v3.26.1
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION
13 . SEGMENT INFORMATION

The Company’s operations are based in Gabon, Egypt, Côte d’Ivoire, Nigeria, Equatorial Guinea, and, 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 includes 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 and six months ended June 30, 2026 and 2025, as well as long-lived assets and segment assets at June 30, 2026 and December 31, 2025 are as follows:
Three Months Ended June 30, 2026
(in thousands)GabonEgyptCanadaEquatorial GuineaCôte d’IvoireCorporate and OtherTotal
Revenues:
Crude oil, natural gas and natural gas liquids sales$91,798 $43,368 $— $— $— $— $135,166 
Operating costs and expenses:
Production expense26,696 15,596 — 377 2,801 — 45,470 
Exploration expense60 — — — 5 — 65 
Depreciation, depletion and amortization24,369 8,601 — — 935 367 34,272 
General and administrative expense914 48 — 46 1,005 9,181 11,194 
Credit losses and other376 — — 197 — — 573 
Total operating costs and expenses52,415 24,245 — 620 4,746 9,548 91,574 
Operating income (loss)39,383 19,123 — (620)(4,746)(9,548)43,592 
Other income (expense):
Derivative instruments gain, net— — — — — 18,720 18,720 
Interest income (expense), net(603)106 — — (1,867)(386)(2,750)
Other income (expense), net(600)335 — — — (60)(325)
Total other income (expense), net(1,203)441 — — (1,867)18,274 15,645 
Income (loss) before income taxes38,180 19,564 — (620)(6,613)8,726 59,237 
Income tax expense (benefit)15,667 5,929 — — (6,208)1,404 16,792 
Net income (loss)$22,513 $13,635 $— $(620)$(405)$7,322 42,445 
Consolidated capital expenditures$42,487 $8,543 $— $41 $47,636 $153 $98,860 

Six Months Ended June 30, 2026
(in thousands)GabonEgypt
Canada (a)
Equatorial GuineaCôte d’IvoireCorporate and OtherTotal
Revenues:
Crude oil, natural gas and natural gas liquids sales$113,199 $82,284 $2,282 $— $— $— $197,765 
Operating costs and expenses:
Production expense37,030 30,198 2,040 640 3,941 — 73,849 
Exploration expense22,246 — — — 213 — 22,459 
Depreciation, depletion and amortization32,616 17,296 35 — 1,845 692 52,484 
Loss on sale of assets— — 1,304 — — (102)1,202 
General and administrative expense1,569 107 1 108 1,632 16,053 19,470 
Credit losses and other376 — 22 446 — — 844 
Total operating costs and expenses93,837 47,601 3,402 1,194 7,631 16,643 170,308 
Operating income (loss)19,362 34,683 (1,120)(1,194)(7,631)(16,643)27,457 
Other income (expense):
Derivative instruments loss, net— — — — — (51,861)(51,861)
Interest income (expense), net(1,331)109 — — (2,587)(640)(4,449)
Other income (expense), net(1,171)(121)(7)(2)95 (153)(1,359)
Total other expense, net(2,502)(12)(7)(2)(2,492)(52,654)(57,669)
Income (loss) before income taxes16,860 34,671 (1,127)(1,196)(10,123)(69,297)(30,212)
Income tax (benefit) expense13,290 14,086 — — (12,988)6,719 21,107 
Net income (loss)$3,570 $20,585 $(1,127)$(1,196)$2,865 $(76,016)$(51,319)
Consolidated capital expenditures$65,002 $10,311 $128 $186 $96,402 $374 $172,403 
(a) During the six months ended June 30, 2026, the Canada segment revenues include amounts recognized from January 1, 2026 through the closing date of the Canada Assets Divestment.
Three Months Ended June 30, 2025
(in thousands)GabonEgyptCanadaEquatorial GuineaCôte d’IvoireCorporate and OtherTotal
Revenues:
Crude oil, natural gas and natural gas liquids sales$58,568 $33,257 $4,715 $— $353 $— $96,893 
Operating costs and expenses:
Production expense23,332 13,130 2,488 386 1,056 1 40,393 
Exploration expense— — — — 2,520 — 2,520 
Depreciation, depletion and amortization14,673 9,220 3,160 — 968 252 28,273 
General and administrative expense202 62 39 86 237 7,870 8,496 
Credit losses (recovery) and other(297)— — 326 — — 29 
Total operating costs and expenses37,910 22,412 5,687 798 4,781 8,123 79,711 
Operating income (loss)20,658 10,845 (972)(798)(4,428)(8,123)17,182 
Other income (expense):
Derivative instruments gain, net— — — — — 400 400 
Interest expense, net(835)(180)— — (1,396)(161)(2,572)
Other income (expense), net(132)57 430 (1)116 (117)353 
Total other income (expense), net(967)(123)430 (1)(1,280)122 (1,819)
Income (loss) before income taxes19,691 10,722 (542)(799)(5,708)(8,001)15,363 
Income tax expense (benefit)5,356 3,343 — — (6,139)4,423 6,983 
Net income (loss)$14,335 $7,379 $(542)$(799)$431 $(12,424)$8,380 
Consolidated capital expenditures $9,199 $7,593 $210 $306 $23,521 $37 40,866 
Six Months Ended June 30, 2025
(in thousands)GabonEgyptCanadaEquatorial GuineaCôte d'IvoireCorporate and OtherTotal
Revenues:
Crude oil, natural gas and natural gas liquids sales$110,754 $67,177 $10,895 $— $18,396 $— $207,222 
Operating costs and expenses:
Production expense47,655 25,131 4,611 686 7,114 1 85,198 
Exploration expense— — — — 2,520 — 2,520 
Depreciation, depletion and amortization26,094 17,271 6,550 — 8,388 275 58,578 
General and administrative expense446 103 31 150 863 15,955 17,548 
Credit losses (recovery) and other(635)— — 637 — — 2 
Total operating costs and expenses73,560 42,505 11,192 1,473 18,885 16,231 163,846 
Operating income (loss)37,194 24,672 (297)(1,473)(489)(16,231)43,376 
Other income (expense):
Derivative instruments gain, net— — — — — 326 326 
Interest expense, net(1,871)(423)— — (1,287)(285)(3,866)
Other income (expense), net(764)61 398 (5)(61)(288)(659)
Total other income (expense), net(2,635)(362)398 (5)(1,348)(247)(4,199)
Income (loss) before income taxes34,559 24,310 101 (1,478)(1,837)(16,478)39,177 
Income tax expense (benefit)14,244 8,530 — — (10,234)10,526 23,066 
Net income (loss)$20,315 $15,780 $101 $(1,478)$8,397 $(27,004)$16,111 
Consolidated capital expenditures$16,305 $13,840 $1,517 $559 $59,941 $19 $92,181 
(in thousands)GabonEgypt
Canada(a)
Equatorial GuineaCôte d’IvoireCorporate and OtherTotal
Long-lived assets:
As of June 30, 2026$211,453 $131,854 $— $11,434 $350,709 $4,203 $709,653 
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 June 30, 2026$347,478 $153,988 $1,500 $14,147 $394,693 $56,764 $968,570 
As of December 31, 2025$315,787 $182,023 $35,982 $13,631 $283,768 $82,184 $913,375