10-Q Filing

W&T OFFSHORE INC CIK: 1288403 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001558370-22-007085`
Period End Date	20220331
Filing Date	20220504
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	wti-20220331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 82 Income Statement 36 Cash Flow Statement 53 Stockholders Equity 14

Balance Sheet 82 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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$245.80M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$215.47M	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
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$4.42M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$4.42M	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`	$92.69M	USD	Point-in-time
Oil and natural gas sales	`AccountsReceivableNetCurrent`	$54.92M	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
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	145.88M	shares	Point-in-time
Joint interest, net	`OilAndGasJointInterestBillingReceivablesCurrent`	$9.74M	USD	Point-in-time
Joint interest, net	`OilAndGasJointInterestBillingReceivablesCurrent`	$14.22M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	145.73M	shares	Point-in-time
Total receivables	`ReceivablesNetCurrent`	$64.66M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	142.86M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	143.01M	shares	Point-in-time
Total receivables	`ReceivablesNetCurrent`	$106.91M	USD	Point-in-time
Prepaid expenses and other assets (Note 1)	`PrepaidExpenseAndOtherAssetsCurrent`	$103.06M	USD	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockShares`	2.87M	shares	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockShares`	2.87M	shares	Point-in-time
Prepaid expenses and other assets (Note 1)	`PrepaidExpenseAndOtherAssetsCurrent`	$43.38M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$358.26M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$429.87M	USD	Point-in-time
Oil and natural gas properties and other, net (Note 1)	`PropertyPlantAndEquipmentNet`	$665.25M	USD	Point-in-time
Oil and natural gas properties and other, net (Note 1)	`PropertyPlantAndEquipmentNet`	$731.69M	USD	Point-in-time
Restricted deposits for asset retirement obligations	`RestrictedCashAndInvestmentsNoncurrent`	$21.96M	USD	Point-in-time
Restricted deposits for asset retirement obligations	`RestrictedCashAndInvestmentsNoncurrent`	$16.02M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$102.50M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$103.24M	USD	Point-in-time
Other assets (Note 1)	`OtherAssetsNoncurrent`	$51.17M	USD	Point-in-time
Other assets (Note 1)	`OtherAssetsNoncurrent`	$63.39M	USD	Point-in-time
Total assets	`Assets`	$1.35B	USD	Point-in-time
Total assets	`Assets`	$1.19B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$67.41M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$69.19M	USD	Point-in-time
Undistributed oil and natural gas proceeds	`OilAndGasSalesPayableCurrent`	$36.24M	USD	Point-in-time
Undistributed oil and natural gas proceeds	`OilAndGasSalesPayableCurrent`	$33.58M	USD	Point-in-time
Advances from joint interest partners	`AdvancesFromJointInterestPartnersCurrent`	$6.52M	USD	Point-in-time
Advances from joint interest partners	`AdvancesFromJointInterestPartnersCurrent`	$15.07M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationCurrent`	$56.42M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationCurrent`	$67.27M	USD	Point-in-time
Accrued liabilities (Note 1)	`AccruedLiabilitiesCurrent`	$209.84M	USD	Point-in-time
Accrued liabilities (Note 1)	`AccruedLiabilitiesCurrent`	$106.14M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$39.88M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$42.96M	USD	Point-in-time
Income tax payable	`TaxesPayableCurrent`	$177.00K	USD	Point-in-time
Income tax payable	`TaxesPayableCurrent`	$133.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$426.47M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$324.38M	USD	Point-in-time
Long-term debt, net (Note 2)	`LongTermDebtNoncurrent`	$687.94M	USD	Point-in-time
Long-term debt, net (Note 2)	`LongTermDebtNoncurrent`	$680.44M	USD	Point-in-time
Asset retirement obligations, less current portion	`AssetRetirementObligationsNoncurrent`	$368.08M	USD	Point-in-time
Asset retirement obligations, less current portion	`AssetRetirementObligationsNoncurrent`	$407.68M	USD	Point-in-time
Other liabilities (Note 1)	`OtherLiabilitiesNoncurrent`	$80.34M	USD	Point-in-time
Other liabilities (Note 1)	`OtherLiabilitiesNoncurrent`	$55.39M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$113.00K	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$113.00K	USD	Point-in-time
Commitments and contingencies (Note 12)	`CommitmentsAndContingencies`	$4.50M	USD	Point-in-time
Commitments and contingencies (Note 12)	`CommitmentsAndContingencies`	$4.50M	USD	Point-in-time
