10-Q Filing

W&T OFFSHORE INC CIK: 1288403 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001564590-17-008678`
Period End Date	20170331
Filing Date	20170504
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	wti-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 81 Income Statement 32 Cash Flow Statement 54 Stockholders Equity 7

Balance Sheet 81 line items

Line Item	Tag	Value	Unit	Period
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
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$70.24M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$126.09M	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
Common stock, par value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Oil and natural gas sales	`AccountsReceivableNetCurrent`	$44.95M	USD	Point-in-time
Oil and natural gas sales	`AccountsReceivableNetCurrent`	$43.07M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	140.54M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	140.54M	shares	Point-in-time
Joint interest	`OilAndGasJointInterestBillingReceivablesCurrent`	$21.89M	USD	Point-in-time
Joint interest	`OilAndGasJointInterestBillingReceivablesCurrent`	$16.84M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	137.67M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	137.67M	shares	Point-in-time
Insurance reimbursement	`InsuranceSettlementsReceivableCurrent`	$30.10M	USD	Point-in-time
Income taxes	`IncomeTaxesReceivable`	$11.94M	USD	Point-in-time
Income taxes	`IncomeTaxesReceivable`	$11.94M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	2.87M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	2.87M	shares	Point-in-time
Total receivables	`ReceivablesNetCurrent`	$107.00M	USD	Point-in-time
Total receivables	`ReceivablesNetCurrent`	$73.74M	USD	Point-in-time
Prepaid expenses and other assets (Note 1)	`PrepaidExpenseAndOtherAssetsCurrent`	$14.50M	USD	Point-in-time
Prepaid expenses and other assets (Note 1)	`PrepaidExpenseAndOtherAssetsCurrent`	$17.14M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$191.74M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$216.97M	USD	Point-in-time
Oil and natural gas properties and other, net - at cost: (Note 1)	`PropertyPlantAndEquipmentNet`	$538.11M	USD	Point-in-time
Oil and natural gas properties and other, net - at cost: (Note 1)	`PropertyPlantAndEquipmentNet`	$547.05M	USD	Point-in-time
Restricted deposits for asset retirement obligations	`RestrictedCashAndInvestmentsNoncurrent`	$27.37M	USD	Point-in-time
Restricted deposits for asset retirement obligations	`RestrictedCashAndInvestmentsNoncurrent`	$28.22M	USD	Point-in-time
Income tax receivables	`IncomeTaxesReceivableNoncurrent`	$59.79M	USD	Point-in-time
Income tax receivables	`IncomeTaxesReceivableNoncurrent`	$52.10M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$11.40M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$11.46M	USD	Point-in-time
Total assets	`Assets`	$829.73M	USD	Point-in-time
Total assets	`Assets`	$854.50M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$81.40M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$81.04M	USD	Point-in-time
Undistributed oil and natural gas proceeds	`OilAndGasSalesPayableCurrent`	$26.25M	USD	Point-in-time
Undistributed oil and natural gas proceeds	`OilAndGasSalesPayableCurrent`	$22.37M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationCurrent`	$78.26M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationCurrent`	$66.15M	USD	Point-in-time
Long-term debt	`LongTermDebtCurrent`	$8.27M	USD	Point-in-time
Long-term debt	`LongTermDebtCurrent`	$8.25M	USD	Point-in-time
Accrued liabilities (Note 1)	`AccruedLiabilitiesCurrent`	$20.54M	USD	Point-in-time
Accrued liabilities (Note 1)	`AccruedLiabilitiesCurrent`	$9.20M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$203.03M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$198.70M	USD	Point-in-time
Principal	`DebtInstrumentFaceAmount`	$873.73M	USD	Point-in-time
Principal	`DebtInstrumentFaceAmount`	$873.73M	USD	Point-in-time
Carrying value adjustments	`PaymentInKindNotesInterestAndOtherPayableNonCurrent`	$138.72M	USD	Point-in-time
Carrying value adjustments	`PaymentInKindNotesInterestAndOtherPayableNonCurrent`	$137.00M	USD	Point-in-time
Long term debt, less current portion - carrying value	`LongTermDebtNoncurrent`	$1.01B	USD	Point-in-time
Long term debt, less current portion - carrying value	`LongTermDebtNoncurrent`	$1.01B	USD	Point-in-time
Asset retirement obligations, less current portion	`AssetRetirementObligationsNoncurrent`	$256.17M	USD	Point-in-time
