$WTI
W&T OFFSHORE INC

2013 Q1 Form 10-K Financial Statement

#000119312513079296 Filed on February 27, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 2011 Q4
Revenue $259.2M $874.5M $261.9M
YoY Change 9.89% -9.94% 40.05%
Cost Of Revenue $59.30M $232.3M $59.30M
YoY Change 2.07% 5.98% 24.84%
Gross Profit $199.9M $642.2M $202.6M
YoY Change 12.49% -14.58% 45.23%
Gross Profit Margin 77.12% 73.44% 77.36%
Selling, General & Admin $27.30M $108.4M $25.90M
YoY Change -18.99% 29.51% 35.6%
% of Gross Profit 13.66% 16.88% 12.78%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $108.9M $336.2M $86.90M
YoY Change 23.05% 12.43% 18.07%
% of Gross Profit 54.48% 52.35% 42.89%
Operating Expenses $136.2M $464.6M $112.8M
YoY Change 11.37% 12.63% 21.81%
Operating Profit $60.32M $169.3M $80.94M
YoY Change 279.07% -48.61% 72.57%
Interest Expense -$22.20M $63.27M -$21.20M
YoY Change -55.86% 20.76% -4.93%
% of Operating Profit -36.8% 37.37% -26.19%
Other Income/Expense, Net $215.0K $100.0K
YoY Change 155.95% 0.0%
Pretax Income $41.52M $119.5M $68.70M
YoY Change 698.62% -54.78% 178.14%
Income Tax $14.90M $47.55M $22.70M
% Of Pretax Income 35.89% 39.78% 33.04%
Net Earnings $26.62M $71.98M $46.07M
YoY Change 727.16% -58.35% 124.71%
Net Earnings / Revenue 10.27% 8.23% 17.59%
Basic Earnings Per Share
Diluted Earnings Per Share $353.7K $967.7K $647.5K
COMMON SHARES
Basic Shares Outstanding 75.25M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q1 2012 2011 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.30M $12.20M $4.500M
YoY Change 44.71% 171.11% -84.32%
Cash & Equivalents $12.28M $12.20M $4.512M
Short-Term Investments
Other Short-Term Assets $23.80M $25.90M $32.30M
YoY Change -28.1% -19.81% 10.62%
Inventory
Prepaid Expenses
Receivables $97.31M $154.2M $98.55M
Other Receivables $45.60M $47.90M $0.00
Total Short-Term Assets $214.7M $240.1M $161.2M
YoY Change 35.63% 48.95% -1.83%
LONG-TERM ASSETS
Property, Plant & Equipment $2.099B $2.061B $1.658B
YoY Change 28.42% 24.27% 35.91%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $18.86M $48.40M $16.17M
YoY Change -61.75% -2.42% -59.48%
Total Long-Term Assets $2.147B $2.109B $1.708B
YoY Change 27.52% 23.49% 35.55%
TOTAL ASSETS
Total Short-Term Assets $214.7M $240.1M $161.2M
Total Long-Term Assets $2.147B $2.109B $1.708B
Total Assets $2.362B $2.349B $1.869B
YoY Change 28.21% 25.69% 31.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $112.2M $123.9M $75.87M
YoY Change 72.65% 63.24% -5.63%
Accrued Expenses $39.07M $14.70M $29.71M
YoY Change -28.97% -34.67% 15.14%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $262.5M $274.6M $287.9M
YoY Change 0.62% -4.62% 19.16%
LONG-TERM LIABILITIES
Long-Term Debt $1.060B $1.088B $717.0M
YoY Change 54.98% 51.69% 59.33%
Other Long-Term Liabilities $8.288M $300.3M $4.890M
YoY Change -97.07% 15.23% -98.43%
Total Long-Term Liabilities $1.068B $1.388B $721.9M
YoY Change 10.53% 41.97% -5.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $262.5M $274.6M $287.9M
Total Long-Term Liabilities $1.068B $1.388B $721.9M
Total Liabilities $1.331B $1.808B $1.010B
YoY Change 2.54% 36.5% 0.74%
SHAREHOLDERS EQUITY
Retained Earnings $189.7M $181.8M
YoY Change
Common Stock $398.5M $386.9M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $24.17M $24.17M
YoY Change
Treasury Stock Shares
Shareholders Equity $564.0M $541.2M $544.6M
YoY Change
Total Liabilities & Shareholders Equity $2.362B $2.349B $1.869B
YoY Change 28.21% 25.69% 31.24%

Cashflow Statement

Concept 2013 Q1 2012 2011 Q4
OPERATING ACTIVITIES
Net Income $26.62M $71.98M $46.07M
YoY Change 727.16% -58.35% 124.71%
Depreciation, Depletion And Amortization $108.9M $336.2M $86.90M
YoY Change 23.05% 12.43% 18.07%
Cash From Operating Activities $169.8M $385.1M $125.4M
YoY Change 32.52% -26.15% 74.41%
INVESTING ACTIVITIES
Capital Expenditures -$136.7M -$482.3M -$99.90M
YoY Change 60.63% 68.99% 93.23%
Acquisitions
YoY Change
Other Investing Activities -$175.1M -$2.600M
YoY Change -59.95% -97.84%
Cash From Investing Activities -$136.7M -$657.4M -$102.6M
YoY Change 60.63% -9.03% -40.31%
FINANCING ACTIVITIES
Cash Dividend Paid $6.020M $82.83M
YoY Change 1.21% 40.98%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -33.06M 280.0M -26.00M
YoY Change -15.3% 58.17% -49.81%
NET CHANGE
Cash From Operating Activities 169.8M 385.1M 125.4M
Cash From Investing Activities -136.7M -657.4M -102.6M
Cash From Financing Activities -33.06M 280.0M -26.00M
Net Change In Cash 32.00K 7.733M -3.200M
YoY Change -99.2% -132.03% -97.89%
FREE CASH FLOW
Cash From Operating Activities $169.8M $385.1M $125.4M
Capital Expenditures -$136.7M -$482.3M -$99.90M
Free Cash Flow $306.5M $867.4M $225.3M
YoY Change 43.74% 7.51% 82.28%

Facts In Submission

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CY2012Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
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900000000
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4655841000
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2060455000
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6000000
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4822000
CY2012Q4 us-gaap Long Term Debt Noncurrent
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1087611000
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23700000
CY2012Q4 wti Debt Discount Premium Net Of Amortization
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17611000
CY2012Q4 wti Undistributed Oil And Natural Gas Proceeds
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37073000
CY2012Q4 wti Seismic Costs
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6200000
CY2012Q4 wti Line Of Credit Facility Maximum Annual Dividend Payment Restrictions
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85000000
CY2012Q4 wti Potential Claim For Reimbursement By Insurance Carriers
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50000000
wti Insurance Recoveries Related To Hurricanes
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142200000
CY2012Q4 us-gaap Line Of Credit Facility Interest Rate Description
