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, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

W&T

 

 

Parent

 

 

Guarantor

 

 

 

 

 

 

Offshore,

 

 

Company

 

 

Subsidiaries

 

 

Eliminations

 

 

Inc.

 

 

(In thousands)

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

$

(119,385

)

 

$

(73,029

)

 

$

1,905

 

 

$

(190,509

)

Adjustments to reconcile net loss to net cash

   provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion, amortization and accretion

 

20,623

 

 

 

38,161

 

 

 

4,949

 

 

 

63,733

 

Ceiling test write-down of oil and natural gas properties

 

 

 

 

50,384

 

 

 

66,175

 

 

 

116,559

 

Debt issuance costs write-off/ amortization of debt items

 

1,684

 

 

 

 

 

 

 

 

 

1,684

 

Share-based compensation

 

2,536

 

 

 

 

 

 

 

 

 

2,536

 

Derivative gain

 

(2,493

)

 

 

 

 

 

 

 

 

(2,493

)

Cash receipts on derivative settlements

 

4,105

 

 

 

 

 

 

 

 

 

4,105

 

Deferred income taxes

 

(3,676

)

 

 

(1,206

)

 

 

 

 

 

(4,882

)

Loss of affiliates

 

73,029

 

 

 

 

 

 

(73,029

)

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas receivables

 

3,606

 

 

 

4,559

 

 

 

 

 

 

8,165

 

Joint interest and other receivables

 

4,991

 

 

 

 

 

 

 

 

 

4,991

 

Income taxes

 

(310

)

 

 

 

 

 

 

 

 

(310

)

Prepaid expenses and other assets

 

3,072

 

 

 

(7,492

)

 

 

5,737

 

 

 

1,317

 

Asset retirement obligations

 

(584

)

 

 

(2,596

)

 

 

 

 

 

(3,180

)

Accounts payable, accrued liabilities and other

 

14,761

 

 

 

18,969

 

 

 

(5,737

)

 

 

27,993

 

Net cash provided by operating activities

 

1,959

 

 

 

27,750

 

 

 

 

 

 

29,709

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment in oil and natural gas properties and equipment

 

(3,147

)

 

 

(9,756

)

 

 

 

 

 

(12,903

)

Changes in operating assets and liabilities associated with

   investing activities

 

(2,686

)

 

 

(17,994

)

 

 

 

 

 

(20,680

)

Proceeds from sales of assets and other, net

 

1,000

 

 

 

 

 

 

 

 

 

1,000

 

Net cash used in investing activities

 

(4,833

)

 

 

(27,750

)

 

 

 

 

 

(32,583

)

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrowings of long-term debt – revolving bank credit facility

 

340,000

 

 

 

 

 

 

 

 

 

340,000

 

Repayments of long-term debt – revolving bank credit facility

 

(52,000

)

 

 

 

 

 

 

 

 

(52,000

)

Other

 

83

 

 

 

 

 

 

 

 

 

83

 

Net cash provided by financing activities

 

288,083

 

 

 

 

 

 

 

 

 

288,083

 

Increase in cash and cash equivalents

 

285,209

 

 

 

 

 

 

 

 

 

285,209

 

Cash and cash equivalents, beginning of period

 

85,414

 

 

 

 

 

 

 

 

 

85,414

 

Cash and cash equivalents, end of period

$

370,623

 

 

$

 

 

$

 

 

$

370,623

 

 

 

 

 

29