|
|
|
|
2002 FIRST QUARTER REPORT
Consolidated Statements of Cash Flows
(Unaudited)
(in Thousands)
|
Period
Ended
|
|
March 31,
|
|
|
|
|
|
|
2002 |
2001 |
| Cash Flows from Operating Activities: |
|
|
| Net income |
$ 3,020 |
$ 22,327 |
| Non-cash revenue and expense
items |
15,776 |
25,710 |
| Gain on asset
disposition |
(7,333) |
--- |
| Net change in operating assets
and liabilities |
(629) |
178 |
|
------------- |
------------- |
| Net
Cash Provided by Operating Activities |
10,834 |
48,215 |
|
------------- |
------------- |
| Cash Flows from Investing Activities: |
| Additions to property and
equipment |
(83,041) |
(100,015) |
| Proceeds from the sale of property
and equipment |
7,523 |
--- |
| Net cash
distributed
as operator of oil and gas properties |
(10,592) |
(2,574) |
| Net cash received (distributed) as
operator of partnerships and joint ventures |
(23,090) |
279 |
| Other |
33 |
(59) |
|
------------- |
------------- |
| Net
Cash Used in Investing Activities |
(109,167) |
(102,369) |
|
------------- |
------------- |
| Cash Flows from Financing Activities: |
| Net proceeds from
bank borrowings |
97,000 |
54,600 |
| Net proceeds from issuance of
common stock |
347 |
702 |
| Payments of debt
issuance costs |
(347) |
--- |
|
------------- |
------------- |
| Net
Cash Provided by Financing Activities |
97,000 |
55,302 |
|
------------- |
------------- |
| Net Increase (Decrease) in Cash and Cash Equivalents |
$ (1,333) |
$ 1,148 |
| Cash and Cash Equivalents at Beginning of Period |
2,149 |
1,987 |
|
------------- |
------------- |
| Cash and Cash Equivalents at End of Period |
$ 816 |
$ 3,135 |
|
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