Quarterly report pursuant to Section 13 or 15(d)

Note 4 - Segment Information - Segment Activity of Continuing Operations (Details)

v3.23.2
Note 4 - Segment Information - Segment Activity of Continuing Operations (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2022
Mar. 31, 2022
Jun. 30, 2023
Jun. 30, 2022
Crude oil, natural gas and natural gas liquids sales $ 109,240   $ 110,985   $ 189,643 $ 179,641
Production expense 38,604   25,475   66,804 43,835
FPSO Demobilization - Norms Waste Disposal 5,647   0   5,647 0
Exploration expense 57   67   65 194
Depreciation, depletion and amortization 38,003   8,191   62,420 12,864
General and administrative expense 5,395   3,534   10,619 8,528
Accounts Receivable, Credit Loss Expense (Reversal) 680   571   1,615 1,063
Total operating costs and expenses 88,386   37,838   147,170 66,484
Other operating expense, net (303)   0   (303) (5)
Operating income 20,551   73,147   42,170 113,152
Derivative instruments gain (loss), net 31   (9,542)   52 (41,300)
Interest expense, net (1,703)   (118)   (3,949) (121)
Other expense, net (537)   (2,111)   (1,677) (2,807)
Total other expense, net (2,209)   (11,771)   (5,574) (44,228)
Income (loss) from continuing operations before income taxes 18,342   61,376   36,596 68,924
Income tax (benefit) expense 11,588   46,252   26,359 41,624
Income (loss) from continuing operations 6,754   15,124   10,237 27,300
Loss from discontinued operations, net of tax (2)   (20)   15 32
Net income 6,752 $ 3,470 15,104 $ 12,164 10,222 27,268
Consolidated capital expenditures 16,427 [1]   38,169   41,852 [1] 69,949
Loss from discontinued operations, net of tax 2   20   (15) (32)
Crude oil and natural gas sales 109,240   110,985   189,643 179,641
Production expense 38,604   25,475   66,804 43,835
Exploration expense 57   67   65 194
General and administrative expense 5,395   3,534   10,619 8,528
Total operating costs and expenses 88,386   37,838   147,170 66,484
Derivative instruments loss, net 31   (9,542)   52 (41,300)
Interest (expense) income, net (1,703)   (118)   (3,949) (121)
Other (expense) income, net (537)   (2,111)   (1,677) (2,807)
Total other expense, net (2,209)   (11,771)   (5,574) (44,228)
Income from continuing operations before income taxes 18,342   61,376   36,596 68,924
Income from continuing operations 6,754   15,124   10,237 27,300
Loss from discontinued operations, net of tax (2)   (20)   15 32
Net income 6,752 $ 3,470 15,104 $ 12,164 10,222 27,268
Consolidated capital expenditures (1) 16,427 [1]   38,169   41,852 [1] 69,949
Other operating income (expense), net (303)   0   (303) (5)
Loss from discontinued operations, net of tax 2   20   (15) (32)
Corporate, Non-Segment [Member]            
Crude oil, natural gas and natural gas liquids sales 0   0   0 0
Production expense (57)   (60)   2 0
FPSO Demobilization - Norms Waste Disposal 0       0  
Exploration expense 0   0   0 0
Depreciation, depletion and amortization 42   18   108 38
General and administrative expense 4,788   2,859   9,086 7,161
Accounts Receivable, Credit Loss Expense (Reversal) 0   0   0 0
Total operating costs and expenses 4,773   2,817   9,196 7,199
Other operating expense, net 0   0   0 0
Operating income (4,773)   (2,817)   (9,196) (7,199)
Derivative instruments gain (loss), net 31   (9,542)   52 (41,300)
Interest expense, net 176   40   249 43
Other expense, net 81   (1,254)   (1,575) (1,311)
Total other expense, net 288   (10,756)   (1,274) (42,568)
Income (loss) from continuing operations before income taxes (4,485)   (13,573)   (10,470) (49,767)
Income tax (benefit) expense (8,924)   9,828   (5,723) (7,633)
Income (loss) from continuing operations 4,439   (23,401)   (4,747) (42,134)
Loss from discontinued operations, net of tax (2)   (20)   15 32
Net income 4,437   (23,421)   (4,762) (42,166)
Consolidated capital expenditures 36 [1]   67   36 [1] 67
Loss from discontinued operations, net of tax 2   20   (15) (32)
Crude oil and natural gas sales 0   0   0 0
Production expense (57)   (60)   2 0
Exploration expense 0   0   0 0
General and administrative expense 4,788   2,859   9,086 7,161
Total operating costs and expenses 4,773   2,817   9,196 7,199
Derivative instruments loss, net 31   (9,542)   52 (41,300)
Interest (expense) income, net 176   40   249 43
Other (expense) income, net 81   (1,254)   (1,575) (1,311)
