10-Q Filing

W&T OFFSHORE INC CIK: 1288403 Q1 2013

Filing Information

Form Type	10-Q
Accession Number	`0001193125-13-206531`
Period End Date	20130331
Filing Date	20130508
Fiscal Year	2013
Fiscal Period	Q1
XBRL Instance	wti-20130331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 84 Income Statement 32 Cash Flow Statement 55 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`	$125.48M	USD	Point-in-time
Oil and natural gas properties and equipment - full cost method, amount excluded from amortization	`ValueOfPropertiesOtherThanThatAttributableToProvedReserves`	$123.50M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$12.28M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.51M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$12.24M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.51M	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Oil and natural gas sales	`AccountsReceivableNetCurrent`	$97.31M	USD	Point-in-time
Oil and natural gas sales	`AccountsReceivableNetCurrent`	$97.73M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	118.33M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	118.33M	shares	Point-in-time
Joint interest and other	`OilAndGasJointInterestBillingReceivables`	$35.68M	USD	Point-in-time
Joint interest and other	`OilAndGasJointInterestBillingReceivables`	$56.44M	USD	Point-in-time
Income taxes	`IncomeTaxReceivable`	$45.64M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	78.12M	shares	Point-in-time
Income taxes	`IncomeTaxReceivable`	$47.88M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	78.12M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	75.25M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	75.25M	shares	Point-in-time
Total receivables	`ReceivablesNetCurrent`	$202.06M	USD	Point-in-time
Total receivables	`ReceivablesNetCurrent`	$178.63M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$267.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$1.43M	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$25.55M	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$22.36M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$214.70M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$240.12M	USD	Point-in-time
Oil and natural gas properties and equipment (full cost method, of which $125,485 at March 31, 2013 and $123,503 at December 31, 2012 were excluded from amortization)	`OilAndGasPropertyFullCostMethodGross`	$6.69B	USD	Point-in-time
Oil and natural gas properties and equipment (full cost method, of which $125,485 at March 31, 2013 and $123,503 at December 31, 2012 were excluded from amortization)	`OilAndGasPropertyFullCostMethodGross`	$6.84B	USD	Point-in-time
Furniture, fixtures and other	`FurnitureAndFixturesGross`	$21.79M	USD	Point-in-time
Furniture, fixtures and other	`FurnitureAndFixturesGross`	$21.95M	USD	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentGross`	$6.86B	USD	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentGross`	$6.72B	USD	Point-in-time
Less accumulated depreciation, depletion and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$4.76B	USD	Point-in-time
Less accumulated depreciation, depletion and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$4.66B	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$2.10B	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$2.06B	USD	Point-in-time
Restricted deposits for asset retirement obligations	`RestrictedCashAndInvestmentsNoncurrent`	$29.16M	USD	Point-in-time
Restricted deposits for asset retirement obligations	`RestrictedCashAndInvestmentsNoncurrent`	$28.47M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$19.94M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$18.86M	USD	Point-in-time
Total assets	`Assets`	$2.36B	USD	Point-in-time
Total assets	`Assets`	$2.35B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$112.22M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$123.89M	USD	Point-in-time
Undistributed oil and natural gas proceeds	`OtherAccruedLiabilitiesCurrent`	$37.07M	USD	Point-in-time
Undistributed oil and natural gas proceeds	`OtherAccruedLiabilitiesCurrent`	$41.26M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationCurrent`	$92.63M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationCurrent`	$69.96M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$21.02M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$39.07M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$274.61M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$262.51M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$1.09B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$1.06B	USD	Point-in-time
Asset retirement obligations, less current portion	`AssetRetirementObligationsNoncurrent`	$291.42M	USD	Point-in-time
Asset retirement obligations, less current portion	`AssetRetirementObligationsNoncurrent`	$308.26M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$145.25M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$158.92M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$8.91M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$8.29M	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; 20,000,000 shares authorized; 0 issued at March 31, 2013 and December 31, 2012	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.00001 par value; 20,000,000 shares authorized; 0 issued at March 31, 2013 and December 31, 2012	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.00001 par value; 118,330,000 shares authorized; 78,118,803 issued and 75,249,630 outstanding at March 31, 2013, and December 31, 2012	`CommonStockValue`	$1.00K	USD	Point-in-time
Common stock, $0.00001 par value; 118,330,000 shares authorized; 78,118,803 issued and 75,249,630 outstanding at March 31, 2013, and December 31, 2012	`CommonStockValue`	$1.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$396.19M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$398.46M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$189.70M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$169.17M	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`	$541.19M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$564.00M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$2.35B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$2.36B	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$259.22M	USD	1 Quarter
Revenues	`Revenues`	$235.89M	USD	1 Quarter
Lease operating expenses	`LeaseOperatingExpense`	$59.34M	USD	1 Quarter
Lease operating expenses	`LeaseOperatingExpense`	$56.66M	USD	1 Quarter
Production taxes	`ProductionTaxExpense`	$1.49M	USD	1 Quarter
Production taxes	`ProductionTaxExpense`	$1.79M	USD	1 Quarter
Gathering and transportation	`GasGatheringTransportationMarketingAndProcessingCosts`	$4.44M	USD	1 Quarter
Gathering and transportation	`GasGatheringTransportationMarketingAndProcessingCosts`	$4.22M	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$88.49M	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$108.87M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$21.09M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$29.48M	USD	1 Quarter
Derivative loss	`GainLossOnDerivativeInstrumentsNetPretax`	$-39.63M	USD	1 Quarter
Derivative loss	`GainLossOnDerivativeInstrumentsNetPretax`	$-3.37M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$219.97M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$198.90M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$60.32M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$15.91M	USD	1 Quarter
Incurred	`InterestCostsIncurred`	$21.23M	USD	1 Quarter
Incurred	`InterestCostsIncurred`	$13.90M	USD	1 Quarter
Capitalized	`InterestCostsCapitalizedAdjustment`	$3.19M	USD	1 Quarter
Capitalized	`InterestCostsCapitalizedAdjustment`	$2.43M	USD	1 Quarter
Income (loss) before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$41.52M	USD	1 Quarter
Income (loss) before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$5.20M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$1.98M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$14.90M	USD	1 Quarter
Net income	`NetIncomeLoss`	$26.62M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.22M	USD	1 Quarter
Basic and diluted earnings per common share	`EarningsPerShareBasicAndDiluted`	$0.35	USD	1 Quarter
Basic and diluted earnings per common share	`EarningsPerShareBasicAndDiluted`	$0.04	USD	1 Quarter
Dividends declared per common share	`CommonStockDividendsPerShareDeclared`	$0.08	USD	1 Quarter
Dividends declared per common share	`CommonStockDividendsPerShareDeclared`	$0.08	USD	1 Quarter

