10-Q Filing

W&T OFFSHORE INC CIK: 1288403 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001564590-18-010716`
Period End Date	20180331
Filing Date	20180503
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	wti-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 82 Income Statement 37 Cash Flow Statement 49 Stockholders Equity 7

Balance Sheet 82 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`	$130.71M	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$99.06M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$126.09M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$70.24M	USD	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`	$45.44M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Oil and natural gas sales	`AccountsReceivableNetCurrent`	$44.94M	USD	Point-in-time
Joint interest	`OilAndGasJointInterestBillingReceivablesCurrent`	$19.75M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	141.96M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	141.96M	shares	Point-in-time
Joint interest	`OilAndGasJointInterestBillingReceivablesCurrent`	$17.84M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	139.09M	shares	Point-in-time
Income taxes	`IncomeTaxesReceivable`	$13.00M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	139.09M	shares	Point-in-time
Income taxes	`IncomeTaxesReceivable`	$65.10M	USD	Point-in-time
Income taxes	`IncomeTaxesReceivable`	$13.01M	USD	Point-in-time
Total receivables	`ReceivablesNetCurrent`	$78.20M	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`	$127.88M	USD	Point-in-time
Prepaid expenses and other assets (Note 1)	`PrepaidExpenseAndOtherAssetsCurrent`	$13.42M	USD	Point-in-time
Prepaid expenses and other assets (Note 1)	`PrepaidExpenseAndOtherAssetsCurrent`	$20.20M	USD	Point-in-time
Prepaid expenses and other assets (Note 1)	`PrepaidExpenseAndOtherAssetsCurrent`	$20.20M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$190.68M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$278.79M	USD	Point-in-time
Oil and natural gas properties and other, net - at cost: (Note 1)	`PropertyPlantAndEquipmentNet`	$579.02M	USD	Point-in-time
Oil and natural gas properties and other, net - at cost: (Note 1)	`PropertyPlantAndEquipmentNet`	$573.35M	USD	Point-in-time
Restricted deposits for asset retirement obligations	`RestrictedCashAndInvestmentsNoncurrent`	$25.39M	USD	Point-in-time
Restricted deposits for asset retirement obligations	`RestrictedCashAndInvestmentsNoncurrent`	$25.62M	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivableNoncurrent`	$52.10M	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivableNoncurrent`	$52.10M	USD	Point-in-time
Other assets (Note 1)	`OtherAssetsNoncurrent`	$64.41M	USD	Point-in-time
Other assets (Note 1)	`OtherAssetsNoncurrent`	$60.39M	USD	Point-in-time
Total assets	`Assets`	$907.58M	USD	Point-in-time
Total assets	`Assets`	$942.18M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$77.44M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$83.67M	USD	Point-in-time
Undistributed oil and natural gas proceeds	`OilAndGasSalesPayableCurrent`	$20.13M	USD	Point-in-time
Undistributed oil and natural gas proceeds	`OilAndGasSalesPayableCurrent`	$22.27M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationCurrent`	$25.75M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationCurrent`	$23.61M	USD	Point-in-time
Long-term debt	`LongTermDebtCurrent`	$22.86M	USD	Point-in-time
Long-term debt	`LongTermDebtCurrent`	$22.93M	USD	Point-in-time
Accrued liabilities (Note 1)	`AccruedLiabilitiesCurrent`	$17.93M	USD	Point-in-time
Accrued liabilities (Note 1)	`AccruedLiabilitiesCurrent`	$23.29M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$168.26M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$171.62M	USD	Point-in-time
Principal	`DebtInstrumentFaceAmount`	$889.79M	USD	Point-in-time
Principal	`DebtInstrumentFaceAmount`	$889.79M	USD	Point-in-time
Carrying value adjustments	`PaymentInKindNotesInterestAndOtherPayableNonCurrent`	$79.34M	USD	Point-in-time
Carrying value adjustments	`PaymentInKindNotesInterestAndOtherPayableNonCurrent`	$77.69M	USD	Point-in-time
Long term debt, less current portion - carrying value	`LongTermDebtNoncurrent`	$967.48M	USD	Point-in-time
Long term debt, less current portion - carrying value	`LongTermDebtNoncurrent`	$969.13M	USD	Point-in-time
Asset retirement obligations, less current portion	`AssetRetirementObligationsNoncurrent`	$280.74M	USD	Point-in-time
Asset retirement obligations, less current portion	`AssetRetirementObligationsNoncurrent`	$276.83M	USD	Point-in-time
Other liabilities (Note 1)	`OtherLiabilitiesNoncurrent`	$66.99M	USD	Point-in-time
Other liabilities (Note 1)	`OtherLiabilitiesNoncurrent`	$66.87M	USD	Point-in-time
Commitments and contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.00001 par value; 20,000,000 shares authorized; 0 issued at March 31, 2018 and December 31, 2017	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.00001 par value; 20,000,000 shares authorized; 0 issued at March 31, 2018 and December 31, 2017	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.00001 par value; 200,000,000 shares authorized; 141,960,462 issued and 139,091,289 outstanding at March 31, 2018 and December 31, 2017	`CommonStockValue`	$1.00K	USD	Point-in-time
Common stock, $0.00001 par value; 200,000,000 shares authorized; 141,960,462 issued and 139,091,289 outstanding at March 31, 2018 and December 31, 2017	`CommonStockValue`	$1.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$547.04M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$545.82M	USD	Point-in-time
Retained earnings (deficit)	`RetainedEarningsAccumulatedDeficit`	$-1.07B	USD	Point-in-time
Retained earnings (deficit)	`RetainedEarningsAccumulatedDeficit`	$-1.10B	USD	Point-in-time
Treasury stock, at cost; 2,869,173 shares at March 31, 2018 and December 31, 2017	`TreasuryStockValue`	$24.17M	USD	Point-in-time
Treasury stock, at cost; 2,869,173 shares at March 31, 2018 and December 31, 2017	`TreasuryStockValue`	$24.17M	USD	Point-in-time
Total shareholders' equity (deficit)	`StockholdersEquity`	$-573.51M	USD	Point-in-time
Total shareholders' equity (deficit)	`StockholdersEquity`	$-544.65M	USD	Point-in-time
Total liabilities and shareholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$907.58M	USD	Point-in-time
Total liabilities and shareholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$942.18M	USD	Point-in-time

