10-Q Filing

W&T OFFSHORE INC CIK: 1288403 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001564590-19-015116`
Period End Date	20190331
Filing Date	20190502
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	wti-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 27 Cash Flow Statement 44 Stockholders Equity 12

Balance Sheet 74 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`	$33.29M	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$86.12M	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
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Oil and natural gas sales	`AccountsReceivableNetCurrent`	$47.80M	USD	Point-in-time
Oil and natural gas sales	`AccountsReceivableNetCurrent`	$41.31M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	143.51M	shares	Point-in-time
Joint interest, net	`OilAndGasJointInterestBillingReceivablesCurrent`	$17.62M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	143.51M	shares	Point-in-time
Joint interest, net	`OilAndGasJointInterestBillingReceivablesCurrent`	$14.63M	USD	Point-in-time
Income taxes	`IncomeTaxesReceivable`	$54.08M	USD	Point-in-time
Income taxes	`IncomeTaxesReceivable`	$54.08M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	140.64M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	140.64M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	2.87M	shares	Point-in-time
Total receivables	`ReceivablesNetCurrent`	$116.51M	USD	Point-in-time
Total receivables	`ReceivablesNetCurrent`	$113.00M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	2.87M	shares	Point-in-time
Prepaid expenses and other assets (Note 1)	`PrepaidExpenseAndOtherAssetsCurrent`	$76.41M	USD	Point-in-time
Prepaid expenses and other assets (Note 1)	`PrepaidExpenseAndOtherAssetsCurrent`	$34.13M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$233.25M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$226.21M	USD	Point-in-time
Oil and natural gas properties and other, net - at cost (Note 1)	`PropertyPlantAndEquipmentNet`	$514.76M	USD	Point-in-time
Oil and natural gas properties and other, net - at cost (Note 1)	`PropertyPlantAndEquipmentNet`	$515.42M	USD	Point-in-time
Restricted deposits for asset retirement obligations	`RestrictedCashAndInvestmentsNoncurrent`	$15.50M	USD	Point-in-time
Restricted deposits for asset retirement obligations	`RestrictedCashAndInvestmentsNoncurrent`	$15.69M	USD	Point-in-time
Other assets (Note 1)	`OtherAssetsNoncurrent`	$91.55M	USD	Point-in-time
Other assets (Note 1)	`OtherAssetsNoncurrent`	$79.00M	USD	Point-in-time
Total assets	`Assets`	$848.87M	USD	Point-in-time
Total assets	`Assets`	$842.51M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$71.36M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$82.07M	USD	Point-in-time
Undistributed oil and natural gas proceeds	`OilAndGasSalesPayableCurrent`	$22.01M	USD	Point-in-time
Undistributed oil and natural gas proceeds	`OilAndGasSalesPayableCurrent`	$29.00M	USD	Point-in-time
Advances from joint interest partners	`AdvancesFromJointInterestPartnersCurrent`	$20.63M	USD	Point-in-time
Advances from joint interest partners	`AdvancesFromJointInterestPartnersCurrent`	$65.27M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationCurrent`	$24.99M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationCurrent`	$24.80M	USD	Point-in-time
Accrued liabilities (Note 1)	`AccruedLiabilitiesCurrent`	$29.61M	USD	Point-in-time
Accrued liabilities (Note 1)	`AccruedLiabilitiesCurrent`	$35.20M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$218.64M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$186.29M	USD	Point-in-time
Long-term debt (Note 2)	`LongTermDebtNoncurrent`	$633.53M	USD	Point-in-time
Long-term debt (Note 2)	`LongTermDebtNoncurrent`	$634.00M	USD	Point-in-time
Asset retirement obligations, less current portion	`AssetRetirementObligationsNoncurrent`	$285.14M	USD	Point-in-time
Asset retirement obligations, less current portion	`AssetRetirementObligationsNoncurrent`	$289.36M	USD	Point-in-time
Other liabilities (Note 1)	`OtherLiabilitiesNoncurrent`	$73.14M	USD	Point-in-time
Other liabilities (Note 1)	`OtherLiabilitiesNoncurrent`	$68.69M	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 shares authorized; 0 issued for both dates presented	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.00001 par value; 20,000 shares authorized; 0 issued for both dates presented	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.00001 par value; 200,000 shares authorized; 143,513 issued and 140,644 outstanding for both dates presented	`CommonStockValue`	$1.00K	USD	Point-in-time
Common stock, $0.00001 par value; 200,000 shares authorized; 143,513 issued and 140,644 outstanding for both dates presented	`CommonStockValue`	$1.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$545.63M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$545.71M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-846.34M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-894.10M	USD	Point-in-time
Treasury stock, at cost; 2,869 shares for both dates presented	`TreasuryStockValue`	$24.17M	USD	Point-in-time
Treasury stock, at cost; 2,869 shares for both dates presented	`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 shareholders' equity (deficit)	`StockholdersEquity`	$-372.63M	USD	Point-in-time
Total shareholders' equity (deficit)	`StockholdersEquity`	$-324.80M	USD	Point-in-time
Total liabilities and shareholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$848.87M	USD	Point-in-time
Total liabilities and shareholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$842.51M	USD	Point-in-time

