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 December 31, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

 

Parent

 

 

Guarantor

 

 

 

 

 

 

W&T

 

 

Company

 

 

Subsidiaries

 

 

Eliminations

 

 

Offshore, Inc.

 

 

(In thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

70,236

 

 

$

 

 

$

 

 

$

70,236

 

Receivables:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas sales

 

2,173

 

 

 

40,900

 

 

 

 

 

 

43,073

 

Joint interest

 

21,885

 

 

 

 

 

 

 

 

 

21,885

 

Insurance reimbursement

 

30,100

 

 

 

 

 

 

 

 

 

30,100

 

Income taxes

 

111,215

 

 

 

 

 

 

(99,272

)

 

 

11,943

 

Total receivables

 

165,373

 

 

 

40,900

 

 

 

(99,272

)

 

 

107,001

 

Prepaid expenses and other assets

 

12,448

 

 

 

2,056

 

 

 

 

 

 

14,504

 

Total current assets

 

248,057

 

 

 

42,956

 

 

 

(99,272

)

 

 

191,741

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas properties and other, net

 

360,966

 

 

 

187,040

 

 

 

(953

)

 

 

547,053

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted deposits for asset retirement obligations

 

27,371

 

 

 

 

 

 

 

 

 

27,371

 

Income tax receivables

 

52,097

 

 

 

 

 

 

 

 

 

52,097

 

Other assets

 

394,931

 

 

 

344,742

 

 

 

(728,209

)

 

 

11,464

 

Total assets

$

1,083,422

 

 

$

574,738

 

 

$

(828,434

)

 

$

829,726

 

Liabilities and Shareholders’ Deficit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

$

74,306

 

 

$

6,733

 

 

$

 

 

$

81,039

 

Undistributed oil and natural gas proceeds

 

24,493

 

 

 

1,761

 

 

 

 

 

 

26,254

 

Asset retirement obligations

 

62,261

 

 

 

16,003

 

 

 

 

 

 

78,264

 

Long-term debt

 

8,272

 

 

 

 

 

 

 

 

 

8,272

 

Accrued liabilities

 

9,293

 

 

 

99,179

 

 

 

(99,272

)

 

 

9,200

 

Total current liabilities

 

178,625

 

 

 

123,676

 

 

 

(99,272

)

 

 

203,029

 

Long-term debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

873,733

 

 

 

 

 

 

 

 

 

873,733

 

Carrying value adjustments

 

138,722

 

 

 

 

 

 

 

 

 

138,722

 

Long term debt, less current portion - carrying value

 

1,012,455

 

 

 

 

 

 

 

 

 

1,012,455

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset retirement obligations, less current portion

 

142,376

 

 

 

113,798

 

 

 

 

 

 

256,174

 

Other liabilities

 

408,050

 

 

 

 

 

 

(390,945

)

 

 

17,105

 

Shareholders’ deficit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

1

 

 

 

 

 

 

 

 

 

1

 

Additional paid-in capital

 

539,973

 

 

 

704,885

 

 

 

(704,885

)

 

 

539,973

 

Retained earnings (deficit)

 

(1,173,891

)

 

 

(367,621

)

 

 

366,668

 

 

 

(1,174,844

)

Treasury stock, at cost

 

(24,167

)

 

 

 

 

 

 

 

 

(24,167

)

Total shareholders’ deficit

 

(658,084

)

 

 

337,264

 

 

 

(338,217

)

 

 

(659,037

)

Total liabilities and shareholders’ deficit

$

1,083,422

 

 

$

574,738

 

 

$

(828,434

)

 

$

829,726

 


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