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

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

Three Months Ended

 

 

March 31,

 

 

2017

 

 

2016

 

 

(In thousands except per share data)

 

 

(Unaudited)

 

Revenues

$

124,393

 

 

$

77,715

 

Operating costs and expenses:

 

 

 

 

 

 

 

Lease operating expenses

 

40,164

 

 

 

44,469

 

Production taxes

 

515

 

 

 

526

 

Gathering and transportation

 

6,209

 

 

 

5,092

 

Depreciation, depletion, amortization and accretion

 

39,990

 

 

 

63,733

 

Ceiling test write-down of oil and natural gas properties

 

 

 

 

116,559

 

General and administrative expenses

 

13,274

 

 

 

16,443

 

Derivative gain

 

(3,955

)

 

 

(2,493

)

Total costs and expenses

 

96,197

 

 

 

244,329

 

Operating income (loss)

 

28,196

 

 

 

(166,614

)

Interest expense:

 

 

 

 

 

 

 

Incurred

 

11,294

 

 

 

27,814

 

Capitalized

 

 

 

 

(343

)

Other expense, net

 

191

 

 

 

1,306

 

Income (loss) before income tax benefit

 

16,711

 

 

 

(195,391

)

Income tax benefit

 

(7,588

)

 

 

(4,882

)

Net income (loss)

$

24,299

 

 

$

(190,509

)

 

Basic and diluted earnings (loss) per common share

$

0.17

 

 

$

(2.49

)

 

See Notes to Condensed Consolidated Financial Statements.

 

 

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