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 24View entire presentation