| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | |||||||||||
Net income | |||||||||||
93,543 | 110,111 | 147,109 | 96,294 | 124,148 | 55,015 | 42,031 | -212,607 | -42,724 | 37,228 | 68,553 | 43,292 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
148,761 | 132,233 | 115,146 | 105,977 | 107,206 | 100,798 | 92,932 | 102,340 | 96,398 | 86,761 | 64,376 | 60,128 |
Amortization of premium from senior unsecured bonds | |||||||||||
- | - | - | -513 | -306 | -308 | -307 | -307 | -256 | - | - | - |
Accretion of asset retirement obligation | |||||||||||
2,709 | 2,474 | 1,874 | 1,778 | 1,198 | 829 | 1,544 | 1,701 | 1,593 | 1,249 | 1,060 | 1,069 |
Stock-based compensation | |||||||||||
9,358 | 10,218 | 8,760 | 5,157 | 3,955 | 5,571 | 6,262 | 6,394 | 6,672 | 7,377 | 5,755 | 4,444 |
Amortization of deferred lease income | |||||||||||
-2,685 | -2,685 | -2,685 | -2,685 | 2,685 | 2,685 | 2,685 | 2,685 | 2,685 | 2,685 | 2,685 | -2,685 |
Income attributable to sale of tax benefits, net of interest expense | |||||||||||
10,084 | 8,609 | 11,956 | 6,962 | 17,467 | 13,823 | 7,999 | 4,003 | 4,315 | 3,523 | 8,322 | 10,850 |
Equity in losses (earnings) of investees | |||||||||||
1,853 | 7,663 | -1,957 | -7,735 | -5,508 | -3,213 | -150 | -442 | -959 | 998 | 2,136 | 1,725 |
Mark-to-market of derivative instruments | |||||||||||
1,402 | -2,032 | 1,473 | -319 | -4,129 | 6,960 | -7,813 | - | - | - | - | 0 |
Loss on disposal of property, plant and equipment | |||||||||||
- | - | - | - | - | - | - | - | - | -1,245 | -2,469 | - |
Write-off of unconsolidated investment | |||||||||||
- | - | - | - | - | - | - | 2,114 | - | - | - | - |
Impairment of investments | |||||||||||
- | - | - | - | - | - | - | - | - | 137 | 473 | 4,195 |
Write-off of unsuccessful exploration activities | |||||||||||
0 | 100 | 1,800 | 3,017 | 1,579 | 15,439 | 4,094 | 2,639 | - | 3,050 | 2,367 | 9,828 |
Goodwill, Impairment Loss | |||||||||||
0 | 13,464 | 0 | - | - | - | - | - | - | - | - | - |
Impairment charge | |||||||||||
- | - | - | - | - | - | - | 236,377 | - | - | - | - |
Return on investment in unconsolidated investments | |||||||||||
- | - | - | - | - | - | - | - | - | 3,734 | - | 2,435 |
Loss (gain) on severance pay fund asset | |||||||||||
1,016 | -1,186 | 1,746 | 304 | 119 | -1,492 | 877 | 931 | -588 | 1,889 | 468 | 324 |
Premium from issuance of senior unsecured bonds | |||||||||||
- | - | - | - | - | - | - | - | 1,957 | - | - | - |
Gain from extinguishment of liability | |||||||||||
- | - | - | - | - | - | - | - | - | - | 13,348 | - |
Gain on sale of a subsidiary | |||||||||||
- | - | - | - | - | 7,628 | -3,646 | - | - | 6,350 | - | - |
Deferred income tax provision | |||||||||||
27,896 | 19,360 | -41,147 | 23,222 | -39,962 | 13,135 | 9,245 | -4,736 | -38,061 | -10,139 | 3,957 | 3,241 |
Liability for unrecognized tax benefits | |||||||||||
-2,874 | -2,879 | -3,270 | 4,174 | -3,107 | 2,561 | -2,330 | 1,405 | 444 | 500 | 1,506 | -188 |
Gain on acquisition of controlling interest | |||||||||||
- | - | - | - | - | - | - | - | - | 36,928 | - | - |
Deferred lease revenues | |||||||||||
-574 | -402 | -356 | -853 | 224 | -251 | -217 | 128 | 376 | 1,082 | 1,125 | -914 |
Gain from insurance recoveries | |||||||||||
0 | 4,463 | 0 | - | - | - | - | - | - | - | - | - |
