v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 58,490 $ 60,354 $ 51,890
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, depletion and amortization 143,034 115,302 48,143
Bargain purchase gain (13,532) 1,412 (10,819)
Exploration expense 48 1,841 0
Deferred taxes (16,785) (2,864) 44,805
Unrealized foreign exchange loss 8 52 (1,043)
Stock-based compensation 4,435 3,323 2,200
Cash settlements paid on exercised stock appreciation rights (154) (378) (827)
Derivative instruments (gain) loss, net 745 (232) 37,812
Cash settlements paid on matured derivative contracts, net (453) (127) (42,935)
Cash settlements paid on asset retirement obligations (368) (6,747) (6,577)
Credit losses and other 6,304 7,543 3,082
Other operating loss, net 34 55 (38)
Equipment and other expensed in operations 2,505 3,196 2,052
Change in operating assets and liabilities:      
Trade receivables, net (49,890) 6,723 18,385
Accounts with joint venture owners, net (757) 19,571 (18,929)
Egypt receivables and other, net 5,644 14,802 (9,290)
Crude oil inventory 7,488 1,387 (1,742)
Prepayments and other (4,817) 4,743 (4,387)
Value added tax and other receivables (7,110) 2,427 (5,193)
Other long-term assets 2,869 3,830 (2,730)
Accounts payable (13,198) (28,102) 23,920
Foreign income taxes receivable (payable) 22,682 22,030 (5,897)
Accrued liabilities and other (33,504) (6,544) 6,964
Net cash provided by operating activities 113,718 223,597 128,846
CASH FLOWS FROM INVESTING ACTIVITIES:      
Property and equipment expenditures (102,996) (97,223) (159,897)
Acquisition of crude oil and natural gas properties 877 0 36,686
Net cash used in investing activities (102,119) (97,223) (123,211)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from the issuances of common stock 447 673 312
Dividend distribution (26,216) (26,772) (9,354)
Treasury shares (6,802) (23,570) (3,805)
Deferred financing costs 0 0 (2,069)
Payments of finance lease (10,477) (7,150) (3,039)
Net cash used in in financing activities (43,048) (56,819) (17,955)
Effects of exchange rate changes on cash (3) (153) (218)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (31,452) 69,402 (12,538)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 129,178 59,776 72,314
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD 97,726 129,178 59,776
Supplemental disclosure of cash flow information:      
Income taxes paid in-kind with crude oil 37,469 32,776 26,257
Interest paid, net of amounts capitalized 6,714 9,122 1,656
Supplemental disclosure of non-cash investing and financing activities:      
Property and equipment additions incurred but not paid at end of period 9,479 14,137 41,060
Non-cash consideration exchanged in the acquisition of TransGlobe 0 0 274,145
Recognition of right-of-use operating lease assets and liabilities 17,649 2,582 0
Recognition of right-of-use finance lease assets and liabilities 0 7,875 87,166
Reclassification of other long-term assets to right-of-use finance lease assets 0 0 4,116
Liability awards converted to equity 0 0 5,336
Asset retirement obligations adjustments $ 27,424 $ 2,487 $ 0

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