10-Q Filing

W&T OFFSHORE INC CIK: 1288403 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001437749-20-013623`
Period End Date	20200331
Filing Date	20200623
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	wti-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 32 Cash Flow Statement 56 Stockholders Equity 12

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$47.57M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$32.43M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Oil and natural gas sales	`AccountsReceivableNetCurrent`	$57.37M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Oil and natural gas sales	`AccountsReceivableNetCurrent`	$35.41M	USD	Point-in-time
Joint interest and other, net	`OilAndGasJointInterestBillingReceivablesCurrent`	$19.40M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Joint interest and other, net	`OilAndGasJointInterestBillingReceivablesCurrent`	$12.28M	USD	Point-in-time
Income taxes	`IncomeTaxesReceivable`	$1.86M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	141.67M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	144.54M	shares	Point-in-time
Income taxes	`IncomeTaxesReceivable`	$1.86M	USD	Point-in-time
Total receivables	`ReceivablesNetCurrent`	$49.55M	USD	Point-in-time
Total receivables	`ReceivablesNetCurrent`	$78.63M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	141.67M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	144.54M	shares	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockShares`	2.87M	shares	Point-in-time
Prepaid expenses and other assets (Note 1)	`PrepaidExpenseAndOtherAssetsCurrent`	$78.66M	USD	Point-in-time
Prepaid expenses and other assets (Note 1)	`PrepaidExpenseAndOtherAssetsCurrent`	$30.69M	USD	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockShares`	2.87M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$141.75M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$175.78M	USD	Point-in-time
Oil and natural gas properties and other, net - at cost (Note 1)	`PropertyPlantAndEquipmentNet`	$730.04M	USD	Point-in-time
Oil and natural gas properties and other, net - at cost (Note 1)	`PropertyPlantAndEquipmentNet`	$748.80M	USD	Point-in-time
Restricted deposits for asset retirement obligations	`RestrictedCashAndInvestmentsNoncurrent`	$15.81M	USD	Point-in-time
Restricted deposits for asset retirement obligations	`RestrictedCashAndInvestmentsNoncurrent`	$15.57M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$57.42M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$63.92M	USD	Point-in-time
Other assets (Note 1)	`OtherAssetsNoncurrent`	$30.08M	USD	Point-in-time
Other assets (Note 1)	`OtherAssetsNoncurrent`	$33.45M	USD	Point-in-time
Total assets	`Assets`	$1.00B	USD	Point-in-time
Total assets	`Assets`	$1.01B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$102.34M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$61.73M	USD	Point-in-time
Undistributed oil and natural gas proceeds	`OilAndGasSalesPayableCurrent`	$28.18M	USD	Point-in-time
Undistributed oil and natural gas proceeds	`OilAndGasSalesPayableCurrent`	$29.45M	USD	Point-in-time
Advances from joint interest partners	`AdvancesFromJointInterestPartnersCurrent`	$5.28M	USD	Point-in-time
Advances from joint interest partners	`AdvancesFromJointInterestPartnersCurrent`	$18.29M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationCurrent`	$21.99M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationCurrent`	$2.80M	USD	Point-in-time
Accrued liabilities (Note 1)	`AccruedLiabilitiesCurrent`	$30.90M	USD	Point-in-time
Accrued liabilities (Note 1)	`AccruedLiabilitiesCurrent`	$34.43M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$145.42M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$189.96M	USD	Point-in-time
Principal	`DebtInstrumentCarryingAmount`	$677.52M	USD	Point-in-time
Principal	`DebtInstrumentCarryingAmount`	$730.00M	USD	Point-in-time
Carrying value adjustments	`DeferredFinanceCostsNoncurrentNet`	$10.47M	USD	Point-in-time
Carrying value adjustments	`DeferredFinanceCostsNoncurrentNet`	$9.47M	USD	Point-in-time
Long term debt - carrying value	`LongTermDebtNoncurrent`	$668.06M	USD	Point-in-time
Long term debt - carrying value	`LongTermDebtNoncurrent`	$719.53M	USD	Point-in-time
Asset retirement obligations, less current portion	`AssetRetirementObligationsNoncurrent`	$333.60M	USD	Point-in-time
Asset retirement obligations, less current portion	`AssetRetirementObligationsNoncurrent`	$361.30M	USD	Point-in-time
Other liabilities (Note 1)	`OtherLiabilitiesNoncurrent`	$9.99M	USD	Point-in-time