Other | |||||||||||
-914 | -100 | -737 | - | -484 | 181 | 819 | - | - | - | - | -423 |
Changes in operating assets and liabilities, net of businesses acquired: | |||||||||||
Receivables | |||||||||||
15,133 | 29,928 | 24,040 | 33,280 | 3,806 | -47,114 | 37,174 | 3,623 | -1,979 | -1,259 | -3,921 | 6,327 |
Costs and estimated earnings in excess of billings on uncompleted contracts | |||||||||||
-3,765 | 1,185 | -11,253 | 27,078 | -2,673 | 6,576 | 11,604 | 5,647 | -2,180 | -8,894 | 7,658 | 3,374 |
Inventories | |||||||||||
-5,500 | 9,318 | 1,070 | -6,297 | 1,144 | -5,359 | 1,620 | 8,128 | 3 | -2,948 | 1,762 | 3,412 |
Prepaid expenses and other | |||||||||||
-3,452 | 11,172 | -208 | 12,540 | 2,579 | 1,337 | 600 | 15,472 | 3,743 | 2,595 | -4,146 | 9,163 |
Change in operating lease right of use asset | |||||||||||
8,167 | 0 | 0 | - | - | - | - | - | - | - | - | - |
Deposits and other | |||||||||||
22,525 | -18 | 2,570 | 1,009 | 648 | -584 | -621 | 12,746 | 710 | 164 | 49 | 224 |
Accounts payable and accrued expenses | |||||||||||
8,738 | -56,724 | 51,641 | -1,375 | -939 | -9,638 | 6,077 | 11,414 | 6,646 | 9,695 | -2,081 | 13,521 |
Billings in excess of costs and estimated earnings on uncompleted contracts | |||||||||||
-15,647 | -1,839 | -11,389 | -2,262 | 9,168 | 16,821 | -17,505 | -7,696 | 29,951 | -198 | -12,319 | 10,852 |
Due from/to related entities, net | |||||||||||
- | - | - | - | -451 | 9 | 69 | 86 | -16 | 89 | 103 | -47 |
Liabilities for severance pay | |||||||||||
757 | -3,147 | 2,541 | -786 | -1,076 | -3,442 | 1,267 | 2,340 | -159 | 2,610 | 692 | -2,439 |
Change in operating lease liabilities | |||||||||||
-8,405 | 0 | 0 | - | - | - | - | - | - | - | - | - |
Other long-term liabilities | |||||||||||
-617 | -11,244 | -2,285 | 3,310 | -2,561 | -903 | 2,302 | 895 | -708 | -540 | - | - |
Due from/to Parent | |||||||||||
- | - | - | - | 513 | 955 | 71 | 51 | -12 | 268 | -1,303 | 761 |
Net cash provided by operating activities | |||||||||||
236,493 | 145,822 | 245,575 | 159,285 | 190,025 | 213,235 | 86,760 | 89,471 | 132,734 | 101,403 | 110,772 | 116,949 |
Cash flows from investing activities: | |||||||||||
Cash grant received from the U.S. Treasury under Section 1603 of the ARRA | |||||||||||
- | - | - | - | - | 27,427 | 14,685 | 119,199 | - | -108,286 | - | - |
Cash acquired in organizational restructuring and share exchange with parent | |||||||||||
- | - | - | - | 15,391 | 0 | 3,010 | - | - | - | - | - |
Marketable securities, net | |||||||||||
- | - | - | - | - | - | - | -18,763 | 17,534 | - | -1,580 | - |
Short-term deposit | |||||||||||
- | - | - | - | - | - | - | 3,010 | - | - | - | - |
Return of investment in unconsolidated investments | |||||||||||
- | - | - | - | - | - | - | - | - | 3,516 | - | 316 |
Purchases of marketable securities, net | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | 12,594 |
Net change in restricted cash, cash equivalents and marketable securities | |||||||||||
- | - | - | - | -43,745 | 42,183 | -25,472 | 1,016 | 50,614 | -17,536 | 15,873 | -5,614 |
Cash received from sale of a subsidiary | |||||||||||
- | - | - | - | - | 35,250 | 7,699 | - | - | 19,594 | - | - |
Capital expenditures | |||||||||||
279,986 | 258,521 | 259,234 | 151,930 | 152,450 | 151,153 | 204,628 | 233,020 | 269,677 | 283,313 | 270,623 | 416,606 |
