10-Q Filing

W&T OFFSHORE INC CIK: 1288403 Q1 2015

Filing Information

Form Type	10-Q
Accession Number	`0001564590-15-003517`
Period End Date	20150331
Filing Date	20150507
Fiscal Year	2015
Fiscal Period	Q1
XBRL Instance	wti-20150331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 82 Income Statement 34 Cash Flow Statement 54 Stockholders Equity 12

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`	$109.82M	USD	Point-in-time
Oil and natural gas properties and equipment - full cost method, amount excluded from amortization	`ValueOfPropertiesOtherThanThatAttributableToProvedReserves`	$110.70M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$23.67M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$20.34M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.37M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$15.80M	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Oil and natural gas sales	`AccountsReceivableNetCurrent`	$46.12M	USD	Point-in-time
Oil and natural gas sales	`AccountsReceivableNetCurrent`	$67.24M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	-	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
Joint interest and other	`OilAndGasJointInterestBillingReceivables`	$43.65M	USD	Point-in-time
Joint interest and other	`OilAndGasJointInterestBillingReceivables`	$29.30M	USD	Point-in-time
Total receivables	`ReceivablesNetCurrent`	$75.42M	USD	Point-in-time
Total receivables	`ReceivablesNetCurrent`	$110.89M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	78.81M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	78.77M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsLiabilitiesNetCurrent`	$11.66M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsLiabilitiesNetCurrent`	$3.20M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	75.90M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	75.94M	shares	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$18.84M	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$36.35M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$182.56M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$105.83M	USD	Point-in-time
Oil and natural gas properties and equipment (full cost method, of which $110,704 at March 31, 2015 and $109,824 at December 31, 2014 were excluded from amortization)	`OilAndGasPropertyFullCostMethodGross`	$8.13B	USD	Point-in-time
Oil and natural gas properties and equipment (full cost method, of which $110,704 at March 31, 2015 and $109,824 at December 31, 2014 were excluded from amortization)	`OilAndGasPropertyFullCostMethodGross`	$8.05B	USD	Point-in-time
Furniture, fixtures and other	`FurnitureAndFixturesGross`	$23.27M	USD	Point-in-time
Furniture, fixtures and other	`FurnitureAndFixturesGross`	$23.50M	USD	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentGross`	$8.07B	USD	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentGross`	$8.16B	USD	Point-in-time
Less accumulated depreciation, depletion and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$5.96B	USD	Point-in-time
Less accumulated depreciation, depletion and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$5.58B	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$2.49B	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$2.20B	USD	Point-in-time
Restricted deposits for asset retirement obligations	`RestrictedCashAndInvestmentsNoncurrent`	$15.44M	USD	Point-in-time
Restricted deposits for asset retirement obligations	`RestrictedCashAndInvestmentsNoncurrent`	$15.50M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$16.53M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$17.24M	USD	Point-in-time
Total assets	`Assets`	$2.71B	USD	Point-in-time
Total assets	`Assets`	$2.34B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$128.28M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$194.11M	USD	Point-in-time
Undistributed oil and natural gas proceeds	`OilAndGasSalesPayableCurrent`	$29.17M	USD	Point-in-time
Undistributed oil and natural gas proceeds	`OilAndGasSalesPayableCurrent`	$37.01M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationCurrent`	$36.00M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationCurrent`	$16.50M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$17.38M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$28.22M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$284.50M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$202.17M	USD	Point-in-time
Long-term debt, less current maturities	`LongTermDebtNoncurrent`	$1.36B	USD	Point-in-time
Long-term debt, less current maturities	`LongTermDebtNoncurrent`	$1.43B	USD	Point-in-time
Asset retirement obligations, less current portion	`AssetRetirementObligationsNoncurrent`	$354.56M	USD	Point-in-time
Asset retirement obligations, less current portion	`AssetRetirementObligationsNoncurrent`	$364.72M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$74.88M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$186.99M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$13.69M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$13.90M	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, 2015 and December 31, 2014	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.00001 par value; 20,000,000 shares authorized; 0 issued at March 31, 2015 and December 31, 2014	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.00001 par value; 118,330,000 shares authorized; 78,805,904 issued and 75,936,731 outstanding at March 31, 2015; 78,768,588 issued and 75,899,415 outstanding at December 31, 2014	`CommonStockValue`	$1.00K	USD	Point-in-time
Common stock, $0.00001 par value; 118,330,000 shares authorized; 78,805,904 issued and 75,936,731 outstanding at March 31, 2015; 78,768,588 issued and 75,899,415 outstanding at December 31, 2014	`CommonStockValue`	$1.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$417.32M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$414.58M	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$118.89M	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$-136.20M	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`	$509.31M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$256.96M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$2.34B	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$2.71B	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$127.91M	USD	1 Quarter
Revenues	`Revenues`	$254.52M	USD	1 Quarter
Lease operating expenses	`LeaseOperatingExpense`	$53.33M	USD	1 Quarter
Lease operating expenses	`LeaseOperatingExpense`	$55.62M	USD	1 Quarter
Production taxes	`ProductionTaxExpense`	$637.00K	USD	1 Quarter
Production taxes	`ProductionTaxExpense`	$1.99M	USD	1 Quarter
Gathering and transportation	`GasGatheringTransportationMarketingAndProcessingCosts`	$5.30M	USD	1 Quarter
Gathering and transportation	`GasGatheringTransportationMarketingAndProcessingCosts`	$4.82M	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$123.31M	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$125.47M	USD	1 Quarter
