10-Q Filing

W&T OFFSHORE INC CIK: 1288403 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001437749-21-011071`
Period End Date	20210331
Filing Date	20210506
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	wti20210331_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 32 Cash Flow Statement 56 Stockholders Equity 13

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`	$53.36M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$43.73M	USD	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
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Oil and natural gas sales	`AccountsReceivableNetCurrent`	$49.93M	USD	Point-in-time
Oil and natural gas sales	`AccountsReceivableNetCurrent`	$38.83M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Joint interest, net	`OilAndGasJointInterestBillingReceivablesCurrent`	$15.23M	USD	Point-in-time
Joint interest, net	`OilAndGasJointInterestBillingReceivablesCurrent`	$10.84M	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
Total receivables	`ReceivablesNetCurrent`	$49.67M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	145.17M	shares	Point-in-time
Total receivables	`ReceivablesNetCurrent`	$65.17M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	145.17M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	142.31M	shares	Point-in-time
Prepaid expenses and other assets (Note 1)	`PrepaidExpenseAndOtherAssetsCurrent`	$15.35M	USD	Point-in-time
Prepaid expenses and other assets (Note 1)	`PrepaidExpenseAndOtherAssetsCurrent`	$13.83M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	142.31M	shares	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockShares`	2.87M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$107.23M	USD	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockShares`	2.87M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$133.87M	USD	Point-in-time
Oil and natural gas properties and other, net at cost: (Note 1)	`PropertyPlantAndEquipmentNet`	$668.97M	USD	Point-in-time
Oil and natural gas properties and other, net at cost: (Note 1)	`PropertyPlantAndEquipmentNet`	$686.88M	USD	Point-in-time
Restricted deposits for asset retirement obligations	`RestrictedCashAndInvestmentsNoncurrent`	$29.70M	USD	Point-in-time
Restricted deposits for asset retirement obligations	`RestrictedCashAndInvestmentsNoncurrent`	$29.68M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$94.53M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$94.33M	USD	Point-in-time
Other assets (Note 1)	`OtherAssetsNoncurrent`	$22.47M	USD	Point-in-time
Other assets (Note 1)	`OtherAssetsNoncurrent`	$22.61M	USD	Point-in-time
Total assets	`Assets`	$940.58M	USD	Point-in-time
Total assets	`Assets`	$949.69M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$48.61M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$43.71M	USD	Point-in-time
Undistributed oil and natural gas proceeds	`OilAndGasSalesPayableCurrent`	$25.34M	USD	Point-in-time
Undistributed oil and natural gas proceeds	`OilAndGasSalesPayableCurrent`	$19.17M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationCurrent`	$26.40M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationCurrent`	$17.19M	USD	Point-in-time
Accrued liabilities (Note 1)	`AccruedLiabilitiesCurrent`	$29.88M	USD	Point-in-time
Accrued liabilities (Note 1)	`AccruedLiabilitiesCurrent`	$64.42M	USD	Point-in-time
Income tax payable	`TaxesPayableCurrent`	$153.00K	USD	Point-in-time
Income tax payable	`TaxesPayableCurrent`	$153.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$115.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$160.03M	USD	Point-in-time
Principal	`DebtInstrumentCarryingAmount`	$600.46M	USD	Point-in-time
Principal	`DebtInstrumentCarryingAmount`	$632.46M	USD	Point-in-time
Unamortized debt issuance costs	`DeferredFinanceCostsNoncurrentNet`	$6.62M	USD	Point-in-time
Unamortized debt issuance costs	`DeferredFinanceCostsNoncurrentNet`	$7.17M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$625.29M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$593.84M	USD	Point-in-time
Asset retirement obligations, less current portion	`AssetRetirementObligationsNoncurrent`	$372.50M	USD	Point-in-time
Asset retirement obligations, less current portion	`AssetRetirementObligationsNoncurrent`	$375.52M	USD	Point-in-time
Other liabilities (Note 1)	`OtherLiabilitiesNoncurrent`	$31.78M	USD	Point-in-time
Other liabilities (Note 1)	`OtherLiabilitiesNoncurrent`	$32.94M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$128.00K	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$128.00K	USD	Point-in-time
