|
|
|
|
1997 FIRST QUARTER REPORT
Consolidated Statements of Cash Flows
(Unaudited)
(In Thousands)
|
Three Months
|
|
Ended March 31,
|
|
|
|
1997 |
1996 |
| Cash Flows from Operating Activities: |
|
|
| Net income |
$ 6,769 |
$ 3,082 |
| Non-cash revenue and expense
items |
8,562 |
4,106 |
| Net change in operating assets
and liabilities |
4,208 |
(989) |
|
------------- |
------------- |
| Net
Cash Provided by Operating Activities |
19,539 |
6,199 |
|
------------- |
------------- |
| Cash Flows from Investing Activities: |
| Additions to property and
equipment |
(28,409) |
(11,481) |
| Proceeds from the sale of property and
equipment |
530 |
--- |
| Net cash received (distributed)
as operator of oil and gas properties |
1,288 |
(13,143) |
| Net cash received (distributed) as
operator of partnerships and joint ventures |
738 |
1,915 |
| Limited partnership formation
and marketing costs |
(462) |
(493) |
| Prepaid drilling costs |
--- |
(143) |
| Other |
151 |
(82) |
|
------------- |
------------- |
| Net
Cash Used in Investing Activities |
(26,164) |
(23,427) |
|
------------- |
------------- |
| Cash Flows from Financing Activities: |
| Net proceeds from short-term
bank borrowings |
--- |
12,000 |
| Net proceeds from issuance of
common stock |
759 |
597 |
| Purchase of treasury stock |
(3,760) |
--- |
|
------------- |
------------- |
| Net
Cash Provided by (Used in) Financing Activities |
(3,001) |
12,597 |
|
------------- |
------------- |
| Net Decrease in Cash and Cash Equivalents |
$ (9,626) |
$ (4,631) |
| Cash and Cash Equivalents at Beginning of Period |
77,795 |
7,574 |
|
------------- |
------------- |
| Cash and Cash Equivalents at End of Period |
$ 68,169 |
$ 2,943 |
|
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