Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 16,363 $ 34,136
Adjustments to reconcile net income to net cash provided by operating activities:    
Loss from discontinued operations, net of tax 15 58
Depreciation, depletion and amortization 94,958 21,827
Bargain purchase gain 1,412 0
Exploration Expense 1,194 0
Deferred taxes (2,305) 39,540
Unrealized foreign exchange loss 932 914
Stock-based compensation 2,332 2,300
Cash settlements paid on exercised stock appreciation rights (282) (805)
Derivative instruments (gain) loss, net 2,268 37,522
Cash settlements paid on matured derivative contracts, net (62) (42,683)
Cash settlements paid on asset retirement obligations (4,796) 0
Credit losses and other 2,437 2,083
Other operating loss, net 317 5
Operational expenses associated with equipment and other 2,560 953
Change in operating assets and liabilities:    
Trade receivables 29,364 5,683
Accounts with joint venture owners 15,090 (11,118)
Other receivables 694 (2,904)
Crude oil inventory (5,952) (2,661)
Prepayments and other 1,198 (1,120)
Value added tax and other receivables (3,719) (5,371)
Other long-term assets 2,942 (2,842)
Accounts payable (10,083) 4,129
Foreign income taxes receivable/payable 36,025 24,928
Accrued liabilities and other (11,076) 25,182
Net cash provided by (used in) continuing operating activities 171,826 129,756
Net cash used in discontinued operating activities (15) (57)
Net cash provided by (used in) operating activities 171,811 129,699
CASH FLOWS FROM INVESTING ACTIVITIES:    
Property and equipment expenditures (77,365) (103,853)
Net cash provided by (used in) continuing investing activities (77,365) (103,853)
Net cash used in discontinued investing activities 0 0
Net cash provided by (used in) investing activities (77,365) (103,853)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from the issuances of common stock 593 257
Dividend distribution (20,153) (5,816)
Treasury shares (17,493) (788)
Deferred financing costs (83) (1,535)
Payments of finance lease (5,246) (193)
Net cash provided by (used in) in continuing financing activities (42,382) (8,075)
Net cash used in discontinued financing activities 0 0
Net cash provided by (used in) in financing activities (42,382) (8,075)
Effects of exchange rate changes on cash (321) 0
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 51,743 17,771
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 59,776 72,314
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD 111,519 90,085
Supplemental disclosure of cash flow information:    
Interest paid, net of amounts capitalized 6,622 401
Supplemental disclosure of non-cash investing and financing activities:    
Property and equipment additions incurred but not paid at end of period 23,820 39,105
Recognition of right-of-use operating lease assets and liabilities 2,582 0
Recognition of right-of-use finance lease assets and liabilities 3,273 1,851
Asset retirement obligations $ 2,487 $ 0