Commitments and contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.00001 par value; 20,000 shares authorized; 0 issued at March 31, 2021 and December 31, 2020	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.00001 par value; 20,000 shares authorized; 0 issued at March 31, 2021 and December 31, 2020	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.00001 par value; 200,000 shares authorized; 145,174 issued and 142,305 outstanding at March 31, 2021 and at December 31, 2020	`CommonStockValue`	$1.00K	USD	Point-in-time
Common stock, $0.00001 par value; 200,000 shares authorized; 145,174 issued and 142,305 outstanding at March 31, 2021 and at December 31, 2020	`CommonStockValue`	$1.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$550.79M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$550.34M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-735.21M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-734.46M	USD	Point-in-time
Treasury stock, at cost; 2,869 shares at March 31, 2021 and December 31, 2020	`TreasuryStockValue`	$24.17M	USD	Point-in-time
Treasury stock, at cost; 2,869 shares at March 31, 2021 and December 31, 2020	`TreasuryStockValue`	$24.17M	USD	Point-in-time
Total shareholders deficit	`StockholdersEquity`	$-182.34M	USD	Point-in-time
Total shareholders deficit	`StockholdersEquity`	$-208.29M	USD	Point-in-time
Total shareholders deficit	`StockholdersEquity`	$-249.37M	USD	Point-in-time
Total shareholders deficit	`StockholdersEquity`	$-208.58M	USD	Point-in-time
Total liabilities and shareholders deficit	`LiabilitiesAndStockholdersEquity`	$940.58M	USD	Point-in-time
Total liabilities and shareholders deficit	`LiabilitiesAndStockholdersEquity`	$949.69M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$125.65M	USD	1 Quarter
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$124.13M	USD	1 Quarter
Lease operating expenses	`OperatingLeaseExpense`	$54.77M	USD	1 Quarter
Lease operating expenses	`OperatingLeaseExpense`	$42.36M	USD	1 Quarter
Production taxes	`ProductionTaxExpense`	$2.00M	USD	1 Quarter
Production taxes	`ProductionTaxExpense`	$916.00K	USD	1 Quarter
Gathering and transportation	`ResultsOfOperationsTransportationCosts`	$4.32M	USD	1 Quarter
Gathering and transportation	`ResultsOfOperationsTransportationCosts`	$5.45M	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationDepletionAndAmortization`	$26.64M	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`	$10.71M	USD	1 Quarter
Derivative loss (gain)	`GainLossOnDerivativeInstrumentsNetPretax`	$61.91M	USD	1 Quarter
Derivative loss (gain)	`GainLossOnDerivativeInstrumentsNetPretax`	$-24.58M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$52.32M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$110.60M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$15.05M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$71.81M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$17.11M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$15.03M	USD	1 Quarter
Gain on debt transactions	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Gain on debt transactions	`GainsLossesOnExtinguishmentOfDebt`	$18.50M	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-723.00K	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-963.00K	USD	1 Quarter
(Loss) income before income tax (benefit) expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$72.48M	USD	1 Quarter
(Loss) income before income tax (benefit) expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-949.00K	USD	1 Quarter
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$-203.00K	USD	1 Quarter
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$6.50M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$65.98M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-746.00K	USD	1 Quarter
Basic and diluted (loss) earnings per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Basic and diluted (loss) earnings 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 (loss) income	`NetIncomeLoss`	$65.98M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-746.00K	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$26.64M	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$39.13M	USD	1 Quarter
Amortization of debt items and other items	`AmortizationOfFinancingCostsAndDiscounts`	$2.02M	USD	1 Quarter
Amortization of debt items and other items	`AmortizationOfFinancingCostsAndDiscounts`	$1.62M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$454.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$1.05M	USD	1 Quarter
Derivative loss (gain)	`GainLossOnDerivativeInstrumentsNetPretax`	$61.91M	USD	1 Quarter
