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10-Q Filing

W&T OFFSHORE INC CIK: 1288403 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0001558370-23-008908
Period End Date 20230331
Filing Date 20230510
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance wti-20230331x10q_htm.xml
Filing Contents
Balance Sheet 86 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 $177.39M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $461.36M USD Point-in-time
Preferred stock, shares authorized (in shares) PreferredStockSharesAuthorized 20.00M shares Point-in-time
Preferred stock, shares authorized (in shares) PreferredStockSharesAuthorized 20.00M shares Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsAtCarryingValue $4.42M 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
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 $66.15M USD Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 200.00M shares Point-in-time
Oil and natural gas sales AccountsReceivableNetCurrent $45.52M USD Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 200.00M shares Point-in-time
Joint interest, net OilAndGasJointInterestBillingReceivablesCurrent $17.12M USD Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 149.00M shares Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 149.33M shares Point-in-time
Joint interest, net OilAndGasJointInterestBillingReceivablesCurrent $14.00M USD Point-in-time
Total receivables ReceivablesNetCurrent $80.15M USD Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 146.13M shares Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 146.46M shares Point-in-time
Total receivables ReceivablesNetCurrent $62.64M USD Point-in-time
Treasury stock, shares (in shares) TreasuryStockCommonShares 2.87M shares Point-in-time
Prepaid expenses and other assets (Note 1) PrepaidExpenseAndOtherAssetsCurrent $22.48M USD Point-in-time
Treasury stock, shares (in shares) TreasuryStockCommonShares 2.87M shares Point-in-time
Prepaid expenses and other assets (Note 1) PrepaidExpenseAndOtherAssetsCurrent $24.34M USD Point-in-time
Total current assets AssetsCurrent $266.93M USD Point-in-time
Total current assets AssetsCurrent $570.26M USD Point-in-time
Oil and natural gas properties and other, net (Note 1) PropertyPlantAndEquipmentNet $735.22M USD Point-in-time
Oil and natural gas properties and other, net (Note 1) PropertyPlantAndEquipmentNet $724.02M USD Point-in-time
Restricted deposits for asset retirement obligations RestrictedCashAndInvestmentsNoncurrent $21.57M USD Point-in-time
Restricted deposits for asset retirement obligations RestrictedCashAndInvestmentsNoncurrent $21.48M USD Point-in-time
Deferred income taxes DeferredIncomeTaxAssetsNet $57.28M USD Point-in-time
Deferred income taxes DeferredIncomeTaxAssetsNet $52.88M USD Point-in-time
Other assets (Note 1) OtherAssetsNoncurrent $44.90M USD Point-in-time
Other assets (Note 1) OtherAssetsNoncurrent $47.55M USD Point-in-time
Total assets Assets $1.43B USD Point-in-time
Total assets Assets $1.11B USD Point-in-time
Accounts payable AccountsPayableCurrent $75.98M USD Point-in-time
Accounts payable AccountsPayableCurrent $65.16M USD Point-in-time
Undistributed oil and natural gas proceeds OilAndGasSalesPayableCurrent $31.68M USD Point-in-time
Undistributed oil and natural gas proceeds OilAndGasSalesPayableCurrent $41.93M USD Point-in-time
Advances from joint interest partners AdvancesFromJointInterestPartnersCurrent $3.16M USD Point-in-time
Advances from joint interest partners AdvancesFromJointInterestPartnersCurrent $3.18M USD Point-in-time
Asset retirement obligations AssetRetirementObligationCurrent $25.36M USD Point-in-time
Asset retirement obligations AssetRetirementObligationCurrent $9.86M USD Point-in-time
Accrued liabilities (Note 1) AccruedLiabilitiesCurrent $74.04M USD Point-in-time
Accrued liabilities (Note 1) AccruedLiabilitiesCurrent $26.21M USD Point-in-time
Current portion of long-term debt, net LongTermDebtCurrent $30.80M USD Point-in-time
Current portion of long-term debt, net LongTermDebtCurrent $582.25M USD Point-in-time