Cash received from insurance recoveries | |||||||||||
35,435 | 10,427 | 0 | - | - | - | - | - | - | - | - | - |
Investment in unconsolidated companies | |||||||||||
10,674 | 3,800 | 46,318 | 3,569 | 0 | 631 | 4,635 | 1,390 | 472 | 2,715 | 261 | - |
Buyout of Class B membership in ORTP | |||||||||||
0 | 0 | 2,400 | - | - | - | - | - | - | - | - | - |
Buyout of Class B membership in OPC | |||||||||||
0 | 2,367 | -1,932 | - | - | - | - | - | - | - | - | - |
Cash paid for acquisition of controlling interest in a subsidiary, net of cash acquired | |||||||||||
0 | 95,093 | 35,300 | 20,135 | 0 | 0 | - | - | - | 64,517 | - | - |
Cash paid for investment in a joint venture | |||||||||||
- | - | - | - | - | - | - | - | 200 | 100 | - | - |
Intangible assets acquired | |||||||||||
0 | 0 | 868 | - | 500 | 0 | - | - | 1,786 | 1,472 | - | - |
Decrease (increase) in severance pay fund asset, net of payments made to retired employees | |||||||||||
-687 | -2,186 | -526 | -1,862 | -2,843 | -2,128 | -1,244 | 316 | 719 | 635 | 921 | 1,034 |
Repayment from unconsolidated investment | |||||||||||
- | - | - | - | - | - | - | - | - | - | 62 | 125 |
Net cash used in investing activities | |||||||||||
-254,538 | -342,434 | -345,526 | -173,772 | -90,971 | -129,162 | -157,153 | -100,790 | -341,002 | -203,820 | -286,036 | -398,991 |
Cash flows from financing activities: | |||||||||||
Proceeds from sale of membership interests to noncontrolling interest, net of transaction costs | |||||||||||
0 | 3,174 | 0 | 44,102 | 156,635 | 0 | - | - | - | - | - | 149,655 |
Proceeds from long-term loans, net of transaction costs | |||||||||||
132,847 | 214,700 | 0 | 142,500 | 42,000 | 140,000 | 90,000 | 214,051 | - | 20,000 | 237,000 | - |
Proceeds from exercise of options by employees | |||||||||||
2,429 | 0 | 16,111 | 7,249 | 6,085 | 981 | 529 | - | - | - | 1,242 | 602 |
Proceeds from issuance of unregistered shares of common stock to the Parent | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | 33,315 |
Proceeds from issuance of senior unsecured notes, net of transaction costs | |||||||||||
- | - | - | 203,483 | 0 | 0 | - | 1,171 | 107,447 | 142,003 | - | - |
Purchase of Senior unsecured notes | |||||||||||
- | - | - | 249,468 | 0 | 0 | - | - | - | - | - | - |
Proceeds from the sale of limited liability company interest, net of transaction costs | |||||||||||
58,289 | 32,175 | 0 | 59,897 | - | - | - | - | - | - | - | - |
Prepayment of long-term debt | |||||||||||
21,073 | 0 | 14,270 | - | - | - | - | - | - | - | - | - |
Proceeds from issuance of commercial paper | |||||||||||
50,000 | 0 | 0 | - | - | - | - | - | - | - | - | - |
Proceeds from issuance of senior secured notes, net of transaction costs | |||||||||||
- | - | - | - | - | - | - | - | 141,108 | - | - | - |
Proceeds from the sale of limited liability company interest in ORTP LLC, net of transaction costs | |||||||||||
- | - | - | - | - | - | 31,376 | - | - | - | - | 63,029 |
Purchase of OFC Senior Secured Notes | |||||||||||
- | - | - | 6,815 | 30,638 | 12,860 | 11,888 | - | - | - | - | 1,321 |
Payment for acquiring OPC LLC shares | |||||||||||
- | - | - | - | - | - | - | - | - | - | 18,500 | - |
Proceeds from revolving credit lines with banks | |||||||||||
