepayments and other

 

 

3,058 

 

 

 —

 

 

3,058 

Current assets - discontinued operations

 

 

3,222 

 

 

 —

 

 

3,222 

Total current assets

 

 

44,591 

 

 

 —

 

 

44,591 

Oil and natural gas properties, at cost - successful efforts method:

 

 

 

 

 

 

 

 

 

Proved properties

 

 

398,072 

 

 

11,539 

 

 

409,611 

Unproved properties

 

 

16,698 

 

 

7,073 

 

 

23,771 

Equipment and other

 

 

8,821 

 

 

 —

 

 

8,821 



 

 

423,591 

 

 

18,612 

 

 

442,203 

Accumulated depreciation, depletion, amortization and impairment

 

 

(388,660)

 

 

 —

 

 

(388,660)

Net oil and natural gas properties, equipment and other

 

 

34,931 

 

 

18,612 

 

 

53,543 

Other noncurrent assets:

 

 

 

 

 

 

 

 

 

Restricted cash

 

 

918 

 

 

 —

 

 

918 

Value added tax and other receivables, net of allowance of $2.1 million

 

 

2,306 

 

 

 —

 

 

2,306 

Deferred tax assets

 

 

68,807 

 

 

(18,612)

 

 

50,195 

Abandonment funding

 

 

10,808 

 

 

 —

 

 

10,808 

Total assets

 

$

162,361 

 

$

 —

 

$

162,361 



 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

7,219 

 

$

 —

 

$

7,219 

Accounts with joint venture owners

 

 

5,496 

 

 

 —

 

 

5,496 

Accrued liabilities and other

 

 

17,662 

 

 

 —

 

 

17,662 

Foreign taxes payable

 

 

1,775 

 

 

 —

 

 

1,775 

Current portion of long term debt

 

 

 —

 

 

 —

 

 

 —

Current liabilities - discontinued operations

 

 

15,191 

 

 

 —

 

 

15,191 

Total current liabilities

 

 

47,343 

 

 

 —

 

 

47,343 

Asset retirement obligations

 

 

14,459 

 

 

 —

 

 

14,459 

Other long-term liabilities

 

 

1,264 

 

 

 —

 

 

1,264 

Long term debt, excluding current portion, net

 

 

 —

 

 

 —

 

 

 —

Total liabilities

 

 

63,066 

 

 

 —

 

 

63,066 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

 

Preferred stock, none issued, 500,000 shares authorized, $25 par value

 

 

 —

 

 

 —

 

 

 —

Common stock, $0.10 par value; 100,000,000 shares authorized, 67,092,825 shares issued and 59,538,878 shares outstanding

 

 

6,709 

 

 

 —

 

 

6,709 

Additional paid-in capital

 

 

72,229 

 

 

 —

 

 

72,229 

Less treasury stock, 7,553,947 shares at cost

 

 

(37,798)

 

 

 —

 

 

(37,798)

Retained earnings

 

 

58,155 

 

 

 —

 

 

58,155 

Total shareholders' equity

 

 

99,295 

 

 

 —

 

 

99,295 

Total liabilities and shareholders' equity

 

$

162,361 

 

$

 —

 

$

162,361