v3.25.2
Business Segment Information (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Business Segment Information Financial information for each area is presented below:
GhanaEquatorial GuineaMauritania/Senegal
Gulf of America
Corporate & OtherEliminationsTotal
(In thousands)
Three months ended June 30, 2025
Revenues and other income:
Oil and gas revenue $204,706 $64,590 $20,239 $103,100 $— $— $392,635 
Gain on sale of assets — — — 600 — — 600 
Other income, net 246 — — 219 13,880 (14,062)283 
Total revenues and other income 204,952 64,590 20,239 103,919 13,880 (14,062)393,518 
Costs and expenses:
Oil and gas production 95,357 39,957 69,141 38,663 — — 243,118 
Exploration expenses 24 (892)2,119 2,649 169 — 4,069 
General and administrative 2,904 1,150 2,575 3,269 44,804 (35,628)19,074 
Depletion, depreciation and amortization43,624 27,468 12,677 67,364 135 — 151,268 
Interest and other financing costs, net(1)13,242 (62)5,416 (2,141)38,379 — 54,834 
Derivatives, net — — — — (21,566)— (21,566)
Other expenses, net (11,084)(6,842)433 1,915 493 21,566 6,481 
Total costs and expenses 144,067 60,779 92,361 111,719 62,414 (14,062)457,278 
Income (loss) before income taxes60,885 3,811 (72,122)(7,800)(48,534)— (63,760)
Income tax expense21,993 1,493 — 97 397 — 23,980 
Net income (loss)$38,892 $2,318 $(72,122)$(7,897)$(48,931)$— $(87,740)
Consolidated capital expenditures, net
$37,738 $3,914 $13,105 $31,181 $169 $— $86,107 
GhanaEquatorial GuineaMauritania/Senegal
Gulf of America
Corporate & OtherEliminationsTotal
(In thousands)
Six months ended June 30, 2025
Revenues and other income:
Oil and gas revenue $355,959 $98,997 $22,936 $204,878 $— $— $682,770 
Gain on sale of assets — — — 600 — — 600 
Other income, net 498 — — 708 60,671 (61,298)579 
Total revenues and other income 356,457 98,997 22,936 206,186 60,671 (61,298)683,949 
Costs and expenses:
Oil and gas production 136,668 56,935 127,242 89,581 — — 410,426 
Exploration expenses 70 1,469 3,737 7,145 1,317 — 13,738 
General and administrative 6,189 2,970 5,103 8,453 98,746 (76,132)45,329 
Depletion, depreciation and amortization88,440 42,568 15,595 125,039 293 — 271,935 
Interest and other financing costs, net(1)24,384 (129)4,402 (4,161)82,180 — 106,676 
Derivatives, net — — — — (14,834)— (14,834)
Other expenses, net (5,888)(5,317)1,147 3,262 432 14,834 8,470 
Total costs and expenses 249,863 98,496 157,226 229,319 168,134 (61,298)841,740 
Income (loss) before income taxes106,594 501 (134,290)(23,133)(107,463)— (157,791)
Income tax expense (benefit)
38,669 892 — (14)1,008 — 40,555 
Net income (loss)$67,925 $(391)$(134,290)$(23,119)$(108,471)$— $(198,346)
Consolidated capital expenditures, net$56,696 $2,557 $62,118 $49,513 $1,411 $— $172,295 
As of June 30, 2025
Property and equipment, net$961,336 $446,405 $2,106,488 $827,437 $16,146 $— $4,357,812 
Total assets$3,644,403 $2,458,795 $3,352,428 $4,112,600 $25,932,829 $(34,288,049)$5,213,006 
______________________________________
(1)Interest expense is recorded based on actual third-party and intercompany debt agreements. Capitalized interest is recorded on the business unit where the assets reside.
