Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.22.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2022
Mar. 31, 2022
Jun. 30, 2021
Mar. 31, 2021
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:              
Net income $ 15,104 $ 12,164 $ 5,884 $ 9,869 $ 27,268 $ 15,753  
Adjustments to reconcile net income to net cash provided by operating activities:              
Loss from discontinued operations, net of tax 20   33   32 52  
Depreciation, depletion and amortization         12,864 9,958  
Bargain purchase gain         0 (7,651)  
Deferred taxes         15,531 (1,511)  
Unrealized foreign exchange loss (gain)         360 (308)  
Stock-based compensation         2,264 2,073  
Cash settlements paid on exercised stock appreciation rights         (805) (2,933)  
Derivative instruments loss, net         41,300 15,923  
Cash settlements paid on matured derivative contracts, net         (33,559) (6,003)  
Bad debt expense and other 571   395   1,063 496  
Other operating expense, net         5 486  
Operational expenses associated with equipment and other         718 521  
Cash advance for other long-term assets         (1,072) 0  
Change in operating assets and liabilities:              
Trade receivables         (47,810) (17,645)  
Accounts with joint venture owners         10,283 642  
Other receivables         (943) (131)  
Crude oil inventory         (12,274) 3,508  
Prepayments and other         1,570 (8,622)  
Value added tax and other receivables         (2,249) (500)  
Accounts payable         (857) (10,597)  
Foreign income taxes receivable/payable         26,093 11,673  
Accrued liabilities and other         29,263 8,028  
Net cash provided by continuing operating activities         69,045 13,212  
Net cash used in discontinued operating activities         (38) (52)  
Net cash provided by operating activities         69,007 13,160  
CASH FLOWS FROM INVESTING ACTIVITIES:              
Property and equipment expenditures         (60,278) (4,301)  
Acquisition of crude oil and natural gas properties         0 (22,505)  
Net cash used in continuing investing activities         (60,278) (26,806)  
Net cash used in discontinued investing activities         0 0  
Net cash used in investing activities         (60,278) (26,806)  
CASH FLOWS FROM FINANCING ACTIVITIES:              
Proceeds from the issuances of common stock         257 1,053  
Dividend distribution         (3,872) 0  
Treasury shares         (788) (1,168)  
Deferred financing costs         (1,451) 0  
Payments of finance lease         (68) 0  
Net cash used in continuing financing activities         (5,922) (115)  
Net cash used in discontinued financing activities         0 0  
Net cash used in financing activities         (5,922) (115)  
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH         2,807 (13,761)  
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD   $ 72,314   $ 61,317 72,314 61,317 $ 61,317
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 75,121   $ 47,556   75,121 47,556 72,314
Supplemental disclosure of cash flow information:              
Interest paid, net of amounts capitalized         113 0  
Supplemental disclosure of non-cash investing and financing activities:              
Property and equipment additions incurred but not paid at end of period         29,155 1,244  
Recognition of right-of-use finance lease assets and liabilities         1,851 0  
Asset Retirement Obligation, Liabilities Incurred         $ 0 $ 14,564 $ 14,564