v3.26.1
Business Segment Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Business Segment Information Financial information for each area is presented below:
GhanaEquatorial Guinea(2)Mauritania/Senegal
Gulf of America
Corporate & OtherEliminationsTotal
(In thousands)
Three Months Ended June 30, 2026
Revenues and other income:
Oil and gas revenue $356,595 $47,161 $92,058 $111,439 $— $— $607,253 
Gain on sale of assets — 9,421 — — — — 9,421 
Other income, net 361 — — 46 131 (177)361 
Total revenues and other income 356,956 56,582 92,058 111,485 131 (177)617,035 
Costs and expenses:
Oil and gas production 59,031 25,244 65,827 29,327 — — 179,429 
Exploration expenses (3)146 238 2,653 163 — 3,197 
General and administrative 3,227 1,003 2,710 4,886 41,984 (34,547)19,263 
Depletion, depreciation and amortization54,075 2,611 35,221 27,740 854 — 120,501 
Interest and other financing costs, net(1)10,803 (22)8,379 1,320 33,220 — 53,700 
Derivatives, net — — — — (51,809)— (51,809)
Other expenses, net (21,970)(226)1,352 (4,662)1,417 34,370 10,281 
Total costs and expenses 105,163 28,756 113,727 61,264 25,829 (177)334,562 
Income (loss) before income taxes251,793 27,826 (21,669)50,221 (25,698)— 282,473 
Income tax expense91,498 5,093 9 70 1,028 — 97,698 
Net income (loss)$160,295 $22,733 $(21,678)$50,151 $(26,726)$— $184,775 
Consolidated capital expenditures$70,494 $2,090 $3,216 $28,382 $870 $— $105,052 
Ghana
Equatorial Guinea(2)
Mauritania/Senegal
Gulf of America
Corporate & OtherEliminationsTotal
(In thousands)
Six months ended June 30, 2026
Revenues and other income:
Oil and gas revenue $557,859 $69,556 $144,325 $206,241 $— $— $977,981 
Gain on sale of assets — 9,421 — — — — 9,421 
Other income, net 530 — — 103 291,492 (291,595)530 
Total revenues and other income 558,389 78,977 144,325 206,344 291,492 (291,595)987,932 
Costs and expenses:
Oil and gas production 87,455 40,097 121,168 61,304 — — 310,024 
Exploration expenses — 1,260 574 6,667 14,440 — 22,941 
General and administrative 7,167 2,468 5,420 10,690 95,198 (73,970)46,973 
Depletion, depreciation and amortization107,592 6,732 66,017 59,026 1,007 — 240,374 
Interest and other financing costs, net(1)22,566 (57)13,960 3,694 72,339 — 112,502 
Derivatives, net — — — — 200,187 — 200,187 
Other expenses, net 132,978 67,842 2,077 25,829 2,444 (217,625)13,545 
Total costs and expenses 357,758 118,342 209,216 167,210 385,615 (291,595)946,546 
Income (loss) before income taxes200,631 (39,365)(64,891)39,134 (94,123)— 41,386 
Income tax expense (benefit)
73,950 5,743 9 71 2,412 — 82,185 
Net income (loss)$126,681 $(45,108)$(64,900)$39,063 $(96,535)$— $(40,799)
Consolidated capital expenditures, net$140,105 $2,599 $5,266 $46,907 $1,655 $— $196,532 
As of June 30, 2026
Property and equipment, net$1,001,641 $13,999 $1,846,885 $487,042 $1,959 $— $3,351,526 
Total assets$3,429,540 $132,939 $6,326,648 $3,884,596 $29,688,971 $(39,152,547)$4,310,147 
______________________________________
(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)In June 2026, the Company completed the disposition of its interests in the Ceiba Field and Okume Complex production assets located in Block G offshore Equatorial Guinea. The operating results of the Equatorial Guinea segment are included in the Company's consolidated results through the date of sale in June 2026. The disposition did not qualify for discontinued operations presentation. See Note 3 - Acquisitions and Divestitures for additional information.
Ghana
Equatorial Guinea(2)Mauritania/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 amortization 43,624 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 expense (benefit)
21,993 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 
Ghana
Equatorial Guinea(2)Mauritania/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 amortization 88,440 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.
(2)In June 2026, the Company completed the disposition of its interests in the Ceiba Field and Okume Complex production assets located in Block G offshore Equatorial Guinea. The disposition did not qualify for discontinued operations presentation. See Note 3 - Acquisitions and Divestitures for additional information.
Six Months Ended June 30,
20262025
(In thousands)
Consolidated capital expenditures:
Consolidated Statements of Cash Flows - Investing activities:
Oil and gas assets$163,477 $172,766 
Consolidated Statement of Cash Flows - Financing activities:
Financing lease14,951 — 
Adjustments:
Changes in capital accruals5,473 (5,910)
Exploration expense, excluding unsuccessful well costs and leasehold impairments(1)8,982 13,577 
Capitalized interest(4,096)(8,510)
Other7,745 372 
Total consolidated capital expenditures, net$196,532 $172,295 
______________________________________
(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.