Goodwill

6 Months Ended

Jun. 30, 2019

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill

7. Goodwill

The changes in the carrying amount of goodwill by reporting unit during the six months ended June 30, 2019 were as follows:

	Carrying Value		Foreign Currency			Carrying Value
	January 1, 2019		Translation			June 30, 2019
	(In thousands)
Eastern Hemisphere	$	7,714	$	(81	)	$	7,633
Western Hemisphere		-		-			-
Asia-Pacific		-		-			-
Total	$	7,714	$	(81	)	$	7,633

The Company performs its annual impairment tests of goodwill as of October 1 or when there is an indication an impairment may have occurred. As of June 30, 2019, there were no indications an impairment may have occurred.

The fair value used in the goodwill impairment assessment was determined using the net present value of the expected future cash flows for the reporting unit. During the Company’s goodwill impairment analysis, the Company determines the fair value of the reporting unit, as a whole, using a discounted cash flow analysis, which requires significant assumptions and estimates about future operations. The assumptions about future cash flows and growth rates are based on our current budget for the remainder of the current year, 2020 and for future periods, as well as our strategic plans and management’s beliefs about future exploration and development in the industry. Changes in management's forecast commodity price assumptions may cause us to reassess our goodwill for impairment and could result in a non-cash impairment charge in the future.