|
|
|
|
2003 FIRST QUARTER REPORT
Consolidated Statements of Cash Flows
(Unaudited)
(in Thousands)
|
Period
Ended
|
|
March 31,
|
|
|
|
|
|
|
2003 |
2002 |
| Cash Flows from Operating Activities: |
|
|
| Net income |
$ 6,108 |
$ 3,020 |
| Non-cash revenue and expense
items |
25,535 |
15,776 |
| Gain on asset
disposition |
--- |
(7,333) |
| Net change in operating assets
and liabilities |
(4,844) |
(629) |
|
------------- |
------------- |
| Net
Cash Provided by Operating Activities |
26,799 |
10,834 |
|
------------- |
------------- |
| Cash Flows from Investing Activities: |
| Additions to property and
equipment |
(26,335) |
(83,041) |
| Proceeds from the sale of property
and equipment |
551 |
7,523 |
| Net cash
distributed
as operator of oil and gas properties |
(5,890) |
(10,591) |
| Net cash distributed as
operator of partnerships and joint ventures |
(287) |
(23,090) |
| Other |
(36) |
32 |
|
------------- |
------------- |
| Net
Cash Used in Investing Activities |
(31,997) |
(109,167) |
|
------------- |
------------- |
| Cash Flows from Financing Activities: |
| Net proceeds from
bank borrowings |
5,700 |
97,000 |
| Net proceeds from issuance of
common stock |
--- |
347 |
| Payments of debt
issuance costs |
--- |
(347) |
|
------------- |
------------- |
| Net
Cash Provided by Financing Activities |
5,700 |
97,000 |
|
------------- |
------------- |
| Net Increase (Decrease) in Cash and Cash Equivalents |
$ 502 |
$ (1,333) |
| Cash and Cash Equivalents at Beginning of Period |
3,816 |
2,149 |
|
------------- |
------------- |
| Cash and Cash Equivalents at End of Period |
$ 4,318 |
$ 816 |
|
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