Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 35,837 $ 10,222
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 58,956 62,420
Bargain purchase gain (19,898) 1,412
Deferred taxes (7,407) 1,618
Unrealized foreign exchange loss (196) 313
Stock-based compensation 1,883 1,254
Cash settlements paid on exercised stock appreciation rights (154) (233)
Derivative instruments (gain) loss, net 590 (52)
Cash settlements paid on matured derivative contracts, net (33) (63)
Cash settlements paid on asset retirement obligations (82) (374)
Credit losses and other 5,474 1,615
Other operating loss, net 34 62
Operational expenses associated with equipment and other 1,029 (1,196)
Change in operating assets and liabilities:    
Trade, net (20,046) (5,208)
Accounts with joint venture owners, net (4,603) 21,746
Egypt receivables and other, net 32 (1,868)
Crude oil inventory 9,618 (7,465)
Prepayments and other (3,829) (69)
Value added tax and other receivables (2,007) (2,302)
Other long-term assets 699 1,508
Accounts payable (727) (10,897)
Foreign income taxes receivable/(payable) (6,563) 15,344
Deferred tax liability 0 (3,081)
Accrued liabilities and other (27,213) (7,137)
Net cash provided by (used in) operating activities 21,394 77,569
CASH FLOWS FROM INVESTING ACTIVITIES:    
Property and equipment expenditures (49,099) (54,832)
Cash paid in business combination, net of cash acquired 412 0
Net cash provided by (used in) investing activities (48,687) (54,832)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from the issuances of common stock 447 382
Dividend distribution (13,042) (13,452)
Treasury shares (6,802) (11,403)
Deferred financing costs (1) (30)
Payments of finance lease (4,169) (3,379)
Net cash provided by (used in) in financing activities (23,567) (27,882)
Effects of exchange rate changes on cash (233) (285)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (51,093) (5,430)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 129,178 59,776
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD 78,085 54,346
Supplemental disclosure of cash flow information:    
Interest paid, net of amounts capitalized 3,848 5,177
Supplemental disclosure of non-cash investing and financing activities:    
Property and equipment additions incurred but not paid at end of period 12,351 26,746
Recognition of right-of-use finance lease assets and liabilities $ 0 $ 3,273