SEC Filings


10-Q
W&T OFFSHORE INC filed this Form 10-Q on 05/04/2017
Entire Document
 

W&T OFFSHORE, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)

As of March 31, 2017, our open commodity derivative contracts were as follows:

 

Crude Oil:  Swap, Priced off WTI (NYMEX)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

       Notional (1)

 

 

       Notional (1)

 

 

 

 

 

 

 

 

 

 

 

 

Quantity

 

 

Quantity

 

 

Strike

 

 

 

 

 

Termination Period

 

(Bbls/day)

 

 

(Bbls)

 

 

Price

 

 

 

 

 

2017

4th Quarter

 

 

1,000

 

 

 

275,000

 

 

$

55.25

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crude Oil:  Two-way collars, Priced off WTI (NYMEX)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

       Notional (1)

 

 

      Notional (1)

 

 

Weighted Average Contract Price

 

 

 

 

Quantity

 

 

Quantity

 

 

Put Option

 

 

Call Option

 

Termination Period

 

(Bbls/day)

 

 

(Bbls)

 

 

(Bought)

 

 

(Sold)

 

2017

4th Quarter

 

 

4,000

 

 

 

1,100,000

 

 

$

50.00

 

 

$

60.15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural Gas:  Two-way collars, Priced off Henry Hub (NYMEX)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

       Notional (1)

 

 

       Notional (1)

 

 

Weighted Average Contract Price

 

 

 

 

Quantity

 

 

Quantity

 

 

Put Option

 

 

Call Option

 

Termination Period

 

(MMBTUs/day)

 

 

(MMBTUs)

 

 

(Bought)

 

 

(Sold)

 

2017

4th Quarter (2)

 

 

30,000

 

 

 

7,350,000

 

 

$

3.07

 

 

$

3.96

 

 

(1)

Volume Measurements:   Bbls – barrelsMMBTUs – million British Thermal Units.

 

(2)

The natural gas derivative contracts are priced and closed in the last week prior to the related production month.  Natural gas derivative contracts related to April 2017 production were priced and closed in March 2017 and are not included in the above table as these were not open derivative contracts as of March 31, 2017.

Our open and closed (not settled) commodity derivative contracts were recorded within the line Prepaid and other assets on the Condensed Consolidated Balance Sheets summarized in the following table (in thousands):

 

March 31,

 

 

December 31,

 

 

2017

 

 

2016

 

Open contracts

$

3,242

 

 

$

 

Closed contracts - not settled

 

244

 

 

 

 

Total contracts

$

3,486

 

 

$

 

 

Changes in the fair value and settlements of our commodity derivative contracts were as follows (in thousands):

 

Three Months Ended

 

 

March 31,

 

 

2017

 

 

2016

 

Derivative gain

$

(3,955

)

 

$

(2,493

)

15