Income tax payable TaxesPayableCurrent $4.66M USD Point-in-time
Income tax payable TaxesPayableCurrent $412.00K USD Point-in-time
Total current liabilities LiabilitiesCurrent $792.33M USD Point-in-time
Total current liabilities LiabilitiesCurrent $182.35M USD Point-in-time
Principal LongTermDebtGrossNoncurrent $114.16M USD Point-in-time
Principal LongTermDebtGrossNoncurrent $381.03M USD Point-in-time
Unamortized debt issuance costs DeferredFinanceCostsNoncurrentNet $2.97M USD Point-in-time
Unamortized debt issuance costs DeferredFinanceCostsNoncurrentNet $8.55M USD Point-in-time
Long-term debt, net (Note 2) LongTermDebtNoncurrent $111.19M USD Point-in-time
Long-term debt, net (Note 2) LongTermDebtNoncurrent $372.47M USD Point-in-time
Asset retirement obligations, less current portion AssetRetirementObligationsNoncurrent $441.07M USD Point-in-time
Asset retirement obligations, less current portion AssetRetirementObligationsNoncurrent $459.35M USD Point-in-time
Other liabilities (Note 1) OtherLiabilitiesNoncurrent $42.00M USD Point-in-time
Other liabilities (Note 1) OtherLiabilitiesNoncurrent $59.13M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $72.00K USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $72.00K USD Point-in-time
Commitments and contingencies (Note 11) CommitmentsAndContingencies $19.23M USD Point-in-time
Commitments and contingencies (Note 11) CommitmentsAndContingencies $20.36M USD Point-in-time
Preferred stock, $0.00001 par value; 20,000 shares authorized; none issued at March 31, 2023 and December 31, 2022 PreferredStockValue - USD Point-in-time
Preferred stock, $0.00001 par value; 20,000 shares authorized; none issued at March 31, 2023 and December 31, 2022 PreferredStockValue - USD Point-in-time
Common stock, $0.00001 par value; 200,000 shares authorized; 149,330 issued and 146,461 outstanding at March 31, 2023; 149,002 issued and 146,133 outstanding at December 31, 2022 CommonStockValue $1.00K USD Point-in-time
Common stock, $0.00001 par value; 200,000 shares authorized; 149,330 issued and 146,461 outstanding at March 31, 2023; 149,002 issued and 146,133 outstanding at December 31, 2022 CommonStockValue $1.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $577.79M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $576.59M USD Point-in-time
Retained deficit RetainedEarningsAccumulatedDeficit $-544.79M USD Point-in-time
Retained deficit RetainedEarningsAccumulatedDeficit $-518.78M USD Point-in-time
Treasury stock, at cost; 2,869 shares at March 31, 2023 and December 31, 2022 TreasuryStockCommonValue $24.17M USD Point-in-time
Treasury stock, at cost; 2,869 shares at March 31, 2023 and December 31, 2022 TreasuryStockCommonValue $24.17M USD Point-in-time
Total shareholders' equity StockholdersEquity $7.63M USD Point-in-time
Total shareholders' equity StockholdersEquity $-249.38M USD Point-in-time
Total shareholders' equity StockholdersEquity $34.84M USD Point-in-time
Total shareholders' equity StockholdersEquity $-247.18M USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $1.11B USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $1.43B 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 $131.72M USD 1 Quarter
Lease operating expenses OperatingLeaseExpense $43.41M USD 1 Quarter
Lease operating expenses OperatingLeaseExpense $65.19M USD 1 Quarter
Gathering, transportation and production taxes ResultsOfOperationsTransportationCosts $5.27M USD 1 Quarter
Gathering, transportation and production taxes ResultsOfOperationsTransportationCosts $6.14M USD 1 Quarter
Depreciation, depletion, and amortization DepreciationDepletionAndAmortization $24.68M USD 1 Quarter
Depreciation, depletion, and amortization DepreciationDepletionAndAmortization $22.62M USD 1 Quarter
Asset retirement obligations accretion AssetRetirementObligationAccretionExpense $6.24M USD 1 Quarter
Asset retirement obligations accretion AssetRetirementObligationAccretionExpense $7.51M USD 1 Quarter
General and administrative expenses GeneralAndAdministrativeExpense $19.92M USD 1 Quarter
