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 CASH FLOWS

 

 

Three Months Ended

 

 

March 31,

 

 

2017

 

 

2016

 

 

(In thousands)

 

 

(Unaudited)

 

Operating activities:

 

 

 

 

 

 

 

Net income (loss)

$

24,299

 

 

$

(190,509

)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

 

 

 

 

Depreciation, depletion, amortization and accretion

 

39,990

 

 

 

63,733

 

Ceiling test write-down of oil and natural gas properties

 

 

 

 

116,559

 

Debt issuance costs write-down/amortization of debt items

 

412

 

 

 

1,684

 

Share-based compensation

 

1,928

 

 

 

2,536

 

Derivative gain

 

(3,955

)

 

 

(2,493

)

Cash receipts on derivative settlements

 

713

 

 

 

4,105

 

Deferred income taxes

 

105

 

 

 

(4,882

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Oil and natural gas receivables

 

(1,882

)

 

 

8,165

 

Joint interest receivables

 

5,042

 

 

 

4,979

 

Insurance reimbursements

 

30,100

 

 

 

12

 

Income taxes

 

 

 

 

(310

)

Prepaid expenses and other assets

 

(7,972

)

 

 

1,317

 

Asset retirement obligation settlements

 

(14,499

)

 

 

(3,180

)

Accounts payable, accrued liabilities and other

 

6,902

 

 

 

27,993

 

Net cash provided by operating activities

 

81,183

 

 

 

29,709

 

Investing activities:

 

 

 

 

 

 

 

Investment in oil and natural gas properties and equipment

 

(23,338

)

 

 

(12,903

)

Changes in operating assets and liabilities associated with investing activities

 

1,168

 

 

 

(20,680

)

Proceeds from sales of assets

 

 

 

 

1,000

 

Purchases of furniture, fixtures and other

 

(853

)

 

 

 

Net cash used in investing activities

 

(23,023

)

 

 

(32,583

)

Financing activities:

 

 

 

 

 

 

 

Borrowings of long-term debt - revolving bank credit facility

 

 

 

 

340,000

 

Repayments of long-term debt - revolving bank credit facility

 

 

 

 

(52,000

)

Payment of interest on 1.5 Lien Term Loan

 

(2,056

)

 

 

 

Other

 

(245

)

 

 

83

 

Net cash provided by (used in) financing activities

 

(2,301

)

 

 

288,083

 

Increase in cash and cash equivalents

 

55,859

 

 

 

285,209

 

Cash and cash equivalents, beginning of period

 

70,236

 

 

 

85,414

 

Cash and cash equivalents, end of period

$

126,095

 

 

$

370,623

 

 

See Notes to Condensed Consolidated Financial Statements.

 

 

 

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