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Issuance of additional Senior Notes above the $600.0 million level and provided for a reduction in the borrowing base of 25% of every $1.00 of Senior Notes above $600.0 million until such time as the borrowing base is re-determined.
CY2012Q4 wti Percentage Of Borrowing Base Of Line Of Credit Facility
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0.25 pure
CY2012Q4 wti Line Of Credit Facility Terms Additional Borrowing
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1.00
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19300000
CY2009 us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization
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25700000
CY2010 us-gaap Repayments Of Unsecured Debt
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5395000
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1937000
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25685000
CY2010 us-gaap Costs Incurred Exploration Costs
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70800000
CY2010 us-gaap Unrealized Gain Loss On Commodity Contracts
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9511000
CY2010 us-gaap Effective Income Tax Rate Reconciliation Deductions Qualified Production Activities
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CY2010 us-gaap Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves Future Cash Inflows
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3953655000
CY2009 wti Capitalized Interest Of Unproved Properties Excluded From Amortization
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6400000
CY2010 us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
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2623000
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178709000
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CY2010 us-gaap Costs And Expenses
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538994000
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169670000
CY2010 us-gaap Gains Losses On Extinguishment Of Debt
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32000
CY2010 us-gaap Proceeds From Income Tax Refunds
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99828000
CY2010 us-gaap Other Nonoperating Income Expense
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710000
CY2010 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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5533000
CY2010 us-gaap Costs Incurred Acquisition Of Unproved Oil And Gas Properties
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19700000
CY2010 us-gaap Revisions Of Previous Quantity Estimates
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94735000
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CY2010 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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45427000
CY2010 us-gaap Proceeds From Long Term Lines Of Credit
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627500000
CY2010 us-gaap Standardized Measure Of Discounted Future Net Cash Flow Of Proved Oil And Gas Reserves Period Increase Decrease
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518676000
CY2010 us-gaap Depreciation Depletion And Amortization
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268415000
CY2010 us-gaap Share Based Compensation
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5533000
CY2010 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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0.008 pure
CY2010 us-gaap Increase Decrease In Future Income Tax Expense Estimates On Future Cash Flows Related To Proved Oil And Gas Reserves
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CY2010 us-gaap Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves Future Income Tax Expense
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495696000
CY2010 us-gaap Extensions Discoveries Additions And Improved Recovery Less Related Costs
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143612000
CY2010 us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
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1420000
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-4256000
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-75697000
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20167000
CY2010 us-gaap Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves Future Net Cash Flows
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1682347000
CY2010 us-gaap Effective Income Tax Rate Continuing Operations
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0.092 pure
CY2010 us-gaap Net Cash Provided By Used In Operating Activities
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CY2010 us-gaap Income Taxes Paid
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CY2010 us-gaap Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves Standardized Measure
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1179072000
CY2010 us-gaap Cash And Cash Equivalents Period Increase Decrease
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243570000
CY2010 us-gaap Payments To Acquire Oil And Gas Property And Equipment
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236944000
CY2010 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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-4536000
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CY2010 us-gaap Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves10 Percent Annual Discount For Estimated Timing Of Cash Flows
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503275000
CY2010 us-gaap Gas Gathering Transportation Marketing And Processing Costs
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16484000
CY2010 us-gaap Amortization Of Financing Costs And Discounts
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1338000
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24933000
CY2010 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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129793000
CY2010 us-gaap Payments For Proceeds From Productive Assets
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760000
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1194000
CY2010 us-gaap Interest Costs Capitalized
