|
11. Segment Information
The Company has two reportable segments, one domestic and one
foreign, which 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. We evaluate our performance based on profit or loss from oil
and gas operations before price-risk management and other, net, general
and administrative, net, interest expense, net and debt retirement
costs. Our reportable segments are managed separately based on their
geographic locations. Financial information by operating segment is
presented below:
|
2005 |
|
|
|
|
|
New |
|
|
|
|
|
|
Domestic |
|
|
Zealand |
|
|
Total |
|
|
|
|
|
|
|
|
|
| Oil
and gas sales |
$ |
355,872,616 |
|
$ |
67,893,629 |
|
$ |
423,766,245 |
|
|
|
|
|
|
|
|
|
|
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
Depreciation, depletion, and amortization |
|
(81,123,588) |
|
|
(26,354,199) |
|
|
(107,477,787) |
|
Accretion of asset retirement obligation |
|
(626,134) |
|
|
(134,908) |
|
|
(761,042) |
|
Lease operating cost |
|
(34,941,430) |
|
|
(12,380,411) |
|
|
(47,321,841) |
|
Severance and other taxes |
|
(37,805,742) |
|
|
(4,370,763) |
|
|
(42,176,505) |
|
|
------------------- |
|
|
------------------- |
|
|
------------------- |
|
Income from oil and gas operations |
$ |
201,375,722 |
|
$ |
24,653,348 |
|
$ |
226,029,070 |
|
|
|
|
|
|
|
|
|
|
Price-risk management and other, net |
|
|
|
|
|
|
|
(539,756) |
|
|
|
|
|
|
|
|
|
|
General and administrative, net |
|
|
|
|
|
|
|
(22,176,362) |
|
Interest expense, net |
|
|
|
|
|
|
|
(24,873,401) |
|
|
|
|
|
|
|
|
------------------- |
|
Income before Income Taxes and Change |
|
|
|
|
|
|
|
|
|
in Accounting Principle |
|
|
|
|
|
|
$ |
178,439,551 |
|
|
|
|
|
|
|
|
=========== |
|
Property and Equipment, net |
$ |
863,154,295 |
|
$ |
215,879,444 |
|
$ |
1,079,033,739 |
|
Total Assets |
|
962,469,183 |
|
|
241,943,439 |
|
|
1,204,412,622 |
|
Capital Expenditures |
$ |
215,785,080 |
|
$ |
48,689,826 |
|
$ |
264,474,906 |
|
|
=========== |
|
|
=========== |
|
|
=========== |
|
|
|
|
|
|
2004 |
|
|
|
|
|
|
|
|
|
New |
|
|
|
|
|
|
Domestic |
|
|
Zealand |
|
|
Total |
|
|
|
|
|
|
|
|
|
| Oil
and gas sales |
$ |
258,663,936 |
|
$ |
52,621,236 |
|
$ |
311,285,172 |
|
|
|
|
|
|
|
|
|
|
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
Depreciation, depletion, and amortization |
|
(62,283,350) |
|
|
(19,297,478) |
|
|
(81,580,828) |
|
Accretion of asset retirement obligation |
|
(505,174) |
|
|
(168,480) |
|
|
(673,654) |
|
Lease operating cost |
|
(30,191,889) |
|
|
(11,022,367) |
|
|
(41,214,256) |
|
Severance and other taxes |
|
(26,713,592) |
|
|
(3,687,701) |
|
|
(30,401,293) |
|
|
---------------- |
|
|
---------------- |
|
|
---------------- |
|
Income from oil and gas operations |
$ |
138,969,931 |
|
$ |
18,445,210 |
|
$ |
157,415,141 |
|
|
|
|
|
|
|
|
|
|
Price-risk management and other, net |
|
|
|
|
|
|
|
(1,008,398) |
|
|
|
|
|
|
|
|
|
|
General and administrative, net |
|
|
|
|
|
|
|
(17,787,125) |
|
Interest expense, net |
|
|
|
|
|
|
|
(27,643,108) |
|
Debt retirement costs |
|
|
|
|
|
|
|
(9,536,268) |
|
|
|
|
|
|
|
|
---------------- |
|
Income before Income Taxes and Change |
|
|
|
|
|
|
|
|
|
in Accounting Principle |
|
|
|
|
|
|
$ |
101,440,242 |
|
|
|
|
|
|
|
|
=========== |
|
Property and Equipment, net |
$ |
731,890,068 |
|
$ |
191,548,092 |
|
$ |
923,438,160 |
|
Total Assets |
|
778,611,100 |
|
|
211,962,047 |
|
|
990,573,147 |
|
Capital Expenditures |
$ |
162,535,617 |
|
$ |
35,755,820 |
|
$ |
198,291,437 |
|
|
=========== |
|
|
=========== |
|
|
=========== |
|
|
|
|
|
|
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) |
|
Lease operating cost |
|
(24,022,412) |
|
|
(9,810,786) |
|
|
(33,833,198) |
|
Severance and other taxes |
|
(15,290,669) |
|
|
(3,742,935) |
|
|
(19,033,604) |
|
|
--------------------- |
|
|
--------------------- |
|
|
--------------------- |
|
Income from oil and gas operations |
$ |
79,584,422 |
|
$ |
14,652,002 |
|
$ |
94,236,424 |
|
|
|
|
|
|
|
|
|
|
Price-risk management and other, net |
|
|
|
|
|
|
|
(2,131,656) |
|
|
|
|
|
|
|
|
|
|
General and administrative, net |
|
|
|
|
|
|
|
(14,097,066) |
|
Interest expense, net |
|
|
|
|
|
|
|
(27,268,524) |
|
|
|
|
|
|
|
|
|
|
Income before Income Taxes and Change |
|
|
|
|
|
|
|
|
|
in Accounting Principle |
|
|
|
|
|
|
$ |
50,739,178 |
|
|
|
|
|
|
|
|
=========== |
|
Property and Equipment, net |
$ |
641,366,888 |
|
$ |
174,440,115 |
|
$ |
815,807,003 |
|
Total Assets |
|
672,721,551 |
|
|
187,116,993 |
|
|
859,838,544 |
|
Capital Expenditures |
$ |
114,443,475 |
|
$ |
30,059,705 |
|
$ |
144,503,180 |
|
|
=========== |
|
|
=========== |
|
|
=========== |
|