Income Statement 37 line items

Line Item	Tag	Value	Unit	Period
Oil	`OilAndCondensateRevenue`	$84.97M	USD	1 Quarter
Oil	`OilAndCondensateRevenue`	$97.31M	USD	1 Quarter
NGLs	`NaturalGasMidstreamRevenue`	$8.74M	USD	1 Quarter
NGLs	`NaturalGasMidstreamRevenue`	$9.66M	USD	1 Quarter
Natural gas	`NaturalGasProductionRevenue`	$29.76M	USD	1 Quarter
Natural gas	`NaturalGasProductionRevenue`	$25.87M	USD	1 Quarter
Other	`OtherSalesRevenueNet`	$1.38M	USD	1 Quarter
Other	`OtherSalesRevenueNet`	$922.00K	USD	1 Quarter
Total revenues	`Revenues`	$134.21M	USD	1 Quarter
Total revenues	`Revenues`	$124.39M	USD	1 Quarter
Lease operating expenses	`LeaseOperatingExpense`	$40.16M	USD	1 Quarter
Lease operating expenses	`LeaseOperatingExpense`	$36.84M	USD	1 Quarter
Production taxes	`ProductionTaxExpense`	$455.00K	USD	1 Quarter
Production taxes	`ProductionTaxExpense`	$515.00K	USD	1 Quarter
Gathering and transportation	`GasGatheringTransportationMarketingAndProcessingCosts`	$5.06M	USD	1 Quarter
Gathering and transportation	`GasGatheringTransportationMarketingAndProcessingCosts`	$6.21M	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$39.99M	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$38.08M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$13.27M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$15.04M	USD	1 Quarter
Derivative gain	`GainLossOnDerivativeInstrumentsNetPretax`	$3.96M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$96.20M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$95.47M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$28.20M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$38.74M	USD	1 Quarter
Interest expense	`InterestExpense`	$11.32M	USD	1 Quarter
Interest expense	`InterestExpense`	$11.29M	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$333.00K	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$-191.00K	USD	1 Quarter
Income before income tax expense (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$16.71M	USD	1 Quarter
Income before income tax expense (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$27.75M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-7.59M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$109.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$24.30M	USD	1 Quarter
Net income	`NetIncomeLoss`	$27.64M	USD	1 Quarter
Basic and diluted earnings per common share	`EarningsPerShareBasicAndDiluted`	$0.17	USD	1 Quarter
Basic and diluted earnings per common share	`EarningsPerShareBasicAndDiluted`	$0.19	USD	1 Quarter

