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)

Condensed Consolidating Balance Sheet as of March 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

 

Parent

 

 

Guarantor

 

 

 

 

 

 

W&T

 

 

Company

 

 

Subsidiaries

 

 

Eliminations

 

 

Offshore, Inc.

 

 

(In thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

126,095

 

 

$

 

 

$

 

 

$

126,095

 

Receivables:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas sales

 

4,177

 

 

 

40,777

 

 

 

 

 

 

44,954

 

Joint interest

 

16,843

 

 

 

 

 

 

 

 

 

16,843

 

Income taxes

 

116,699

 

 

 

 

 

 

(104,756

)

 

 

11,943

 

Total receivables

 

137,719

 

 

 

40,777

 

 

 

(104,756

)

 

 

73,740

 

Prepaid expenses and other assets

 

14,034

 

 

 

3,101

 

 

 

 

 

 

17,135

 

Total current assets

 

277,848

 

 

 

43,878

 

 

 

(104,756

)

 

 

216,970

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas properties and other, net

 

367,782

 

 

 

172,017

 

 

 

(1,685

)

 

 

538,114

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted deposits for asset retirement obligations

 

28,224

 

 

 

 

 

 

 

 

 

28,224

 

Income tax receivables

 

59,789

 

 

 

 

 

 

 

 

 

59,789

 

Other assets

 

412,398

 

 

 

386,092

 

 

 

(787,087

)

 

 

11,403

 

Total assets

$

1,146,041

 

 

$

601,987

 

 

$

(893,528

)

 

$

854,500

 

Liabilities and Shareholders’ Equity (Deficit)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

$

74,328

 

 

$

7,070

 

 

$

 

 

$

81,398

 

Undistributed oil and natural gas proceeds

 

20,448

 

 

 

1,918

 

 

 

 

 

 

22,366

 

Asset retirement obligations

 

49,788

 

 

 

16,362

 

 

 

 

 

 

66,150

 

Accrued liabilities

 

20,663

 

 

 

104,629

 

 

 

(104,756

)

 

 

20,536

 

Long-term debt

 

8,250

 

 

 

 

 

 

 

 

 

8,250

 

Total current liabilities

 

173,477

 

 

 

129,979

 

 

 

(104,756

)

 

 

198,700

 

Long-term debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

873,733

 

 

 

 

 

 

 

 

 

873,733

 

Carrying value adjustments

 

137,001

 

 

 

 

 

 

 

 

 

137,001

 

Long term debt, less current portion - carrying value

 

1,010,734

 

 

 

 

 

 

 

 

 

1,010,734

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset retirement obligations, less current portion

 

143,434

 

 

 

117,216

 

 

 

 

 

 

260,650

 

Other liabilities

 

449,521

 

 

 

 

 

 

(432,295

)

 

 

17,226

 

Shareholders’ deficit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

1

 

 

 

 

 

 

 

 

 

1

 

Additional paid-in capital

 

541,901

 

 

 

704,885

 

 

 

(704,885

)

 

 

541,901

 

Retained earnings (deficit)

 

(1,148,860

)

 

 

(350,093

)

 

 

348,408

 

 

 

(1,150,545

)

Treasury stock, at cost

 

(24,167

)

 

 

 

 

 

 

 

 

(24,167

)

Total shareholders’ equity (deficit)

 

(631,125

)

 

 

354,792

 

 

 

(356,477

)

 

 

(632,810

)

Total liabilities and shareholders’ equity (deficit)

$

1,146,041

 

 

$

601,987

 

 

$

(893,528

)

 

$

854,500

 

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