SEGMENT INFORMATION
The Company’s operations are based in Gabon, Egypt, Cote d'Ivoire, Canada and Equatorial Guinea. Each of the reportable operating segments are organized and managed based upon geographic location. The Company’s Chief Executive Officer, who is the chief operating decision maker (“CODM”) evaluates segment performance based on the operation of each geographic segment separately primarily based on Operating income (loss) and allocates financial and capital resources for each segment predominantly in the annual budget and forecasting process. The CODM also considers budget-to-actual variances on a quarterly basis for the performance measure when making decisions about allocating capital and personnel to the segments.
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 that are not allocated to the reportable operating segments and are shown in the tables to reconcile the business segments to consolidated totals. No transactions occurred between operating segments. “Other operating income (expense)” below are those items that are included in Net income (loss) but are not regularly provided to the CODM, or are reported to the CODM but are not considered to be significant segment expenses.
Due to the quantity of active oil and natural gas purchasers in the markets where it produces hydrocarbons, the Company does not foresee any difficulty with selling its hydrocarbon production at fair market prices.
Segment activity of continuing operations for the years ended December 31, 2024, 2023 and 2022 and long-lived assets and segment assets at December 31, 2024 and 2023 are as follows:
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| | Year ended December 31, 2024 |
| (in thousands) | | Gabon | | Egypt | | Canada | | Equatorial Guinea | | Cote d'Ivoire | | Corporate and Other | | Total |
| Revenues: | | | | | | | | | | | | | | |
| Crude oil, natural gas and natural gas liquids sales | | $ | 205,954 | | | $ | 145,966 | | | $ | 31,986 | | | $ | — | | | $ | 95,082 | | | $ | — | | | $ | 478,988 | |
| Operating costs and expenses: | | | | | | | | | | | | | | |
| Production expense | | 62,234 | | | 50,770 | | | 11,301 | | | 1,173 | | | 38,017 | | | 5 | | | 163,500 | |
| | | | | | | | | | | | | | |
| Exploration expense | | — | | | 48 | | | — | | | — | | | — | | | — | | | 48 | |
| Depreciation, depletion and amortization | | 50,679 | | | 33,458 | | | 19,309 | | | — | | | 38,771 | | | 817 | | | 143,034 | |
| General and administrative expense | | 1,679 | | | 70 | | | (206) | | | 305 | | | 1,701 | | | 26,135 | | | 29,684 | |
| Credit (recovery) losses and other | | 812 | | | 4,813 | | | — | | | 679 | | | — | | | — | | | 6,304 | |
| Total operating costs and expenses | | 115,404 | | | 89,159 | | | 30,404 | | | 2,157 | | | 78,489 | | | 26,957 | | | 342,570 | |
| Other operating income (expense), net | | (24) | | | — | | | 102 | | | — | | | — | | | — | | | 78 | |
| Operating income (loss) | | 90,526 | | | 56,807 | | | 1,684 | | | (2,157) | | | 16,593 | | | (26,957) | | | 136,496 | |
| Other income (expense): | | | | | | | | | | | | | | |
| Derivative instruments gain (loss), net | | — | | | — | | | — | | | — | | | (533) | | | (212) | | | (745) | |
| Interest (expense) income, net | | (4,694) | | | (1,489) | | | (46) | | | — | | | 313 | | | 2,184 | | | (3,732) | |
