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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities    
Net income $ 178,924 $ 224,185
Adjustments to reconcile net income to net cash provided by operating activities    
Unrealized loss on derivatives 7,067 75,029
Depletion, depreciation and amortization 126,325 95,853
Accretion of asset retirement obligations 699 543
Stock-based compensation expense 2,290 3,014
Deferred income tax provision 51,743 53,119
Amortization of debt issuance cost and other debt-related costs 838 943
Net loss on impairment 0 198
Changes in operating assets and liabilities    
Accounts receivable 40,906 (125,345)
Lease and well equipment inventory (4,423) (78)
Prepaid expenses and other current assets (16,517) (7,796)
Other long-term assets 35 97
Accounts payable, accrued liabilities and other current liabilities (39,871) (5,668)
Royalties payable 376 8,311
Advances from joint interest owners (9,805) (1,331)
Income taxes payable 723 15,409
Other long-term liabilities 190 (7,529)
Net cash provided by operating activities 339,500 328,954
Investing activities    
Drilling, completion and equipping capital expenditures (224,144) (207,829)
Acquisition of oil and natural gas properties (103,863) (43,761)
Midstream capital expenditures (14,141) (11,992)
Expenditures for other property and equipment (1,769) (225)
Proceeds from sale of assets 451 11,911
Net cash used in investing activities (343,466) (251,896)
Financing activities    
Repayments of borrowings under Credit Agreement 0 (210,000)
Borrowings under Credit Agreement 0 160,000
Repayments of borrowings under San Mateo Credit Facility (55,000) (30,000)
Borrowings under San Mateo Credit Facility 65,000 50,000
Cost to amend credit facilities (8,645) 0
Dividends paid (17,768) (5,866)
Contributions related to formation of San Mateo 14,700 22,750
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries (19,110) (18,375)
Taxes paid related to net share settlement of stock-based compensation (18,909) (12,184)
Other (204) (146)
Net cash used in financing activities (39,936) (43,821)
Change in cash and restricted cash (43,902) 33,237
Cash and restricted cash at beginning of period 547,330 86,920
Cash and restricted cash at end of period $ 503,428 $ 120,157