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5395000
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CY2010 us-gaap Operating Leases Rent Expense Net
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CY2010 us-gaap Proceeds From Issuance Of Unsecured Debt
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0.350 pure
CY2010 us-gaap Increase Decrease In Estimated Future Development Costs
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CY2010 us-gaap Revenues
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705783000
CY2010 us-gaap Payments To Acquire Furniture And Fixtures
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760000
CY2010 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2010 us-gaap Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves Future Production Costs
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1011552000
CY2010 us-gaap Dividends Share Based Compensation Cash
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452000
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277300000
CY2010 us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization
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2100000
CY2010 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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73685000 shares
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294100000
CY2010 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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1357000
CY2010 us-gaap Deferred Income Tax Expense Benefit
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-8266000
CY2010 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2010 us-gaap Net Income Loss
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117892000
CY2010 us-gaap Accretion Of Discount
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68862000
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1050000
CY2010 us-gaap Interest Paid Net
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36362000
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CY2010 us-gaap Income Tax Expense Benefit
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11901000
CY2010 us-gaap Net Income Loss Available To Common Stockholders Basic
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116714000
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CY2010 us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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104067000
CY2010 us-gaap Interest Expense
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43101000
CY2010 wti Percentage Of Company Matches Of Employees Contributions Maximum
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1.00 pure
CY2010 wti Percentage Of Employees Contributions Maximum
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0.05 pure
CY2010 wti Capitalized Interest Of Unproved Properties Excluded From Amortization
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2100000
CY2010 wti Cash Payments Receipts On Derivative Settlements
CashPaymentsReceiptsOnDerivativeSettlements
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CY2010 wti Asset Retirement Obligation Period Increase Decrease Due To Acquisitions Incurred And Revisions
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106100000
CY2010 wti Acquisition Development And Exploration Costs
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526100000
CY2010 wti Cash Based Incentive Compensation Charged To Operating Income Loss
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10606000
CY2010 wti Cash Tax Benefit Related To Share Based Compensation
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6871000
CY2010 wti Ceiling Test Impairment
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0
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-11730000
CY2010 wti Incentive Compensation Charged To Operating Income Loss
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16139000
CY2010 wti Netincome Loss Attributable To Nonvested Shares
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1178000
CY2010 wti Incurred And Reversals Of Accruals
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-1380000
CY2010 wti Net Payments Related To Asset Retirement Obligations
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87166000
CY2010 wti Realized Gain Loss On Commodity Contracts
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-5539000
CY2010 wti Increase Decrease In Price Net Of Future Production Costs
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367575000
CY2010 wti Depreciation Depletion Amortization And Accretion Per Mcfe
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3.38
CY2010 wti Less Amounts Approved For Payment By Insurers
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10350000
CY2010 wti Proved Developed And Undeveloped Reserves Revisions Due To Price
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17.5 pure
CY2010 wti Repurchase Premium And Debt Issuance Cost
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CY2010 wti Geological And Geophysical Costs
GeologicalAndGeophysicalCosts
4300000
CY2010 wti Percentage Of Restricted Stock Units Affected By Performance Goals
PercentageOfRestrictedStockUnitsAffectedByPerformanceGoals
1.00 pure
CY2010 wti Future Net Cash Flows Relating To Proved Oil And Gas Reserves Future Dismantlement And Abandonment Cost
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520490000
CY2011 us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
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1823000
CY2011 us-gaap Payments To Explore And Develop Oil And Gas Properties
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281779000
CY2011 us-gaap Net Increase Decrease In Sales And Transfer Prices And Production Costs
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CY2011 us-gaap Costs And Expenses
CostsAndExpenses
641587000
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CY2011 us-gaap Gains Losses On Extinguishment Of Debt
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CY2011 us-gaap Income Tax Reconciliation State And Local Income Taxes