Preferred stock, $0.00001 par value; 20,000 shares authorized; none issued at March 31, 2022 and December 31, 2021	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.00001 par value; 20,000 shares authorized; none issued at March 31, 2022 and December 31, 2021	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.00001 par value; 200,000 shares authorized; 145,881 issued and 143,012 outstanding at March 31, 2022; 145,732 issued and 142,863 outstanding at December 31, 2021	`CommonStockValue`	$1.00K	USD	Point-in-time
Common stock, $0.00001 par value; 200,000 shares authorized; 145,881 issued and 143,012 outstanding at March 31, 2022; 145,732 issued and 142,863 outstanding at December 31, 2021	`CommonStockValue`	$1.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$553.17M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$552.92M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-778.39M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-775.94M	USD	Point-in-time
Treasury stock, at cost; 2,869 shares at March 31, 2022 and December 31, 2021	`TreasuryStockValue`	$24.17M	USD	Point-in-time
Treasury stock, at cost; 2,869 shares at March 31, 2022 and December 31, 2021	`TreasuryStockValue`	$24.17M	USD	Point-in-time
Total shareholders' deficit	`StockholdersEquity`	$-247.18M	USD	Point-in-time
Total shareholders' deficit	`StockholdersEquity`	$-249.38M	USD	Point-in-time
Total shareholders' deficit	`StockholdersEquity`	$-208.29M	USD	Point-in-time
Total shareholders' deficit	`StockholdersEquity`	$-208.58M	USD	Point-in-time
Total liabilities and shareholders' deficit	`LiabilitiesAndStockholdersEquity`	$1.19B	USD	Point-in-time
Total liabilities and shareholders' deficit	`LiabilitiesAndStockholdersEquity`	$1.35B	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$191.00M	USD	1 Quarter
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$125.65M	USD	1 Quarter
Lease operating expenses	`OperatingLeaseExpense`	$43.41M	USD	1 Quarter
Lease operating expenses	`OperatingLeaseExpense`	$42.36M	USD	1 Quarter
Gathering, transportation and production taxes	`ResultsOfOperationsTransportationCosts`	$6.32M	USD	1 Quarter
Gathering, transportation and production taxes	`ResultsOfOperationsTransportationCosts`	$5.27M	USD	1 Quarter
Depreciation, depletion, and amortization	`DepreciationDepletionAndAmortization`	$20.77M	USD	1 Quarter
Depreciation, depletion, and amortization	`DepreciationDepletionAndAmortization`	$24.68M	USD	1 Quarter
Asset retirement obligations accretion	`AssetRetirementObligationAccretionExpense`	$6.24M	USD	1 Quarter
Asset retirement obligations accretion	`AssetRetirementObligationAccretionExpense`	$5.87M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$13.78M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$10.71M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$93.36M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$86.02M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$39.63M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$97.64M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$19.88M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$15.03M	USD	1 Quarter
Derivative loss	`GainLossOnDerivativeInstrumentsNetPretax`	$-80.00M	USD	1 Quarter
Derivative loss	`GainLossOnDerivativeInstrumentsNetPretax`	$-24.58M	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-905.00K	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-963.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.15M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-949.00K	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-203.00K	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-689.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.46M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-746.00K	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.02	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.02	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	142.15M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	142.94M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	142.94M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	142.15M	shares	1 Quarter

Cash Flow Statement 53 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-2.46M	USD	1 Quarter
Net loss	`ProfitLoss`	$-746.00K	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$30.91M	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$26.64M	USD	1 Quarter
Amortization of debt items and other items	`AmortizationOfFinancingCostsAndDiscounts`	$2.02M	USD	1 Quarter
Amortization of debt items and other items	`AmortizationOfFinancingCostsAndDiscounts`	$2.59M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$454.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$520.00K	USD	1 Quarter
Derivative loss	`GainLossOnDerivativeInstrumentsNetPretax`	$-80.00M	USD	1 Quarter