Income Statement 27 line items

Line Item	Tag	Value	Unit	Period
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$134.21M	USD	1 Quarter
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$116.08M	USD	1 Quarter
Lease operating expenses	`OperatingLeaseExpense`	$43.46M	USD	1 Quarter
Lease operating expenses	`OperatingLeaseExpense`	$36.84M	USD	1 Quarter
Production taxes	`ProductionTaxExpense`	$455.00K	USD	1 Quarter
Production taxes	`ProductionTaxExpense`	$416.00K	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$38.08M	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$33.77M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$15.04M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$14.11M	USD	1 Quarter
Derivative loss	`GainLossOnDerivativeInstrumentsNetPretax`	$-48.89M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$147.06M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$95.47M	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$38.74M	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$-30.98M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$10.96M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$16.28M	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-28.00K	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-331.00K	USD	1 Quarter
(Loss) income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-47.59M	USD	1 Quarter
(Loss) income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$27.75M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$172.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$109.00K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-47.76M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$27.64M	USD	1 Quarter
Basic and diluted (loss) earnings per common share	`EarningsPerShareBasicAndDiluted`	$-0.34	USD	1 Quarter
Basic and diluted (loss) earnings per common share	`EarningsPerShareBasicAndDiluted`	$0.19	USD	1 Quarter

Cash Flow Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$-47.76M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$27.64M	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$38.08M	USD	1 Quarter
Depreciation, depletion, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$33.77M	USD	1 Quarter
Amortization of debt items and other items	`AmortizationOfFinancingCostsAndDiscounts`	$466.00K	USD	1 Quarter
Amortization of debt items and other items	`AmortizationOfFinancingCostsAndDiscounts`	$1.15M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$-78.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$1.22M	USD	1 Quarter
Derivative loss	`GainLossOnDerivativeInstrumentsNetPretax`	$-48.89M	USD	1 Quarter
Cash receipts on derivative settlements, net	`CashProceedsPaymentsOnDerivativeSettlementsNetOperatingActivities`	$11.95M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$172.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$109.00K	USD	1 Quarter
Oil and natural gas receivables	`IncreaseDecreaseInAccountsReceivable`	$-501.00K	USD	1 Quarter
Oil and natural gas receivables	`IncreaseDecreaseInAccountsReceivable`	$-6.50M	USD	1 Quarter
Joint interest receivables	`IncreaseDecreaseInJointInterestReceivables`	$2.99M	USD	1 Quarter
Joint interest receivables	`IncreaseDecreaseInJointInterestReceivables`	$-1.92M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$6.39M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$4.27M	USD	1 Quarter
Asset retirement obligation settlements	`AssetRetirementObligationCashPaidToSettle`	$7.02M	USD	1 Quarter
Asset retirement obligation settlements	`AssetRetirementObligationCashPaidToSettle`	$254.00K	USD	1 Quarter
Cash advances from JV partners	`IncreaseDecreaseInCashAdvancesFromJointVenturePartners`	$44.64M	USD	1 Quarter
Cash advances from JV partners	`IncreaseDecreaseInCashAdvancesFromJointVenturePartners`	$19.15M	USD	1 Quarter
Accounts payable, accrued liabilities and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-688.00K	USD	1 Quarter
Accounts payable, accrued liabilities and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-6.87M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$74.98M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$84.84M	USD	1 Quarter
Investment in oil and natural gas properties and equipment	`PaymentsToExploreAndDevelopOilAndGasProperties`	$38.27M	USD	1 Quarter
Investment in oil and natural gas properties and equipment	`PaymentsToExploreAndDevelopOilAndGasProperties`	$31.58M	USD	1 Quarter
Deposit for acquisition	`PaymentsToAcquireInvestments`	$3.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-31.58M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-41.27M	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$441.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-441.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.06M	USD	1 Quarter
Increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$31.65M	USD	1 Quarter
Increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$52.82M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$33.29M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$99.06M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$86.12M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$130.71M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$33.29M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$99.06M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$86.12M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$130.71M	USD	Point-in-time

Stockholders Equity 12 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
Beginning Balances	`StockholdersEquity`	$-372.63M	USD	Point-in-time
Beginning Balances	`StockholdersEquity`	$-324.80M	USD	Point-in-time
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$-78.00K	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.22M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-47.76M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$27.64M	USD	1 Quarter
Ending Balances	`StockholdersEquity`	$-573.51M	USD	Point-in-time
Ending Balances	`StockholdersEquity`	$-544.65M	USD	Point-in-time
Ending Balances	`StockholdersEquity`	$-372.63M	USD	Point-in-time
Ending Balances	`StockholdersEquity`	$-324.80M	USD	Point-in-time

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