|
|
|
|
2003 THIRD QUARTER REPORT
Consolidated Statements of Cash Flows
(Unaudited)
(in Thousands)
|
Period
Ended |
|
September
30, |
|
|
|
|
|
|
2003 |
2002 |
| Cash Flows from Operating
Activities: |
|
|
| Net
income |
$ 20,392 |
$ 8,551 |
| Non-cash
revenue and expense items |
65,666 |
47,073 |
| Gain on
asset disposition |
--- |
(7,333) |
| Net
change in operating assets and liabilities |
(2,036) |
7,403 |
|
------------- |
------------- |
| Net
Cash Provided by Operating Activities |
84,022 |
55,694 |
|
------------- |
------------- |
| Cash Flows from Investing
Activities: |
| Additions
to property and equipment |
(101,511) |
(132,522) |
| Proceeds from
the sale of property and equipment |
3,840 |
11,526 |
| Net cash
distributed as operator of oil and gas properties |
(989) |
(4,247) |
| Net cash
received (distributed) as operator of partnerships and joint
ventures |
472 |
(26,527) |
| Other |
(90) |
68 |
|
------------- |
------------- |
| Net
Cash Used in Investing Activities |
(98,278) |
(151,702) |
|
------------- |
------------- |
| Cash Flows from Financing
Activities: |
| Proceeds
from long-term debt |
--- |
200,000 |
| Net
proceeds from (payments of) bank borrowings |
11,900 |
(129,500) |
| Net
proceeds from issuance of common stock |
1,218 |
31,330 |
| Payments
of debt issuance costs |
--- |
(6,257) |
|
------------- |
------------- |
| Net
Cash Provided by Financing Activities |
13,118 |
95,573 |
|
------------- |
------------- |
| Net Decrease in Cash and Cash
Equivalents |
$ (1,138) |
$ (435) |
| Cash and Cash Equivalents at
Beginning of Period |
3,816 |
2,149 |
|
------------- |
------------- |
| Cash and Cash Equivalents at End
of Period |
$ 2,678 |
$ 1,714 |
|
======== |
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