|
|
|
|
1999 SECOND QUARTER REPORT
Consolidated Statements of Cash Flows
(Unaudited)
(In Thousands)
|
Six Months
|
|
Ended June 30,
|
|
|
|
1999 |
1998 |
| Cash Flows from Operating Activities: |
|
|
| Net income |
$ 4,434 |
$ 6,126 |
| Non-cash revenue and expense
items |
23,084 |
16,300 |
| Net change in operating assets
and liabilities |
785 |
3,065 |
|
------------- |
------------- |
| Net
Cash Provided by Operating Activities |
28,303 |
25,491 |
|
------------- |
------------- |
| Cash Flows from Investing Activities: |
| Additions to property and
equipment |
(23,190) |
(66,968) |
| Proceeds from the sale of property
and equipment |
1,746 |
1,199 |
| Net cash received (distributed)
as operator of oil and gas properties |
(1,355) |
(6,749) |
| Net cash received (distributed) as
operator of partnerships and joint ventures |
3,244 |
576 |
| Limited partnership formation
and marketing costs |
(649) |
(478) |
| Other |
(183) |
(49) |
|
------------- |
------------- |
| Net
Cash Used in Investing Activities |
(20,387) |
(72,469) |
|
------------- |
------------- |
| Cash Flows from Financing Activities: |
| Net proceeds from (payments of)
bank borrowings |
(6,200) |
56,085 |
| Net proceeds from issuances of
common stock |
477 |
1,179 |
| Purchase of treasury stock |
(1,463) |
(827) |
|
------------- |
------------- |
| Net
Cash Provided by (Used in) Financing Activities |
(7,186) |
56,437 |
|
------------- |
------------- |
| Net Increase in Cash and Cash Equivalents |
$ 730 |
$ 9,459 |
| Cash and Cash Equivalents at Beginning of Period |
1,631 |
2,047 |
|
------------- |
------------- |
| Cash and Cash Equivalents at End of Period |
$ 2,361 |
$ 11,506 |
|
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