Quarterly report pursuant to Section 13 or 15(d)

Note 3 - Acquisitions and Dispositions (Tables)

v3.23.2
Note 3 - Acquisitions and Dispositions (Tables)
6 Months Ended
Jun. 30, 2023
Notes Tables  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]
   

October 13, 2022

   

Measurement Period Adjustment

   

October 13, 2022 (As Adjusted)

 
    (in thousands)     (in thousands)     (in thousands)  

Purchase Consideration

                       

Common stock issued to TransGlobe shareholders

  $ 274,145     $     $ 274,145  
   

October 13, 2022

   

Measurement Period Adjustment

   

October 13, 2022

 
    (in thousands)     (in thousands)     (in thousands)  

Assets acquired:

                       

Cash

  $ 36,686     $     $ 36,686  

Wells, platforms and other production facilities

    243,669             243,669  

Equipment and other

    2,099             2,099  

Undeveloped acreage

    30,216             30,216  

Accounts receivable - trade

    48,068             48,068  

Accounts receivable - other

    50,275             50,275  

Accounts with joint venture owners

    68             68  

Right of use operating leases

    1,609             1,609  

Right of use financing leases

    204             204  

Prepayment and other

    7,627             7,627  

Liabilities assumed:

                    -  

Asset retirement obligations

    (6,134 )           (6,134 )

Accounts payable

    (10,223 )           (10,223 )

Accrued liabilities and other

    (50,128 )           (50,128 )

Operating lease liabilities - current portion

    (961 )           (961 )

Financing lease liabilities - current portion

    (125 )           (125 )

Operating lease liabilities - net of current portion

    (688 )           (688 )

Financing lease liabilities - net of current portion

    (21 )           (21 )

Deferred tax liabilities

    (40,964 )     (1,412 )     (42,376 )

Other long-term liabilities

    (26,313 )           (26,313 )

Bargain purchase gain

    (10,819 )     1,412       (9,407 )

Total purchase price

  $ 274,145     $     $ 274,145  
Business Acquisition, Pro Forma Information [Table Text Block]
   

Three Months Ended June 30,

     

Six Months Ended June 30,

   
   

2022

     

2022

   
   

(in thousands)

     

(in thousands)

   

Pro forma (unaudited):

                   

Crude oil, natural gas and natural gas liquids sales

  $ 183,665  

(a)

  $ 304,792  

(a)

Operating income

  $ 110,091  

(b)

  $ 171,518  

(d)

Net income

  $ 41,818  

(c)

  $ 72,857  

(e)

                     
                     

Basic net income per share:

  $ 0.39       $ 0.67    

Basic weighted average shares outstanding

    108,232         108,121    
                     

Diluted net income per share:

  $ 0.38       $ 0.67    

Diluted weighted average shares outstanding

    108,668         108,585