SEC Filings


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

 

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.

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2017

 

 

2016

 

 

 

(In thousands)

 

Exploration (1)

 

$

(17

)

 

$

1,505

 

Development (1)

 

 

22,928

 

 

 

9,468

 

Seismic, capitalized interest, and other

 

 

427

 

 

 

1,930

 

Investments in oil and gas property/equipment

 

$

23,338

 

 

$

12,903

 

 

(1)

Reported geographically in the subsequent table.

The following table presents our exploration and development capital expenditures on an accrual basis geographically in the Gulf of Mexico:

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2017

 

 

2016

 

 

 

(In thousands)

 

Conventional shelf

 

$

23,367

 

 

$

1,741

 

Deepwater

 

 

(456

)

 

 

9,339

 

Deep shelf

 

 

 

 

 

(107

)

Exploration and development capital expenditures

 

$

22,911

 

 

$

10,973

 

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:

 

Three Months Ended

March 31,

 

 

2017

 

 

2016

 

 

Gross

 

 

Net

 

 

Gross

 

 

Net

 

Development wells -  Productive

 

2

 

 

 

2.0

 

 

 

 

 

 

 

Exploration wells -    Productive

 

 

 

 

 

 

 

1

 

 

 

0.5

 

Total wells

 

2

 

 

 

2.0

 

 

 

1

 

 

 

0.5

 

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.

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