Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities:      
Net (loss) income $ (150,062) $ (87,145) $ 15,598
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation, depletion, amortization and accretion 149,786 175,399 143,695
Share-based compensation 12,226 10,192 10,383
Amortization of debt issuance costs 3,371 4,562 6,980
Loss on extinguishment of debt 15,015    
Derivative gain, net (13,593) (3,589) (54,759)
Derivative cash receipts, net 14,561 4,527 (8,932)
Deferred income expense (benefit) 50,674 (10,077) 18,485
Changes in operating assets and liabilities:      
Accounts receivable 5,294 (19,621) 12,586
Prepaid expenses and other current assets 3,411 (1,450) (2,712)
Accounts payable, accrued liabilities and other 23,325 26,433 7,972
Asset retirement obligation settlements (36,765) (39,692) (33,970)
Net cash provided by operating activities 77,243 59,539 115,326
Investing activities:      
Investment in oil and natural gas properties and equipment (48,650) (37,357) (41,813)
Acquisition of property interests (711) (80,635) (27,384)
Proceeds from sale of oil and natural gas properties 11,916    
Insurance proceeds 58,500    
Purchase of corporate aircraft     (8,983)
Purchases of furniture, fixtures and other (121) (185) (3,428)
Distribution from unconsolidated affiliate 927    
Net cash provided by (used in) investing activities 21,861 (118,177) (81,608)
Financing activities:      
Repayment of Term Loan (114,159)   (33,741)
Repayments of TVPX Loan (1,100) (1,100) (733)
Purchase of government securities in connection with legal defeasance of 11.75% Senior Second Lien Notes (5,348)    
Premium payments and debt extinguishment costs (10,230)    
Debt issuance costs (11,599) (762) (7,380)
Payment of dividends (6,006) (5,902) (1,466)
Other (767) (798) (957)
Net cash used in financing activities (69,039) (8,562) (321,737)
Change in cash, cash equivalents and restricted cash 30,065 (67,200) (288,019)
Cash, cash equivalents and restricted cash, beginning of year 110,555 177,755 465,774
Cash, cash equivalents and restricted cash, end of period 140,620 $ 110,555 177,755
10.75% Senior Second Lien Notes      
Financing activities:      
Proceeds from issuance of Senior Second Lien Notes 350,000    
11.75% Senior Second Lien Notes      
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Loss on extinguishment of debt 15,000    
Financing activities:      
Proceeds from issuance of Senior Second Lien Notes     275,000
Repayment of Senior Second Lien Notes $ (269,830)    
9.75% Second Senior Lien Notes      
Financing activities:      
Repayment of Senior Second Lien Notes     $ (552,460)