SEC Filings


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

 

 

Results of Operations

The following tables set forth selected financial and operating data for the periods indicated (all values are net to our interest unless indicated otherwise):

 

Three Months Ended

 

 

March 31,

 

 

2017

 

 

2016

 

 

Change

 

 

%

 

 

(In thousands, except percentages and per share data)

 

Financial:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil

$

84,971

 

 

$

50,936

 

 

$

34,035

 

 

 

66.8

%

NGLs

 

8,742

 

 

 

4,995

 

 

 

3,747

 

 

 

75.0

%

Natural gas

 

29,758

 

 

 

20,270

 

 

 

9,488

 

 

 

46.8

%

Other

 

922

 

 

 

1,514

 

 

 

(592

)

 

 

(39.1

)%

Total revenues

 

124,393

 

 

 

77,715

 

 

 

46,678

 

 

 

60.1

%

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease operating expenses

 

40,164

 

 

 

44,469

 

 

 

(4,305

)

 

 

(9.7

)%

Production taxes

 

515

 

 

 

526

 

 

 

(11

)

 

 

(2.1

)%

Gathering and transportation

 

6,209

 

 

 

5,092

 

 

 

1,117

 

 

 

21.9

%

Depreciation, depletion, amortization

   and accretion

 

39,990

 

 

 

63,733

 

 

 

(23,743

)

 

 

(37.3

)%

Ceiling test write-down of oil and

   natural gas properties

 

 

 

 

116,559

 

 

 

(116,559

)

 

 

(100.0

)%

General and administrative expenses

 

13,274

 

 

 

16,443

 

 

 

(3,169

)

 

 

(19.3

)%

Derivative gain

 

(3,955

)

 

 

(2,493

)

 

 

(1,462

)

 

 

58.6

%

Total costs and expenses

 

96,197

 

 

 

244,329

 

 

 

(148,132

)

 

 

(60.6

)%

Operating income (loss)

 

28,196

 

 

 

(166,614

)

 

 

194,810

 

 

 

(116.9

)%

Interest expense, net of amounts

   capitalized

 

11,294

 

 

 

27,471

 

 

 

(16,177

)

 

 

(58.9

)%

Other expense, net

 

191

 

 

 

1,306

 

 

 

(1,115

)

 

NM

 

Income (loss) before income tax benefit

 

16,711

 

 

 

(195,391

)

 

 

212,102

 

 

NM

 

Income tax benefit

 

(7,588

)

 

 

(4,882

)

 

 

(2,706

)

 

 

55.4

%

Net income (loss)

$

24,299

 

 

$

(190,509

)

 

$

214,808

 

 

NM

 

 

Basic and diluted earnings (loss)

   per common share

$

0.17

 

 

$

(2.49

)

 

$

2.66

 

 

NM

 

 

NM – not meaningful

34