Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities:      
Net income (loss) $ 231,149 $ (41,478) $ 37,790
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation, depletion, amortization and accretion 133,630 113,447 120,284
Amortization of debt items and other items 7,551 6,555 6,834
Share-based compensation 7,922 3,364 3,959
Derivative loss (gain) 85,533 175,313 (23,808)
Derivative cash (payments) receipts, net (41,880) (81,298) 45,196
Derivative cash premium payments (46,111) (40,484)  
Gain on debt transactions 0 0 (47,469)
Deferred income taxes 45,184 (8,189) (30,287)
Changes in operating assets and liabilities:      
Oil and natural gas receivables (11,227) (16,089) 18,537
Joint interest receivables (4,255) 1,095 8,561
Prepaid expenses and other assets 31,906 (5,103) 9,563
Income tax 279 (20) 2,014
Asset retirement obligation settlements (76,225) (27,309) (3,339)
Cash advances from JV partners (11,892) 7,765 2,028
Accounts payable, accrued liabilities and other (12,034) 46,099 (41,354)
Net cash provided by operating activities 339,530 133,668 108,509
Investing activities:      
Investment in oil and natural gas properties and equipment (41,632) (32,062) (17,632)
Changes in operating assets and liabilities associated with investing activities (1,894) 5,277 (26,535)
Acquisition of property interests (51,474) (661) (2,919)
Purchases of furniture, fixtures and other (80) 2 (530)
Net cash used in investing activities (95,080) (27,444) (47,616)
Financing activities:      
Borrowings on credit facility     25,000
Repayments on credit facility   (80,000) (50,000)
Purchase of 9.75% Senior Second Lien Notes 0 0 (23,930)
Proceeds from Term Loan 0 215,000 0
Repayments on Term Loan (42,959) (24,142) 0
Debt issuance costs (1,675) (9,810) 0
Proceeds from at-the-market equity offering 16,998 0 0
Commission & fees related to at-the-market sales (540) 0 0
Other (716) (782) (670)
Net cash (used in) provided by financing activities (28,892) 100,266 (49,600)
Increase in cash and cash equivalents 215,558 206,490 11,293
Cash and cash equivalents and restricted cash, beginning of period 250,216 43,726 32,433
Cash and cash equivalents and restricted cash, end of period $ 465,774 $ 250,216 $ 43,726