Quarterly report pursuant to Section 13 or 15(d)

CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (Unaudited)

v2.4.0.8
CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (Unaudited) (USD $)
In Thousands, unless otherwise specified
 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 16,696 $ 24,258
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation, depletion and amortization 11,011 16,715
Unrealized foreign exchange loss (gain) 22 (358)
Dry hole costs 20,190 2,853
Stock based compensation 2,600 2,055
Bad debt provision 1,284 959
Impairment of proved properties   7,620
Change in operating assets and liabilities:    
Trade receivables 7,475 (1,660)
Accounts with partners (15,246) (2,543)
Other receivables (5,967) 980
Crude oil inventory (1,793) (1,105)
Materials and supplies 113 (141)
Prepayments and other (1,756) (2,847)
Accounts payable, accrued liabilities and other liabilities 2,176 (1,983)
Net cash provided by operating activities 36,805 44,803
CASH FLOWS FROM INVESTING ACTIVITIES    
Restricted cash, net (879) 55
Property and equipment expenditures (56,138) (43,507)
Net cash used in investing activities (57,017) (43,452)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from the issuance of common stock 557 3,369
Purchase of treasury shares (10,680)  
Distribution to noncontrolling interest   (5,595)
Net cash used in financing activities (10,123) (2,226)
NET CHANGE IN CASH AND CASH EQUIVALENTS (30,335) (875)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 130,800 137,139
CASH AND CASH EQUIVALENTS AT END OF PERIOD 100,465 136,264
Supplemental disclosure of cash flow information    
Income taxes paid 28,157 59,486
Supplemental disclosure of non-cash transactions    
Property and equipment additions incurred during the period but not paid at period end 13,254 9,775
Property and equipment reduction as the result of changes in asset retirement cost estimates   5,463
Receivable from employees for stock option exercise $ 177