Cash Flow Statement 55 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$26.62M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.22M	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$88.49M	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$108.87M	USD	1 Quarter
Amortization of debt issuance costs and premium	`AmortizationOfFinancingCostsAndDiscounts`	$586.00K	USD	1 Quarter
Amortization of debt issuance costs and premium	`AmortizationOfFinancingCostsAndDiscounts`	$447.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$2.25M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$2.66M	USD	1 Quarter
Derivative loss	`GainLossOnDerivativeInstrumentsNetPretax`	$-39.63M	USD	1 Quarter
Derivative loss	`GainLossOnDerivativeInstrumentsNetPretax`	$-3.37M	USD	1 Quarter
Cash payments on derivative settlements	`CashPaymentsReceiptsOnDerivativeSettlements`	$4.27M	USD	1 Quarter
Cash payments on derivative settlements	`CashPaymentsReceiptsOnDerivativeSettlements`	$5.80M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$12.51M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$2.55M	USD	1 Quarter
Oil and natural gas receivables	`IncreaseDecreaseInAccountsReceivable`	$-9.52M	USD	1 Quarter
Oil and natural gas receivables	`IncreaseDecreaseInAccountsReceivable`	$-423.00K	USD	1 Quarter
Joint interest and other receivables	`IncreaseDecreaseInOtherReceivables`	$2.17M	USD	1 Quarter
Joint interest and other receivables	`IncreaseDecreaseInOtherReceivables`	$-25.88M	USD	1 Quarter
Insurance receivables	`IncreaseDecreaseInInsuranceSettlementsReceivable`	$-715.00K	USD	1 Quarter
Income taxes	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$-10.39M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$2.37M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-3.88M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-4.91M	USD	1 Quarter
Asset retirement obligation settlements	`AssetRetirementObligationCashPaidToSettle`	$23.46M	USD	1 Quarter
Asset retirement obligation settlements	`AssetRetirementObligationCashPaidToSettle`	$5.38M	USD	1 Quarter
Accounts payable, accrued liabilities and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$9.92M	USD	1 Quarter
Accounts payable, accrued liabilities and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$644.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$128.16M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$169.83M	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`	$136.63M	USD	1 Quarter
Purchases of furniture, fixtures and other	`PaymentsToAcquireFurnitureAndFixtures`	$114.00K	USD	1 Quarter
Purchases of furniture, fixtures and other	`PaymentsToAcquireFurnitureAndFixtures`	$500.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-136.74M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-85.13M	USD	1 Quarter
Borrowings of long-term debt - revolving bank credit facility	`ProceedsFromLongTermLinesOfCredit`	$84.00M	USD	1 Quarter
Borrowings of long-term debt - revolving bank credit facility	`ProceedsFromLongTermLinesOfCredit`	$112.00M	USD	1 Quarter
Repayments of long-term debt - revolving bank credit facility	`RepaymentsOfLongTermLinesOfCredit`	$139.00M	USD	1 Quarter
Repayments of long-term debt - revolving bank credit facility	`RepaymentsOfLongTermLinesOfCredit`	$117.00M	USD	1 Quarter
Dividends to shareholders	`PaymentsOfDividends`	$5.95M	USD	1 Quarter
Dividends to shareholders	`PaymentsOfDividends`	$6.02M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-42.00K	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-87.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-39.03M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-33.06M	USD	1 Quarter
Increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$32.00K	USD	1 Quarter
Increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$4.00M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$12.28M	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`	$12.24M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$4.51M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$12.28M	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`	$12.24M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$4.51M	USD	Point-in-time

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Beginning Balances (in shares)	`CommonStockSharesOutstanding`	75.25M	shares	Point-in-time
Beginning Balances (in shares)	`CommonStockSharesOutstanding`	75.25M	shares	Point-in-time
Beginning Balances	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$541.19M	USD	Point-in-time
Beginning Balances	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$564.00M	USD	Point-in-time
Cash dividends	`DividendsCash`	$6.02M	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.25M	USD	1 Quarter
Other	`StockholdersEquityOther`	$42.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$26.62M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.22M	USD	1 Quarter
Ending Balances (in shares)	`CommonStockSharesOutstanding`	75.25M	shares	Point-in-time
Ending Balances (in shares)	`CommonStockSharesOutstanding`	75.25M	shares	Point-in-time
Ending Balances	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$541.19M	USD	Point-in-time
Ending Balances	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$564.00M	USD	Point-in-time

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