10-Q Filing

W&T OFFSHORE INC CIK: 1288403 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001564590-14-001890`
Period End Date	20140331
Filing Date	20140508
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	wti-20140331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 82 Income Statement 32 Cash Flow Statement 54 Stockholders Equity 13

Balance Sheet 82 line items

Line Item	Tag	Value	Unit	Period
Oil and natural gas properties and equipment - full cost method, amount excluded from amortization	`ValueOfPropertiesOtherThanThatAttributableToProvedReserves`	$116.61M	USD	Point-in-time
Oil and natural gas properties and equipment - full cost method, amount excluded from amortization	`ValueOfPropertiesOtherThanThatAttributableToProvedReserves`	$118.12M	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`	$15.80M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$12.24M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$20.34M	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
Oil and natural gas sales	`AccountsReceivableNetCurrent`	$93.94M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Oil and natural gas sales	`AccountsReceivableNetCurrent`	$96.75M	USD	Point-in-time
Joint interest and other	`OilAndGasJointInterestBillingReceivables`	$27.59M	USD	Point-in-time
Joint interest and other	`OilAndGasJointInterestBillingReceivables`	$27.98M	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
Income tax	`IncomeTaxReceivable`	$3.12M	USD	Point-in-time
Income tax	`IncomeTaxReceivable`	$3.15M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	78.46M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	78.50M	shares	Point-in-time
Total receivables	`ReceivablesNetCurrent`	$127.86M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	75.59M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	75.63M	shares	Point-in-time
Total receivables	`ReceivablesNetCurrent`	$124.68M	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$27.02M	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$29.95M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$173.60M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$172.03M	USD	Point-in-time
Oil and natural gas properties and equipment (full cost method, of which $118,125 at March 31, 2014 and $116,612 at December 31, 2013 were excluded from amortization)	`OilAndGasPropertyFullCostMethodGross`	$7.34B	USD	Point-in-time
Oil and natural gas properties and equipment (full cost method, of which $118,125 at March 31, 2014 and $116,612 at December 31, 2013 were excluded from amortization)	`OilAndGasPropertyFullCostMethodGross`	$7.44B	USD	Point-in-time
Furniture, fixtures and other	`FurnitureAndFixturesGross`	$21.63M	USD	Point-in-time
Furniture, fixtures and other	`FurnitureAndFixturesGross`	$21.43M	USD	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentGross`	$7.47B	USD	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentGross`	$7.36B	USD	Point-in-time
Less accumulated depreciation, depletion and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$5.08B	USD	Point-in-time
Less accumulated depreciation, depletion and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$5.20B	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$2.26B	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$2.28B	USD	Point-in-time
Restricted deposits for asset retirement obligations	`RestrictedCashAndInvestmentsNoncurrent`	$39.96M	USD	Point-in-time
Restricted deposits for asset retirement obligations	`RestrictedCashAndInvestmentsNoncurrent`	$37.42M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$20.45M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$20.21M	USD	Point-in-time
Total assets	`Assets`	$2.51B	USD	Point-in-time
Total assets	`Assets`	$2.49B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$145.21M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$115.34M	USD	Point-in-time
Undistributed oil and natural gas proceeds	`OtherAccruedLiabilitiesCurrent`	$38.31M	USD	Point-in-time
Undistributed oil and natural gas proceeds	`OtherAccruedLiabilitiesCurrent`	$42.11M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationCurrent`	$77.78M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationCurrent`	$68.68M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$28.00M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$43.70M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$293.10M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$266.03M	USD	Point-in-time
Long-term debt, less current maturities	`LongTermDebtNoncurrent`	$1.21B	USD	Point-in-time
Long-term debt, less current maturities	`LongTermDebtNoncurrent`	$1.19B	USD	Point-in-time
Asset retirement obligations, less current portion	`AssetRetirementObligationsNoncurrent`	$285.72M	USD	Point-in-time
Asset retirement obligations, less current portion	`AssetRetirementObligationsNoncurrent`	$276.64M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$188.18M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$178.14M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$13.50M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$13.39M	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, 2014 and December 31, 2013	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.00001 par value; 20,000,000 shares authorized; 0 issued at March 31, 2014 and December 31, 2013	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.00001 par value; 118,330,000 shares authorized; 78,503,419 issued and 75,634,246 outstanding at March 31, 2014; 78,460,872 issued and 75,591,699 outstanding at December 31, 2013	`CommonStockValue`	$1.00K	USD	Point-in-time
Common stock, $0.00001 par value; 118,330,000 shares authorized; 78,503,419 issued and 75,634,246 outstanding at March 31, 2014; 78,460,872 issued and 75,591,699 outstanding at December 31, 2013	`CommonStockValue`	$1.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$403.56M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$406.75M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$164.74M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$161.21M	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`	$540.61M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$547.32M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$2.51B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$2.49B	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$254.52M	USD	1 Quarter
Revenues	`Revenues`	$259.22M	USD	1 Quarter
Lease operating expenses	`LeaseOperatingExpense`	$55.62M	USD	1 Quarter
Lease operating expenses	`LeaseOperatingExpense`	$59.34M	USD	1 Quarter
Production taxes	`ProductionTaxExpense`	$1.99M	USD	1 Quarter
Production taxes	`ProductionTaxExpense`	$1.79M	USD	1 Quarter