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603000
CY2011 us-gaap Increase Decrease In Other Operating Liabilities
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CY2011 us-gaap Increase Due To Purchases Of Minerals In Place
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CY2011 us-gaap Operating Income Loss
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329460000
CY2011 us-gaap Interest Paid Capitalized
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CY2011 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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29771000
CY2011 us-gaap Costs Incurred Exploration Costs
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92700000
CY2011 us-gaap Unrealized Gain Loss On Commodity Contracts
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CY2011 us-gaap Effective Income Tax Rate Reconciliation Deductions Qualified Production Activities
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CY2011 us-gaap Proceeds From Income Tax Refunds
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379000
CY2011 us-gaap Other Nonoperating Income Expense
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CY2011 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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9710000
CY2011 us-gaap Costs Incurred Acquisition Of Unproved Oil And Gas Properties
CostsIncurredAcquisitionOfUnprovedOilAndGasProperties
95100000
CY2011 us-gaap Revisions Of Previous Quantity Estimates
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204988000
CY2011 us-gaap Proceeds From Payments For Other Financing Activities
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1094000
CY2011 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
92517000
CY2011 us-gaap Proceeds From Long Term Lines Of Credit
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623000000
CY2011 us-gaap Standardized Measure Of Discounted Future Net Cash Flow Of Proved Oil And Gas Reserves Period Increase Decrease
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827305000
CY2011 us-gaap Depreciation Depletion And Amortization
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299015000
CY2011 us-gaap Share Based Compensation
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9710000
CY2011 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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0.001 pure
CY2011 us-gaap Increase Decrease In Future Income Tax Expense Estimates On Future Cash Flows Related To Proved Oil And Gas Reserves
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-398204000
CY2011 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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7881000
CY2011 us-gaap Previously Estimated Development Costs Incurred During Period
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CY2011 us-gaap Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves Future Income Tax Expense
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1126573000
CY2011 us-gaap Extensions Discoveries Additions And Improved Recovery Less Related Costs
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219924000
CY2011 us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
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CY2011 us-gaap Deferred Federal Income Tax Expense Benefit
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61835000
CY2011 us-gaap Gain Loss On Derivative Instruments Net Pretax
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1896000
CY2011 us-gaap Earnings Per Share Basic And Diluted
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2.29
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3558000
CY2011 us-gaap Standardized Measure Of Discounted Future Net Cash Flow Of Proved Oil And Gas Reserves Other
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107581000
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CY2011 us-gaap Current Federal Tax Expense Benefit
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CY2011 us-gaap Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves Future Net Cash Flows
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3031508000
CY2011 us-gaap Effective Income Tax Rate Continuing Operations
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0.346 pure
CY2011 us-gaap Net Cash Provided By Used In Operating Activities
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CY2011 us-gaap Net Cash Provided By Used In Investing Activities
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CY2011 us-gaap Income Taxes Paid
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CY2011 us-gaap Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves Standardized Measure
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2006377000
CY2011 us-gaap Repayments Of Unsecured Debt
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CY2011 us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
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CY2011 us-gaap Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves Future Cash Inflows
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7077206000
CY2011 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.002 pure
CY2011 us-gaap Asset Retirement Obligation Liabilities Incurred
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565000
CY2011 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2011 us-gaap Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves Future Development Costs
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CY2011 us-gaap Payments To Acquire Oil And Gas Property And Equipment
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CY2011 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2011 us-gaap Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves10 Percent Annual Discount For Estimated Timing Of Cash Flows
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1025131000
CY2011 us-gaap Gas Gathering Transportation Marketing And Processing Costs
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16920000
CY2011 us-gaap Amortization Of Financing Costs And Discounts
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2010000
