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| Consolidated Statements of Cash Flows
(In US$ thousands)
Year Ended December 31,
2024 2023 2022
Cash flows from operating activities:
Net (loss) income $ (108,881) $ 156,065 $ 771,703
Adjustments to reconcile net income to cash and cash equivalents provided
by operating activities:
Depreciation, depletion and amortization 190,923 163,862 165,503
Change in estimate of asset retirement obligation (3,523) (3,151) 1,543
Impairment of non-core assets 10,585 — —
Amortization of right of use asset - operating leases 22,091 12,415 6,704
Amortization of deferred financing costs 3,989 4,300 1,933
Non-cash interest expense 34,912 30,997 31,362
Amortization of contract obligations (31,443) (33,026) (36,519)
Equity-based compensation expense 129 2,149 2,735
Loss on debt extinguishment 14,732 1,385 5,336
Deferred income taxes (39,526) (21,338) 40,423
Reclamation of asset retirement obligations (9,724) (5,334) (4,543)
(Decrease) increase in provision for discounting and credit losses (207) (4,216) 3,821
Gain on translation of short-term inter-entity balances (10,028) — —
Other (694) 516 855
Changes in operating assets and liabilities:
Accounts receivable - including related party receivables, net 35,451 155,056 (156,818)
Inventories 27,644 (32,774) (41,243)
Other current assets (2,778) (477) (12,365)
Accounts payable (9,366) 40,159 (27,664)
Accrued expenses and other current liabilities (97,895) (25,435) 84,041
Operating lease liabilities (21,050) (14,597) (8,244)
Income tax payable 66,665 (164,834) 96,326
Change in other liabilities 2,033 6,560 1,754
Net cash provided by operating activities 74,039 268,282 926,643
Cash flows from investing activities:
Capital expenditures (248,142) (237,205) (199,716)
Proceeds from the disposal of property, plant, and equipment — — 318
Purchase of restricted and other deposits (2,462) (27,213) (9,761)
Redemption of restricted and other deposits 24,268 26,250 816
Net cash used in investing activities (226,336) (238,168) (208,343)
Cash flows from financing activities:
Proceeds from interest bearing liabilities and other financial liabilities 449,860 — —
Debt issuance costs and other financing costs (13,912) (3,436) —
Principal payments on interest bearing liabilities and other financial liabilities (246,668) (4,361) (81,310)
Call premiums paid on early redemption of debt (9,768) — (2,557)
Principal payments on finance lease obligations (68) (127) (140)
Dividends paid (16,679) (16,755) (700,244)
Net cash provided by (used in) financing activities 162,765 (24,679) (784,251)
Net increase (decrease) in cash and cash equivalents 10,468 5,435 (65,951)
Effect of exchange rate changes on cash and cash equivalents (10,138) (769) (37,351)
Cash and cash equivalents at beginning of period 339,295 334,629 437,931
Cash and cash equivalents at end of period $ 339,625 $ 339,295 $ 334,629
Supplemental disclosure of cash flow information:
Cash payments for interest $ 29,727 $ 28,632 $ 36,728
Cash (refund) paid for taxes $ (67,842) $ 147,106 $ 90,888
Restricted cash $ 251 $ 251 $ 251 |