|W&T OFFSHORE INC filed this Form 10-Q on 05/04/2017|
Capital Expenditures. The level of our investment in oil and natural gas properties changes from time to time depending on numerous factors, including the prices of oil, NGLs and natural gas, acquisition opportunities, available liquidity and the results of our exploration and development activities. The following table presents our capital expenditures on an accrual basis for exploration, development and other leasehold costs and acquisitions.
The following table presents our exploration and development capital expenditures on an accrual basis geographically in the Gulf of Mexico:
Our capital expenditures for the three months ended March 31, 2017 were financed by cash flow from operations and cash on hand.
The following table presents our offshore wells drilled based on a completed basis:
Both wells in the above table were successful.
Exploration Activities. During the first quarter of 2017, the A-18 at Mahogany was completed and began producing in January 2017. At March 31, 2017, the A-16 BP1 well at Mahogany was completed and began producing in April 2017.
Divestitures. Periodically, we sell properties as part of the management of our property portfolio. During the three months ended March 31, 2017, we did not have any property sales.