Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.22.2.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2022
Mar. 31, 2022
Sep. 30, 2021
Mar. 31, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:              
Net income $ 6,868 $ 12,164 $ 31,721 $ 9,869 $ 34,136 $ 47,474  
Adjustments to reconcile net income to net cash provided by operating activities:              
Loss from discontinued operations, net of tax 26   20   58 72  
Depreciation, depletion and amortization         21,827 16,928  
Bargain purchase gain         0 (7,651)  
Deferred taxes         39,540 (24,211)  
Unrealized foreign exchange loss (gain)         914 (342)  
Stock-based compensation         2,300 2,098  
Cash settlements paid on exercised stock appreciation rights         (805) (3,051)  
Derivative instruments loss, net         37,522 21,070  
Cash settlements paid on matured derivative contracts, net         (42,683) (10,189)  
Bad debt expense and other 1,020   318   2,083 814  
Other operating expense, net         5 440  
Operational expenses associated with equipment and other         953 835  
Change in operating assets and liabilities:              
Trade receivables         5,683 11,156  
Accounts with joint venture owners         (11,118) (19)  
Other receivables         (2,904) 94  
Crude oil inventory         (2,661) 4,059  
Prepayments and other         (1,120) 1,081  
Value added tax and other receivables         (5,371) (1,339)  
Other noncurrent assets         (2,842) (1,176)  
Accounts payable         4,129 (9,686)  
Foreign income taxes receivable/payable         24,928 (2,916)  
Accrued liabilities and other         25,182 1,252  
Net cash provided by continuing operating activities         129,756 46,793  
Net cash used in discontinued operating activities         (57) (72)  
Net cash provided by operating activities         129,699 46,721  
CASH FLOWS FROM INVESTING ACTIVITIES:              
Property and equipment expenditures         (103,853) (8,459)  
Acquisition of crude oil and natural gas properties         0 (22,505)  
Net cash used in continuing investing activities         (103,853) (30,964)  
Net cash used in discontinued investing activities         0 0  
Net cash used in investing activities         (103,853) (30,964)  
CASH FLOWS FROM FINANCING ACTIVITIES:              
Proceeds from the issuances of common stock         257 1,305  
Dividend distribution         (5,816) 0  
Treasury shares         (788) (1,426)  
Deferred financing costs         (1,535) 0  
Payments of finance lease         (193) 0  
Net cash used in continuing financing activities         (8,075) (121)  
Net cash used in discontinued financing activities         0 0  
Net cash used in financing activities         (8,075) (121)  
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH         17,771 15,636  
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 $ 90,085   $ 76,953   90,085 76,953 72,314
Supplemental disclosure of cash flow information:              
Income taxes paid in-kind with crude oil         0 20,103  
Interest paid, net of amounts capitalized         401 0  
Supplemental disclosure of non-cash investing and financing activities:              
Property and equipment additions incurred but not paid at end of period         39,105 4,607  
Recognition of right-of-use finance lease assets and liabilities         1,851 0  
Asset Retirement Obligation, Liabilities Incurred         $ 0 $ 14,564 $ 14,564