General and administrative expenses GeneralAndAdministrativeExpense $13.78M USD 1 Quarter
Total operating expenses CostsAndExpenses $121.38M USD 1 Quarter
Total operating expenses CostsAndExpenses $93.36M USD 1 Quarter
Operating income OperatingIncomeLoss $10.35M USD 1 Quarter
Operating income OperatingIncomeLoss $97.64M USD 1 Quarter
Interest expense, net InterestExpense $19.88M USD 1 Quarter
Interest expense, net InterestExpense $14.71M USD 1 Quarter
Derivative (gain) loss GainLossOnDerivativeInstrumentsNetPretax $39.24M USD 1 Quarter
Derivative (gain) loss GainLossOnDerivativeInstrumentsNetPretax $-80.00M USD 1 Quarter
Other expense , net OtherNonoperatingIncomeExpense $-905.00K USD 1 Quarter
Other expense , net OtherNonoperatingIncomeExpense $-233.00K USD 1 Quarter
Income (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $34.64M USD 1 Quarter
Income (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-3.15M USD 1 Quarter
Income tax expense (benefit) IncomeTaxExpenseBenefit $-689.00K USD 1 Quarter
Income tax expense (benefit) IncomeTaxExpenseBenefit $8.64M USD 1 Quarter
Net income (loss) NetIncomeLoss $-2.46M USD 1 Quarter
Net income (loss) NetIncomeLoss $26.00M USD 1 Quarter
Basic EarningsPerShareBasic $-0.02 USD 1 Quarter
Basic EarningsPerShareBasic $0.18 USD 1 Quarter
Diluted EarningsPerShareDiluted $-0.02 USD 1 Quarter
Diluted EarningsPerShareDiluted $0.17 USD 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 146.42M shares 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 142.94M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 142.94M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 148.73M shares 1 Quarter
Cash Flow Statement 58 line items
Line Item Tag Value Unit Period
Net income (loss) ProfitLoss $-2.46M USD 1 Quarter
Net income (loss) ProfitLoss $26.00M USD 1 Quarter
Depreciation, depletion, amortization and accretion DepreciationAmortizationAndAccretionNet $30.13M USD 1 Quarter
Depreciation, depletion, amortization and accretion DepreciationAmortizationAndAccretionNet $30.91M USD 1 Quarter
Amortization and write off of debt issuance costs AmortizationOfFinancingCostsAndDiscounts $3.25M USD 1 Quarter
Amortization and write off of debt issuance costs AmortizationOfFinancingCostsAndDiscounts $2.59M USD 1 Quarter
Share-based compensation ShareBasedCompensation $1.92M USD 1 Quarter
Share-based compensation ShareBasedCompensation $520.00K USD 1 Quarter
Derivative (gain) loss GainLossOnDerivativeInstrumentsNetPretax $39.24M USD 1 Quarter
Derivative (gain) loss GainLossOnDerivativeInstrumentsNetPretax $-80.00M USD 1 Quarter
Derivative cash (payments) receipts, net ProceedsFromPaymentsForDerivativeInstrumentOperatingActivities $-30.52M USD 1 Quarter
Derivative cash (payments) receipts, net ProceedsFromPaymentsForDerivativeInstrumentOperatingActivities $-5.33M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $-733.00K USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $4.40M USD 1 Quarter
Oil and natural gas receivables IncreaseDecreaseInAccountsReceivable $37.77M USD 1 Quarter
Oil and natural gas receivables IncreaseDecreaseInAccountsReceivable $-20.62M USD 1 Quarter
Joint interest receivables IncreaseDecreaseInJointInterestReceivables $3.12M USD 1 Quarter
Joint interest receivables IncreaseDecreaseInJointInterestReceivables $4.48M USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-31.49M USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $12.18M USD 1 Quarter
Income tax IncreaseDecreaseInIncomeTaxes $44.00K USD 1 Quarter
Income tax IncreaseDecreaseInIncomeTaxes $4.24M USD 1 Quarter
Asset retirement obligation settlements AssetRetirementObligationCashPaidToSettle $5.49M USD 1 Quarter
Asset retirement obligation settlements AssetRetirementObligationCashPaidToSettle $8.64M USD 1 Quarter
Cash advances from JV partners IncreaseDecreaseInCashAdvancesFromJointVenturePartners $-8.55M USD 1 Quarter
Cash advances from JV partners IncreaseDecreaseInCashAdvancesFromJointVenturePartners $-21.00K USD 1 Quarter
