|
|
|
|
1998 THIRD QUARTER REPORT
Consolidated Statements of Cash Flows
(Unaudited)
(In Thousands)
|
Nine Months
|
|
Ended September 30,
|
|
|
|
1998 |
1997 |
| Cash Flows from Operating Activities: |
|
|
| Net income (loss) |
$ (51,305) |
$ 15,569 |
| Non-cash revenue and expense
items |
90,522 |
24,025 |
| Net change in operating assets
and liabilities |
(1,143) |
3,486 |
|
------------- |
------------- |
| Net
Cash Provided by Operating Activities |
38,074 |
43,080 |
|
------------- |
------------- |
| Cash Flows from Investing Activities: |
| Additions to property and
equipment |
(170,942) |
(100,908) |
| Proceeds from the sale of property
and equipment |
1,294 |
1,656 |
| Net cash received (distributed)
as operator of oil and gas properties |
(11,211) |
744 |
| Net cash received (distributed) as
operator of partnerships and joint ventures |
1,706 |
1,328 |
| Limited partnership formation
and marketing costs |
(408) |
--- |
| Other |
(95) |
(202) |
|
------------- |
------------- |
| Net
Cash Used in Investing Activities |
(179,656) |
(97,382) |
|
------------- |
------------- |
| Cash Flows from Financing Activities: |
| Net proceeds from bank
borrowings |
143,585 |
--- |
| Net proceeds from issuance of
common stock |
1,193 |
1,631 |
| Purchase of treasury stock |
(3,050) |
(8,417) |
| Payments of debt issuance costs |
(541) |
--- |
|
------------- |
------------- |
| Net
Cash Provided by (Used in) Financing Activities |
141,187 |
(6,786) |
|
------------- |
------------- |
| Net Decrease in Cash and Cash Equivalents |
$ (395) |
$ (61,088) |
| Cash and Cash Equivalents at Beginning of Period |
2,047 |
77,795 |
|
------------- |
------------- |
| Cash and Cash Equivalents at End of Period |
$ 1,652 |
$ 16,707 |
|
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