v3.26.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company’s operations are based in Gabon, Egypt, Côte d'Ivoire, Nigeria, Equatorial Guinea, as well as, prior to the Canada Assets Divestment, producing properties in Canada. 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.

Segment activity of continuing operations for the three months ended March 31, 2026 and 2025, as well as long-lived assets and segment assets at March 31, 2026 and December 31, 2025 are as follows:
Three Months Ended March 31, 2026
(in thousands)GabonEgyptCanadaEquatorial GuineaCôte d'IvoireCorporate and OtherTotal
Revenues: 
Crude oil, natural gas and natural gas liquids sales$21,401 $38,916 $2,282 $— $— $— $62,599 
Operating costs and expenses: 
Production expense10,334 14,602 2,041 262 1,140 — 28,379 
Exploration expense22,186 — — — 208 — 22,394 
Depreciation, depletion and amortization8,246 8,695 35 — 910 326 18,212 
Loss on asset divestment— — 1,304 — — (102)1,202 
General and administrative expense656 58 1 61 627 6,873 8,276 
Credit losses and other— — 22 249 — — 271 
Total operating costs and expenses41,422 23,355 3,403 572 2,885 7,097 78,734 
Operating income (loss)(20,021)15,561 (1,121)(572)(2,885)(7,097)(16,135)
Other income (expense):       
Derivative instruments loss, net— — — — — (70,581)(70,581)
Interest income (expense), net(728)3 — — (720)(254)(1,699)
Other income (expense), net(571)(456)(6)(1)93 (93)(1,034)
Total other expense, net(1,299)(453)(6)(1)(627)(70,928)(73,314)
Income (loss) before income taxes(21,320)15,108 (1,127)(573)(3,512)(78,025)(89,449)
Income tax (benefit) expense(2,377)8,157 — — (6,779)5,314 4,315 
Net income (loss)$(18,943)$6,951 $(1,127)$(573)$3,267 $(83,339)$(93,764)
Consolidated capital expenditures$22,515 $1,767 $128 $145 $48,766 $222 $73,543 

Three Months Ended March 31, 2025
(in thousands)GabonEgyptCanadaEquatorial GuineaCôte d'IvoireCorporate and OtherTotal
Revenues: 
Crude oil, natural gas and natural gas liquids sales$52,187 $33,920 $6,180 $— $18,042 $— $110,329 
Operating costs and expenses:
Production expense24,323 12,001 2,123 300 6,059 — 44,806 
Depreciation, depletion and amortization11,421 8,051 3,390 — 7,420 23 30,305 
General and administrative expense245 41 (8)64 626 8,083 9,051 
Credit losses (recovery) and other(338)— — 311 — — (27)
Total operating costs and expenses35,651 20,093 5,505 675 14,105 8,106 84,135 
Operating income (loss)16,536 13,827 675 (675)3,937 (8,106)26,194 
Other income (expense):
Derivative instruments loss, net— — — — — (74)(74)
Interest (expense) income, net(1,036)(244)— — 108 (123)(1,295)
Other income (expense), net(632)4 (32)(4)(177)(171)(1,012)
Total other expense, net(1,668)(240)(32)(4)(69)(368)(2,381)
Income (loss) before income taxes14,868 13,587 643 (679)3,868 (8,474)23,813 
Income tax expense (benefit)8,888 5,187 — — (4,095)6,103 16,083 
Net income (loss)$5,980 $8,400 $643 $(679)$7,963 $(14,577)$7,730 
Consolidated capital expenditures$7,106 $6,247 $1,307 $253 $36,420 $(19)$51,314 
(in thousands)GabonEgypt
Canada(a)
Equatorial GuineaCôte d'IvoireCorporate and OtherTotal
Long-lived assets:
As of March 31, 2026$190,985 $131,911 $— $11,393 $303,072 $4,419 $641,780 
As of December 31, 2025$177,030 $138,839 $— $11,248 $254,307 $4,671 $586,095 
(a) At December 31, 2025, the Company classified $31.8 million of net Crude oil, natural gas and NGLs properties as “Noncurrent Assets held for sale” on the Consolidated Balance Sheet.
(in thousands)GabonEgyptCanadaEquatorial GuineaCôte d'IvoireCorporate and OtherTotal
Total assets:
As of March 31, 2026$356,153 $165,612 $1,878 $13,973 $334,182 $48,864 $920,662 
As of December 31, 2025$315,787 $182,023 $35,982 $13,631 $283,768 $82,184 $913,375