1999 FIRST QUARTER REPORT 

 

Consolidated Statements of Cash Flows

(Unaudited)
(In Thousands) 

Three Months
Ended March 31,
1999 1998
Cash Flows from Operating Activities:
    Net income $      1,282 $      3,230
    Non-cash revenue and expense items 11,194 7,999
    Net change in operating assets and liabilities 2,361 1,791
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        Net Cash Provided by Operating Activities 14,837 13,020
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Cash Flows from Investing Activities:
    Additions to property and equipment (13,194) (27,980)
    Proceeds from the sale of property and equipment 430 1,146
    Net cash received (distributed) as operator of oil and gas properties 2,611 2,821
    Net cash received (distributed) as operator of partnerships and joint ventures 1,647 3,835
    Limited partnership formation and marketing costs (397) (453)
    Other (96) (16)
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        Net Cash Used in Investing Activities (8,999) (20,647)
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Cash Flows from Financing Activities:
    Net proceeds from (payments of) bank borrowings (4,400) 7,209
    Net proceeds from issuance of common stock 115 860
    Purchase of treasury stock (1,463) (574)
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        Net Cash Provided by (Used in) Financing Activities (5,748) 7,495
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Net Increase (Decrease) in Cash and Cash Equivalents $    90 $    (132)
Cash and Cash Equivalents at Beginning of Period 1,631 2,047
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Cash and Cash Equivalents at End of Period $      1,721 $      1,915
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