SEC Filings


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

 

 

 

Three Months Ended

 

 

March 31,

 

 

2017

 

 

2016

 

 

Change

 

 

% (2)

 

Operating: (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil (MBbls)

 

1,805

 

 

 

1,906

 

 

 

(101

)

 

 

(5.3

)%

NGLs (MBbls)

 

374

 

 

 

358

 

 

 

16

 

 

 

4.5

%

Natural gas (MMcf)

 

9,985

 

 

 

10,071

 

 

 

(86

)

 

 

(0.9

)%

Total oil equivalent (MBoe)

 

3,844

 

 

 

3,942

 

 

 

(98

)

 

 

(2.5

)%

Total natural gas equivalents (MMcfe)

 

23,065

 

 

 

23,651

 

 

 

(586

)

 

 

(2.5

)%

 

Average daily equivalent sales (Boe/day)

 

42,712

 

 

 

43,317

 

 

 

(605

)

 

 

(1.4

)%

Average daily equivalent sales (Mcfe/day)

 

256,275

 

 

 

259,903

 

 

 

(3,628

)

 

 

(1.4

)%

 

Average realized sales prices:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil ($/Bbl)

$

47.06

 

 

$

26.73

 

 

$

20.33

 

 

 

76.1

%

NGLs ($/Bbl)

 

23.34

 

 

 

13.96

 

 

 

9.38

 

 

 

67.2

%

Natural gas ($/Mcf)

 

2.98

 

 

 

2.01

 

 

 

0.97

 

 

 

48.3

%

Oil equivalent ($/Boe)

 

32.12

 

 

 

19.33

 

 

 

12.79

 

 

 

66.2

%

Natural gas equivalent ($/Mcfe)

 

5.35

 

 

 

3.22

 

 

 

2.13

 

 

 

66.1

%

 

Average per Boe ($/Boe):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease operating expenses

$

10.45

 

 

$

11.28

 

 

$

(0.83

)

 

 

(7.4

)%

Gathering and transportation

 

1.62

 

 

 

1.29

 

 

 

0.33

 

 

 

25.6

%

Production costs

 

12.07

 

 

 

12.57

 

 

 

(0.50

)

 

 

(4.0

)%

Production taxes

 

0.13

 

 

 

0.13

 

 

 

 

 

 

 

DD&A

 

10.40

 

 

 

16.17

 

 

 

(5.77

)

 

 

(35.7

)%

General and administrative expenses

 

3.45

 

 

 

4.17

 

 

 

(0.72

)

 

 

(17.3

)%

 

$

26.05

 

 

$

33.04

 

 

$

(6.99

)

 

 

(21.2

)%

 

Average per Mcfe ($/Mcfe):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease operating expenses

$

1.74

 

 

$

1.88

 

 

$

(0.14

)

 

 

(7.4

)%

Gathering and transportation

 

0.27

 

 

 

0.22

 

 

 

0.05

 

 

 

22.7

%

Production costs

 

2.01

 

 

 

2.10

 

 

 

(0.09

)

 

 

(4.3

)%

Production taxes

 

0.02

 

 

 

0.02

 

 

 

 

 

 

 

DD&A

 

1.73

 

 

 

2.69

 

 

 

(0.96

)

 

 

(35.7

)%

General and administrative expenses

 

0.58

 

 

 

0.70

 

 

 

(0.12

)

 

 

(17.1

)%

 

$

4.34

 

 

$

5.51

 

 

$

(1.17

)

 

 

(21.2

)%

 

 

(1)

The conversions to barrels of oil equivalent and cubic feet equivalent were determined using the energy equivalency ratio of six Mcf of natural gas to one Bbl of crude oil, condensate or NGLs (totals may not compute due to rounding).  The conversion ratio does not assume price equivalency, and the price on an equivalent basis for oil, NGLs and natural gas may differ significantly.

 

(2)

Variance percentages are calculated using rounded figures and may result in different figures for comparable data.

Volume measurements:

 

 

Bbl - barrel

 

Mcf - thousand cubic feet

Boe - barrel of oil equivalent

 

Mcfe - thousand cubic feet equivalent

MBbls - thousand barrels for crude oil, condensate or NGLs

 

MMcf - million cubic feet

MBoe - thousand barrels of oil equivalent

 

MMcfe - million cubic feet equivalent

35