Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 60,354 $ 51,890 $ 81,836
Adjustments to reconcile net income to net cash provided by operating activities:      
Loss from discontinued operations, net of tax 15 72 98
Depreciation, depletion and amortization 115,302 48,143 21,060
Bargain purchase gain 1,412 (10,819) (7,651)
Exploration expense 1,841 0 0
Exploration expense 1,841 0 0
Deferred taxes (2,864) 44,805 (39,978)
Unrealized foreign exchange loss 52 (1,043) (291)
Stock-based compensation 3,323 2,200 2,459
Cash settlements paid on exercised stock appreciation rights (378) (827) (3,271)
Derivative instruments (gain) loss, net (232) 37,812 22,826
Cash settlements paid on matured derivative contracts, net (127) (42,935) (18,020)
Cash settlements paid on asset retirement obligations (6,747) (6,577) 0
Credit (recovery) losses and other 7,543 3,082 875
Other operating loss, net 55 (38) 440
Operational expenses associated with equipment and other 3,196 2,052 2,415
Change in operating assets and liabilities:      
Trade, net 6,723 18,385 (11,308)
Accounts with joint venture owners, net 19,571 (18,929) 1,594
Egypt receivables and other, net 14,802 (9,290) (9,736)
Crude oil inventory 1,387 (1,742) 5,022
Prepayments and other 4,743 (4,387) 1,617
Value added tax and other receivables 2,427 (5,193) (1,593)
Other long-term assets 3,830 (2,730) (1,176)
Accounts payable (28,102) 23,920 (922)
Foreign income taxes receivable/(payable) 22,030 (5,897) 2,268
Accrued liabilities and other (6,544) 6,964 1,645
Net cash provided by (used in) continuing operating activities 223,612 128,918 50,209
Net cash used in discontinued operating activities (15) (72) (92)
Net cash provided by (used in) operating activities 223,597 128,846 50,117
CASH FLOWS FROM INVESTING ACTIVITIES:      
Property and equipment expenditures (97,223) (159,897) (16,558)
Cash acquired from TransGlobe acquisition 0 36,686 0
Acquisition of crude oil and natural gas properties 0 0 (22,505)
Net cash provided by (used in) continuing investing activities (97,223) (123,211) (39,063)
Net cash used in discontinued investing activities 0 0 0
Net cash provided by (used in) investing activities (97,223) (123,211) (39,063)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from the issuances of common stock 673 312 1,369
Dividend distribution (26,772) (9,354) 0
Treasury shares (23,570) (3,805) (1,426)
Deferred financing costs 0 (2,069) 0
Payments of finance lease (7,150) (3,039) 0
Net cash provided by (used in) in continuing financing activities (56,819) (17,955) (57)
Net cash used in discontinued financing activities 0 0 0
Net cash provided by (used in) in financing activities (56,819) (17,955) (57)
Effects of exchange rate changes on cash (153) (218) 0
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 69,402 (12,538) 10,997
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 59,776 72,314 61,317
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD 129,178 59,776 72,314
Supplemental disclosure of cash flow information:      
Income taxes paid in-kind with crude oil 32,776 26,257 20,103
Interest paid, net of amounts capitalized 9,122 1,656 0
Supplemental disclosure of non-cash investing and financing activities:      
Property and equipment additions incurred but not paid at end of period 14,137 41,060 15,021
Recognition of right-of-use operating lease assets and liabilities 2,582 0 581
Recognition of right-of-use finance lease assets and liabilities 7,875 87,166 0
Reclassification of other long-term assets to right-of-use finance lease assets 0 4,116 0
Liability awards converted to equity 0 5,336 0
Asset retirement obligations adjustments 2,487 0 21,733
TransGlobe [Member]      
Supplemental disclosure of non-cash investing and financing activities:      
Non-cash consideration exchanged in the acquisition of TransGlobe $ 0 $ 274,145 $ 0