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Investor Presentaiton

Reconciliations of Non-GAAP Measures Three Months Ended Reconciliation of Net Income to Adjusted EBITDAX Net income Add back: September September 30, 2023 30, 2022 June 30, 2023 30, 2023 $ 6,141 $ 6,868 $ 6,752 $ 16,363 $ Nine Months Ended September September 30, 2022 34,136 Three Months Ended Reconciliation of Net Income to Adjusted Net Income September September June 30, September 30, 2023 30, 2022 2023 30, 2023 Net income $ 6,141 $ 6,868 $ 6,752 $ 16,363 $ Nine Months Ended September 30, 2022 34,136 Adjustment for discrete items: Impact of discontinued operations 26 2 15 58 Discontinued operations, net of tax 26 2 15 58 Interest expense (income), net 1,426 234 1,703 5,375 355 Income tax expense (benefit) 25,844 22,843 11,588 Unrealized derivative instruments loss (gain) 2,321 52,203 (12,902) (35) 2,206 (5,161) 64,467 Depreciation, depletion and amortization 32,538 8,963 38,003 94,958 21,827 Arrangement Costs 6,424 7,624 Exploration expense 1,194 56 57 1,259 250 FPSO demobilization 8,867 5,647 5,647 8,867 FPSO demobilization 8,867 5,647 5,647 8,867 Deferred income tax expense (benefit) (985) 24,008 (813) 673 39,539 Non-cash or unusual items: Other operating (income) expense, net (5) 303 298 5 Stock-based compensation 1,078 36 605 2,332 2,300 Adjusted Net Income $ 7,472 $ 33,291 $ 11,856 $ 25,202 $ 85,068 Unrealized derivative instruments loss (gain) 2,321 (12,902) (35) 2,206 (5,161) Arrangement Costs 6,424 7,624 Other operating (income) expense, net (5) 303 298 Credit losses and other 822 1,020 680 2,437 Adjusted EBITDAX 71,359 $ 42,435 $ 65,305 $ 5 2,083 183,093 $ 136,811 Diluted Adjusted Net Income per Share 0.07 $ 0.56 $ 0.11 $ 0.24 $ 1.43 Diluted weighted average shares outstanding (1) 106,433 59,450 107,613 107,072 59,335 Reconciliation of Free Cash Flow Net cash provided by Operating activities Net cash used in Investing activities Net cash used in Financing activities Effects of exchange rate changes on cash Total net cash change Add back shareholder cash out: Dividends paid Stock buyback Total cash returned to shareholders Free Cash Flow Percent of Free Cash Flow returned to shareholders Nine Months Ended September 30, 2023 171,811 (77,365) (42,382) (321) 51,743 20,153 15,566 35,719 87,462 41% Please refer to CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS in our filed 10Q Slide 24
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