SEC Filings


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

 

PART I – FINANCIAL INFORMATION

Item 1.  Financial Statements

W&T OFFSHORE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

 

March 31,

 

 

December 31,

 

 

2017

 

 

2016

 

 

(Unaudited)

 

Assets

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

$

126,095

 

 

$

70,236

 

Receivables:

 

 

 

 

 

 

 

Oil and natural gas sales

 

44,954

 

 

 

43,073

 

Joint interest

 

16,843

 

 

 

21,885

 

Insurance reimbursement

 

 

 

 

30,100

 

Income taxes

 

11,943

 

 

 

11,943

 

Total receivables

 

73,740

 

 

 

107,001

 

Prepaid expenses and other assets (Note 1)

 

17,135

 

 

 

14,504

 

Total current assets

 

216,970

 

 

 

191,741

 

 

 

 

 

 

 

 

 

Oil and natural gas properties and other, net - at cost: (Note 1)

 

538,114

 

 

 

547,053

 

 

 

 

 

 

 

 

 

Restricted deposits for asset retirement obligations

 

28,224

 

 

 

27,371

 

Income tax receivables

 

59,789

 

 

 

52,097

 

Other assets

 

11,403

 

 

 

11,464

 

Total assets

$

854,500

 

 

$

829,726

 

Liabilities and Shareholders’ Deficit

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable

$

81,398

 

 

$

81,039

 

Undistributed oil and natural gas proceeds

 

22,366

 

 

 

26,254

 

Asset retirement obligations

 

66,150

 

 

 

78,264

 

Long-term debt

 

8,250

 

 

 

8,272

 

Accrued liabilities (Note 1)

 

20,536

 

 

 

9,200

 

Total current liabilities

 

198,700

 

 

 

203,029

 

Long-term debt: (Note 2)

 

 

 

 

 

 

 

Principal

 

873,733

 

 

 

873,733

 

Carrying value adjustments

 

137,001

 

 

 

138,722

 

Long term debt, less current portion - carrying value

 

1,010,734

 

 

 

1,012,455

 

 

 

 

 

 

 

 

 

Asset retirement obligations, less current portion

 

260,650

 

 

 

256,174

 

Other liabilities

 

17,226

 

 

 

17,105

 

Commitments and contingencies (Note 9)

 

 

 

 

 

Shareholders’ deficit:

 

 

 

 

 

 

 

Preferred stock, $0.00001 par value; 20,000,000 shares authorized; 0 issued at

   March 31, 2017 and December 31, 2016

 

 

 

 

 

Common stock, $0.00001 par value; 200,000,000 shares authorized;

   140,543,545 issued and 137,674,372 outstanding at March 31, 2017

   and December 31, 2016

 

1

 

 

 

1

 

Additional paid-in capital

 

541,901

 

 

 

539,973

 

Retained earnings (deficit)

 

(1,150,545

)

 

 

(1,174,844

)

Treasury stock, at cost; 2,869,173 shares at March 31, 2017 and December 31, 2016

 

(24,167

)

 

 

(24,167

)

Total shareholders’ deficit

 

(632,810

)

 

 

(659,037

)

Total liabilities and shareholders’ deficit

$

854,500

 

 

$

829,726

 

 

See Notes to Condensed Consolidated Financial Statements

1