|
|
|
|
2003 SECOND QUARTER REPORT
Consolidated Statements of Cash Flows
(Unaudited)
(in Thousands)
|
Period
Ended
|
|
June 30,
|
|
|
|
|
2003 |
|
2002 |
| Cash Flows from Operating Activities: |
|
|
|
|
| Net income |
$ |
13,330 |
$ |
6,604 |
| Non-cash revenue and expense
items |
|
45,054 |
|
32,465 |
| Gain on asset
disposition |
|
--- |
|
(7,333) |
| Net change in operating assets
and liabilities |
|
(4,862) |
|
3,850 |
|
|
------------- |
|
------------- |
| Net
Cash Provided by Operating Activities |
|
53,522 |
|
35,586 |
|
|
------------- |
|
------------- |
| Cash Flows from Investing Activities: |
| Additions to property and
equipment |
|
(62,261) |
|
(102,632) |
| Proceeds from the sale of property
and equipment |
|
755 |
|
9,594 |
| Net cash
distributed
as operator of oil and gas properties |
|
(1,956) |
|
(6,750) |
| Net cash distributed as
operator of partnerships and joint ventures |
|
(255) |
|
(17,419) |
| Other |
|
(86) |
|
195 |
|
|
------------- |
|
------------- |
| Net
Cash Used in Investing Activities |
|
(63,803) |
|
(117,012) |
|
|
------------- |
|
------------- |
| Cash Flows from Financing Activities: |
| Proceeds from
long-term debt |
|
--- |
|
200,000 |
| Net proceeds from
(payments of) bank borrowings |
|
7,500 |
|
(134,000) |
| Net proceeds from issuance of
common stock |
|
1,091 |
|
31,249 |
| Payments of debt
issuance costs |
|
--- |
|
(6,166) |
|
|
------------- |
|
------------- |
| Net
Cash Provided by Financing Activities |
|
8,591 |
|
91,083 |
|
|
------------- |
|
------------- |
| Net Increase (Decrease) in Cash and Cash Equivalents |
$ |
(1,690) |
$ |
9,657 |
| Cash and Cash Equivalents at Beginning of Period |
|
3,816 |
|
2,149 |
|
|
------------- |
|
------------- |
| Cash and Cash Equivalents at End of Period |
$ |
2,126 |
$ |
11,806 |
|
|
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|
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