Total other expense, net 288   (10,756)   (1,274) (42,568)
Income from continuing operations before income taxes (4,485)   (13,573)   (10,470) (49,767)
Income from continuing operations 4,439   (23,401)   (4,747) (42,134)
Loss from discontinued operations, net of tax (2)   (20)   15 32
Net income 4,437   (23,421)   (4,762) (42,166)
Consolidated capital expenditures (1) 36 [1]   67   36 [1] 67
Other operating income (expense), net 0   0   0 0
Loss from discontinued operations, net of tax 2   20   (15) (32)
Gabon Segment [Member] | Operating Segments [Member]            
Crude oil, natural gas and natural gas liquids sales 77,924   110,985   114,661 179,641
Production expense 23,931   25,360   38,346 43,441
FPSO Demobilization - Norms Waste Disposal 5,647       5,647  
Exploration expense 43   67   51 194
Depreciation, depletion and amortization 19,457   8,173   29,302 12,826
General and administrative expense 318   565   936 1,158
Accounts Receivable, Credit Loss Expense (Reversal) 518   571   1,453 1,063
Total operating costs and expenses 49,914   34,736   75,735 58,682
Other operating expense, net (62)   0   (62) (5)
Operating income 27,948   76,249   38,864 120,954
Derivative instruments gain (loss), net 0   0   0 0
Interest expense, net (1,376)   (158)   (2,883) (164)
Other expense, net (619)   (856)   (102) (1,494)
Total other expense, net (1,995)   (1,014)   (2,985) (1,658)
Income (loss) from continuing operations before income taxes 25,953   75,235   35,879 119,296
Income tax (benefit) expense 16,251   36,423   22,829 49,256
Income (loss) from continuing operations 9,702   38,812   13,050 70,040
Loss from discontinued operations, net of tax 0   0   (0) (0)
Net income 9,702   38,812   13,050 70,040
Consolidated capital expenditures 1,375 [1]   38,102   5,064 [1] 69,882
Loss from discontinued operations, net of tax 0   0   0 0
Crude oil and natural gas sales 77,924   110,985   114,661 179,641
Production expense 23,931   25,360   38,346 43,441
Exploration expense 43   67   51 194
General and administrative expense 318   565   936 1,158
Total operating costs and expenses 49,914   34,736   75,735 58,682
Derivative instruments loss, net 0   0   0 0
Interest (expense) income, net (1,376)   (158)   (2,883) (164)
Other (expense) income, net (619)   (856)   (102) (1,494)
Total other expense, net (1,995)   (1,014)   (2,985) (1,658)
Income from continuing operations before income taxes 25,953   75,235   35,879 119,296
Income from continuing operations 9,702   38,812   13,050 70,040
Loss from discontinued operations, net of tax 0   0   (0) (0)
Net income 9,702   38,812   13,050 70,040
Consolidated capital expenditures (1) 1,375 [1]   38,102   5,064 [1] 69,882
Other operating income (expense), net (62)   0   (62) (5)
Loss from discontinued operations, net of tax 0   0   0 0
Egypt [Member] | Operating Segments [Member]            
Crude oil, natural gas and natural gas liquids sales 21,308       56,092  
Production expense 11,089       22,199  
FPSO Demobilization - Norms Waste Disposal 0       0  
Exploration expense 14       14  
Depreciation, depletion and amortization 13,757       24,552  
General and administrative expense 202       381  
Accounts Receivable, Credit Loss Expense (Reversal) 0       0  
Total operating costs and expenses 25,062       47,146  
Other operating expense, net (241)       (241)  
Operating income (3,995)       8,705  
Derivative instruments gain (loss), net 0       0  
Interest expense, net (503)       (1,311)  
Other expense, net 0       0  
Total other expense, net (503)       (1,311)  
Income (loss) from continuing operations before income taxes (4,498)       7,394  
Income tax (benefit) expense 4,261       9,253  
Income (loss) from continuing operations (8,759)       (1,859)  
Loss from discontinued operations, net of tax 0       (0)  
Net income (8,759)       (1,859)  
Consolidated capital expenditures [1] 8,526       20,097  
Loss from discontinued operations, net of tax 0       0  
Crude oil and natural gas sales 21,308       56,092  
Production expense 11,089       22,199  
Exploration expense 14       14  
General and administrative expense 202       381  
Total operating costs and expenses 25,062       47,146  
Derivative instruments loss, net 0       0  
Interest (expense) income, net (503)       (1,311)  
Other (expense) income, net 0       0  
Total other expense, net (503)       (1,311)  
