10-Q Filing

W&T OFFSHORE INC CIK: 1288403 Q1 2012

Filing Information

Form Type	10-Q
Accession Number	`0001193125-12-221009`
Period End Date	20120331
Filing Date	20120509
Fiscal Year	2012
Fiscal Period	Q1
XBRL Instance	wti-20120331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 84 Income Statement 33 Cash Flow Statement 57 Stockholders Equity 13

Balance Sheet 84 line items

Line Item	Tag	Value	Unit	Period
Oil and natural gas properties and equipment-full cost method, amount excluded from amortization	`ValueOfPropertiesOtherThanThatAttributableToProvedReserves`	$152.08M	USD	Point-in-time
Oil and natural gas properties and equipment-full cost method, amount excluded from amortization	`ValueOfPropertiesOtherThanThatAttributableToProvedReserves`	$154.52M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.51M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.51M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$58.39M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$28.66M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	2.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	2.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Oil and natural gas sales	`AccountsReceivableNetCurrent`	$98.55M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Oil and natural gas sales	`AccountsReceivableNetCurrent`	$89.03M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Joint interest and other	`OilAndGasJointInterestBillingReceivables`	$25.80M	USD	Point-in-time
Joint interest and other	`OilAndGasJointInterestBillingReceivables`	$27.61M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	118.33M	shares	Point-in-time
Total receivables	`ReceivablesNetCurrent`	$124.35M	USD	Point-in-time
Total receivables	`ReceivablesNetCurrent`	$116.64M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	118.33M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	77.22M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$11.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$2.01M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	77.22M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	74.35M	shares	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$30.32M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	74.35M	shares	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$22.14M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$158.30M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$161.19M	USD	Point-in-time
Oil and natural gas properties and equipment (full cost method, of which $152,077 at March 31, 2012 and $154,516 at December 31, 2011 were excluded from amortization)	`OilAndGasPropertyFullCostMethodGross`	$5.96B	USD	Point-in-time
Oil and natural gas properties and equipment (full cost method, of which $152,077 at March 31, 2012 and $154,516 at December 31, 2011 were excluded from amortization)	`OilAndGasPropertyFullCostMethodGross`	$6.02B	USD	Point-in-time
Furniture, fixtures and other	`FurnitureAndFixturesGross`	$19.50M	USD	Point-in-time
Furniture, fixtures and other	`FurnitureAndFixturesGross`	$20.00M	USD	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentGross`	$5.98B	USD	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentGross`	$6.04B	USD	Point-in-time
Less accumulated depreciation, depletion and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$4.40B	USD	Point-in-time
Less accumulated depreciation, depletion and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$4.32B	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$1.66B	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$1.63B	USD	Point-in-time
Restricted deposits for asset retirement obligations	`RestrictedCashAndInvestmentsNoncurrent`	$33.46M	USD	Point-in-time
Restricted deposits for asset retirement obligations	`RestrictedCashAndInvestmentsNoncurrent`	$35.52M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$13.73M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$16.17M	USD	Point-in-time
Total assets	`Assets`	$1.87B	USD	Point-in-time
Total assets	`Assets`	$1.84B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$64.99M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$75.87M	USD	Point-in-time
Undistributed oil and natural gas proceeds	`UndistributedOilAndNaturalGasProceeds`	$35.08M	USD	Point-in-time
Undistributed oil and natural gas proceeds	`UndistributedOilAndNaturalGasProceeds`	$33.73M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationCurrent`	$138.19M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationCurrent`	$105.44M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$55.05M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$29.70M	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$313.00K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$10.39M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$287.88M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$260.87M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$717.00M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$684.00M	USD	Point-in-time
Asset retirement obligations, less current portion	`AssetRetirementObligationsNoncurrent`	$255.69M	USD	Point-in-time
Asset retirement obligations, less current portion	`AssetRetirementObligationsNoncurrent`	$263.04M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$58.88M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$70.43M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$19.59M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$4.89M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.00001 par value; 2,000,000 shares authorized; 0 issued at March 31, 2012 and December 31, 2011	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.00001 par value; 2,000,000 shares authorized; 0 issued at March 31, 2012 and December 31, 2011	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.00001 par value; 118,330,000 shares authorized; 77,220,706 issued and 74,351,533 outstanding at March 31, 2012, and December 31, 2011	`CommonStockValue`	$1.00K	USD	Point-in-time
Common stock, $0.00001 par value; 118,330,000 shares authorized; 77,220,706 issued and 74,351,533 outstanding at March 31, 2012, and December 31, 2011	`CommonStockValue`	$1.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$389.63M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$386.92M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$178.95M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$181.82M	USD	Point-in-time
Treasury stock, at cost	`TreasuryStockValue`	$24.17M	USD	Point-in-time
Treasury stock, at cost	`TreasuryStockValue`	$24.17M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$544.57M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$544.42M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$1.84B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$1.87B	USD	Point-in-time