| Bargain purchase gain | | — | | | — | | | — | | | — | | | — | | | 13,532 | | | 13,532 | |
| Other income (expense), net | | (1,635) | | | (204) | | | 225 | | | (7) | | | (1) | | | (4,132) | | | (5,754) | |
| Total other income (expense), net | | (6,329) | | | (1,693) | | | 179 | | | (7) | | | (221) | | | 11,372 | | | 3,301 | |
| Income (loss) before income taxes | | 84,197 | | | 55,114 | | | 1,863 | | | (2,164) | | | 16,372 | | | (15,585) | | | 139,797 | |
| Income tax expense | | 48,026 | | | 30,648 | | | — | | | — | | | 4,229 | | | (1,596) | | | 81,307 | |
| Net income (loss) | | $ | 36,171 | | | $ | 24,466 | | | $ | 1,863 | | | $ | (2,164) | | | $ | 12,143 | | | $ | (13,989) | | | $ | 58,490 | |
| Consolidated capital expenditures | | $ | 22,579 | | | $ | 11,364 | | | $ | 25,828 | | | $ | 641 | | | $ | 44,435 | | | $ | 4,592 | | | $ | 109,438 | |
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| | Year Ended December 31, 2023 |
| (in thousands) | | Gabon | | Egypt | | Canada | | Equatorial Guinea | | Corporate and Other | | Total |
| Revenues: | | | | | | | | | | | | |
| Crude oil, natural gas and natural gas liquids sales | | $ | 260,346 | | | $ | 161,049 | | | $ | 33,671 | | | $ | — | | | $ | — | | | $ | 455,066 | |
| Operating costs and expenses: | | | | | | | | | | | | |
| Production expense | | 87,131 | | | 54,779 | | | 9,463 | | | 1,481 | | | 303 | | | 153,157 | |
| FPSO demobilization and other costs | | 7,484 | | | — | | | — | | | — | | | — | | | 7,484 | |
| Exploration expense | | 51 | | | 1,914 | | | — | | | — | | | — | | | 1,965 | |
| Depreciation, depletion and amortization | | 62,622 | | | 35,095 | | | 17,398 | | | — | | | 187 | | | 115,302 | |
| General and administrative expense | | 1,769 | | | 974 | | | — | | | 416 | | | 20,681 | | | 23,840 | |
| Credit (recovery) losses and other | | (10,596) | | | 5,182 | | | — | | | 508 | | | — | | | (4,906) | |
| Total operating costs and expenses | | 148,461 | | | 97,944 | | | 26,861 | | | 2,405 | | | 21,171 | | | 296,842 | |
| Other operating income (expense), net | | (55) | | | (241) | | | 729 | | | — | | | — | | | 433 | |
| Operating income (loss) | | 111,830 | | | 62,864 | | | 7,539 | | | (2,405) | | | (21,171) | | | 158,657 | |
| Other income (expense): | | | | | | | | | | | | |
| Derivative instruments gain (loss), net | | — | | | — | | | — | | | — | | | 232 | | | 232 | |
| Interest (expense) income, net | | (5,563) | | | (2,110) | | | (4) | | | — | | | 1,225 | | | (6,452) | |
| Other expense, net | | (820) | | | — | | | 2 | | | (6) | | | (1,482) | | | (2,306) | |
| Total other income (expense), net | | (6,383) | | | (2,110) | | | (2) | | | (6) | | | (25) | | | (8,526) | |
| Income (loss) before income taxes | | 105,447 | | | 60,754 | | | 7,537 | | | (2,411) | | | (21,196) | | | 150,131 | |
| Income tax (benefit) expense | | 50,692 | | | 32,859 | | | - | | | — | | | 6,226 | | | 89,777 | |
| Net income (loss) | | $ | 54,755 | | | $ | 27,895 | | | 7,537 | | | (2,411) | | | $ | (27,422) | | | $ | 60,354 | |
Consolidated capital expenditures (1) | | $ | 17,011 | | | $ | 37,866 | | | 16,809 | | | — | | | $ | 950 | | | $ | 72,636 | |
(1)Includes assets acquired in the TransGlobe acquisition.
