Investment in Equity Affiliates (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Assets and Liabilities

	As of December 31,
	2013		2012
	(in thousands)
Financial Position under IFRS:
Current assets	$	1,906,595	$	1,425,115
Property and equipment		717,449		538,351
Other assets		181,116		70,468
Current liabilities		1,652,806		1,180,559
Other liabilities		136,298		93,101
Net equity		1,016,056		760,274

Petrodelta, S.A. [Member]

Summary of Financial Information

Summary financial information has been presented below at December 31, 2013 and 2012, and for the years ended December 31, 2013, 2012 and 2011:

	Year Ended December 31,
	2013			2012			2011
	(in thousands, except percentages)
Results under IFRS:
Revenues:
Oil sales	$	1,326,093		$	1,263,264		$	1,122,191
Gas sales		4,000			3,350			3,497
Royalty *		(440,963	)		(423,069	)		(374,135	)
		889,130			843,545			751,553
Expenses:
Operating expenses		151,661			121,023			77,236
Workovers		29,168			17,302			28,508
Depletion, depreciation and amortization		87,203			86,004			58,376
General and administrative		26,345			31,753			11,297
Windfall profits tax		234,453			291,355			237,632
Windfall profits credit		(55,168	)		0			0
		473,662			547,437			413,049
Income from operations		415,468			296,108			338,504
Gain on exchange rate		169,582			0			0
Investment earnings and other		15			13			610
Interest expense		(21,728	)		(7,017	)		(10,699	)
Income before income tax		563,337			289,104			328,415
Current income tax expense		325,217			127,080			190,577
Deferred income tax expense (benefit)		(17,662	)		76,030			(94,622	)
Net income under IFRS		255,782			85,994			232,460
Adjustments to increase (decrease) net income under IFRS:
Deferred income tax (expense) benefit		9,080			78,968			(49,545	)
Depletion expense		(20,352	)		7,282			1,908
Reversal of windfall profits tax credit		(55,168	)		0			0
Sports law over accrual		1,313			2,536			0
Net income under U.S. GAAP		190,655			174,780			184,823
Equity interest in equity affiliate		40	%		40	%		40	%
Income before amortization of excess basis in equity affiliate		76,262			69,912			73,929
Amortization of excess basis in equity affiliate		(3,684	)		(2,143	)		(1,863	)
Earnings from equity affiliate included in income	$	72,578		$	67,769		$	72,066