Derivative loss (gain)	`GainLossOnDerivativeInstrumentsNetPretax`	$-24.58M	USD	1 Quarter
Derivative cash (payments) receipts, net	`ProceedsFromPaymentsForDerivativeInstrumentOperatingActivities`	$4.40M	USD	1 Quarter
Derivative cash (payments) receipts, net	`ProceedsFromPaymentsForDerivativeInstrumentOperatingActivities`	$-4.60M	USD	1 Quarter
Gain on debt transactions	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Gain on debt transactions	`GainsLossesOnExtinguishmentOfDebt`	$18.50M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-203.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$6.50M	USD	1 Quarter
Oil and natural gas receivables	`IncreaseDecreaseInAccountsReceivable`	$11.10M	USD	1 Quarter
Oil and natural gas receivables	`IncreaseDecreaseInAccountsReceivable`	$-21.95M	USD	1 Quarter
Joint interest receivables	`IncreaseDecreaseInJointInterestReceivables`	$4.39M	USD	1 Quarter
Joint interest receivables	`IncreaseDecreaseInJointInterestReceivables`	$-7.12M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$7.58M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-11.01M	USD	1 Quarter
Asset retirement obligation settlements	`AssetRetirementObligationCashPaidToSettle`	$249.00K	USD	1 Quarter
Asset retirement obligation settlements	`AssetRetirementObligationCashPaidToSettle`	$962.00K	USD	1 Quarter
Cash advances from JV partners	`IncreaseDecreaseInCashAdvancesFromJointVenturePartners`	$-1.02M	USD	1 Quarter
Cash advances from JV partners	`IncreaseDecreaseInCashAdvancesFromJointVenturePartners`	$13.01M	USD	1 Quarter
Accounts payable, accrued liabilities and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$21.88M	USD	1 Quarter
Accounts payable, accrued liabilities and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-6.79M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$44.96M	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`	$1.57M	USD	1 Quarter
Investment in oil and natural gas properties and equipment	`PaymentsToExploreAndDevelopOilAndGasProperties`	$9.54M	USD	1 Quarter
Changes in operating assets and liabilities associated with investing activities	`PaymentsForProceedsFromOtherInvestingActivities`	$24.03M	USD	1 Quarter
Changes in operating assets and liabilities associated with investing activities	`PaymentsForProceedsFromOtherInvestingActivities`	$1.76M	USD	1 Quarter
Acquisition of property interests	`PaymentsToAcquireOilAndGasPropertyAndEquipment`	$2.00M	USD	1 Quarter
Acquisition of property interests	`PaymentsToAcquireOilAndGasPropertyAndEquipment`	-	USD	1 Quarter
Purchases of furniture, fixtures and other	`PaymentsToAcquireProceedsFromFurnitureAndFixtures`	$70.00K	USD	1 Quarter
Purchases of furniture, fixtures and other	`PaymentsToAcquireProceedsFromFurnitureAndFixtures`	$-2.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.33M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-35.65M	USD	1 Quarter
Repayments on credit facility	`RepaymentsOfLongTermLinesOfCredit`	$32.00M	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
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-32.00M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-33.54M	USD	1 Quarter
Increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$9.63M	USD	1 Quarter
Increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$15.14M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$43.73M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$53.36M	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`	$47.57M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$43.73M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$53.36M	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`	$47.57M	USD	Point-in-time

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Balances	`StockholdersEquity`	$-182.34M	USD	Point-in-time
Balances	`StockholdersEquity`	$-208.29M	USD	Point-in-time
Balances	`StockholdersEquity`	$-249.37M	USD	Point-in-time
Balances	`StockholdersEquity`	$-208.58M	USD	Point-in-time
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalOther`	$1.05M	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalOther`	$454.00K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$65.98M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-746.00K	USD	1 Quarter
Stock Issued	`StockIssuedDuringPeriodValueNewIssues`	-	USD	1 Quarter
Balances	`StockholdersEquity`	$-182.34M	USD	Point-in-time
Balances	`StockholdersEquity`	$-208.29M	USD	Point-in-time
Balances	`StockholdersEquity`	$-249.37M	USD	Point-in-time
Balances	`StockholdersEquity`	$-208.58M	USD	Point-in-time

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