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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
OPERATING ACTIVITIES    
Net income (loss) $ 58,464 $ (198,802)
Adjustments to reconcile net income (loss) to net cash provided by continuing operations activities:    
Income from discontinued operations (969) (683)
Depreciation, depletion and amortization 236,154 286,149
Impairment of assets   95,088
Amortization of deferred major repair costs   2,002
Dry hole costs 2,904 (69)
Amortization of undeveloped leases 9,957 10,469
Accretion of asset retirement obligations 10,556 12,125
Deferred income tax expense (benefit) 58,533 (85,683)
Pretax gains from disposition of assets (131,982) (22)
Net (increase) decrease in noncash operating working capital [1] 43,418 (104,347)
Other operating activities, net 18,478 27,085
Net cash provided by continuing operations activities 305,513 43,312
INVESTING ACTIVITIES    
Property additions and dry hole costs (211,631) (210,029)
Proceeds from sales of property, plant and equipment 64,097 33
Purchase of investment securities [2] (212,661) (49,277)
Proceeds from maturity of investment securities [2] 113,210 86,983
Other investing activities, net   (21,658)
Net cash required by investing activities (246,985) (193,948)
FINANCING ACTIVITIES    
Borrowings of debt   371,000
Capital lease obligation payments (9,660) (2,690)
Withholding tax on stock-based incentive awards (5,808) (1,052)
Cash dividends paid (43,136) (60,267)
Net cash provided (required) by financing activities (58,604) 306,991
CASH FLOWS FROM DISCONTINUED OPERATIONS    
Operating activities   2,312
Changes in cash included in current assets held for sale   (2,312)
Net increase in cash and cash equivalents of discontinued operations
Effect of exchange rate changes on cash and cash equivalents 3,132 (16,475)
Net increase in cash and cash equivalents 3,056 139,880
Cash and cash equivalents at January 1 872,797 283,183
Cash and cash equivalents at March 31 $ 875,853 $ 423,063
[1] 2016 balance includes payments for deepwater rig contract exit of $253.2 million.
[2] Investments are Canadian government securities with maturities greater than 90 days at the date of acquisition.