Other liabilities (Note 1)	`OtherLiabilitiesNoncurrent`	$16.46M	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 shares authorized; 0 issued for both dates presented	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.00001 par value; 20,000 shares authorized; 0 issued for both dates presented	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.00001 par value; 200,000 shares authorized; 144,538 issued and 141,669 outstanding for both dates presented	`CommonStockValue`	$1.00K	USD	Point-in-time
Common stock, $0.00001 par value; 200,000 shares authorized; 144,538 issued and 141,669 outstanding for both dates presented	`CommonStockValue`	$1.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$548.10M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$547.05M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-706.27M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-772.25M	USD	Point-in-time
Treasury stock, at cost; 2,869 shares for both dates presented	`TreasuryStockValue`	$24.17M	USD	Point-in-time
Treasury stock, at cost; 2,869 shares for both dates presented	`TreasuryStockValue`	$24.17M	USD	Point-in-time
Total shareholders deficit	`StockholdersEquity`	$-324.80M	USD	Point-in-time
Total shareholders deficit	`StockholdersEquity`	$-182.34M	USD	Point-in-time
Total shareholders deficit	`StockholdersEquity`	$-249.37M	USD	Point-in-time
Total shareholders deficit	`StockholdersEquity`	$-372.63M	USD	Point-in-time
Total liabilities and shareholders deficit	`LiabilitiesAndStockholdersEquity`	$1.00B	USD	Point-in-time
Total liabilities and shareholders deficit	`LiabilitiesAndStockholdersEquity`	$1.01B	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$124.13M	USD	1 Quarter
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$116.08M	USD	1 Quarter
Lease operating expenses	`OperatingLeaseExpense`	$43.46M	USD	1 Quarter
Lease operating expenses	`OperatingLeaseExpense`	$54.77M	USD	1 Quarter
Production taxes	`ProductionTaxExpense`	$916.00K	USD	1 Quarter
Production taxes	`ProductionTaxExpense`	$416.00K	USD	1 Quarter
Gathering and transportation	`ResultsOfOperationsTransportationCosts`	$5.45M	USD	1 Quarter
Gathering and transportation	`ResultsOfOperationsTransportationCosts`	$6.42M	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationDepletionAndAmortization`	$33.77M	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationDepletionAndAmortization`	$39.13M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$13.96M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$14.11M	USD	1 Quarter
Derivative (gain) loss	`GainLossOnDerivativeInstrumentsNetPretax`	$-48.89M	USD	1 Quarter
Derivative (gain) loss	`GainLossOnDerivativeInstrumentsNetPretax`	$61.91M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$52.32M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$147.06M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-30.98M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$71.81M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$16.28M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$17.11M	USD	1 Quarter
Gain on purchase of debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Gain on purchase of debt	`GainsLossesOnExtinguishmentOfDebt`	$18.50M	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-723.00K	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-331.00K	USD	1 Quarter
Income (loss) before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-47.59M	USD	1 Quarter
Income (loss) before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$72.48M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$172.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$6.50M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-47.76M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$65.98M	USD	1 Quarter
Basic and diluted earnings (loss) per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.34	USD	1 Quarter
Basic and diluted earnings (loss) per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.46	USD	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-47.76M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$65.98M	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$33.77M	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$39.13M	USD	1 Quarter
Amortization of debt items and other items	`AmortizationOfFinancingCostsAndDiscounts`	$1.15M	USD	1 Quarter
Amortization of debt items and other items	`AmortizationOfFinancingCostsAndDiscounts`	$1.62M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$-78.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$1.05M	USD	1 Quarter
Derivative (gain) loss	`GainLossOnDerivativeInstrumentsNetPretax`	$-48.89M	USD	1 Quarter
Derivative (gain) loss	`GainLossOnDerivativeInstrumentsNetPretax`	$61.91M	USD	1 Quarter