CY2011 us-gaap Increase Decrease In Accounts Receivable
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18639000
CY2011 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2011 us-gaap Net Cash Provided By Used In Financing Activities
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CY2011 us-gaap Costs Incurred Development Costs
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203700000
CY2011 us-gaap Stockholders Equity Other
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CY2011 us-gaap Acquisition Costs
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67400000
CY2011 us-gaap Defined Benefit Plan Contributions By Employer
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1800000
CY2011 us-gaap Production Tax Expense
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CY2011 us-gaap Interest Costs Capitalized
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9877000
CY2011 us-gaap Operating Leases Rent Expense Net
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1900000
CY2011 us-gaap Proceeds From Issuance Of Unsecured Debt
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600000000
CY2011 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.350 pure
CY2011 us-gaap Increase Decrease In Estimated Future Development Costs
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CY2011 us-gaap Revenues
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CY2011 us-gaap Payments To Acquire Furniture And Fixtures
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CY2011 us-gaap Dividends Share Based Compensation Cash
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CY2011 us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization
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CY2011 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2011 us-gaap Deferred Income Tax Expense Benefit
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CY2011 us-gaap Increase Decrease In Other Receivables
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CY2011 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2011 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2011 us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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CY2011 us-gaap Interest Expense
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CY2011 wti Percentage Of Company Matches Of Employees Contributions Maximum
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1.00 pure
CY2011 wti Percentage Of Employees Contributions Maximum
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0.05 pure
CY2011 wti Capitalized Interest Of Unproved Properties Excluded From Amortization
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6100000
CY2011 wti Asset Retirement Obligations Liabilities Assumed Through Acquisition
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8194000
CY2011 wti Cash Payments Receipts On Derivative Settlements
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CY2011 wti Asset Retirement Obligation Period Increase Decrease Due To Acquisitions Incurred And Revisions
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CY2011 wti Acquisition Development And Exploration Costs
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761400000
CY2011 wti Cash Based Incentive Compensation Charged To Operating Income Loss
CashBasedIncentiveCompensationChargedToOperatingIncomeLoss
15913000
CY2011 wti Cash Tax Benefit Related To Share Based Compensation
CashTaxBenefitRelatedToShareBasedCompensation
3125000
CY2011 wti Ceiling Test Impairment
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0
CY2011 wti Included In Lease Operating Expense
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CY2011 wti Incentive Compensation Charged To Operating Income Loss
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CY2011 wti Income Tax Examination Penalties And Interest Benefit
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CY2011 wti Netincome Loss Attributable To Nonvested Shares
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CY2011 wti Incurred And Reversals Of Accruals
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CY2011 wti Net Payments Related To Asset Retirement Obligations
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CY2011 wti Realized Gain Loss On Commodity Contracts
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CY2011 wti Plus Amounts Returned To Insurers
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CY2011 wti Increase Decrease In Price Net Of Future Production Costs
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CY2011 wti Depreciation Depletion Amortization And Accretion Per Mcfe
DepreciationDepletionAmortizationAndAccretionPerMcfe
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CY2011 wti Less Amounts Approved For Payment By Insurers
LessAmountsApprovedForPaymentByInsurers
1334000
CY2011 wti Proved Developed And Undeveloped Reserves Revisions Due To Price
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6.3 pure
CY2011 wti Repurchase Premium And Debt Issuance Cost
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CY2011 wti Reduction In Asset Retirement Obligations Including Plug And Abandon Wells And Facilities Damagedby Hurricane
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CY2011 wti Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Vesting Date
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CY2011 wti Geological And Geophysical Costs
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6800000
CY2011 wti Proved Developed And Undeveloped Reserves Revisions Due To Natural Gas Liquids Marketing Arrangement
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16.5 pure
CY2011 wti Percentage Of Restricted Stock Units Affected By Performance Goals
PercentageOfRestrictedStockUnitsAffectedByPerformanceGoals
1.00 pure
CY2011 wti Future Net Cash Flows Relating To Proved Oil And Gas Reserves Future Dismantlement And Abandonment Cost
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513620000
CY2012 dei Trading Symbol
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WTI
CY2012 dei Entity Registrant Name
EntityRegistrantName
W&T OFFSHORE INC