1,450,850 | 4,097,000 | 1,097,500 | 309,400 | 598,800 | 2,830,683 | 3,058,956 | 2,953,535 | 891,583 | 1,159,869 | 1,152,500 | 100,000 |
Repayment of revolving credit lines with banks | |||||||||||
1,569,300 | 3,989,500 | 1,046,000 | 309,400 | 619,100 | 2,922,400 | 3,020,545 | 3,093,978 | 867,000 | 1,104,403 | 1,118,500 | - |
Cash received from noncontrolling interest | |||||||||||
3,346 | 4,134 | 2,017 | 1,972 | 1,654 | 2,234 | - | - | - | - | - | - |
Cash paid for achievement of production threshold in GB | |||||||||||
0 | 0 | 8,032 | - | 0 | - | - | - | - | - | - | - |
Repayments of long-term debt | |||||||||||
72,708 | 62,774 | 66,223 | 62,052 | 71,701 | 111,180 | 68,370 | 74,502 | 50,130 | 52,242 | 33,193 | - |
Payment for acquisition of noncontrolling interest in Crump | |||||||||||
- | - | - | - | - | 1,490 | - | - | - | - | - | - |
Parent | |||||||||||
- | - | - | - | - | - | - | - | - | 9,600 | 16,600 | 31,647 |
Other | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | 34,142 |
Cash paid to noncontrolling interest | |||||||||||
9,730 | 13,106 | 21,313 | 64,065 | 19,068 | 11,320 | 13,384 | 15,383 | 14,039 | 3,136 | - | - |
Payments under finance lease obligations | |||||||||||
3,164 | 2,551 | 1,871 | 1,178 | 0 | 0 | - | - | - | - | - | - |
Payments of capital leases | |||||||||||
- | - | - | - | - | 1,505 | - | - | - | - | - | - |
Deferred debt issuance costs | |||||||||||
5,165 | 5,287 | 5,290 | 6,402 | 5,316 | 4,785 | 1,919 | 3,197 | 2,584 | 1,302 | 5,566 | 1,293 |
Cash dividends paid | |||||||||||
22,386 | 26,834 | 20,511 | 25,682 | 12,716 | 9,555 | 3,636 | 3,636 | 5,924 | 12,264 | 11,347 | 8,912 |
Net cash provided by (used in) financing activities | |||||||||||
-5,765 | 251,131 | -67,882 | 43,541 | 46,635 | -101,197 | 61,119 | -21,939 | 225,339 | 138,925 | 187,036 | 269,286 |
Effect of exchange rate changes | |||||||||||
-575 | -660 | 0 | - | - | - | - | - | - | - | 142 | -78 |
Net change in cash and cash equivalents and restricted cash and cash equivalents | |||||||||||
-24,385 | 53,859 | -167,833 | 29,054 | 145,689 | -17,124 | -9,274 | -33,258 | 17,071 | 36,508 | 11,914 | -12,834 |
Interest, net of interest capitalized | |||||||||||
61,628 | 53,864 | 40,484 | 55,366 | 55,492 | 62,376 | 51,306 | 40,398 | 33,274 | 34,587 | 369 | 6,220 |
Income taxes, net | |||||||||||
1,649 | 18,028 | 21,878 | 18,490 | 10,419 | 5,787 | 4,114 | 11,570 | 13,575 | 7,570 | 5,098 | 5,033 |
Supplemental non-cash investing and financing activities: | |||||||||||
Increase (decrease) in accounts payable related to purchases of property, plant and equipment | |||||||||||
9,423 | -6,878 | 4,484 | -2,219 | 3,810 | 3,853 | 4,372 | -18,813 | - | 507 | -23,890 | 13,368 |
Right of use assets obtained in exchange for new lease liabilities | |||||||||||
11,626 | 8,584 | 0 | - | - | - | - | - | - | - | - | - |
Accrued liabilities related to financing activities | |||||||||||
- | - | - | 6,291 | 1,665 | 658 | 0 | 288 | 13,117 | - | - | - |
Payable related to investment in joint venture | |||||||||||
- | - | - | - | - | - | - | - | - | 2,400 | - | - |
Increase in asset retirement cost and asset retirement obligation | |||||||||||
8,334 | 881 | 1,888 | 714 | 516 | -366 | 588 | -3,696 | -212 | 1,238 | -260 | - |