Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income (loss) $ 342.7 $ (43.5) $ (118.5)
Adjustments to reconcile net income (loss) to cash provided by operating activities:      
Depreciation, depletion and amortization 267.3 140.7 150.7
Stock-based compensation 67.4    
Loss on disposal of assets, net 2.1 9.8 8.4
Non-cash loss on extinguishment of debt 10.7 0.5  
Amortization of debt issuance costs 6.7 2.2 1.9
Deferred tax expense 3.7    
Unrealized gain on investments, net (16.5)    
Other non-cash items, net 2.0 (1.3) 5.6
Changes in operating assets and liabilities:      
Accounts receivable (203.3) (89.6) 12.4
Inventories (105.1) (16.1) (3.5)
Prepaid expenses and other assets (26.4) 3.8 (1.0)
Accounts payable 42.9 31.6 (5.1)
Accrued expenses 30.1 6.1 (5.8)
Deferred revenues and other liabilities (9.1) (0.3)  
Net cash provided by operating activities 415.2 43.9 45.1
Cash flows from investing activities:      
Investment in property, plant & equipment (356.2) (87.4) (48.0)
Proceeds from sale of assets 48.3 17.5 4.7
Acquisitions, net of cash acquired (640.7) (4.3) (1.3)
Investment in preferred shares of BPC (47.2) (4.2)  
Initial investment in Flotek (10.0)    
Other investments (22.8)    
Net cash used in investing activities (1,028.6) (78.4) (44.6)
Cash flows from financing activities:      
Proceeds from issuance of long-term debt 818.9 160.3 86.4
Repayments of long-term debt (531.7) (146.9) (80.1)
Borrowings from revolving credit agreements 567.9 63.5 101.2
Repayments to revolving credit agreements (402.7) (35.5) (121.2)
Payment of debt issuance costs (38.6) (2.0) (1.0)
Member contribution 5.0    
Proceeds from issuance of common stock 329.1    
Payment of THRC related equity (72.9)    
Payment of common stock issuance costs (27.4)    
Other (1.7) (2.5) (0.6)
Net cash provided by (used in) financing activities 645.9 36.9 (15.3)
Net increase (decrease) in cash, cash equivalents, and restricted cash 32.5 2.4 (14.8)
Cash, cash equivalents, and restricted cash beginning of period 5.4 3.0 17.8
Cash, cash equivalents, and restricted cash end of period 37.9 5.4 3.0
Supplemental cash flow information:      
Cash payments for interest 35.0 23.5 21.0
Cash payments (refunds received) for income taxes 4.8 (0.2) 0.4
Non-cash investing and financing activities:      
Capital expenditures included in accounts payable $ 26.9 24.9 8.3
Acquisition of land in exchange for other current liability   30.0  
Acquisition of noncontrolling interest in exchange for other current liability   3.9  
Retirement of long-term debt by member   $ 18.0 $ 10.5