CY2012 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2012 dei Amendment Flag
AmendmentFlag
false
CY2012 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2012 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2012 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2012 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
CY2012 dei Document Type
DocumentType
10-K
CY2012 dei Document Period End Date
DocumentPeriodEndDate
2012-12-31
CY2012 dei Entity Central Index Key
EntityCentralIndexKey
0001288403
CY2012 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
CY2012 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2012 us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
IncomeTaxReconciliationDeductionsQualifiedProductionActivities
-4256000
CY2012 us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
479313000
CY2012 us-gaap Net Increase Decrease In Sales And Transfer Prices And Production Costs
NetIncreaseDecreaseInSalesAndTransferPricesAndProductionCosts
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CY2012 us-gaap Costs And Expenses
CostsAndExpenses
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CY2012 us-gaap Other Nonoperating Income Expense
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CY2012 us-gaap Operating Income Loss
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CY2012 us-gaap Interest Paid Capitalized
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CY2012 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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12398000
CY2012 us-gaap Costs Incurred Acquisition Of Unproved Oil And Gas Properties
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CY2012 us-gaap Revisions Of Previous Quantity Estimates
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CY2012 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
41836000
CY2012 us-gaap Line Of Credit Facility Commitment Fee Percentage
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CY2012 us-gaap Proceeds From Long Term Lines Of Credit
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CY2012 us-gaap Gains Losses On Extinguishment Of Debt
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CY2012 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
750000
CY2012 us-gaap Increase Decrease In Other Operating Liabilities
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CY2012 us-gaap Increase Due To Purchases Of Minerals In Place
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CY2012 us-gaap Proceeds From Payments For Other Financing Activities
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CY2012 us-gaap Previously Estimated Development Costs Incurred During Period
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CY2012 us-gaap Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves Future Income Tax Expense
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CY2012 us-gaap Line Of Credit Facility Interest Rate Description
LineOfCreditFacilityInterestRateDescription
Borrowings under the revolving bank credit facility bear interest at the applicable LIBOR plus a margin that varies from 2.00% to 2.75% depending on the level of total borrowings under the Credit Agreement, or an alternative base rate equal to the applicable margin ranging from 1.00% to 1.75% plus the highest of the (a) Prime Rate, (b) Federal Funds Rate plus 0.50%, and (c) LIBOR plus 1.0%.
CY2012 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
4339000
CY2012 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
20055000
CY2012 us-gaap Costs Incurred Exploration Costs
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151300000
CY2012 us-gaap Unrealized Gain Loss On Commodity Contracts
UnrealizedGainLossOnCommodityContracts
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CY2012 us-gaap Effective Income Tax Rate Reconciliation Deductions Qualified Production Activities
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0.035 pure
CY2012 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
479000
CY2012 us-gaap Standardized Measure Of Discounted Future Net Cash Flow Of Proved Oil And Gas Reserves Period Increase Decrease
StandardizedMeasureOfDiscountedFutureNetCashFlowOfProvedOilAndGasReservesPeriodIncreaseDecrease
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CY2012 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
336177000
CY2012 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2012 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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CY2012 us-gaap Increase Decrease In Future Income Tax Expense Estimates On Future Cash Flows Related To Proved Oil And Gas Reserves
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CY2012 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
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CY2012 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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CY2012 us-gaap Increase Decrease In Insurance Settlements Receivable
IncreaseDecreaseInInsuranceSettlementsReceivable
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CY2012 us-gaap Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves10 Percent Annual Discount For Estimated Timing Of Cash Flows
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CY2012 us-gaap Extensions Discoveries Additions And Improved Recovery Less Related Costs
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CY2012 us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
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CY2012 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2012 us-gaap Gain Loss On Derivative Instruments Net Pretax
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CY2012 us-gaap Stock Granted During Period Value Sharebased Compensation
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CY2012 us-gaap Earnings Per Share Basic And Diluted
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CY2012 us-gaap Dividend Payable Date To Be Paid Day Month And Year
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CY2012 us-gaap Current Federal Tax Expense Benefit
