| OTHER SUPPLEMENTAL INFORMATION |
NOTE 16 — OTHER SUPPLEMENTAL INFORMATION
Consolidated Balance Sheet Details
Prepaid expenses and other current assets consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
December 31, |
|
|
2023 |
|
2022 |
Derivatives (1) |
|
$ |
1,180 |
|
$ |
4,954 |
Insurance/bond premiums |
|
|
6,631 |
|
|
6,046 |
Prepaid deposits related to royalties |
|
|
7,872 |
|
|
9,139 |
Prepayments to vendors |
|
|
1,492 |
|
|
1,767 |
Prepayments to joint interest partners |
|
|
117 |
|
|
1,717 |
Current portion of debt issuance costs |
|
|
81 |
|
|
687 |
Other |
|
|
74 |
|
|
33 |
Prepaid expenses and other current assets |
|
$ |
17,447 |
|
$ |
24,343 |
| (1) |
Includes closed contracts which have not yet settled and the current portion of open contracts. |
Other assets consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
December 31, |
|
|
2023 |
|
2022 |
Operating lease right-of-use assets |
|
$ |
10,515 |
|
$ |
10,364 |
Investment in White Cap, LLC |
|
|
2,182 |
|
|
2,453 |
Proportional consolidation of Monza |
|
|
11,694 |
|
|
9,321 |
Derivatives (1) |
|
|
10,068 |
|
|
23,236 |
Other |
|
|
4,464 |
|
|
2,175 |
Total other assets |
|
$ |
38,923 |
|
$ |
47,549 |
| (1) |
Includes open contracts. |
Accrued liabilities consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
December 31, |
|
|
2023 |
|
2022 |
Accrued interest |
|
$ |
13,479 |
|
$ |
8,967 |
Accrued salaries/payroll taxes/benefits |
|
|
9,473 |
|
|
15,097 |
Operating lease liabilities |
|
|
1,455 |
|
|
1,628 |
Derivatives (1) |
|
|
6,267 |
|
|
46,595 |
Other |
|
|
1,205 |
|
|
1,754 |
Total accrued liabilities |
|
$ |
31,879 |
|
$ |
74,041 |
(1) |
Includes closed contracts which have not yet settled. |
Other liabilities consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
December 31, |
|
|
2023 |
|
2022 |
Dispute related to royalty deductions |
|
$ |
5,250 |
|
$ |
4,937 |
Derivatives |
|
|
2,756 |
|
|
43,061 |
Operating lease liabilities |
|
|
10,803 |
|
|
10,527 |
Other |
|
|
560 |
|
|
609 |
Total other liabilities |
|
$ |
19,369 |
|
$ |
59,134 |
Consolidated Statement of Operations Information
Under the Consolidated Appropriations Act of 2021, the Company recognized a $2.2 million and $2.1 million employee retention credit during 2023 and 2021. These amounts are included as a credit to General and administrative expenses in the Condensed Consolidated Statement of Operations. No such credit was received during 2022.
During 2023 and 2022, Other expense (income), net primarily consisted of additional expenses for net abandonment obligations pertaining to a number of legacy Gulf of Mexico properties. During 2021, Other expense (income), net primarily consisted of income related to the release restrictions on the Black Elk Escrow fund, partially offset by expenses related to the amortization of the brokerage fee paid in connection with the Joint Venture Drilling Program, offset by contingent decommissioning obligation.
Consolidated Statement of Cash Flows Information
Supplemental cash flows and noncash transactions were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2023 |
|
2022 |
|
2021 |
Cash and cash equivalents |
|
$ |
173,338 |
|
$ |
461,357 |
|
$ |
245,799 |
Restricted cash |
|
|
4,417 |
|
|
4,417 |
|
|
4,417 |
Cash, cash equivalents and restricted cash |
|
|
177,755 |
|
|
465,774 |
|
|
250,216 |
|
|
|
|
|
|
|
|
|
|
Supplemental cash flows information: |
|
|
|
|
|
|
|
|
|
Cash paid for interest |
|
|
42,132 |
|
|
71,126 |
|
|
64,805 |
Cash paid for income taxes |
|
|
2,392 |
|
|
8,198 |
|
|
152 |
|
|
|
|
|
|
|
|
|
|
Non-cash investing activities: |
|
|
|
|
|
|
|
|
|
Accruals of property and equipment |
|
|
7,165 |
|
|
6,636 |
|
|
9,464 |
ARO - additions, dispositions and revisions, net |
|
|
37,337 |
|
|
91,652 |
|
|
36,175 |
|