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Income Taxes
 3 Months Ended
Mar. 31, 2026
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 March 31,
 20262025
 (In thousands)
United States$(51,596)$(60,770)
Foreign (1)
(189,491)(33,261)
Income before income taxes$(241,087)$(94,031)
(1)     Foreign tax expense includes amounts related to Ceiba and Okume Complex located in Block G offshore Equatorial Guinea, which has been classified as assets held for sale. See Note 3 - Acquisitions and Divestitures for additional information.

For the three months ended March 31, 2026 and 2025, our effective tax rate was 6% and (18)%, respectively. For the three months ended March 31, 2026 and March 31, 2025, our overall effective tax rate was 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 exempt,
•Jurisdictions where we have incurred losses and have recorded valuation allowances against the corresponding deferred tax assets, and
•Other non-deductible expenses