Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net loss $ (166,177) $ (49,810) $ (114,738)
Adjustments to reconcile Net loss to Net cash used in operating activities:      
Depreciation, depletion and amortization 98,426 44,357 11,481
Amortization of debt issuance costs, discounts and fees 7,111 2,424 3,102
Share-based compensation 1,537 3,633 5,950
Share-based payments 0 678 200
Interest elected to be paid-in-kind 0 0 508
Loss (gain) on financial instruments not designated as hedges 10,346 (9,073) (8,693)
Total gains or losses (realized and unrealized) included in earnings (18,594) 0 0
Loss (gain) on extinguishment of debt, net 32,295 0 (1,422)
Other 2,977 1,210 1,035
Net changes in working capital (Note 17) 20,890 (15,953) 41,017
Net cash used in operating activities (11,189) (22,534) (61,560)
Cash flows from investing activities:      
Acquisition and development of natural gas properties (113,653) (344,800) (32,364)
Driftwood Project construction costs (200,127) (175,791) (15,208)
Land purchases and land improvements 0 (23,492) (10,293)
Investment in unconsolidated entity 0 (6,089) 0
Note receivable (18,000) (6,595) 0
Capitalized internal use software and other assets (3,725) (8,804) 0
Net cash used in investing activities (335,505) (565,571) (57,865)
Cash flows from financing activities:      
Proceeds from common stock issuances 115,612 309,021 421,809
Equity issuance costs (3,489) (9,281) (13,955)
Borrowing proceeds 0 501,178 56,500
Borrowing issuance costs 0 (11,487) (2,854)
Borrowing principal repayments (166,666) 0 (119,725)
Proceeds from warrant exercise 0 0 8,177
Tax payments for net share settlements of equity awards (Note 17) 0 0 (3,064)
Other (1,854) (132) (1,926)
Net cash (used in) provided by financing activities (56,397) 789,299 344,962
Net (decrease) increase in cash, cash equivalents and restricted cash (403,091) 201,194 225,537
Cash, cash equivalents and restricted cash, beginning of period 508,468 307,274 81,737
Cash, cash equivalents and restricted cash, end of period 105,377 508,468 307,274
Supplementary disclosure of cash flow information:      
Interest paid, net of capitalized interest $ 14,203 $ 20,647 $ 4,105