|
|
|
|
1997 THIRD QUARTER REPORT
Consolidated Statements of Cash Flows
(Unaudited)
(In Thousands)
|
Nine
Months |
| |
Ended
September 30, |
|
|
|
1997 |
1996 |
| Cash Flows from Operating Activities: |
| Net income |
$ 15,569 |
$ 11,403 |
| Non-cash revenue and expense
items |
24,025 |
15,294 |
| Net change in operating assets
and liabilities |
3,486 |
(346) |
|
------------- |
------------- |
| Net
Cash Provided by Operating Activities |
43,080 |
26,351 |
|
------------- |
------------- |
| Cash Flows from Investing Activities: |
| Additions to property and
equipment |
(100,908) |
(55,996) |
| Proceeds from the sale of property
and equipment |
1,656 |
1,149 |
| Net cash received (distributed)
as operator of oil and gas properties |
744 |
(6,056) |
| Net cash received (distributed) as
operator of partnerships and joint ventures |
1,328 |
10,824 |
| Prepaid drilling costs |
--- |
(337) |
| Other |
(202) |
(75) |
|
------------- |
------------- |
| Net
Cash Used in Investing Activities |
(97,382) |
(50,491) |
|
------------- |
------------- |
| Cash Flows from Financing Activities: |
| Net proceeds from bank
borrowings |
--- |
17,170 |
| Net proceeds from issuances of
common stock |
1,631 |
1,950 |
| Purchase of treasury stock |
(8,417) |
--- |
| Loan to ESOP for purchase of shares |
--- |
(569) |
|
------------- |
------------- |
| Net
Cash Provided by (Used in) Financing Activities |
(6,786) |
18,551 |
|
------------- |
------------- |
| Net Decrease in Cash and Cash Equivalents |
$ (61,088) |
$ (5,589) |
| Cash and Cash Equivalents at Beginning of Period |
77,795 |
7,575 |
|
------------- |
------------- |
| Cash and Cash Equivalents at End of Period |
$ 16,707 |
$ 1,986 |
|
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