Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.7.0.1
Segment Information
6 Months Ended
Jun. 30, 2017
Segment Information [Abstract]  
Segment Information

11.  SEGMENT INFORMATION

Our operations are based in Gabon, Equatorial Guinea and the U.S.  Each of our three reportable operating segments is organized and managed based upon geographic location. Our Chief Executive Officer, who is the chief operating decision maker, and management, review and evaluate 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 costs which are not allocated to the reportable operating segments.

Segment activity of continuing operations for the three and six months ended June 30, 2017 and 2016 and segment assets at June 30, 2017 and December 31, 2016 are as follows:







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended June 30, 2017

(in thousands)

 

Gabon

 

Equatorial Guinea

 

U.S.

 

Corporate and Other

 

Total

Revenues-oil and natural gas sales

 

$

20,415 

 

$

 -

 

$

10 

 

$

 -

 

$

20,425 

Depreciation, depletion and amortization

 

 

1,902 

 

 

 -

 

 

 

 

68 

 

 

1,970 

Bad debt expense and other

 

 

183 

 

 

 -

 

 

 -

 

 

 -

 

 

183 

Operating income (loss)

 

 

8,090 

 

 

(15)

 

 

339 

 

 

(2,827)

 

 

5,587 

Interest income (expense), net

 

 

(378)

 

 

 -

 

 

 -

 

 

 -

 

 

(378)

Income tax expense

 

 

3,096 

 

 

 -

 

 

 -

 

 

 -

 

 

3,096 

Additions to property and equipment

 

 

625 

 

 

 -

 

 

 -

 

 

 -

 

 

625 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended June 30, 2016

(in thousands)

 

Gabon

 

Equatorial Guinea

 

U.S.

 

Corporate and Other

 

Total

Revenues-oil and natural gas sales

 

$

18,764 

 

$

 -

 

$

83 

 

$

 -

 

$

18,847 

Depreciation, depletion and amortization

 

 

1,833 

 

 

 -

 

 

42 

 

 

67 

 

 

1,942 

Bad debt expense and other

 

 

171 

 

 

 -

 

 

 -

 

 

 -

 

 

171 

Other operating expense

 

 

754 

 

 

 -

 

 

 -

 

 

 -

 

 

754 

Operating income (loss)

 

 

8,424 

 

 

(87)

 

 

 -

 

 

(3,722)

 

 

4,615 

Interest income (expense), net

 

 

(1,468)

 

 

 -

 

 

 -

 

 

(2)

 

 

(1,470)

Income tax expense

 

 

3,001 

 

 

 -

 

 

 -

 

 

 -

 

 

3,001 

Additions to property and equipment

 

 

(2,493)

 

 

 -

 

 

140 

 

 

 -

 

 

(2,353)









 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Six Months Ended June 30, 2017

(in thousands)

 

Gabon

 

Equatorial Guinea

 

U.S.

 

Corporate and Other

 

Total

Revenues-oil and natural gas sales

 

$

41,661 

 

$

 -

 

$

30 

 

$

 -

 

$

41,691 

Depreciation, depletion and amortization

 

 

3,711 

 

 

 -

 

 

 

 

127 

 

 

3,839 

Bad debt expense and other

 

 

281 

 

 

 -

 

 

 -

 

 

 -

 

 

281 

Operating income (loss)

 

 

19,050 

 

 

(53)

 

 

346 

 

 

(5,608)

 

 

13,735 

Interest income (expense), net

 

 

(781)

 

 

 -

 

 

 -

 

 

 -

 

 

(781)

Income tax expense

 

 

6,290 

 

 

 -

 

 

 -

 

 

 -

 

 

6,290 

Additions to property and equipment

 

 

814 

 

 

 -

 

 

 

 

 

 

 

 

814 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Six Months Ended June 30, 2016

(in thousands)

 

Gabon

 

Equatorial Guinea

 

U.S.

 

Corporate and Other

 

Total

Revenues-oil and natural gas sales

 

$

29,672 

 

$

 -

 

$

151 

 

$

 -

 

$

29,823 

Depreciation, depletion and amortization

 

 

3,976 

 

 

 -

 

 

63 

 

 

141 

 

 

4,180 

Bad debt expense and other

 

 

514 

 

 

 -

 

 

 -

 

 

 -

 

 

514 

Other operating expense

 

 

9,635 

 

 

 -

 

 

 -

 

 

 -

 

 

9,635 

Operating income (loss)

 

 

(3,532)

 

 

(135)

 

 

(3)

 

 

(5,230)

 

 

(8,900)

Interest expense, net

 

 

(1,956)

 

 

 -

 

 

 -

 

 

(2)

 

 

(1,958)

Income tax expense

 

 

4,686 

 

 

 -

 

 

 -

 

 

 -

 

 

4,686 

Additions to property and equipment

 

 

(2,493)

 

 

 -

 

 

140 

 

 

 -

 

 

(2,353)







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

Gabon

 

Equatorial Guinea

 

U.S.

 

Corporate and Other

 

Total

Total assets from continuing operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of June 30, 2017

 

$

62,481 

 

$

10,108 

 

$

108 

 

$

3,868 

 

$

76,565 

As of December 31, 2016

 

 

64,478 

 

 

10,122 

 

 

382 

 

 

3,911 

 

 

78,893