Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2022
Mar. 31, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:              
Net income $ 6,752 $ 3,470 $ 15,104 $ 12,164 $ 10,222 $ 27,268  
Adjustments to reconcile net income to net cash provided by operating activities:              
Loss from discontinued operations, net of tax (2)   (20)   15 32  
Depreciation, depletion and amortization         62,420 12,864  
Bargain purchase gain         1,412 0  
Deferred taxes         1,618 15,531  
Unrealized foreign exchange loss         313 360  
Stock-based compensation         1,254 2,264  
Cash settlements paid on exercised stock appreciation rights         (233) (805)  
Derivative instruments (gain) loss, net         (52) 41,300  
Cash settlements paid on matured derivative contracts, net         (63) (33,559)  
Cash settlements paid on asset retirement obligations         (374) 0  
Credit losses and other 680   571   1,615 1,063  
Other operating loss, net         62 5  
Operational expenses associated with equipment and other         (1,196) 718  
Change in operating assets and liabilities:              
Trade receivables         (5,208) (47,810)  
Accounts with joint venture owners         21,746 10,283  
Other receivables         (1,868) (943)  
Crude oil inventory         (7,465) (12,274)  
Prepayments and other         (69) 1,570  
Value added tax and other receivables         (2,302) (2,249)  
Other long-term assets         1,508 (1,072)  
Accounts payable         (10,897) (857)  
Foreign income taxes receivable/payable         15,344 26,093  
Deferred tax liability         (3,081) 0  
Accrued liabilities and other         (7,137) 29,263  
Net cash provided by (used in) continuing operating activities         77,584 69,045  
Net cash used in discontinued operating activities         (15) (38)  
Net cash provided by (used in) operating activities         77,569 69,007  
CASH FLOWS FROM INVESTING ACTIVITIES:              
Property and equipment expenditures         (54,832) (60,278)  
Net cash provided by (used in) continuing investing activities         (54,832) (60,278)  
Net cash used in discontinued investing activities         0 0  
Net cash provided by (used in) investing activities         (54,832) (60,278)  
CASH FLOWS FROM FINANCING ACTIVITIES:              
Proceeds from the issuances of common stock         382 257  
Dividend distribution         (13,452) (3,872)  
Treasury shares         (11,403) (788)  
Deferred financing costs         (30) (1,451)  
Payments of finance lease         (3,379) (68)  
Net cash provided by (used in) in continuing financing activities         (27,882) (5,922)  
Net cash used in discontinued financing activities         0 0  
Net cash provided by (used in) in financing activities         (27,882) (5,922)  
Effects of exchange rate changes on cash         (285) 0  
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH         (5,430) 2,807  
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD   $ 59,776   $ 72,314 59,776 72,314 $ 72,314
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 54,346   $ 75,121   54,346 75,121 $ 59,776
Supplemental disclosure of cash flow information:              
Interest paid, net of amounts capitalized         5,177 113  
Supplemental disclosure of non-cash investing and financing activities:              
Property and equipment additions incurred but not paid at end of period         26,746 29,155  
Recognition of right-of-use finance lease assets and liabilities         $ 3,273 $ 1,851