Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash flows from operating activities:    
Net income $ 130,410 $ 88,387
Adjustments to reconcile net income to net cash provided by operating activities:    
Accretion of discount—Asset Retirement Obligation 377 349
Depletion, depreciation and amortization 112,871 51,123
Stock-based compensation expense 4,599 1,803
Gain from equity investments (113,257) (111,113)
Interest income - note receivable (25)   
Unrealized loss (gain) on derivative instruments 6,433 (5,354)
Deferred income tax expense 55,550 53,709
Amortization of loan commitment fees 637 505
Amortization of note discount and premium 158 145
Changes in operating assets and liabilities:    
Increase in accounts receivable (48,631) (5,183)
Decrease (increase) in accounts receivable—related party 2,490 (1,975)
Increase in prepaid expenses (994) (1,133)
Increase in accounts payable and accrued liabilities 53,988 3,089
Settlement of asset retirement obligation (3,097) (807)
Net cash provided by operating activities 201,509 73,545
Cash flows from investing activities:    
Deductions to cash held in escrow 8 8
Additions to other property and equipment (1,759) (355)
Additions to oil and gas properties (672,967) (428,234)
Proceeds from sale of investments 89,120 65,111
Contributions to equity method investments (39,162) (21,960)
Distributions from equity method investments 0 901
Net cash used in investing activities (624,760) (384,529)
Cash flows from financing activities:    
Principal payments on borrowings (85) (73)
Borrowings on line of credit 40,000 0
Debt issuance costs and loan commitment fees (975) (686)
Proceeds from issuance of common stock, net of offering costs and exercise of stock options 648 359,040
Net cash provided by financing activities 39,588 358,281
Net (decrease) increase in cash and cash equivalents (383,663) 47,297
Cash and cash equivalents at beginning of period 458,956 167,088
Cash and cash equivalents at end of period 75,293 214,385
Supplemental disclosure of cash flow information:    
Interest payments 11,738 12,594
Income tax payments 16,700 750
Supplemental disclosure of non-cash transactions:    
Capitalized stock based compensation 3,066 1,201
Asset retirement obligation capitalized 3,613 1,194
Interest capitalized 6,245 5,497
Foreign currency translation loss on investment in Grizzly Oil Sands ULC $ (462) $ (9,680)