Derivative loss	`GainLossOnDerivativeInstrumentsNetPretax`	$-24.58M	USD	1 Quarter
Derivative cash payments, net	`ProceedsFromPaymentsForDerivativeInstrumentOperatingActivities`	$-4.60M	USD	1 Quarter
Derivative cash payments, net	`ProceedsFromPaymentsForDerivativeInstrumentOperatingActivities`	$-30.52M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-203.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-733.00K	USD	1 Quarter
Oil and natural gas receivables	`IncreaseDecreaseInAccountsReceivable`	$37.77M	USD	1 Quarter
Oil and natural gas receivables	`IncreaseDecreaseInAccountsReceivable`	$11.10M	USD	1 Quarter
Joint interest receivables	`IncreaseDecreaseInJointInterestReceivables`	$4.39M	USD	1 Quarter
Joint interest receivables	`IncreaseDecreaseInJointInterestReceivables`	$4.48M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$7.58M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$12.18M	USD	1 Quarter
Income tax	`IncreaseDecreaseInIncomeTaxes`	$44.00K	USD	1 Quarter
Asset retirement obligation settlements	`AssetRetirementObligationCashPaidToSettle`	$962.00K	USD	1 Quarter
Asset retirement obligation settlements	`AssetRetirementObligationCashPaidToSettle`	$5.49M	USD	1 Quarter
Cash advances from JV partners	`IncreaseDecreaseInCashAdvancesFromJointVenturePartners`	$-8.55M	USD	1 Quarter
Cash advances from JV partners	`IncreaseDecreaseInCashAdvancesFromJointVenturePartners`	$-1.02M	USD	1 Quarter
Accounts payable, accrued liabilities and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$21.88M	USD	1 Quarter
Accounts payable, accrued liabilities and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$15.65M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$27.54M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$44.96M	USD	1 Quarter
Investment in oil and natural gas properties and equipment	`PaymentsToExploreAndDevelopOilAndGasProperties`	$17.44M	USD	1 Quarter
Investment in oil and natural gas properties and equipment	`PaymentsToExploreAndDevelopOilAndGasProperties`	$1.57M	USD	1 Quarter
Changes in operating assets and liabilities associated with investing activities	`PaymentsForProceedsFromOtherInvestingActivities`	$1.76M	USD	1 Quarter
Changes in operating assets and liabilities associated with investing activities	`PaymentsForProceedsFromOtherInvestingActivities`	$-2.63M	USD	1 Quarter
Acquisition of property interests	`PaymentsToAcquireOilAndGasPropertyAndEquipment`	-	USD	1 Quarter
Acquisition of property interests	`PaymentsToAcquireOilAndGasPropertyAndEquipment`	$30.15M	USD	1 Quarter
Purchases of furniture, fixtures and other	`PurchasesOfFurnitureFixturesAndOther`	$-2.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.33M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-44.96M	USD	1 Quarter
Repayments on credit facility	`RepaymentsOfLongTermLinesOfCredit`	$32.00M	USD	1 Quarter
Repayments on Term Loan	`RepaymentsOfSecuredDebt`	$12.63M	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$269.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-32.00M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-12.90M	USD	1 Quarter
(Decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$9.63M	USD	1 Quarter
(Decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-30.32M	USD	1 Quarter
Cash and cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$53.36M	USD	Point-in-time
Cash and cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$250.22M	USD	Point-in-time
Cash and cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$43.73M	USD	Point-in-time
Cash and cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$219.89M	USD	Point-in-time
Cash and cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$53.36M	USD	Point-in-time
Cash and cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$250.22M	USD	Point-in-time
Cash and cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$43.73M	USD	Point-in-time
Cash and cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$219.89M	USD	Point-in-time

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Balances	`StockholdersEquity`	$-247.18M	USD	Point-in-time
Balances	`StockholdersEquity`	$-249.38M	USD	Point-in-time
Balances	`StockholdersEquity`	$-208.29M	USD	Point-in-time
Balances	`StockholdersEquity`	$-208.58M	USD	Point-in-time
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalOther`	$454.00K	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalOther`	$520.00K	USD	1 Quarter
Stock Issued	`StockIssuedDuringPeriodValueNewIssues`	-	USD	1 Quarter
RSUs surrendered for payroll taxes	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$268.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.46M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-746.00K	USD	1 Quarter
Balances	`StockholdersEquity`	$-247.18M	USD	Point-in-time
Balances	`StockholdersEquity`	$-249.38M	USD	Point-in-time
Balances	`StockholdersEquity`	$-208.29M	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.