Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 51,890 $ 81,836 $ (48,181)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Loss from discontinued operations, net of tax 72 98 98
Depreciation, depletion and amortization 48,143 21,060 9,382
Bargain purchase gain (10,819) (7,651) 0
Impairment of proved crude oil and natural gas properties 0 0 30,625
Other amortization 0 0 181
Deferred taxes 44,805 (39,978) 24,159
Unrealized foreign exchange (gain) loss (1,043) (291) 91
Stock-based compensation 2,200 2,459 114
Cash settlements paid on exercised stock appreciation rights (827) (3,271) (275)
Derivative instruments (gain) loss, net 37,812 22,826 (6,577)
Cash settlements received (paid) on matured derivative contracts, net (42,935) (18,020) 7,216
Cash settlements paid on asset retirement obligations (6,577) 0 0
Bad debt expense and other 3,082 875 1,165
Other operating loss, net (38) 440 869
Operational expenses associated with equipment and other 2,052 2,415 1,601
Change in operating assets and liabilities:      
Trade receivables 18,385 (11,308) 14,335
Accounts with joint venture owners (18,929) 1,594 4,016
Other receivables (9,290) (9,736) 1,405
Crude oil inventory (1,742) 5,022 (2,834)
Prepayments and other (4,387) 1,617 (1,126)
Value added tax and other receivables (5,193) (1,593) (1,268)
Other long-term assets (2,730) (1,176) 0
Accounts payable 23,920 (922) (842)
Foreign income taxes receivable/payable (5,897) 2,268 (4,880)
Accrued liabilities and other 6,964 1,645 (1,383)
Net cash provided by continuing operating activities 128,918 50,209 27,891
Net cash used in discontinued operating activities (72) (92) (441)
Net cash provided by operating activities 128,846 50,117 27,450
CASH FLOWS FROM INVESTING ACTIVITIES:      
Property and equipment expenditures (159,897) (16,558) (20,008)
Cash acquired from TransGlobe acquisition 36,686 0 0
Acquisition of crude oil and natural gas properties 0 (22,505) (4,320)
Net cash used in continuing investing activities (123,211) (39,063) (24,328)
Net cash used in discontinued investing activities 0 0 0
Net cash used in investing activities (123,211) (39,063) (24,328)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from the issuances of common stock 312 1,369 63
Dividend distribution (9,354) 0 0
Treasury shares (3,805) (1,426) (992)
Deferred financing costs (2,069) 0 0
Payments of finance lease (3,039) 0 0
Net cash used in continuing financing activities (17,955) (57) (929)
Net cash used in discontinued financing activities 0 0 0
Net cash used in financing activities (17,955) (57) (929)
Effects of exchange rate changes on cash (218) 0 0
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (12,538) 10,997 2,193
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 72,314 61,317 59,124
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD 59,776 72,314 61,317
Supplemental disclosure of cash flow information:      
Income taxes received in cash 0 0 696
Income taxes paid in-kind with crude oil 26,257 20,103 8,738
Interest paid, net of amounts capitalized 1,656 0 0
Supplemental disclosure of non-cash investing and financing activities:      
Property and equipment additions incurred but not paid at end of period 41,060 15,021 3,966
Recognition of right-of-use operating lease assets and liabilities 0 581 1,478
Recognition of right-of-use finance lease assets and liabilities 87,166 0 0
Reclassification of other long-term assets to right-of-use finance lease assets 4,116 0 0
Liability awards converted to equity 5,336 0 0
Asset retirement obligations 0 21,733 359
TransGlobe [Member]      
Supplemental disclosure of non-cash investing and financing activities:      
Non-cash consideration exchanged in the acquisition of TransGlobe $ 274,145 $ 0 $ 0