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, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities:      
Net income (loss) $ 15,598 $ 231,149 $ (41,478)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation, depletion, amortization and accretion 143,695 133,630 113,447
Share-based compensation 10,383 7,922 3,364
Amortization and write off of debt issuance costs 6,980 7,551 6,555
Derivative (gain) loss, net (54,759) 85,533 175,313
Derivative cash payments, net (8,932) (41,880) (81,298)
Derivative cash premium payments   (46,111) (40,484)
Deferred income taxes 18,485 45,184 (8,189)
Changes in operating assets and liabilities:      
Oil and natural gas receivables 14,066 (11,227) (16,089)
Joint interest receivables (1,480) (4,255) 1,095
Prepaid expenses and other current assets (2,712) 31,906 (5,103)
Accounts payable, accrued liabilities and other 10,722 (12,034) 46,099
Cash advances from JV partners (219) (11,892) 7,765
Income taxes (2,531) 279 (20)
Asset retirement obligation settlements (33,970) (76,225) (27,309)
Net cash provided by operating activities 115,326 339,530 133,668
Investing activities:      
Investment in oil and natural gas properties and equipment (41,278) (41,632) (32,062)
Changes in operating assets and liabilities associated with investing activities (535) (1,894) 5,277
Acquisition of property interests (27,384) (51,474) (661)
Purchase of corporate aircraft (Note 18) (8,983)    
Purchases of furniture, fixtures and other (3,428) (80) 2
Net cash used in investing activities (81,608) (95,080) (27,444)
Financing activities:      
Repayment of 9.75% Senior Second Lien Notes due 2023 (552,460)    
Repayment of Term Loan (33,741) (42,959) (24,142)
Repayment of TVPX Loan (733)    
Repayment of Credit Facility     (80,000)
Proceeds from issuance of 11.75% Senior Second Lien Notes due 2026 275,000    
Proceeds from issuance of Term Loan     215,000
Debt issuance costs (7,380) (1,675) (9,810)
Net proceeds from issuance of common stock   16,458  
Payment of dividends (1,466)    
Other (957) (716) (782)
Net cash (used in) provided by financing activities (321,737) (28,892) 100,266
Change in cash, cash equivalents and restricted cash (288,019) 215,558 206,490
Cash, cash equivalents and restricted cash, beginning of year 465,774 250,216 43,726
Cash, cash equivalents and restricted cash, end of year $ 177,755 $ 465,774 $ 250,216