Gathering and transportation	`GasGatheringTransportationMarketingAndProcessingCosts`	$5.30M	USD	1 Quarter
Gathering and transportation	`GasGatheringTransportationMarketingAndProcessingCosts`	$4.44M	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$123.31M	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$108.87M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$23.59M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$21.09M	USD	1 Quarter
Derivative loss	`GainLossOnDerivativeInstrumentsNetPretax`	$-7.49M	USD	1 Quarter
Derivative loss	`GainLossOnDerivativeInstrumentsNetPretax`	$-3.37M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$217.29M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$198.90M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$37.23M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$60.32M	USD	1 Quarter
Incurred	`InterestCostsIncurred`	$21.23M	USD	1 Quarter
Incurred	`InterestCostsIncurred`	$21.46M	USD	1 Quarter
Capitalized	`InterestCostsCapitalizedAdjustment`	$2.43M	USD	1 Quarter
Capitalized	`InterestCostsCapitalizedAdjustment`	$2.07M	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$17.84M	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$41.52M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$14.90M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$6.65M	USD	1 Quarter
Net income	`NetIncomeLoss`	$26.62M	USD	1 Quarter
Net income	`NetIncomeLoss`	$11.19M	USD	1 Quarter
Basic and diluted earnings per common share	`EarningsPerShareBasicAndDiluted`	$0.35	USD	1 Quarter
Basic and diluted earnings per common share	`EarningsPerShareBasicAndDiluted`	$0.15	USD	1 Quarter
Dividends declared per common share	`CommonStockDividendsPerShareDeclared`	$0.10	USD	1 Quarter
Dividends declared per common share	`CommonStockDividendsPerShareDeclared`	$0.08	USD	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$26.62M	USD	1 Quarter
Net income	`NetIncomeLoss`	$11.19M	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$123.31M	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$108.87M	USD	1 Quarter
Amortization of debt issuance costs and premium	`AmortizationOfFinancingCostsAndDiscounts`	$447.00K	USD	1 Quarter
Amortization of debt issuance costs and premium	`AmortizationOfFinancingCostsAndDiscounts`	$187.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$2.25M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$3.76M	USD	1 Quarter
Derivative loss	`GainLossOnDerivativeInstrumentsNetPretax`	$-7.49M	USD	1 Quarter
Derivative loss	`GainLossOnDerivativeInstrumentsNetPretax`	$-3.37M	USD	1 Quarter
Cash payments on derivative settlements (realized)	`CashPaymentsReceiptsOnDerivativeSettlements`	$4.27M	USD	1 Quarter
Cash payments on derivative settlements (realized)	`CashPaymentsReceiptsOnDerivativeSettlements`	$4.67M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$12.51M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$6.64M	USD	1 Quarter
Oil and natural gas receivables	`IncreaseDecreaseInAccountsReceivable`	$-2.81M	USD	1 Quarter
Oil and natural gas receivables	`IncreaseDecreaseInAccountsReceivable`	$-423.00K	USD	1 Quarter
Joint interest and other receivables	`IncreaseDecreaseInOtherReceivables`	$-2.29M	USD	1 Quarter
Joint interest and other receivables	`IncreaseDecreaseInOtherReceivables`	$-25.88M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$2.37M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$-35.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-2.71M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-4.91M	USD	1 Quarter
Asset retirement obligation settlements	`AssetRetirementObligationCashPaidToSettle`	$16.34M	USD	1 Quarter
Asset retirement obligation settlements	`AssetRetirementObligationCashPaidToSettle`	$23.46M	USD	1 Quarter
Accounts payable, accrued liabilities and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$9.92M	USD	1 Quarter
Accounts payable, accrued liabilities and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-20.85M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$118.49M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$169.83M	USD	1 Quarter
Investment in oil and natural gas properties and equipment	`PaymentsToExploreAndDevelopOilAndGasProperties`	$136.63M	USD	1 Quarter
Investment in oil and natural gas properties and equipment	`PaymentsToExploreAndDevelopOilAndGasProperties`	$95.07M	USD	1 Quarter
Purchases of furniture, fixtures and other, net	`PaymentsToAcquireFurnitureAndFixtures`	$260.00K	USD	1 Quarter
Purchases of furniture, fixtures and other, net	`PaymentsToAcquireFurnitureAndFixtures`	$114.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-136.74M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-95.33M	USD	1 Quarter
Borrowings of long-term debt - revolving bank credit facility	`ProceedsFromLongTermLinesOfCredit`	$92.00M	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`	$103.00M	USD	1 Quarter
Dividends to shareholders	`PaymentsOfDividends`	$6.02M	USD	1 Quarter
Dividends to shareholders	`PaymentsOfDividends`	$7.56M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-65.00K	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-42.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-18.63M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-33.06M	USD	1 Quarter
Increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$4.54M	USD	1 Quarter
Increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$32.00K	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`	$15.80M	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`	$20.34M	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`	$15.80M	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`	$20.34M	USD	Point-in-time

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Beginning Balances	`StockholdersEquity`	$540.61M	USD	Point-in-time
Beginning Balances	`StockholdersEquity`	$547.32M	USD	Point-in-time
Beginning Balances (in shares)	`CommonStockSharesOutstanding`	75.59M	shares	Point-in-time
Beginning Balances (in shares)	`CommonStockSharesOutstanding`	75.63M	shares	Point-in-time
Cash dividends	`DividendsCash`	$7.56M	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$3.76M	USD	1 Quarter
Other	`StockholdersEquityOther`	$-670.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$26.62M	USD	1 Quarter
Net income	`NetIncomeLoss`	$11.19M	USD	1 Quarter
Ending Balances	`StockholdersEquity`	$540.61M	USD	Point-in-time
Ending Balances	`StockholdersEquity`	$547.32M	USD	Point-in-time
Ending Balances (in shares)	`CommonStockSharesOutstanding`	75.59M	shares	Point-in-time
Ending Balances (in shares)	`CommonStockSharesOutstanding`	75.63M	shares	Point-in-time

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