Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 3,470 $ 12,164  
Adjustments to reconcile net income to net cash provided by operating activities:      
Loss from discontinued operations, net of tax 13 12  
Depreciation, depletion and amortization 24,417 4,673  
Bargain purchase gain 1,412 0  
Deferred taxes 2,471 (10,318)  
Unrealized foreign exchange loss 512 116  
Stock-based compensation 649 1,422  
Cash settlements paid on exercised stock appreciation rights (233) (205)  
Derivative instruments (gain) loss, net (21) 31,758  
Cash settlements paid on matured derivative contracts, net (59) (12,500)  
Cash settlements paid on asset retirement obligations (123) 0  
Credit losses and other 935 492  
Other operating loss, net 0 5  
Operational expenses associated with equipment and other (640) 240  
Change in operating assets and liabilities:      
Trade receivables 21,357 (22,152)  
Accounts with joint venture owners 18,911 (6,652)  
Other receivables (2,309) (1,723)  
Crude oil inventory (8,443) (3,041)  
Prepayments and other 983 (876)  
Value added tax and other receivables (1,361) (1,076)  
Other long-term assets 1,051 (1,452)  
Accounts payable (6,739) (10,132)  
Foreign income taxes receivable/payable 8,193 5,691  
Deferred tax liability (3,250) 0  
Accrued liabilities and other (19,177) 12,814  
Net cash provided by (used in) continuing operating activities 42,019 (740)  
Net cash used in discontinued operating activities (13) (18)  
Net cash provided by (used in) operating activities 42,006 (758)  
CASH FLOWS FROM INVESTING ACTIVITIES:      
Property and equipment expenditures (27,700) (23,148)  
Net cash used in continuing investing activities (27,700) (23,148)  
Net cash used in discontinued investing activities 0 0  
Net cash used in investing activities (27,700) (23,148)  
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from the issuances of common stock 274 198  
Dividend distribution (6,735) (1,929)  
Treasury shares (5,377) (387)  
Payments of finance lease (1,701) 0  
Net cash used in continuing financing activities (13,539) (2,118)  
Net cash used in discontinued financing activities 0 0  
Net cash used in financing activities (13,539) (2,118)  
Effects of exchange rate changes on cash (309) 0  
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 458 (26,024)  
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 59,776 72,314 $ 72,314
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD 60,234 46,290 $ 59,776
Supplemental disclosure of cash flow information:      
Interest paid, net of amounts capitalized 1,488 0  
Supplemental disclosure of non-cash investing and financing activities:      
Property and equipment additions incurred but not paid at end of period 39,584 26,113  
Recognition of right-of-use finance lease assets and liabilities $ 1,429 $ 1,851