Asset retirement obligations, less current portion	`AssetRetirementObligationsNoncurrent`	$260.65M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$17.23M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$17.11M	USD	Point-in-time
Commitments and contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.00001 par value; 20,000,000 shares authorized; 0 issued at March 31, 2017 and December 31, 2016	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.00001 par value; 20,000,000 shares authorized; 0 issued at March 31, 2017 and December 31, 2016	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.00001 par value; 200,000,000 shares authorized; 140,543,545 issued and 137,674,372 outstanding at March 31, 2017 and December 31, 2016	`CommonStockValue`	$1.00K	USD	Point-in-time
Common stock, $0.00001 par value; 200,000,000 shares authorized; 140,543,545 issued and 137,674,372 outstanding at March 31, 2017 and December 31, 2016	`CommonStockValue`	$1.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$539.97M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$541.90M	USD	Point-in-time
Retained earnings (deficit)	`RetainedEarningsAccumulatedDeficit`	$-1.15B	USD	Point-in-time
Retained earnings (deficit)	`RetainedEarningsAccumulatedDeficit`	$-1.17B	USD	Point-in-time
Treasury stock, at cost; 2,869,173 shares at March 31, 2017 and December 31, 2016	`TreasuryStockValue`	$24.17M	USD	Point-in-time
Treasury stock, at cost; 2,869,173 shares at March 31, 2017 and December 31, 2016	`TreasuryStockValue`	$24.17M	USD	Point-in-time
Total shareholders equity (deficit)	`StockholdersEquity`	$-659.04M	USD	Point-in-time
Total shareholders equity (deficit)	`StockholdersEquity`	$-632.81M	USD	Point-in-time
Total liabilities and shareholders equity (deficit)	`LiabilitiesAndStockholdersEquity`	$854.50M	USD	Point-in-time
Total liabilities and shareholders equity (deficit)	`LiabilitiesAndStockholdersEquity`	$829.73M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$124.39M	USD	1 Quarter
Revenues	`Revenues`	$77.72M	USD	1 Quarter
Lease operating expenses	`LeaseOperatingExpense`	$40.16M	USD	1 Quarter
Lease operating expenses	`LeaseOperatingExpense`	$44.47M	USD	1 Quarter
Production taxes	`ProductionTaxExpense`	$515.00K	USD	1 Quarter
Production taxes	`ProductionTaxExpense`	$526.00K	USD	1 Quarter
Gathering and transportation	`GasGatheringTransportationMarketingAndProcessingCosts`	$6.21M	USD	1 Quarter
Gathering and transportation	`GasGatheringTransportationMarketingAndProcessingCosts`	$5.09M	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$39.99M	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$63.73M	USD	1 Quarter
Ceiling test write-down of oil and natural gas properties	`ImpairmentOfOilAndGasProperties`	$116.56M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$16.44M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$13.27M	USD	1 Quarter
Derivative gain	`GainLossOnDerivativeInstrumentsNetPretax`	$3.96M	USD	1 Quarter
Derivative gain	`GainLossOnDerivativeInstrumentsNetPretax`	$2.49M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$96.20M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$244.33M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$28.20M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-166.61M	USD	1 Quarter
Incurred	`InterestCostsIncurred`	$27.81M	USD	1 Quarter
Incurred	`InterestCostsIncurred`	$11.29M	USD	1 Quarter
Capitalized	`InterestCostsCapitalizedAdjustment`	$343.00K	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-1.31M	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-191.00K	USD	1 Quarter
Income (loss) before income tax benefit	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$16.71M	USD	1 Quarter
Income (loss) before income tax benefit	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-195.39M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-4.88M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-7.59M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$24.30M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-190.51M	USD	1 Quarter
Basic and diluted earnings (loss) per common share	`EarningsPerShareBasicAndDiluted`	$-2.49	USD	1 Quarter
Basic and diluted earnings (loss) per common share	`EarningsPerShareBasicAndDiluted`	$0.17	USD	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$24.30M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-190.51M	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$39.99M	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$63.73M	USD	1 Quarter
Ceiling test write-down of oil and natural gas properties	`ImpairmentOfOilAndGasProperties`	$116.56M	USD	1 Quarter