Ceiling test write-down of oil and natural gas properties	`ImpairmentOfOilAndGasProperties`	$260.39M	USD	1 Quarter
Ceiling test write-down of oil and natural gas properties	`ImpairmentOfOilAndGasProperties`	-	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$23.59M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$20.77M	USD	1 Quarter
Derivative loss	`GainLossOnDerivativeInstrumentsNetPretax`	-	USD	1 Quarter
Derivative loss	`GainLossOnDerivativeInstrumentsNetPretax`	$-7.49M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$217.29M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$465.42M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$37.23M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-337.51M	USD	1 Quarter
Incurred	`InterestCostsIncurred`	$21.46M	USD	1 Quarter
Incurred	`InterestCostsIncurred`	$22.94M	USD	1 Quarter
Capitalized	`InterestCostsCapitalizedAdjustment`	$2.07M	USD	1 Quarter
Capitalized	`InterestCostsCapitalizedAdjustment`	$1.78M	USD	1 Quarter
Income (loss) before income tax expense (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$17.84M	USD	1 Quarter
Income (loss) before income tax expense (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-358.67M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-103.57M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$6.65M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$11.19M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-255.09M	USD	1 Quarter
Basic and diluted earnings (loss) per common share	`EarningsPerShareBasicAndDiluted`	$0.15	USD	1 Quarter
Basic and diluted earnings (loss) per common share	`EarningsPerShareBasicAndDiluted`	$-3.36	USD	1 Quarter
Dividends declared per common share	`CommonStockDividendsPerShareDeclared`	$0.10	USD	1 Quarter
Dividends declared per common share	`CommonStockDividendsPerShareDeclared`	-	USD	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$11.19M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-255.09M	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$123.31M	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$125.47M	USD	1 Quarter
Ceiling test write-down of oil and natural gas properties	`ImpairmentOfOilAndGasProperties`	$260.39M	USD	1 Quarter
Ceiling test write-down of oil and natural gas properties	`ImpairmentOfOilAndGasProperties`	-	USD	1 Quarter
Amortization of debt issuance costs and premium	`AmortizationOfFinancingCostsAndDiscounts`	$156.00K	USD	1 Quarter
Amortization of debt issuance costs and premium	`AmortizationOfFinancingCostsAndDiscounts`	$187.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$3.76M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$2.82M	USD	1 Quarter
Derivative loss	`GainLossOnDerivativeInstrumentsNetPretax`	-	USD	1 Quarter
Derivative loss	`GainLossOnDerivativeInstrumentsNetPretax`	$-7.49M	USD	1 Quarter
Cash payments on derivative settlements	`CashPaymentsReceiptsOnDerivativeSettlements`	$4.67M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$6.64M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-103.57M	USD	1 Quarter
Oil and natural gas receivables	`IncreaseDecreaseInAccountsReceivable`	$-2.81M	USD	1 Quarter
Oil and natural gas receivables	`IncreaseDecreaseInAccountsReceivable`	$-21.12M	USD	1 Quarter
Joint interest and other receivables	`IncreaseDecreaseInOtherReceivables`	$-14.53M	USD	1 Quarter
Joint interest and other receivables	`IncreaseDecreaseInOtherReceivables`	$-2.29M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$-35.00K	USD	1 Quarter
Income taxes	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$-325.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-2.71M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-17.25M	USD	1 Quarter
Asset retirement obligation settlements	`AssetRetirementObligationCashPaidToSettle`	$19.55M	USD	1 Quarter
Asset retirement obligation settlements	`AssetRetirementObligationCashPaidToSettle`	$16.34M	USD	1 Quarter
Accounts payable, accrued liabilities and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-62.44M	USD	1 Quarter
Accounts payable, accrued liabilities and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-20.85M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$742.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$118.49M	USD	1 Quarter
Investment in oil and natural gas properties and equipment	`PaymentsToExploreAndDevelopOilAndGasProperties`	$82.77M	USD	1 Quarter
Investment in oil and natural gas properties and equipment	`PaymentsToExploreAndDevelopOilAndGasProperties`	$95.07M	USD	1 Quarter
Purchases of furniture, fixtures and other	`PaymentsToAcquireFurnitureAndFixtures`	$260.00K	USD	1 Quarter
Purchases of furniture, fixtures and other	`PaymentsToAcquireFurnitureAndFixtures`	$226.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-82.99M	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`	$82.00M	USD	1 Quarter
Repayments of long-term debt - revolving bank credit facility	`RepaymentsOfLongTermLinesOfCredit`	$15.00M	USD	1 Quarter
Repayments of long-term debt - revolving bank credit facility	`RepaymentsOfLongTermLinesOfCredit`	$103.00M	USD	1 Quarter
Dividends to shareholders	`PaymentsOfDividends`	$7.56M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-50.00K	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-65.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$66.95M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-18.63M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$4.54M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-15.30M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$23.67M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$20.34M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.37M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$15.80M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$23.67M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$20.34M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$8.37M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$15.80M	USD	Point-in-time

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Beginning Balances	`StockholdersEquity`	$509.31M	USD	Point-in-time
Beginning Balances	`StockholdersEquity`	$256.96M	USD	Point-in-time
Beginning Balances (in shares)	`CommonStockSharesOutstanding`	75.90M	shares	Point-in-time
Beginning Balances (in shares)	`CommonStockSharesOutstanding`	75.94M	shares	Point-in-time
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.82M	USD	1 Quarter
Other	`StockholdersEquityOther`	$-71.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$11.19M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-255.09M	USD	1 Quarter
Ending Balances	`StockholdersEquity`	$509.31M	USD	Point-in-time
Ending Balances	`StockholdersEquity`	$256.96M	USD	Point-in-time
Ending Balances (in shares)	`CommonStockSharesOutstanding`	75.90M	shares	Point-in-time
Ending Balances (in shares)	`CommonStockSharesOutstanding`	75.94M	shares	Point-in-time

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