XML 17 R7.htm IDEA: XBRL DOCUMENT v3.23.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 50,257 $ (16,510)
Adjustments to reconcile net income (loss) to net cash provided by operations:    
Exploration and abandonment expense 1,950 32
Depletion, depreciation and amortization expense 81,131 17,024
Accretion expense 118 54
Stock-based compensation expense 4,054 3,976
Amortization of debt issuance costs 2,668 645
Amortization of discounts on 10.000% Senior Notes and 10.625% Senior Notes 4,290 893
Derivative-related activity (5,314) 41,633
Deferred income taxes 14,507 (312)
Changes in operating assets and liabilities:    
Accounts receivable 15,617 (6,789)
Prepaid expenses, inventory and other assets (2,567) (941)
Accounts payable, accrued liabilities and other current liabilities 23,295 10,242
Net cash provided by operating activities 190,006 49,947
CASH FLOWS FROM INVESTING ACTIVITIES:    
Additions to crude oil and natural gas properties (379,103) (165,099)
Changes in working capital associated with crude oil and natural gas property additions 65,062 20,644
Acquisitions of crude oil and natural gas properties (5,463) (6,348)
Other property additions (18) (96)
Net cash used in investing activities (319,522) (150,899)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowings under Credit Agreement 150,000 15,000
Proceeds from exercises of stock options 148 75
Proceeds from exercises of warrants 2 779
Debt issuance costs (544) (6,449)
Dividends paid (2,776) (2,382)
Dividend equivalents paid (282) (214)
Proceeds from issuance of 10.000% Senior Notes, net of discount 0 210,179
Repayments under Credit Agreement 0 (115,000)
Stock offering costs 0 (55)
Net cash provided by financing activities 146,548 101,933
Net (decrease) increase in cash and cash equivalents 17,032 981
Cash and cash equivalents, beginning of period 30,504 34,869
Cash and cash equivalents, end of period 47,536 35,850
Supplemental cash flow information:    
Cash paid for interest 18,078 1,081
Cash paid for income taxes 0 0
Supplemental disclosure of non-cash transactions:    
Stock issued for acquisition 0 156,600
Additions to asset retirement obligations $ 143 $ 768