Exhibit 99.2
SOUTHERN OIL | ||||
BALANCE SHEET | ||||
(in thousands) | ||||
June 30, 2019 | ||||
(Unaudited) | ||||
Assets | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 29,185 | ||
Receivables | 7,536 | |||
Prepaid assets | 1,257 | |||
Other current assets | 636 | |||
Total current assets | 38,614 | |||
Oil and gas properties, net | 71,861 | |||
Other property and equipment, net | 189 | |||
Other assets | 50 | |||
Total assets | $ | 110,714 | ||
Liabilities and members’ equity | ||||
Liabilities | ||||
Current liabilities: | ||||
Accounts payable and accrued expenses | $ | 7,344 | ||
Asset retirement obligation - current portion | 1,420 | |||
Total current liabilities | 8,764 | |||
Asset retirement obligation - long-term portion | 9,840 | |||
Deferred taxes | 5,867 | |||
Other liabilities | 81 | |||
Total liabilities | 24,552 | |||
Members’ equity | 86,162 | |||
Total liabilities and members’ equity | $ | 110,714 |
SOUTHERN OIL | ||||
STATEMENT OF EARNINGS AND MEMBERS’ EQUITY | ||||
(in thousands) | ||||
First Six Months 2019 | ||||
(Unaudited) | ||||
Revenues | ||||
Oil and gas | $ | 39,927 | ||
Cost and expenses | ||||
Oil and gas production costs | 9,822 | |||
Selling, general and administrative | 3,051 | |||
Depreciation, depletion and amortization | 9,804 | |||
22,677 | ||||
Other income (expenses) | ||||
Interest expense | (9 | ) | ||
Earnings before income taxes | 17,241 | |||
Income tax expense | 4,215 | |||
Net earnings | $ | 13,026 | ||
Members’ equity - beginning | 73,136 | |||
Contributions | - | |||
Members’ equity - ending | $ | 86,162 |
SOUTHERN OIL | ||||
STATEMENT OF CASH FLOWS | ||||
(in thousands) | ||||
First Six Months | ||||
2019 | ||||
(Unaudited) | ||||
Operating activities | ||||
Net earnings | $ | 13,026 | ||
Adjustments to reconcile net earnings to operating cash flows: | ||||
Depreciation, depletion and amortization | 9,804 | |||
Provision for deferred income taxes | 1,002 | |||
Mark to market of hedge position | 1,003 | |||
Non-cash expenses | 238 | |||
Changes in receivables and inventories | (734 | ) | ||
Changes in other assets | (824 | ) | ||
Changes in accounts payable and accrued expenses | 211 | |||
Net cash provided by operating activities | 23,726 | |||
Investing activities | ||||
Capital expenditures | (5,084 | ) | ||
Net cash (used in) investing activities | (5,084 | ) | ||
Decrease in cash, cash equivalents and restricted cash | 18,642 | |||
Cash, cash equivalents and restricted cash at beginning of year | 10,593 | |||
Cash, cash equivalents and restricted cash at end of second quarter | $ | 29,235 |