Debt issuance costs write-down/amortization of debt items	`AmortizationOfFinancingCostsAndDiscounts`	$1.68M	USD	1 Quarter
Debt issuance costs write-down/amortization of debt items	`AmortizationOfFinancingCostsAndDiscounts`	$412.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$1.93M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$2.54M	USD	1 Quarter
Derivative gain	`GainLossOnDerivativeInstrumentsNetPretax`	$3.96M	USD	1 Quarter
Derivative gain	`GainLossOnDerivativeInstrumentsNetPretax`	$2.49M	USD	1 Quarter
Cash receipts on derivative settlements	`CashProceedsPaymentsOnDerivativeSettlementsNetOperatingActivities`	$4.11M	USD	1 Quarter
Cash receipts on derivative settlements	`CashProceedsPaymentsOnDerivativeSettlementsNetOperatingActivities`	$713.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$105.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-4.88M	USD	1 Quarter
Oil and natural gas receivables	`IncreaseDecreaseInAccountsReceivable`	$1.88M	USD	1 Quarter
Oil and natural gas receivables	`IncreaseDecreaseInAccountsReceivable`	$-8.16M	USD	1 Quarter
Joint interest receivables	`IncreaseDecreaseInJointInterestReceivables`	$-4.98M	USD	1 Quarter
Joint interest receivables	`IncreaseDecreaseInJointInterestReceivables`	$-5.04M	USD	1 Quarter
Insurance reimbursements	`IncreaseDecreaseInInsuranceSettlementsReceivable`	$-12.00K	USD	1 Quarter
Insurance reimbursements	`IncreaseDecreaseInInsuranceSettlementsReceivable`	$-30.10M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInIncomeTaxes`	$-310.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.32M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$7.97M	USD	1 Quarter
Asset retirement obligation settlements	`AssetRetirementObligationCashPaidToSettle`	$14.50M	USD	1 Quarter
Asset retirement obligation settlements	`AssetRetirementObligationCashPaidToSettle`	$3.18M	USD	1 Quarter
Accounts payable, accrued liabilities and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$6.90M	USD	1 Quarter
Accounts payable, accrued liabilities and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$27.99M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$29.71M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$81.18M	USD	1 Quarter
Investment in oil and natural gas properties and equipment	`PaymentsToExploreAndDevelopOilAndGasProperties`	$12.90M	USD	1 Quarter
Investment in oil and natural gas properties and equipment	`PaymentsToExploreAndDevelopOilAndGasProperties`	$23.34M	USD	1 Quarter
Changes in operating assets and liabilities associated with investing activities	`IncreaseDecreaseInOperatingCapitalAssociatedWithInvestingActivities`	$20.68M	USD	1 Quarter
Changes in operating assets and liabilities associated with investing activities	`IncreaseDecreaseInOperatingCapitalAssociatedWithInvestingActivities`	$-1.17M	USD	1 Quarter
Proceeds from sales of assets	`ProceedsFromSalesOfAssetsInvestingActivities`	$1.00M	USD	1 Quarter
Purchases of furniture, fixtures and other	`PaymentsToAcquireFurnitureAndFixtures`	$853.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-23.02M	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
Repayments of long-term debt - revolving bank credit facility	`RepaymentsOfLongTermLinesOfCredit`	$52.00M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$83.00K	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-245.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$288.08M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-2.30M	USD	1 Quarter
Increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$55.86M	USD	1 Quarter
Increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$285.21M	USD	1 Quarter
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, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$70.24M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$126.09M	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
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$70.24M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$126.09M	USD	Point-in-time

Stockholders Equity 7 line items

Line Item	Tag	Value	Unit	Period
Beginning Balances	`StockholdersEquity`	$-659.04M	USD	Point-in-time
Beginning Balances	`StockholdersEquity`	$-632.81M	USD	Point-in-time
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.93M	USD	1 Quarter
Net income	`NetIncomeLoss`	$24.30M	USD	1 Quarter
Net income	`NetIncomeLoss`	$-190.51M	USD	1 Quarter
Ending Balances	`StockholdersEquity`	$-659.04M	USD	Point-in-time
Ending Balances	`StockholdersEquity`	$-632.81M	USD	Point-in-time

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