Accounts payable, accrued liabilities and other IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-42.28M 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 $23.43M USD 1 Quarter
Investment in oil and natural gas properties and equipment PaymentsToExploreAndDevelopOilAndGasProperties $7.37M USD 1 Quarter
Investment in oil and natural gas properties and equipment PaymentsToExploreAndDevelopOilAndGasProperties $17.44M USD 1 Quarter
Changes in operating assets and liabilities associated with investing activities PaymentsForProceedsFromOtherInvestingActivities $-2.63M USD 1 Quarter
Changes in operating assets and liabilities associated with investing activities PaymentsForProceedsFromOtherInvestingActivities $5.79M USD 1 Quarter
Acquisition of property interests PaymentsToAcquireOilAndGasPropertyAndEquipment $30.15M USD 1 Quarter
Acquisition of property interests PaymentsToAcquireOilAndGasPropertyAndEquipment - USD 1 Quarter
Purchases of furniture, fixtures and other PaymentsToAcquireFurnitureAndFixtures $156.00K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-13.31M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-44.96M USD 1 Quarter
Issuance of 11.75% Senior Second Lien Notes ProceedsFromIssuanceOfSeniorLongTermDebt $275.00M USD 1 Quarter
Repayments on 9.75% Second Senior Lien Notes RepaymentsOfSeniorDebt $552.46M USD 1 Quarter
Repayments on Term Loan RepaymentsOfSecuredDebt $9.55M USD 1 Quarter
Repayments on Term Loan RepaymentsOfSecuredDebt $12.63M USD 1 Quarter
Debt issuance costs PaymentsOfDebtIssuanceCosts $6.35M USD 1 Quarter
Other ProceedsFromPaymentsForOtherFinancingActivities $-269.00K USD 1 Quarter
Other ProceedsFromPaymentsForOtherFinancingActivities $-723.00K USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-12.90M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-294.09M USD 1 Quarter
Decrease in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-283.97M USD 1 Quarter
Decrease in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-30.32M USD 1 Quarter
Cash and cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $465.77M 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, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $181.81M 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, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $465.77M USD Point-in-time
Cash and cash equivalents and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $219.89M USD Point-in-time
Cash and cash equivalents and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $181.81M USD Point-in-time
Cash and cash equivalents and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $250.22M USD Point-in-time
Stockholders Equity 18 line items
Line Item Tag Value Unit Period
Balances (in shares) TreasuryStockCommonShares 2.87M shares Point-in-time
Balances (in shares) TreasuryStockCommonShares 2.87M shares Point-in-time
Balances StockholdersEquity $7.63M USD Point-in-time
Balances StockholdersEquity $-249.38M USD Point-in-time
Balances StockholdersEquity $34.84M USD Point-in-time
Balances StockholdersEquity $-247.18M USD Point-in-time
Share-based compensation AdjustmentsToAdditionalPaidInCapitalOther $520.00K USD 1 Quarter
Share-based compensation AdjustmentsToAdditionalPaidInCapitalOther $1.92M USD 1 Quarter
RSUs surrendered for payroll taxes AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $268.00K USD 1 Quarter
RSUs surrendered for payroll taxes AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $723.00K USD 1 Quarter
Net income (loss) NetIncomeLoss $-2.46M USD 1 Quarter
Net income (loss) NetIncomeLoss $26.00M USD 1 Quarter
Balances (in shares) TreasuryStockCommonShares 2.87M shares Point-in-time
Balances (in shares) TreasuryStockCommonShares 2.87M shares Point-in-time
Balances StockholdersEquity $7.63M USD Point-in-time
Balances StockholdersEquity $-249.38M USD Point-in-time
Balances StockholdersEquity $34.84M USD Point-in-time
Balances StockholdersEquity $-247.18M USD Point-in-time

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

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