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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income (loss) before income taxes is attributable as follows:

Provision for income taxes related to income (loss) consists of the following:

The reconciliation of income tax expense (benefit) to income tax at the U.S. statutory rate is as follows:


			Year Ended December 31,
(in thousands)			2025
U.S. Federal Statutory Tax Rate			$	(5,580)	21.00	%
Domestic Federal
		Tax Credits - Foreign Tax Credit	(13,982)		52.63	%
		Changes in Valuation Allowance	7,385		(27.79)	%
		Cross-border tax laws - US taxation of foreign disregarded entity	8,242		(31.02)	%
		Nontaxable or nondeductible items	806		(3.03)	%
Foreign Tax Effects
	Gabon
		Statutory income tax rate differential	4,923		(18.53)	%
		Rate difference between Gabon statutory tax rate and the PSC	9,435		(35.51)	%
		Nontaxable or nondeductible items:
		Non Recoverable Costs	1,067		(4.02)	%
		Nondeductible Interest	1,670		(6.29)	%
		Impact of revenue differences between production and lifting	(8,075)		30.39	%
		Carried interests	(1,020)		3.84	%
		Other reconciling items	478		(1.80)	%
		Changes in Valuation Allowance	2,095		(7.89)	%
	Egypt
		Statutory income tax rate differential	9,067		(34.13)	%
		Nontaxable or nondeductible items:
		Non Recoverable Costs	2,288		(8.61)	%
		Other reconciling items	(92)		0.35	%
		Changes in Valuation Allowance	356		(1.34)	%


Canada
	Statutory income tax rate differential	4,184		(15.75)	%
	Subnational income taxes	(5,580)		21.00	%
	Changes in Valuation Allowance	16,045		(60.39)	%
Cote D'Ivoire
	Statutory income tax rate differential	(716)		2.70	%
	Rate difference between statutory tax rate and the PSC	(12,197)		45.91	%
	Nontaxable or nondeductible items:
	Non Recoverable Costs	1,033		(3.89)	%
	Stat to US GAAP adjustments	(1,250)		4.71	%
	Cost Recovery Uplift	(9,167)		34.50	%
	Changes in Valuation Allowance	1,834		(6.90)	%
Equatorial Guinea
	Statutory income tax rate differential	(119)		0.45	%
	Changes in Valuation Allowance	744		(2.80)	%
Sweden
	Tax Credits - Foreign Tax Credit	(3,767)		14.18	%
	Cross-border tax laws - Sweden taxation of foreign disregarded entity	(2,885)		10.86	%
	Nontaxable or nondeductible items:
	Realized foreign exchange gain	4,036		(15.19)	%
	Other reconciling items	(100)		0.38	%
	Changes in Valuation Allowance	3,126		(11.76)	%
Other
	Nontaxable or nondeductible items:
	Other reconciling items	538		(2.03)	%
	Total	$	14,822	(55.77)	%

Income taxes paid (net of refunds received) were as follows:

The tax effects of significant temporary differences giving rise to deferred tax assets and liabilities are as follows:


	December 31,
(in thousands)	2025		2024
Deferred tax assets:
Fixed assets(1)	$	40,988	$	35,541
Foreign tax credit carryforward	133,803		123,660
Net operating losses	58,892		56,317
Asset retirement obligations	48,015		20,384
ROU lease liabilities	8,567		9,973
Accrued liabilities	16,071		19,686
Receivables	(146)		(1,788)
Other	3,846		2,682
Total deferred tax assets	310,036		266,455
Valuation allowance	(203,624)		(173,140)
Net deferred tax assets	$	106,412	$	93,315

Deferred tax liabilities:
Basis difference in fixed assets	(115,217)		(131,639)
Net deferred tax liabilities	$	(115,217)	$	(131,639)

(1)This line includes ROU lease asset.

The Company has NOL’s, in the following jurisdictions as of December 31, 2025:

The following table summarizes the tax years that remain subject to examination by major tax jurisdictions.