Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements Of Cash Flows

v3.21.2
Condensed Consolidated Statements Of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 47,474,000 $ (44,586,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Loss from discontinued operations, net of tax 72,000 41,000
Depreciation, depletion and amortization 16,928,000 8,116,000
Bargain purchase gain (7,651,000)  
Impairment of proved crude oil and natural gas properties 0 30,625,000
Other amortization   181,000
Deferred taxes (24,211,000) 26,972,000
Unrealized foreign exchange gain (342,000) (60,000)
Stock-based compensation 2,098,000 (2,097,000)
Cash settlements paid on exercised stock appreciation rights (3,051,000) 0
Derivative instruments (gain) loss, net 21,070,000 (6,583,000)
Cash settlements received (paid) on matured derivative contracts, net (10,189,000) 7,216,000
Bad debt expense and other 814,000 1,140,000
Other operating loss, net 440,000 83,000
Operational expenses associated with equipment and other 835,000 1,418,000
Cash advance for other long-term assets (1,176,000)  
Change in operating assets and liabilities:    
Trade receivables 11,156,000 8,255,000
Accounts with joint venture owners (19,000) 8,642,000
Other receivables 94,000 1,333,000
Crude oil inventory 4,059,000 291,000
Prepayments and other 1,081,000 (1,153,000)
Value added tax and other receivables (1,339,000) (919,000)
Accounts payable (9,686,000) (9,318,000)
Foreign income taxes receivable/payable (2,916,000) (6,875,000)
Accrued liabilities and other 1,252,000 (3,285,000)
Net cash provided by continuing operating activities 46,793,000 19,437,000
Net cash used in discontinued operating activities (72,000) (376,000)
Net cash provided by operating activities 46,721,000 19,061,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Property and equipment expenditures (8,459,000) (22,317,000)
Acquisition of crude oil and natural gas properties (22,505,000)  
Net cash used in continuing investing activities (30,964,000) (22,317,000)
Net cash used in discontinued investing activities
Net cash used in investing activities (30,964,000) (22,317,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from the issuances of common stock 1,305,000  
Treasury shares (1,426,000) (990,000)
Net cash used in continuing financing activities (121,000) (990,000)
Net cash used in discontinued financing activities
Net cash used in financing activities (121,000) (990,000)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 15,636,000 (4,246,000)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 61,317,000 59,124,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD 76,953,000 54,878,000
Supplemental disclosure of cash flow information:    
Income taxes paid in-kind with crude oil 20,103,000 8,738,000
Supplemental disclosure of non-cash investing and financing activities:    
Property and equipment additions incurred but not paid at end of period 4,607,000 1,360,000
Recognition of right-of-use operating lease assets and liabilities   1,478,000
Asset retirement obligations $ 14,564,000 $ 359,000