Interactive 2009 Annual Report (PDF 7.56 MB) - Denbury Resources ...

72 Denbury Resources Inc. 2009 Annual ReportConsolidated STatements of Cash FlowsYear Ended December 31,In thousands 2009 2008 2007Cash flow from operating activities:Net income (loss) $ (75,156) $ 388,396 $ 253,147Adjustments needed to reconcile to net cash flow provided by operations:Depletion, depreciation and amortization 238,323 221,792 195,900Write-down of oil and natural gas properties — 226,000 —Deferred income taxes (51,644) 195,020 110,193Deferred revenue – Genesis (4,208) (4,466) (4,419)Stock-based compensation 35,581 14,068 10,595Non-cash fair value derivative adjustments 383,072 (257,502) 38,952Founder’s retirement compensation 6,350 — —Other 7,719 (3,499) 4,149Changes in assets and liabilities related to operations:Accrued production receivable (52,863) 68,479 (63,886)Trade and other receivables 12,548 (58,236) (10,409)Derivative assets — (15,471) —Other assets (426) 348 (819)Accounts payable and accrued liabilities 25,673 254 1,576Oil and gas production payable 4,385 1,683 31,906Other liabilities 1,245 (2,347) 3,329Net cash provided by operating activities 530,599 774,519 570,214Cash flow used for investing activities:Oil and natural gas capital expenditures (343,351) (587,968) (621,187)Acquisitions of oil and natural gas properties (452,795) (31,367) (49,077)CO 2 capital expenditures, including pipelines (666,372) (407,103) (164,075)Investment in Genesis 4,975 6,623 (47,738)Purchases of other assets (13,591) (23,799) (13,672)Proceeds from sales of oil and gas properties and equipment 516,814 51,684 142,667Other (15,394) (2,729) (9,431)Net cash used for investing activities (969,714) (994,659) (762,513)Cash flow from financing activities:Bank repayments (856,000) (222,000) (265,000)Bank borrowings 906,000 147,000 281,000Income tax benefit from equity awards 3,913 19,665 19,181Issuance of subordinated debt 389,827 — 150,750Pipeline financing – Genesis 369 225,252 —Issuance of common stock 12,991 13,972 18,222Costs of debt financing (10,080) (2,288) (1,988)Other (4,383) (4,499) (3,632)Net cash provided by financing activities 442,637 177,102 198,533Net increase (decrease) in cash and cash equivalents 3,522 (43,038) 6,234Cash and cash equivalents at beginning of year 17,069 60,107 53,873Cash and cash equivalents at end of year $ 20,591 $ 17,069 $ 60,107See accompanying Notes to Consolidated Financial Statements.Form 10-K Part II