Cash Flow Statement 49 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$24.30M	USD	1 Quarter
Net income	`NetIncomeLoss`	$27.64M	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$39.99M	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$38.08M	USD	1 Quarter
Amortization of debt items	`AmortizationOfFinancingCostsAndDiscounts`	$412.00K	USD	1 Quarter
Amortization of debt items	`AmortizationOfFinancingCostsAndDiscounts`	$466.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$1.93M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$1.22M	USD	1 Quarter
Derivative gain	`GainLossOnDerivativeInstrumentsNetPretax`	$3.96M	USD	1 Quarter
Cash receipts on derivative settlements, net	`CashProceedsPaymentsOnDerivativeSettlementsNetOperatingActivities`	$713.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$109.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$105.00K	USD	1 Quarter
Oil and natural gas receivables	`IncreaseDecreaseInAccountsReceivable`	$1.88M	USD	1 Quarter
Oil and natural gas receivables	`IncreaseDecreaseInAccountsReceivable`	$-501.00K	USD	1 Quarter
Joint interest receivables	`IncreaseDecreaseInJointInterestReceivables`	$-1.92M	USD	1 Quarter
Joint interest receivables	`IncreaseDecreaseInJointInterestReceivables`	$-5.04M	USD	1 Quarter
Insurance reimbursements	`IncreaseDecreaseInInsuranceSettlementsReceivable`	$-30.10M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$6.39M	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`	$7.02M	USD	1 Quarter
Cash advances from JV partners	`IncreaseDecreaseInCashAdvancesFromJointVenturePartners`	$19.15M	USD	1 Quarter
Cash advances from JV partners	`IncreaseDecreaseInCashAdvancesFromJointVenturePartners`	$-2.53M	USD	1 Quarter
Accounts payable, accrued liabilities and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-688.00K	USD	1 Quarter
Accounts payable, accrued liabilities and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$9.43M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$74.98M	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`	$21.12M	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`	$17.15M	USD	1 Quarter
Changes in operating assets and liabilities associated with investing activities	`IncreaseDecreaseInOperatingCapitalAssociatedWithInvestingActivities`	$-1.17M	USD	1 Quarter
Deposit for acquisition	`PaymentsToAcquireInvestments`	$3.00M	USD	1 Quarter
Deposit for acquisition	`PaymentsToAcquireInvestments`	-	USD	1 Quarter
Purchases of furniture, fixtures and other	`PaymentsToAcquireFurnitureAndFixtures`	$853.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-41.27M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-23.02M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-245.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-2.06M	USD	1 Quarter
Net cash 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`	$31.65M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$130.71M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$99.06M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$126.09M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$70.24M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$130.71M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$99.06M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$126.09M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$70.24M	USD	Point-in-time

Stockholders Equity 7 line items

Line Item	Tag	Value	Unit	Period
Beginning Balances	`StockholdersEquity`	$-573.51M	USD	Point-in-time
Beginning Balances	`StockholdersEquity`	$-544.65M	USD	Point-in-time
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.22M	USD	1 Quarter
Net income	`NetIncomeLoss`	$24.30M	USD	1 Quarter
Net income	`NetIncomeLoss`	$27.64M	USD	1 Quarter
Ending Balances	`StockholdersEquity`	$-573.51M	USD	Point-in-time
Ending Balances	`StockholdersEquity`	$-544.65M	USD	Point-in-time

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