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CY2012 us-gaap Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves Future Net Cash Flows
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CY2012 us-gaap Net Cash Provided By Used In Operating Activities
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CY2012 us-gaap Fiscal Period
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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Fiscal Year</i></b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Our fiscal year ends on December&#xA0;31.</font></p> </div>
CY2012 us-gaap Net Cash Provided By Used In Investing Activities
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CY2012 us-gaap Income Taxes Paid
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CY2012 us-gaap Repayments Of Unsecured Debt
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CY2012 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2012 us-gaap Asset Retirement Obligation Liabilities Incurred
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CY2012 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2012 us-gaap Payments To Acquire Oil And Gas Property And Equipment
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CY2012 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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CY2012 us-gaap Derivatives Reporting Of Derivative Activity
DerivativesReportingOfDerivativeActivity
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Derivative Financial Instruments</i></b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Our market risk exposure relates primarily to commodity prices and interest rates. From time to time, we use various derivative instruments to manage our exposure to commodity price risk from sales of oil and natural gas and interest rate risk from floating interest rates on our credit facility. Our derivative instruments currently consist of commodity swap and option contracts for oil. We do not enter into derivative instruments for speculative trading purposes.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">We account for derivative contracts in accordance with the <i>Derivatives and Hedging</i> topic of the Codification, which requires each derivative to be recorded on the balance sheet as an asset or a liability at its fair value. Changes in a derivative&#x2019;s fair value are required to be recognized currently in earnings unless specific hedge accounting and documentation criteria are met at the time the derivative contract is entered into. We have elected not to designate our commodity derivatives as hedging instruments, therefore all changes in fair value are recognized in earnings.</font></p> </div>
CY2012 us-gaap Gas Gathering Transportation Marketing And Processing Costs
GasGatheringTransportationMarketingAndProcessingCosts
14878000
CY2012 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
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CY2012 us-gaap Increase Decrease In Accounts Receivable
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
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CY2012 us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
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CY2012 us-gaap Prior Period Reclassification Adjustment
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CY2012 us-gaap Deferred Income Tax Expense Benefit
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CY2012 us-gaap Defined Benefit Plan Contributions By Employer
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CY2012 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2012 us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization
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CY2012 us-gaap Revenues
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CY2012 us-gaap Accretion Of Discount
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CY2012 us-gaap Income Tax Reconciliation Other Adjustments
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CY2012 us-gaap Interest Paid Net
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CY2012 us-gaap Increase Decrease In Other Receivables
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CY2012 us-gaap Entity Wide Revenue Major Customer Percentage
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CY2012 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2012 us-gaap Net Income Loss Available To Common Stockholders Basic
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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Use of Estimates</i></b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The preparation of financial statements in conformity with accounting principles generally accepted in the United States (&#x201C;GAAP&#x201D;) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, the reported amounts of revenues and expenses during the reporting periods and the reported amounts of proved oil and natural gas reserves. Actual results could differ from those estimates.</font></p> </div>
CY2012 wti Restricted Shares Turned In For Tax Withholding Value
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5329000
CY2012Q1 us-gaap Earnings Per Share Basic And Diluted
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CY2012Q1 us-gaap Revenues
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235886000
CY2012Q1 us-gaap Net Income Loss
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CY2012 us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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CY2012 wti Maximum Coverage Per Incident Except Property Damage
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250000000
CY2012 wti Incurred And Reversals Of Accruals
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CY2012 wti Realized Gain Loss On Commodity Contracts
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7665000
CY2012 wti Maximum Insurance Coverage Policy Limit Due To Named Windstorms For Per Incident
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150000000
CY2012 wti Maximum Letter Of Credit Issued
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CY2012 wti Payments For Proceeds From Insurance Receivables
