v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ (41,391) $ 58,490 $ 60,354
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation, depletion and amortization 109,978 143,034 115,302
Bargain purchase gain and measurement period adjustment 0 (13,532) 1,412
Impairment loss on assets held for sale 67,224 0 0
Non-cash exploration expense 2,409 48 1,841
Deferred taxes (29,427) (16,785) (2,864)
Stock-based compensation 6,211 4,281 2,945
Derivative instruments loss, net (2,876) 745 (232)
Cash settlements paid on matured derivative contracts, net (48) (453) (127)
Cash settlements paid on asset retirement obligations (225) (368) (6,747)
Credit losses and other (164) 6,346 7,650
Equipment and other expensed in operations 5,572 2,505 3,196
Change in operating assets and liabilities:      
Trade receivables, net 45,012 (49,890) 6,723
Accounts with joint venture owners, net 47 (757) 19,571
Egypt receivables and other, net 32,427 5,644 14,802
Crude oil inventory 7,667 7,488 1,387
Prepayments and other (11,697) (4,817) 4,743
Value added tax and other receivables 7,042 (7,110) 2,427
Other long-term assets 1,161 2,869 3,830
Accounts payable 50,907 (13,198) (28,102)
Foreign income taxes receivable (payable) (22,456) 22,682 22,030
Accrued liabilities and other (14,706) (33,504) (6,544)
Net cash provided by operating activities 212,667 113,718 223,597
CASH FLOWS FROM INVESTING ACTIVITIES:      
Property and equipment expenditures, including exploration expense (252,856) (102,996) (97,223)
Acquisition of crude oil and natural gas properties (3,034) 877 0
Net cash used in investing activities (255,890) (102,119) (97,223)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from the issuances of common stock 0 447 673
Proceeds from borrowings 60,000 0 0
Dividend distribution (26,480) (26,216) (26,772)
Treasury shares (709) (6,802) (23,570)
Deferred financing costs (7,145) 0 0
Payments of finance lease (13,289) (10,477) (7,150)
Net cash used in in financing activities 12,377 (43,048) (56,819)
Effects of exchange rate changes on cash 83 (3) (153)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (30,763) (31,452) 69,402
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 97,726 129,178 59,776
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD 66,963 97,726 129,178
Supplemental disclosure of cash flow information:      
Income taxes paid in-kind with crude oil 33,714 37,469 32,776
Interest paid, net of amounts capitalized 6,637 6,714 9,122
Supplemental disclosure of non-cash investing and financing activities:      
Property and equipment additions incurred but not paid at end of period 8,190 9,479 14,137
Recognition of right-of-use operating lease assets and liabilities 3,343 17,649 2,582
Recognition of right-of-use finance lease assets and liabilities 2,372 0 7,875
Asset retirement obligations adjustments $ 85 $ 27,424 $ 2,487

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