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Year Ended December 31, | ||||||||||||
2023 | 2022 | 2021 | ||||||||||
Operating activities: | ||||||||||||
Net income | $ | 226,493 | $ | 217,006 | $ | 4,258 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation, depletion and accretion expense | 41,634 | 28,617 | 24,604 | |||||||||
Loss on extinguishment of debt | — | — | 11,922 | |||||||||
Amortization of debt discount | 761 | 457 | 7,320 | |||||||||
Amortization of deferred financing costs | 337 | 442 | 739 | |||||||||
Stock and unit-based compensation | 7,409 | 678 | 129 | |||||||||
Deferred income tax | 29,201 | (2) | 360 | |||||||||
Interest paid-in-kind through issuance of additional term loans | — | — | 3,039 | |||||||||
Repayment of paid-in-kind interest borrowings | — | — | (22,233) | |||||||||
Commodity derivatives gain | — | (1,842) | (55) | |||||||||
Settlements on commodity derivatives | — | 2,137 | — | |||||||||
Other | 139 | 293 | (105) | |||||||||
Changes in operating assets and liabilities: | ||||||||||||
Accounts receivable | 2,172 | (44,207) | (17,626) | |||||||||
Accounts receivable - related party | 868 | (768) | (188) | |||||||||
Inventories | (835) | (2,415) | (364) | |||||||||
Spare part inventories | (4,639) | (4,239) | (617) | |||||||||
Prepaid expenses and other current assets | (9,959) | (2,030) | (1,175) | |||||||||
Other long-term assets | (1,450) | (6,549) | (596) | |||||||||
Accounts payable | 5,198 | 7,881 | 5,744 | |||||||||
Accounts payable - related parties | 123 | (464) | 480 | |||||||||
Deferred revenue | — | (2,000) | 2,000 | |||||||||
Accrued liabilities and other liabilities | 1,575 | 13,017 | 3,720 | |||||||||
Net cash provided by operating activities | 299,027 | 206,012 | 21,356 | |||||||||
Investing activities: | ||||||||||||
Purchases of property, plant and equipment | (365,486) | (89,592) | (19,371) | |||||||||
Net cash used in investing activities | (365,486) | (89,592) | (19,371) | |||||||||
Financing Activities: | ||||||||||||
Proceeds from equity issuances | — | — | 12,613 | |||||||||
Net proceeds from IPO | 303,426 | — | — | |||||||||
Payment of offering costs | (6,020) | — | — | |||||||||
Member distributions prior to IPO | (15,000) | (45,024) | (10,000) | |||||||||
Proceeds from term loan borrowings | — | — | 178,200 | |||||||||
Principal payments on term loan borrowings | (16,573) | (28,544) | (172,872) | |||||||||
Prepayment fee on 2021 Term Loan Credit Facility | (2,649) | — | — | |||||||||
Debt extinguishment cost | — | — | (4,514) | |||||||||
Issuance costs associated with debt financing | (4,397) | (233) | (660) | |||||||||
Payments under finance and capital leases | (2,001) | (1,010) | (423) | |||||||||
Dividends and distributions | (62,163) | — | — | |||||||||
Net cash provided by (used in) financing activities | 194,623 | (74,811) | 2,344 | |||||||||
Net increase in cash and cash equivalents | 128,164 | 41,609 | 4,329 | |||||||||
Cash and cash equivalents, beginning of period | 82,010 | 40,401 | 36,072 | |||||||||
Cash and cash equivalents, end of period | $ | 210,174 | $ | 82,010 | $ | 40,401 | ||||||
Supplemental cash flow information | ||||||||||||
Cash paid during the period for: | ||||||||||||
Interest | $ | 15,210 | $ | 14,904 | $ | 19,155 | ||||||
Taxes | $ | 11,403 | $ | 468 | $ | 14 | ||||||
Supplemental disclosure of non-cash investing activities: | ||||||||||||
Property, plant and equipment in accounts payable and accrued liabilities | $ | 44,381 | $ | 23,298 | $ | 2,551 | ||||||
Asset retirement obligations incurred | $ | 1,374 | $ | — | $ | — | ||||||
Redeemable noncontrolling interest cumulative adjustment to redemption value | $ | 185,412 | $ | — | $ | — | ||||||
Finance lease assets acquired through debt | $ | 39,454 | $ | — | $ | — | ||||||
Finance lease liabilities converted to debt | $ | 42,795 | $ | — | $ | — |
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