Income from continuing operations before income taxes (4,498)       7,394  
Income from continuing operations (8,759)       (1,859)  
Loss from discontinued operations, net of tax 0       (0)  
Net income (8,759)       (1,859)  
Consolidated capital expenditures (1) [1] 8,526       20,097  
Other operating income (expense), net (241)       (241)  
Loss from discontinued operations, net of tax 0       0  
Canada [Member] | Operating Segments [Member]            
Crude oil, natural gas and natural gas liquids sales 10,008       18,890  
Production expense 3,255       5,509  
FPSO Demobilization - Norms Waste Disposal 0       0  
Exploration expense 0       0  
Depreciation, depletion and amortization 4,747       8,458  
General and administrative expense 0       0  
Accounts Receivable, Credit Loss Expense (Reversal) 0       0  
Total operating costs and expenses 8,002       13,967  
Other operating expense, net 0       0  
Operating income 2,006       4,923  
Derivative instruments gain (loss), net 0       0  
Interest expense, net 0       (4)  
Other expense, net 1       1  
Total other expense, net 1       (3)  
Income (loss) from continuing operations before income taxes 2,007       4,920  
Income tax (benefit) expense 0       0  
Income (loss) from continuing operations 2,007       4,920  
Loss from discontinued operations, net of tax 0       (0)  
Net income 2,007       4,920  
Consolidated capital expenditures [1] 6,491       16,656  
Loss from discontinued operations, net of tax 0       0  
Crude oil and natural gas sales 10,008       18,890  
Production expense 3,255       5,509  
Exploration expense 0       0  
General and administrative expense 0       0  
Total operating costs and expenses 8,002       13,967  
Derivative instruments loss, net 0       0  
Interest (expense) income, net 0       (4)  
Other (expense) income, net 1       1  
Total other expense, net 1       (3)  
Income from continuing operations before income taxes 2,007       4,920  
Income from continuing operations 2,007       4,920  
Loss from discontinued operations, net of tax 0       (0)  
Net income 2,007       4,920  
Consolidated capital expenditures (1) [1] 6,491       16,656  
Other operating income (expense), net 0       0  
Loss from discontinued operations, net of tax 0       0  
Equatorial Guinea Segment [Member] | Operating Segments [Member]            
Crude oil, natural gas and natural gas liquids sales 0   0   0 0
Production expense 386   175   748 394
FPSO Demobilization - Norms Waste Disposal 0       0  
Exploration expense 0   0   0 0
Depreciation, depletion and amortization 0   0   0 0
General and administrative expense 87   110   216 209
Accounts Receivable, Credit Loss Expense (Reversal) 162   0   162 0
Total operating costs and expenses 635   285   1,126 603
Other operating expense, net 0   0   0 0
Operating income (635)   (285)   (1,126) (603)
Derivative instruments gain (loss), net 0   0   0 0
Interest expense, net 0   0   0 0
Other expense, net 0   (1)   (1) (2)
Total other expense, net 0   (1)   (1) (2)
Income (loss) from continuing operations before income taxes (635)   (286)   (1,127) (605)
Income tax (benefit) expense 0   1   0 1
Income (loss) from continuing operations (635)   (287)   (1,127) (606)
Loss from discontinued operations, net of tax 0   0   (0) (0)
Net income (635)   (287)   (1,127) (606)
Consolidated capital expenditures 0 [1]   0   0 [1] 0
Loss from discontinued operations, net of tax 0   0   0 0
Crude oil and natural gas sales 0   0   0 0
Production expense 386   175   748 394
Exploration expense 0   0   0 0
General and administrative expense 87   110   216 209
Total operating costs and expenses 635   285   1,126 603
Derivative instruments loss, net 0   0   0 0
Interest (expense) income, net 0   0   0 0
Other (expense) income, net 0   (1)   (1) (2)
Total other expense, net 0   (1)   (1) (2)
Income from continuing operations before income taxes (635)   (286)   (1,127) (605)
Income from continuing operations (635)   (287)   (1,127) (606)
Loss from discontinued operations, net of tax 0   0   (0) (0)
Net income (635)   (287)   (1,127) (606)
Consolidated capital expenditures (1) 0 [1]   0   0 [1] 0
Other operating income (expense), net 0   0   0 0
Loss from discontinued operations, net of tax $ 0   $ 0   $ 0 $ 0
[1] Excludes assets acquired in the TransGlobe acquisition.