v3.26.1
Business Segment Information (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Business Segment Information Financial information for each area is presented below:
Ghana
Equatorial Guinea(2)
Mauritania/Senegal
Gulf of America
Corporate & OtherEliminationsTotal
(In thousands)
Three months ended March 31, 2026
Revenues and other income:
Oil and gas revenue $201,264 $22,395 $52,267 $94,802 $— $— $370,728 
Other income, net 169 — — 57 291,361 (291,418)169 
Total revenues and other income 201,433 22,395 52,267 94,859 291,361 (291,418)370,897 
Costs and expenses:
Oil and gas production 28,424 14,853 55,341 31,977 — — 130,595 
Exploration expenses 3 1,114 336 4,014 14,277 — 19,744 
General and administrative 3,939 1,465 2,710 5,804 53,214 (39,422)27,710 
Depletion, depreciation and amortization53,517 4,121 30,796 31,286 153 — 119,873 
Interest and other financing costs, net(1)11,763 (34)5,582 2,373 39,118 — 58,802 
Derivatives, net — — — — 251,996 — 251,996 
Other expenses, net 154,948 68,068 724 30,491 1,029 (251,996)3,264 
Total costs and expenses 252,594 89,587 95,489 105,945 359,787 (291,418)611,984 
Income (loss) before income taxes(51,161)(67,192)(43,222)(11,086)(68,426)— (241,087)
Income tax expense (benefit)
(17,548)650 — 1 1,384 — (15,513)
Net income (loss)$(33,613)$(67,842)$(43,222)$(11,087)$(69,810)$— $(225,574)
Consolidated capital expenditures, net$69,611 $509 $2,050 $18,525 $784 $— $91,479 
As of March 31, 2026
Property and equipment, net$987,893 $13,620 $1,878,714 $485,064 $2,198 $— $3,367,489 
Total assets$3,353,013 $2,664,929 $6,389,681 $3,799,340 $29,742,908 $(41,166,429)$4,783,442 
______________________________________
(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.
(2)The Ceiba and Okume Complex production assets located in Block G offshore Equatorial Guinea have been classified as held for sale as of March 31, 2026. See Note 3 - Acquisitions and Divestitures for additional information.
Ghana
Equatorial GuineaMauritania/Senegal
Gulf of America
Corporate & OtherEliminationsTotal
(In thousands)
Three months ended March 31, 2025
Revenues and other income:
Oil and gas revenue $151,253 $34,407 $2,697 $101,778 $— $— $290,135 
Other income, net 252 — — 490 46,790 (47,236)296 
Total revenues and other income 151,505 34,407 2,697 102,268 46,790 (47,236)290,431 
Costs and expenses:
Oil and gas production 41,310 16,978 58,101 50,919 — — 167,308 
Exploration expenses 45 2,361 1,618 4,495 1,150 — 9,669 
General and administrative 3,285 1,821 2,528 5,184 53,941 (40,504)26,255 
Depletion, depreciation and amortization 44,817 15,100 2,917 57,675 158 — 120,667 
Interest and other financing costs, net(1)11,141 (67)(1,014)(2,020)43,802 — 51,842 
Derivatives, net — — — — 6,732 — 6,732 
Other expenses, net 5,196 1,526 715 1,347 (63)(6,732)1,989 
Total costs and expenses 105,794 37,719 64,865 117,600 105,720 (47,236)384,462 
Income (loss) before income taxes45,711 (3,312)(62,168)(15,332)(58,930)— (94,031)
Income tax expense (benefit)
16,676 (601)— (111)611 — 16,575 
Net income (loss)$29,035 $(2,711)$(62,168)$(15,221)$(59,541)$— $(110,606)
Consolidated capital expenditures, net$18,958 $(1,357)$49,013 $18,331 $1,243 $— $86,188 
As of March 31, 2025
Property and equipment, net$963,977 $466,204 $2,105,186 $861,330 $16,359 $— $4,413,056 
Total assets$3,652,535 $2,470,169 $3,231,623 $4,101,688 $26,285,260 $(34,471,861)$5,269,414 
______________________________________
(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.
Three Months Ended March 31,
20262025
(In thousands)
Consolidated capital expenditures:
Consolidated Statements of Cash Flows - Investing activities:
Oil and gas assets$87,047 $90,245 
Adjustments:
Changes in capital accruals380 (7,852)
Exploration expense, excluding unsuccessful well costs and leasehold impairments(1)5,203 7,766 
Capitalized interest(1,867)(4,193)
Other716 222 
Total consolidated capital expenditures, net$91,479 $86,188 
______________________________________
(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.