Income Statement 33 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$210.85M	USD	1 Quarter
Revenues	`Revenues`	$235.89M	USD	1 Quarter
Lease operating expenses	`LeaseOperatingExpense`	$56.66M	USD	1 Quarter
Lease operating expenses	`LeaseOperatingExpense`	$52.41M	USD	1 Quarter
Production taxes	`ProductionTaxExpense`	$1.49M	USD	1 Quarter
Production taxes	`ProductionTaxExpense`	$288.00K	USD	1 Quarter
Gathering and transportation	`GasGatheringTransportationMarketingAndProcessingCosts`	$4.55M	USD	1 Quarter
Gathering and transportation	`GasGatheringTransportationMarketingAndProcessingCosts`	$4.22M	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationDepletionAndAmortization`	$88.49M	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationDepletionAndAmortization`	$74.09M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$29.48M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$18.13M	USD	1 Quarter
Derivative loss	`GainLossOnDerivativeInstrumentsNetPretax`	$-39.63M	USD	1 Quarter
Derivative loss	`GainLossOnDerivativeInstrumentsNetPretax`	$-23.84M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$219.97M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$173.31M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$15.91M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$37.55M	USD	1 Quarter
Incurred	`InterestExpense`	$10.13M	USD	1 Quarter
Incurred	`InterestExpense`	$13.90M	USD	1 Quarter
Capitalized	`InterestCostsCapitalized`	$-1.41M	USD	1 Quarter
Capitalized	`InterestCostsCapitalized`	$-3.19M	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$28.83M	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$5.20M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$1.98M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$10.18M	USD	1 Quarter
Net income	`NetIncomeLoss`	$18.65M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.22M	USD	1 Quarter
Basic and diluted earnings per common share	`EarningsPerShareBasicAndDiluted`	$0.04	USD	1 Quarter
Basic and diluted earnings per common share	`EarningsPerShareBasicAndDiluted`	$0.25	USD	1 Quarter
Dividends declared per common share	`CommonStockDividendsPerShareDeclared`	$0.08	USD	Point-in-time
Dividends declared per common share	`CommonStockDividendsPerShareDeclared`	$0.04	USD	1 Quarter
Dividends declared per common share	`CommonStockDividendsPerShareDeclared`	$0.08	USD	1 Quarter

Cash Flow Statement 57 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$18.65M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.22M	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$74.09M	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$88.49M	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$335.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$586.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$2.66M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$1.83M	USD	1 Quarter
Derivative loss	`GainLossOnDerivativeInstrumentsNetPretax`	$-39.63M	USD	1 Quarter
Derivative loss	`GainLossOnDerivativeInstrumentsNetPretax`	$-23.84M	USD	1 Quarter
Cash payments on derivative settlements	`CashPaymentsReceiptsOnDerivativeSettlements`	$2.22M	USD	1 Quarter
Cash payments on derivative settlements	`CashPaymentsReceiptsOnDerivativeSettlements`	$5.80M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$2.55M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$9.35M	USD	1 Quarter
Oil and natural gas receivables	`IncreaseDecreaseInAccountsReceivable`	$-9.52M	USD	1 Quarter
Oil and natural gas receivables	`IncreaseDecreaseInAccountsReceivable`	$2.44M	USD	1 Quarter
Joint interest and other receivables	`IncreaseDecreaseInOtherReceivables`	$-3.23M	USD	1 Quarter
Joint interest and other receivables	`IncreaseDecreaseInOtherReceivables`	$2.17M	USD	1 Quarter
Insurance receivables	`IncreaseDecreaseInInsuranceSettlementsReceivable`	$-9.29M	USD	1 Quarter
Insurance receivables	`IncreaseDecreaseInInsuranceSettlementsReceivable`	$-715.00K	USD	1 Quarter
Income taxes	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$-10.39M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$-18.27M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-5.06M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-3.88M	USD	1 Quarter
Asset retirement obligations	`IncreaseDecreaseInAssetRetirementObligations`	$-5.38M	USD	1 Quarter
Asset retirement obligations	`IncreaseDecreaseInAssetRetirementObligations`	$-17.47M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-271.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-32.62M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$915.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$65.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$72.72M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$128.16M	USD	1 Quarter
Investment in oil and natural gas properties and equipment	`PaymentsToExploreAndDevelopOilAndGasProperties`	$84.63M	USD	1 Quarter
Investment in oil and natural gas properties and equipment	`PaymentsToExploreAndDevelopOilAndGasProperties`	$39.93M	USD	1 Quarter
Purchases of furniture, fixtures and other	`PaymentsToAcquireFurnitureAndFixtures`	$500.00K	USD	1 Quarter
Purchases of furniture, fixtures and other	`PaymentsToAcquireFurnitureAndFixtures`	$80.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-85.13M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-40.01M	USD	1 Quarter
Borrowings of long-term debt	`ProceedsFromLongTermLinesOfCredit`	$10.00M	USD	1 Quarter
Borrowings of long-term debt	`ProceedsFromLongTermLinesOfCredit`	$84.00M	USD	1 Quarter
Repayments of long-term debt	`RepaymentsOfLongTermLinesOfCredit`	$10.00M	USD	1 Quarter
Repayments of long-term debt	`RepaymentsOfLongTermLinesOfCredit`	$117.00M	USD	1 Quarter
Dividends to shareholders	`PaymentsOfDividends`	$5.95M	USD	1 Quarter
Dividends to shareholders	`PaymentsOfDividends`	$2.98M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-87.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.98M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-39.03M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$29.74M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$4.00M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$4.51M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.51M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$58.39M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$28.66M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$4.51M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$8.51M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$58.39M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$28.66M	USD	Point-in-time

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Balances, value	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$544.42M	USD	Point-in-time
Balances, value	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$544.57M	USD	Point-in-time
Balances, shares	`CommonStockSharesOutstanding`	74.35M	shares	Point-in-time
Balances, shares	`CommonStockSharesOutstanding`	74.35M	shares	Point-in-time
Cash dividends	`DividendsCash`	$5.95M	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.66M	USD	1 Quarter
Other	`StockholdersEquityOther`	$-87.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$18.65M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.22M	USD	1 Quarter
Balances, value	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$544.42M	USD	Point-in-time
Balances, value	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$544.57M	USD	Point-in-time
Balances, shares	`CommonStockSharesOutstanding`	74.35M	shares	Point-in-time
Balances, shares	`CommonStockSharesOutstanding`	74.35M	shares	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.