Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Current Period Unaudited)

v3.23.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 52,119 $ 37,205
Restricted cash 76 222
Receivables:    
Trade, net 30,795 52,147
Accounts with joint venture owners, net of allowance for credit losses of $0.3 million in both periods presented 25 15,830
Foreign income taxes receivable 0 2,769
Other, net of allowance for credit losses of $3.5 and $0.0 million, respectively 67,157 68,519
Crude oil inventory 11,778 3,335
Prepayments and other 17,424 20,070
Total current assets 179,374 200,097
Crude oil and natural gas properties, equipment and other - successful efforts method, net 499,953 495,272
Other noncurrent assets:    
Restricted cash 1,771 1,763
Value added tax and other receivables, net of allowance of $9.0 million and $8.4 million, respectively 8,026 7,150
Right of use operating lease assets 2,211 2,777
Right of use finance lease assets 91,198 90,698
Deferred tax assets 33,430 35,432
Abandonment funding 6,268 20,586
Other long-term assets 1,752 1,866
Total assets 823,983 [1] 855,641 [2]
Current liabilities:    
Accrued liabilities and other 80,707 91,392
Operating lease liabilities - current portion 2,040 2,314
Finance lease liabilities - current portion 6,907 7,811
Foreign income taxes payable 5,424 0
Current liabilities - discontinued operations 673 687
Total current liabilities 148,831 162,090
Asset retirement obligations 42,327 41,695
Operating lease liabilities - net of current portion 367 686
Finance lease liabilities - net of current portion 80,470 78,248
Deferred tax liabilities 79,854 81,223
Other long-term liabilities 16,959 25,594
Total liabilities 368,808 389,536
Commitments and contingencies (Note 10)
Shareholders’ equity:    
Preferred stock, $25 par value; 500,000 shares authorized, none issued 0 0
Common stock, $0.10 par value; 160,000,000 shares authorized, 120,116,106 and 119,482,680 shares issued, 107,318,214 and 107,852,857 shares outstanding, respectively 12,012 11,948
Additional paid-in capital 354,499 353,606
Accumulated other comprehensive income 1,054 1,179
Less treasury stock, 12,797,892 and 11,629,823 shares, respectively, at cost (53,029) (47,652)
Retained earnings 140,639 147,024
Total shareholders' equity 455,175 466,105
Total liabilities and shareholders' equity 823,983 855,641
Nonrelated Party [Member]    
Current liabilities:    
Accounts payable 49,982 59,886
Related Party [Member]    
Current liabilities:    
Accounts payable $ 3,098 $ 0
[1] Includes assets acquired in the TransGlobe acquisition
[2] Includes assets acquired in the Sasol acquisition