v3.25.2
Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
We evaluate our estimated annual effective income tax rate each quarter, based on current and forecasted business results and enacted tax laws, and apply this tax rate to our ordinary income or loss to calculate our estimated tax expense or benefit. The Company excludes zero statutory tax rate and tax-exempt jurisdictions from our evaluation of the estimated annual effective income tax rate. The tax effect of discrete items are recognized in the period in which they occur at the applicable statutory tax rate.

Income before income taxes is composed of the following:
 
 Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
 (In thousands)
United States$(43,691)$(40,629)$(104,461)$(75,042)
Foreign(20,069)175,753 (53,330)352,135 
Income before income taxes$(63,760)$135,124 $(157,791)$277,093 
 
For the three months ended, June 30, 2025 and 2024, our effective tax rate was (38)% and 56%, respectively. For the six months ended June 30, 2025 and 2024, our effective tax rate was (26)% and 45%, respectively. For the three and six months ended June 30, 2025 and 2024, our overall effective tax rates were impacted by:

•The difference in our 21% U.S. income tax reporting rate and the statutory income tax rates applicable to our foreign operations, primarily in Ghana and Equatorial Guinea,
•Jurisdictions that have a 0% statutory tax rate or that are tax exempt,
•Jurisdictions where we have incurred losses and have recorded valuation allowances against the corresponding deferred tax assets, and
•Other non-deductible expenses.

In July 2025, new U.S tax legislation was signed into law in the United States known as the "One Big Beautiful Bill Act" or "OBBBA". The legislation includes a broad range of U.S. corporate tax reform provisions affecting businesses across numerous industries. We are currently in the process of evaluating the implications of this new legislation and the potential impact to the Company. The legislation was signed into law after the close of our second quarter, and therefore no adjustments have been made in our operating results for the six months ended June 30, 2025. Additional disclosures will be provided in future periods if necessary as the impact of the legislation is determined.