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 Statement of Cash Flows for the Three Months Ended March 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

W&T

 

 

Parent

 

 

Guarantor

 

 

 

 

 

 

Offshore,

 

 

Company

 

 

Subsidiaries

 

 

Eliminations

 

 

Inc.

 

 

(In thousands)

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

25,030

 

 

$

17,527

 

 

$

(18,258

)

 

$

24,299

 

Adjustments to reconcile net income to net cash

  provided by  operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion, amortization and accretion

 

19,154

 

 

 

20,105

 

 

 

731

 

 

 

39,990

 

Amortization of debt items

 

412

 

 

 

 

 

 

 

 

 

412

 

Share-based compensation

 

1,928

 

 

 

 

 

 

 

 

 

1,928

 

Derivative gain

 

(3,955

)

 

 

 

 

 

 

 

 

(3,955

)

Cash receipts on derivative settlements, net

 

713

 

 

 

 

 

 

 

 

 

713

 

Deferred income taxes

 

105

 

 

 

 

 

 

 

 

 

105

 

Earnings of affiliates

 

(17,527

)

 

 

 

 

 

17,527

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas receivables

 

(2,004

)

 

 

122

 

 

 

 

 

 

(1,882

)

Joint interest and other receivables

 

35,142

 

 

 

 

 

 

 

 

 

35,142

 

Income taxes

 

(5,451

)

 

 

5,451

 

 

 

 

 

 

 

Prepaid expenses and other assets

 

(6,927

)

 

 

(42,395

)

 

 

41,350

 

 

 

(7,972

)

Asset retirement obligation settlements

 

(12,940

)

 

 

(1,559

)

 

 

 

 

 

(14,499

)

Accounts payable, accrued liabilities and other

 

46,764

 

 

 

1,488

 

 

 

(41,350

)

 

 

6,902

 

Net cash provided by operating activities

 

80,444

 

 

 

739

 

 

 

 

 

 

81,183

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment in oil and natural gas properties and equipment

 

(23,593

)

 

 

255

 

 

 

 

 

 

(23,338

)

Changes in operating assets and liabilities associated with

   investing activities

 

2,162

 

 

 

(994

)

 

 

 

 

 

1,168

 

Purchases of furniture, fixtures and other

 

(853

)

 

 

 

 

 

 

 

 

(853

)

Net cash used in investing activities

 

(22,284

)

 

 

(739

)

 

 

 

 

 

(23,023

)

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment of interest on 1.5 Lien Term Loan

 

(2,056

)

 

 

 

 

 

 

 

 

(2,056

)

Other

 

(245

)

 

 

 

 

 

 

 

 

(245

)

Net cash provided by financing activities

 

(2,301

)

 

 

 

 

 

 

 

 

(2,301

)

Increase in cash and cash equivalents

 

55,859

 

 

 

 

 

 

 

 

 

55,859

 

Cash and cash equivalents, beginning of period

 

70,236

 

 

 

 

 

 

 

 

 

70,236

 

Cash and cash equivalents, end of period

$

126,095

 

 

$

 

 

$

 

 

$

126,095

 

 


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