Ghana
Equatorial GuineaMauritania/Senegal
Gulf of America
Corporate & OtherEliminationsTotal
(In thousands)
Three months ended June 30, 2024
Revenues and other income:
Oil and gas revenue $336,388 $38,412 $— $76,100 $— $— $450,900 
Other income, net — — — 975 34,773 (35,712)36 
Total revenues and other income 336,388 38,412 — 77,075 34,773 (35,712)450,936 
Costs and expenses:
Oil and gas production 78,248 19,679 18,166 34,640 — — 150,733 
Exploration expenses 2,312 2,196 4,071 3,125 1,531 — 13,235 
General and administrative 3,289 1,205 2,101 5,514 51,616 (38,564)25,161 
Depletion, depreciation and amortization 48,402 9,298 227 31,811 356 — 90,094 
Interest and other financing costs, net(1)12,528 (801)(34,933)(4,301)64,786 — 37,279 
Derivatives, net — — — — (2,852)— (2,852)
Other expenses, net (2,856)(2,350)3,627 1,012 (123)2,852 2,162 
Total costs and expenses 141,923 29,227 (6,741)71,801 115,314 (35,712)315,812 
Income (loss) before income taxes194,465 9,185 6,741 5,274 (80,541)— 135,124 
Income tax expense (benefit)
71,165 4,138 — — 51 — 75,354 
Net income (loss)$123,300 $5,047 $6,741 $5,274 $(80,592)$— $59,770 
Consolidated capital expenditures, net$47,188 $33,621 $84,622 $48,454 $1,531 $— $215,416 
Ghana
Equatorial GuineaMauritania/Senegal
Gulf of America
Corporate & OtherEliminationsTotal
(In thousands)
Six months ended June 30, 2024
Revenues and other income:
Oil and gas revenue $588,532 $117,947 $— $163,524 $— $— $870,003 
Other income, net 1 — — 1,485 100,514 (101,928)72 
Total revenues and other income 588,533 117,947 — 165,009 100,514 (101,928)870,075 
Costs and expenses:
Oil and gas production 96,295 60,705 18,166 69,185 — — 244,351 
Exploration expenses 2,252 3,382 9,247 8,012 2,402 — 25,295 
General and administrative 6,878 2,745 5,266 11,372 108,123 (80,958)53,426 
Depletion, depreciation and amortization 96,690 23,892 451 69,269 720 — 191,022 
Interest and other financing costs, net(1)25,797 (1,595)(70,765)(8,393)108,683 — 53,727 
Derivatives, net — — — — 20,970 — 20,970 
Other expenses, net 20,983 (2,353)5,230 1,318 (17)(20,970)4,191 
Total costs and expenses 248,895 86,776 (32,405)150,763 240,881 (101,928)592,982 
Income (loss) before income taxes339,638 31,171 32,405 14,246 (140,367)— 277,093 
Income tax expense (benefit)
114,710 12,563 — 80 (1,716)— 125,637 
Net income (loss)$224,928 $18,608 $32,405 $14,166 $(138,651)$— $151,456 
Consolidated capital expenditures, net$111,664 $78,240 $211,196 $97,735 $2,809 $— $501,644 
As of June 30, 2024
Property and equipment, net$1,063,384 $483,773 $2,065,242 $928,566 $17,348 $— $4,558,313 
Total assets$3,492,701 $2,217,658 $3,008,000 $4,052,704 $24,601,589 $(31,983,342)$5,389,310 
______________________________________
(1)Interest expense is recorded based on actual third-party and intercompany debt agreements. Capitalized interest is recorded on the business unit where the assets reside.
Six Months Ended June 30,
20252024
(In thousands)
Consolidated capital expenditures:
Consolidated Statements of Cash Flows - Investing activities:
Oil and gas assets$172,766 $552,993 
Adjustments:
Changes in capital accruals(5,910)7,945 
Exploration expense, excluding unsuccessful well costs and leasehold impairments(1)13,577 22,610 
Capitalized interest(8,510)(83,926)
Other372 2,022 
Total consolidated capital expenditures, net$172,295 $501,644 
______________________________________
(1)Costs related to unsuccessful exploratory wells and leaseholds that are subsequently written off to Exploration expense are included in oil and gas assets when incurred.