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| | Year Ended December 31, 2022 |
| (in thousands) | | Gabon | | Egypt | | Canada | | Equatorial Guinea | | Corporate and Other | | Total |
| Revenues: | | | | | | | | | | | | |
| Crude oil, natural gas and natural gas liquids sales | | $ | 306,775 | | | $ | 37,710 | | | $ | 9,841 | | | $ | — | | | $ | — | | | $ | 354,326 | |
| Operating costs and expenses: | | | | | | | | | | | | |
| Production expense | | 96,854 | | | 11,936 | | | 1,972 | | | 1,899 | | | — | | | 112,661 | |
| FPSO demobilization and other costs | | 8,867 | | | — | | | — | | | — | | | — | | | 8,867 | |
| Exploration expense | | 258 | | | — | | | — | | | — | | | — | | | 258 | |
| Depreciation, depletion and amortization | | 34,651 | | | 10,444 | | | 2,921 | | | — | | | 127 | | | 48,143 | |
| General and administrative expense | | 3,101 | | | — | | | — | | | 538 | | | 6,438 | | | 10,077 | |
| Credit (recovery) losses and other | | 2,743 | | | — | | | — | | | 339 | | | — | | | 3,082 | |
| Total operating costs and expenses | | 146,474 | | | 22,380 | | | 4,893 | | | 2,776 | | | 6,565 | | | 183,088 | |
| Other operating income (expense), net | | 38 | | | — | | | — | | | — | | | — | | | 38 | |
| Operating income (loss) | | 160,339 | | | 15,330 | | | 4,948 | | | (2,776) | | | (6,565) | | | 171,276 | |
| Other income (expense): | | | | | | | | | | | | |
| Derivative instruments loss, net | | — | | | — | | | 13 | | | — | | | (37,825) | | | (37,812) | |
| Interest income, net | | (1,446) | | | (596) | | | — | | | — | | | 8 | | | (2,034) | |
| Other income (expense), net | | (1,484) | | | — | | | — | | | — | | | (6,636) | | | (8,120) | |
| Total other income (expense), net | | (2,930) | | | (596) | | | 13 | | | — | | | (44,453) | | | (47,966) | |
| Income (loss) before income taxes | | 157,409 | | | 14,734 | | | 4,961 | | | (2,776) | | | (51,018) | | | 123,310 | |
| Income tax (benefit) expense | | 68,509 | | | 6,254 | | | — | | | 1 | | | (3,344) | | | 71,420 | |
| Net income (loss) | | $ | 88,900 | | | $ | 8,480 | | | $ | 4,961 | | | $ | (2,777) | | | $ | (47,674) | | | $ | 51,890 | |
| Consolidated capital expenditures | | $ | 162,375 | | | $ | 168,012 | | | $ | 103,263 | | | $ | — | | | $ | 710 | | | $ | 434,360 | |
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| (in thousands) | | Gabon | | Egypt | | Canada | | Equatorial Guinea | | Cote d'Ivoire | | Corporate and Other | | Total |
| Long-lived assets: | | | | | | | | | | | | | | |
| As of December 31, 2024 | | $ | 153,576 | | | $ | 149,129 | | | $ | 104,891 | | | $ | 10,641 | | | $ | 114,756 | | | $ | 5,110 | | | $ | 538,103 | |
| As of December 31, 2023 | | $ | 171,787 | | | $ | 171,224 | | | $ | 105,189 | | | $ | 10,000 | | | $ | — | | | $ | 1,586 | | | $ | 459,786 | |
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| (in thousands) | | Gabon | | Egypt | | Canada | | Equatorial Guinea | | Cote d'Ivoire | | Corporate and Other | | Total |
| Total assets: | | | | | | | | | | | | | | |
| As of December 31, 2024 | | $ | 300,568 | | | $ | 269,905 | | | $ | 113,310 | | | $ | 12,331 | | | $ | 187,264 | | | $ | 71,572 | | | $ | 954,950 | |
| As of December 31, 2023 | | $ | 309,394 | | | $ | 263,015 | | | $ | 114,215 | | | $ | 11,327 | | | $ | — | | | $ | 125,265 | | | $ | 823,216 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.