|
|
|
|
2004 FIRST QUARTER REPORT
Consolidated Statements of Cash Flows
(Unaudited)
(in Thousands)
|
Period
Ended
|
|
March 31,
|
|
|
|
|
|
|
2004 |
2003 |
| Cash Flows from Operating Activities: |
|
|
| Net income |
$ 14,588 |
$ 6,108 |
| Non-cash revenue and expense
items |
24,175 |
25,535 |
| Net change in operating assets
and liabilities |
833 |
(4,844) |
|
------------- |
------------- |
| Net
Cash Provided by Operating Activities |
39,596 |
26,799 |
|
------------- |
------------- |
| Cash Flows from Investing Activities: |
| Additions to property and
equipment |
(45,150) |
(26,335) |
| Proceeds from the sale of property
and equipment |
23 |
551 |
| Net cash
distributed
as operator of oil and gas properties |
(8,708) |
(5,890) |
| Net cash received (distributed) as
operator of partnerships and joint ventures |
106 |
(287) |
| Other |
(1) |
(36) |
|
------------- |
------------- |
| Net
Cash Used in Investing Activities |
(53,730) |
(31,997) |
|
------------- |
------------- |
| Cash Flows from Financing Activities: |
| Net proceeds from
bank borrowings |
16,600 |
5,700 |
| Net proceeds from issuance of
common stock |
866 |
--- |
|
------------- |
------------- |
| Net
Cash Provided by Financing Activities |
17,466 |
5,700 |
|
------------- |
------------- |
| Net Increase in Cash and Cash Equivalents |
$ 3,332 |
$ 502 |
| Cash and Cash Equivalents at Beginning of Period |
1,066 |
3,816 |
|
------------- |
------------- |
| Cash and Cash Equivalents at End of Period |
$ 4,398 |
$ 4,318 |
|
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