10-Q Filing

W&T OFFSHORE INC CIK: 1288403 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0001564590-16-017924`
Period End Date	20160331
Filing Date	20160505
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	wti-20160331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 83 Income Statement 34 Cash Flow Statement 55 Stockholders Equity 7

Balance Sheet 83 line items

Line Item	Tag	Value	Unit	Period
Oil and natural gas properties and equipment - full cost method, amount excluded from amortization	`ValueOfPropertiesOtherThanThatAttributableToProvedReserves`	$5.17M	USD	Point-in-time
Oil and natural gas properties and equipment - full cost method, amount excluded from amortization	`ValueOfPropertiesOtherThanThatAttributableToProvedReserves`	$18.59M	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`	$8.37M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$23.67M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$370.62M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$85.41M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	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
Common stock, par value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Oil and natural gas sales	`AccountsReceivableNetCurrent`	$35.01M	USD	Point-in-time
Oil and natural gas sales	`AccountsReceivableNetCurrent`	$27.90M	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`	$22.01M	USD	Point-in-time
Joint interest and other	`OilAndGasJointInterestBillingReceivables`	$17.01M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	79.38M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	79.38M	shares	Point-in-time
Total receivables	`ReceivablesNetCurrent`	$44.91M	USD	Point-in-time
Total receivables	`ReceivablesNetCurrent`	$57.02M	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$26.88M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	76.51M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	76.51M	shares	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$23.04M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	2.87M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$169.31M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$438.57M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	2.87M	shares	Point-in-time
Oil and natural gas properties and equipment (full cost method, of which $5,165 at March 31, 2016 and $18,595 at December 31, 2015 were excluded from amortization)	`OilAndGasPropertyFullCostMethodGross`	$7.90B	USD	Point-in-time
Oil and natural gas properties and equipment (full cost method, of which $5,165 at March 31, 2016 and $18,595 at December 31, 2015 were excluded from amortization)	`OilAndGasPropertyFullCostMethodGross`	$7.90B	USD	Point-in-time
Furniture, fixtures and other	`FurnitureAndFixturesGross`	$20.80M	USD	Point-in-time
Furniture, fixtures and other	`FurnitureAndFixturesGross`	$20.80M	USD	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentGross`	$7.92B	USD	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentGross`	$7.92B	USD	Point-in-time
Less accumulated depreciation, depletion and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$7.11B	USD	Point-in-time
Less accumulated depreciation, depletion and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$6.93B	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$990.05M	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$807.28M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$27.59M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$32.55M	USD	Point-in-time
Restricted deposits for asset retirement obligations	`RestrictedCashAndInvestmentsNoncurrent`	$16.17M	USD	Point-in-time
Restricted deposits for asset retirement obligations	`RestrictedCashAndInvestmentsNoncurrent`	$15.61M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$5.46M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$4.22M	USD	Point-in-time
Total assets	`Assets`	$1.21B	USD	Point-in-time
Total assets	`Assets`	$1.30B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$92.05M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$109.80M	USD	Point-in-time
Undistributed oil and natural gas proceeds	`OilAndGasSalesPayableCurrent`	$21.44M	USD	Point-in-time
Undistributed oil and natural gas proceeds	`OilAndGasSalesPayableCurrent`	$20.65M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationCurrent`	$84.33M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationCurrent`	$83.78M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$11.92M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$39.49M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$139.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$227.49M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$374.96M	USD	Point-in-time
Long-term debt, less current maturities	`LongTermDebtNoncurrent`	$1.20B	USD	Point-in-time
Long-term debt, less current maturities	`LongTermDebtNoncurrent`	$1.35B	USD	Point-in-time
Asset retirement obligations, less current portion	`AssetRetirementObligationsNoncurrent`	$293.99M	USD	Point-in-time
Asset retirement obligations, less current portion	`AssetRetirementObligationsNoncurrent`	$275.99M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$16.18M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$16.36M	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, 2016 and December 31, 2015	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.00001 par value; 20,000,000 shares authorized; 0 issued at March 31, 2016 and December 31, 2015	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.00001 par value; 118,330,000 shares authorized; 79,375,662 issued and 76,506,489 outstanding at March 31, 2016 and December 31, 2015	`CommonStockValue`	$1.00K	USD	Point-in-time
Common stock, $0.00001 par value; 118,330,000 shares authorized; 79,375,662 issued and 76,506,489 outstanding at March 31, 2016 and December 31, 2015	`CommonStockValue`	$1.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$426.04M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$423.50M	USD	Point-in-time
Retained earnings (deficit)	`RetainedEarningsAccumulatedDeficit`	$-1.12B	USD	Point-in-time
Retained earnings (deficit)	`RetainedEarningsAccumulatedDeficit`	$-925.82M	USD	Point-in-time
Treasury stock, at cost; 2,869,173 shares at March 31, 2016 and December 31, 2015	`TreasuryStockValue`	$24.17M	USD	Point-in-time
Treasury stock, at cost; 2,869,173 shares at March 31, 2016 and December 31, 2015	`TreasuryStockValue`	$24.17M	USD	Point-in-time
Total shareholders equity (deficit)	`StockholdersEquity`	$-526.49M	USD	Point-in-time
Total shareholders equity (deficit)	`StockholdersEquity`	$-714.46M	USD	Point-in-time
Total liabilities and shareholders equity (deficit)	`LiabilitiesAndStockholdersEquity`	$1.21B	USD	Point-in-time
Total liabilities and shareholders equity (deficit)	`LiabilitiesAndStockholdersEquity`	$1.30B	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$77.72M	USD	1 Quarter
Revenues	`Revenues`	$127.91M	USD	1 Quarter
Lease operating expenses	`LeaseOperatingExpense`	$53.33M	USD	1 Quarter
Lease operating expenses	`LeaseOperatingExpense`	$44.47M	USD	1 Quarter
Production taxes	`ProductionTaxExpense`	$637.00K	USD	1 Quarter
Production taxes	`ProductionTaxExpense`	$526.00K	USD	1 Quarter
Gathering and transportation	`GasGatheringTransportationMarketingAndProcessingCosts`	$4.82M	USD	1 Quarter
Gathering and transportation	`GasGatheringTransportationMarketingAndProcessingCosts`	$5.09M	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$63.73M	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`	$116.56M	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`	$987.20M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$20.77M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$16.44M	USD	1 Quarter
Derivative gain	`GainLossOnDerivativeInstrumentsNetPretax`	$2.49M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$244.33M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$465.42M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-166.61M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-337.51M	USD	1 Quarter
Incurred	`InterestCostsIncurred`	$27.81M	USD	1 Quarter
Incurred	`InterestCostsIncurred`	$22.95M	USD	1 Quarter
Capitalized	`InterestCostsCapitalizedAdjustment`	$343.00K	USD	1 Quarter
Capitalized	`InterestCostsCapitalizedAdjustment`	$1.78M	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$-1.31M	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$2.00K	USD	1 Quarter
Income (loss) before income tax expense (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-358.67M	USD	1 Quarter
Income (loss) before income tax expense (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-195.39M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-4.88M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-103.57M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-190.51M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-255.09M	USD	1 Quarter
Basic and diluted loss per common share	`EarningsPerShareBasicAndDiluted`	$-2.49	USD	1 Quarter
Basic and diluted loss per common share	`EarningsPerShareBasicAndDiluted`	$-3.36	USD	1 Quarter