Cash receipts on derivative settlements, net	`ProceedsFromPaymentsForDerivativeInstrumentOperatingActivities`	$11.95M	USD	1 Quarter
Cash receipts on derivative settlements, net	`ProceedsFromPaymentsForDerivativeInstrumentOperatingActivities`	$4.40M	USD	1 Quarter
Gain on purchase of debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Gain on purchase of debt	`GainsLossesOnExtinguishmentOfDebt`	$18.50M	USD	1 Quarter
Deferred Income taxes	`DeferredIncomeTaxExpenseBenefit`	$6.50M	USD	1 Quarter
Deferred Income taxes	`DeferredIncomeTaxExpenseBenefit`	$172.00K	USD	1 Quarter
Oil and natural gas receivables	`IncreaseDecreaseInAccountsReceivable`	$-6.50M	USD	1 Quarter
Oil and natural gas receivables	`IncreaseDecreaseInAccountsReceivable`	$-21.95M	USD	1 Quarter
Joint interest receivables	`IncreaseDecreaseInJointInterestReceivables`	$2.99M	USD	1 Quarter
Joint interest receivables	`IncreaseDecreaseInJointInterestReceivables`	$-7.12M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-11.01M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$4.27M	USD	1 Quarter
Asset retirement obligation settlements	`AssetRetirementObligationCashPaidToSettle`	$254.00K	USD	1 Quarter
Asset retirement obligation settlements	`AssetRetirementObligationCashPaidToSettle`	$249.00K	USD	1 Quarter
Cash advances from JV partners	`IncreaseDecreaseInCashAdvancesFromJointVenturePartners`	$44.64M	USD	1 Quarter
Cash advances from JV partners	`IncreaseDecreaseInCashAdvancesFromJointVenturePartners`	$13.01M	USD	1 Quarter
Accounts payable, accrued liabilities and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-6.87M	USD	1 Quarter
Accounts payable, accrued liabilities and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-6.79M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$84.84M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$84.32M	USD	1 Quarter
Investment in oil and natural gas properties and equipment	`PaymentsToExploreAndDevelopOilAndGasProperties`	$33.58M	USD	1 Quarter
Investment in oil and natural gas properties and equipment	`PaymentsToExploreAndDevelopOilAndGasProperties`	$31.58M	USD	1 Quarter
Acquisition of property interest	`PaymentsToAcquireOilAndGasPropertyAndEquipment`	-	USD	1 Quarter
Acquisition of property interest	`PaymentsToAcquireOilAndGasPropertyAndEquipment`	$2.00M	USD	1 Quarter
Purchases of furniture, fixtures and other	`PaymentsToAcquireFurnitureAndFixtures`	$70.00K	USD	1 Quarter
Purchases of furniture, fixtures and other	`PaymentsToAcquireFurnitureAndFixtures`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-35.65M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-31.58M	USD	1 Quarter
Repayments on credit facility	`RepaymentsOfLongTermLinesOfCredit`	-	USD	1 Quarter
Repayments on credit facility	`RepaymentsOfLongTermLinesOfCredit`	$25.00M	USD	1 Quarter
Purchase of Senior Second Lien Notes	`RepaymentsOfSeniorDebt`	-	USD	1 Quarter
Purchase of Senior Second Lien Notes	`RepaymentsOfSeniorDebt`	$8.54M	USD	1 Quarter
Debt issuance costs and other	`PaymentsOfDebtIssuanceCosts`	-	USD	1 Quarter
Debt issuance costs and other	`PaymentsOfDebtIssuanceCosts`	$441.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-33.54M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-441.00K	USD	1 Quarter
Increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$15.14M	USD	1 Quarter
Increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$52.82M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$47.57M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$33.29M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$32.43M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$86.12M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$47.57M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$33.29M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$32.43M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$86.12M	USD	Point-in-time

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Balances	`StockholdersEquity`	$-324.80M	USD	Point-in-time
Balances	`StockholdersEquity`	$-182.34M	USD	Point-in-time
Balances	`StockholdersEquity`	$-249.37M	USD	Point-in-time
Balances	`StockholdersEquity`	$-372.63M	USD	Point-in-time
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalOther`	$-78.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-47.76M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$65.98M	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.05M	USD	1 Quarter
Balances	`StockholdersEquity`	$-324.80M	USD	Point-in-time
Balances	`StockholdersEquity`	$-182.34M	USD	Point-in-time
Balances	`StockholdersEquity`	$-249.37M	USD	Point-in-time
Balances	`StockholdersEquity`	$-372.63M	USD	Point-in-time

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