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CY2012 wti Increase Decrease In Price Net Of Future Production Costs
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CY2012 wti Depreciation Depletion Amortization And Accretion Per Mcfe
DepreciationDepletionAmortizationAndAccretionPerMcfe
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CY2012 us-gaap Interest Expense
InterestExpense
63268000
CY2012 wti Percentage Of Company Matches Of Employees Contributions Maximum
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1.00 pure
CY2012 wti Percentage Of Employees Contributions Maximum
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0.06 pure
CY2012 wti Capitalized Interest Of Unproved Properties Excluded From Amortization
CapitalizedInterestOfUnprovedPropertiesExcludedFromAmortization
9100000
CY2012 wti Asset Retirement Obligations Disposition Of Properties
AssetRetirementObligationsDispositionOfProperties
3993000
CY2012 wti Asset Retirement Obligations Liabilities Assumed Through Acquisition
AssetRetirementObligationsLiabilitiesAssumedThroughAcquisition
31664000
CY2012 wti Common Stock And Senior Note Repurchases
CommonStockAndSeniorNoteRepurchases
100000000
CY2012 wti Cash Payments Receipts On Derivative Settlements
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CY2012 wti Asset Retirement Obligation Period Increase Decrease Due To Acquisitions Incurred And Revisions
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86900000
CY2012 wti Costs Approved Under Insurance Policies Net
CostsApprovedUnderInsurancePoliciesNet
-2221000
CY2012 wti Acquisition Development And Exploration Costs
AcquisitionDevelopmentAndExplorationCosts
781300000
CY2012 wti Cash Based Incentive Compensation Charged To Operating Income Loss
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10345000
CY2012 wti Cash Tax Benefit Related To Share Based Compensation
CashTaxBenefitRelatedToShareBasedCompensation
5962000
CY2012 wti Ceiling Test Impairment
CeilingTestImpairment
0
CY2012 wti Included In Lease Operating Expense
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876000
CY2012 wti Incentive Compensation Charged To Operating Income Loss
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22743000
CY2012 wti Netincome Loss Attributable To Nonvested Shares
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983000
CY2012 wti Less Amounts Approved For Payment By Insurers
LessAmountsApprovedForPaymentByInsurers
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CY2012 wti Proved Developed And Undeveloped Reserves Revisions Due To Price
ProvedDevelopedAndUndevelopedReservesRevisionsDueToPrice
8.0 pure
CY2012 wti Percentage Of Discount From Proved Reserves
PercentageOfDiscountFromProvedReserves
0.10 pure
CY2012 wti Repurchase Premium And Debt Issuance Cost
RepurchasePremiumAndDebtIssuanceCost
8510000
CY2012Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
99100000
CY2012Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.70
CY2012Q2 us-gaap Revenues
Revenues
215513000
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
53567000
CY2012 wti Present Value Discounted Percentage
PresentValueDiscountedPercentage
0.10 pure
CY2012 wti Restriction On Payment Of Dividends
RestrictionOnPaymentOfDividends
60000000
CY2012 wti Reduction In Asset Retirement Obligations Including Plug And Abandon Wells And Facilities Damagedby Hurricane
ReductionInAssetRetirementObligationsIncludingPlugAndAbandonWellsAndFacilitiesDamagedbyHurricane
29600000
CY2012 wti Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Vesting Date
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVestingDate
2014-12-15
CY2012 wti Geological And Geophysical Costs
GeologicalAndGeophysicalCosts
6200000
CY2008Q3 wti Retention Amount Per Occurrence
RetentionAmountPerOccurrence
10000000
CY2008Q4 wti Retention Amount Per Occurrence
RetentionAmountPerOccurrence
10000000
CY2011Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
95333000
CY2011Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.70
CY2011Q3 us-gaap Revenues
Revenues
245371000
CY2012 wti Percentage Of Restricted Stock Units Affected By Performance Goals
PercentageOfRestrictedStockUnitsAffectedByPerformanceGoals
1.00 pure
CY2012 wti Percentage Of Non Operated Proved Developed Non Producing Reserves
PercentageOfNonOperatedProvedDevelopedNonProducingReserves
0.14 pure
CY2012 wti Future Net Cash Flows Relating To Proved Oil And Gas Reserves Future Dismantlement And Abandonment Cost
FutureNetCashFlowsRelatingToProvedOilAndGasReservesFutureDismantlementAndAbandonmentCost
508051000
CY2012 wti Asset Retirement Obligation Reversal Related To Sale Of Facilities
AssetRetirementObligationReversalRelatedToSaleOfFacilities
4000000
CY2012 wti Non Operating Working Interest Percentage Sold
NonOperatingWorkingInterestPercentageSold
0.40 pure
CY2012 wti Proceed From Sale Of Non Operating Working Interest
ProceedFromSaleOfNonOperatingWorkingInterest
30500000
CY2012Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
46737000
CY2012Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.21
CY2012Q4 us-gaap Revenues
Revenues
237146000
CY2012Q4 us-gaap Net Income Loss
NetIncomeLoss
16670000
CY2011Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
37548000
CY2011Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.25
CY2011Q1 us-gaap Revenues
Revenues
210855000
CY2011Q1 us-gaap Net Income Loss
NetIncomeLoss
18649000
CY2011Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
115643000
CY2011Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.73
CY2011Q2 us-gaap Revenues
Revenues
252922000
CY2011Q2 us-gaap Net Income Loss
NetIncomeLoss
55175000
CY2012Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
15913000
CY2012Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.02
CY2012Q3 us-gaap Revenues
Revenues
185946000
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
-1471000
CY2011Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
80936000
CY2011Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.61
CY2011Q4 us-gaap Revenues
Revenues
261899000
CY2011Q4 us-gaap Net Income Loss
NetIncomeLoss
46065000

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