SEGMENT INFORMATION |
12 Months Ended |
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Dec. 31, 2024 | |
| Notes to financial statements | |
| SEGMENT INFORMATION |
NOTE 15 — SEGMENT INFORMATION The Company reports its operations in one reportable segment which is engaged in the acquisition, development and production of oil, NGLs and natural gas offshore in the Gulf of America. The segment derives revenue from the sale of produced oil, NGLs and natural gas. The Company’s chief operating decision maker (“CODM”) is its CEO. The accounting policies of the Company’s operating segment are the same as those described in Note 1 - Summary of Significant Accounting Policies. The measure of profit or loss that the CODM uses to assess performance and allocate resources for the operating segment is consolidated net (loss) income. The measure of segment assets is reported on the accompanying consolidated balance sheets as total consolidated assets. The CODM uses consolidated net income in deciding whether to reinvest profits into the operating segment or into other activities, such as for acquisitions or to return capital to shareholders through a combination of dividends and/or share repurchases. As the Company discloses a single reportable segment, total operating net revenues for the Company’s operating segment is reported in its Consolidated Statements of Operations and segment assets is reported in its Consolidated Balance Sheets. The CODM is regularly provided with only the consolidated expenses as noted on the face of the Consolidated Statements of Operations and, accordingly, these expenses are considered to be significant expenses. |
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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- References No definition available.
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