|
10. Segment Information
The Company has two reportable segments that are in the business of crude
oil and natural gas exploration and production. The accounting policies of the
segments are the same as those described in the summary of significant
accounting policies. The Company evaluates performance based on profit or loss
from oil and gas operations before other revenues, general and administrative
expenses, and interest expense, net. The Company’s reportable segments are
managed separately based on their geographic locations. Financial information
by operating segment is presented below:
|
|
2003 |
|
|
|
|
|
|
New |
|
|
|
|
|
Domestic |
|
|
Zealand |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
Oil and gas sales |
|
$164,167,390 |
|
|
$46,865,249 |
|
|
$ 211,032,639 |
|
|
|
|
|
|
|
|
|
|
|
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
Depreciation, depletion, and amortization |
|
(44,645,939) |
|
|
(18,426,118) |
|
|
(63,072,057) |
|
Accretion of asset retirement obligation |
|
(623,948) |
|
|
(233,408) |
|
|
(857,356) |
|
Oil and gas production |
|
(39,313,081) |
|
|
(13,553,721) |
|
|
(52,866,802) |
|
|
|
|
|
|
|
|
|
|
|
Income from oil and gas operations |
|
$ 79,584,422 |
|
|
$14,652,002 |
|
|
$ 94,236,424 |
|
|
|
|
|
|
|
|
|
|
|
Other revenues (1) |
|
|
|
|
|
|
|
(2,131,656) |
|
|
|
|
|
|
|
|
|
|
|
General and administrative, net |
|
|
|
|
|
|
|
(14,097,066) |
|
Interest expense, net |
|
|
|
|
|
|
|
(27,268,524) |
|
|
|
|
|
|
|
|
|
|
|
Income before Income Taxes and Cumulative |
|
|
|
|
|
|
|
|
|
Effect of Change in Accounting Principle |
|
|
|
|
|
|
|
$ 50,739,178 |
|
|
|
|
|
|
|
|
|
|
|
Property and Equipment, net |
|
$642,019,661 |
|
|
$174,440,115 |
|
|
$816,459,776 |
|
|
|
|
|
|
|
|
|
|
|
|
2002 |
|
|
|
|
|
|
New |
|
|
|
|
|
Domestic |
|
|
Zealand |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
Oil and gas sales |
|
$112,065,003 |
|
|
$ 29,130,710 |
|
|
$ 141,195,713 |
|
|
|
|
|
|
|
|
|
|
|
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
Depreciation, depletion, and amortization |
|
(43,660,843) |
|
|
(12,563,549) |
|
|
(56,224,392) |
|
Oil and gas production |
|
(33,088,958) |
|
|
(8,408,354) |
|
|
(41,497,312) |
|
|
|
|
|
|
|
|
|
|
|
Income from oil and gas operations |
|
$35,315,202 |
|
|
$ 8,158,807 |
|
|
$ 43,474,009 |
|
|
|
|
|
|
|
|
|
|
|
Other revenues (1) |
|
|
|
|
|
|
|
8,774,098 |
|
|
|
|
|
|
|
|
|
|
|
General and administrative, net |
|
|
|
|
|
|
|
(10,564,849) |
|
Interest expense, net |
|
|
|
|
|
|
|
(23,274,969) |
|
|
|
|
|
|
|
|
|
|
|
Income before Income Taxes and Cumulative |
|
|
|
|
|
|
|
|
|
Effect of Change in Accounting Principle |
|
|
|
|
|
|
|
$ 18,408,289 |
|
|
|
|
|
|
|
|
|
|
|
Property and Equipment, net |
|
$565,149,393 |
|
|
$160,360,061 |
|
|
$ 725,509,454 |
|
|
|
|
|
|
|
|
|
|
|
|
2001 |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
New |
|
|
|
|
|
Domestic |
|
|
Zealand |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
Oil and gas sales |
|
$179,360,844 |
|
|
$1,823,791 |
|
|
$181,184,635 |
|
|
|
|
|
|
|
|
|
|
|
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
Depreciation, depletion, and amortization |
|
(59,318,768) |
|
|
(183,272) |
|
|
(59,502,040) |
|
Oil and gas production |
|
(36,554,418) |
|
|
(165,191) |
|
|
(36,719,609) |
|
Write-down of oil and gas properties |
|
(98,862,247) |
|
|
--- |
|
|
(98,862,247) |
|
|
|
|
|
|
|
|
|
|
|
Income from oil and gas operations |
|
$(15,374,589) |
|
|
$1,475,328 |
|
|
$(13,899,261) |
|
|
|
|
|
|
|
|
|
|
|
Other revenues (1) |
|
|
|
|
|
|
|
2,622,855 |
|
|
|
|
|
|
|
|
|
|
|
General and administrative, net |
|
|
|
|
|
|
|
(8,186,654) |
|
Other expenses |
|
|
|
|
|
|
|
(2,102,251) |
|
Interest expense, net |
|
|
|
|
|
|
|
(12,627,022) |
|
|
|
|
|
|
|
|
|
|
|
Income before Income Taxes and Cumulative |
|
|
|
|
|
|
|
|
|
Effect of Change in Accounting Principle |
|
|
|
|
|
|
|
$(34,192,333) |
|
|
|
|
|
|
|
|
|
|
|
Property and Equipment, net |
|
$547,232,724 |
|
|
$83,975,947 |
|
|
$631,208,671 |
|
|
|
|
|
|
|
|
|
|
|
(1) Other revenues consist of Fees from affiliated limited
partnerships, Interest income, Gain on asset disposition, Price-risk
management and other, net, on the accompanying consolidated statements
of income. |
|