Cash Flow Statement 55 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-190.51M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-255.09M	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$63.73M	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`	$116.56M	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`	$987.20M	USD	Annual
Debt issuance costs write-off/amortization of debt items	`AmortizationOfFinancingCostsAndDiscounts`	$1.68M	USD	1 Quarter
Debt issuance costs write-off/amortization of debt items	`AmortizationOfFinancingCostsAndDiscounts`	$156.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$2.54M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$2.82M	USD	1 Quarter
Derivative gain	`GainLossOnDerivativeInstrumentsNetPretax`	$2.49M	USD	1 Quarter
Cash receipts on derivative settlements	`CashPaymentsReceiptsOnDerivativeSettlements`	$-4.11M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-4.88M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-103.57M	USD	1 Quarter
Oil and natural gas receivables	`IncreaseDecreaseInAccountsReceivable`	$-21.12M	USD	1 Quarter
Oil and natural gas receivables	`IncreaseDecreaseInAccountsReceivable`	$-8.16M	USD	1 Quarter
Joint interest and other receivables	`IncreaseDecreaseInOtherReceivables`	$-14.53M	USD	1 Quarter
Joint interest and other receivables	`IncreaseDecreaseInOtherReceivables`	$-4.98M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInIncomeTaxes`	$-310.00K	USD	1 Quarter
Income taxes	`IncreaseDecreaseInIncomeTaxes`	$-325.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.32M	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`	$3.18M	USD	1 Quarter
Accounts payable, accrued liabilities and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-10.26M	USD	1 Quarter
Accounts payable, accrued liabilities and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$28.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$52.92M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$29.71M	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`	$12.90M	USD	1 Quarter
Changes in operating assets and liabilities associated with investing activities	`IncreaseDecreaseInOperatingCapitalAssociatedWithInvestingActivities`	$52.18M	USD	1 Quarter
Changes in operating assets and liabilities associated with investing activities	`IncreaseDecreaseInOperatingCapitalAssociatedWithInvestingActivities`	$20.68M	USD	1 Quarter
Proceeds from sales of assets	`ProceedsFromSalesOfAssetsInvestingActivities`	$1.00M	USD	1 Quarter
Purchases of furniture, fixtures and other	`PaymentsToAcquireFurnitureAndFixtures`	$226.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-135.17M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-32.58M	USD	1 Quarter
Borrowings of long-term debt - revolving bank credit facility	`ProceedsFromLongTermLinesOfCredit`	$340.00M	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`	$52.00M	USD	1 Quarter
Repayments of long-term debt - revolving bank credit facility	`RepaymentsOfLongTermLinesOfCredit`	$15.00M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-50.00K	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$83.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$288.08M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$66.95M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$285.21M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-15.30M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.37M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$23.67M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$370.62M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$85.41M	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`	$23.67M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$370.62M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$85.41M	USD	Point-in-time

Stockholders Equity 7 line items

Line Item	Tag	Value	Unit	Period
Beginning Balances	`StockholdersEquity`	$-526.49M	USD	Point-in-time
Beginning Balances	`StockholdersEquity`	$-714.46M	USD	Point-in-time
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-190.51M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-255.09M	USD	1 Quarter
Ending Balances	`StockholdersEquity`	$-526.49M	USD	Point-in-time
Ending Balances	`StockholdersEquity`	$-714.46M	USD	Point-in-time

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