2021 Q1 Form 10-Q Financial Statement

#000143774921011071 Filed on May 06, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $125.6M $124.1M
YoY Change 1.22% 6.93%
Cost Of Revenue $42.40M $54.80M
YoY Change -22.63% 25.98%
Gross Profit $83.30M $69.40M
YoY Change 20.03% -4.41%
Gross Profit Margin 66.3% 55.91%
Selling, General & Admin $17.00M $20.30M
YoY Change -16.26% -2.87%
% of Gross Profit 20.41% 29.25%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $20.77M $39.13M
YoY Change -46.92% 15.87%
% of Gross Profit 24.93% 56.38%
Operating Expenses $43.60M $59.40M
YoY Change -26.6% 8.59%
Operating Profit $39.63M $71.81M
YoY Change -44.82% -331.83%
Interest Expense $15.03M $17.11M
YoY Change -12.13% 5.09%
% of Operating Profit 37.94% 23.83%
Other Income/Expense, Net -$963.0K -$723.0K
YoY Change 33.2% 118.43%
Pretax Income -$949.0K $72.48M
YoY Change -101.31% -252.3%
Income Tax -$200.0K $6.500M
% Of Pretax Income 8.97%
Net Earnings -$746.0K $65.98M
YoY Change -101.13% -238.15%
Net Earnings / Revenue -0.59% 53.15%
Basic Earnings Per Share -$0.01
Diluted Earnings Per Share -$0.01 $466.1K
COMMON SHARES
Basic Shares Outstanding 142.2M 141.7M
Diluted Shares Outstanding 142.2M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $53.40M $47.60M
YoY Change 12.18% -44.72%
Cash & Equivalents $53.36M $47.57M
Short-Term Investments
Other Short-Term Assets $984.0K $761.0K
YoY Change 29.3% -77.3%
Inventory
Prepaid Expenses
Receivables $49.93M $35.41M
Other Receivables $0.00 $1.900M
Total Short-Term Assets $133.9M $175.8M
YoY Change -23.84% -24.62%
LONG-TERM ASSETS
Property, Plant & Equipment $669.0M $730.0M
YoY Change -8.37% 40.77%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.900M $2.900M
YoY Change 0.0%
Other Assets $22.61M $30.08M
YoY Change -24.83% -66.79%
Total Long-Term Assets $815.8M $833.1M
YoY Change -2.08% 36.73%
TOTAL ASSETS
Total Short-Term Assets $133.9M $175.8M
Total Long-Term Assets $815.8M $833.1M
Total Assets $949.7M $1.009B
YoY Change -5.87% 19.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $43.71M $61.73M
YoY Change -29.18% -13.54%
Accrued Expenses $64.42M $34.43M
YoY Change 87.12% 9.3%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $160.0M $145.4M
YoY Change 10.04% -33.48%
LONG-TERM LIABILITIES
Long-Term Debt $593.8M $668.1M
YoY Change -11.11% 5.37%
Other Long-Term Liabilities $31.78M $16.46M
YoY Change 93.03% -77.49%
Total Long-Term Liabilities $625.6M $684.5M
YoY Change -8.61% -3.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $160.0M $145.4M
Total Long-Term Liabilities $625.6M $684.5M
Total Liabilities $785.6M $829.9M
YoY Change -5.34% -31.7%
SHAREHOLDERS EQUITY
Retained Earnings -$735.2M -$706.3M
YoY Change 4.1% -21.01%
Common Stock $550.8M $548.1M
YoY Change 0.49% 0.45%
Preferred Stock
YoY Change
Treasury Stock (at cost) $24.17M $24.17M
YoY Change 0.0% 0.0%
Treasury Stock Shares $2.869M $2.869M
Shareholders Equity -$208.6M -$182.3M
YoY Change
Total Liabilities & Shareholders Equity $949.7M $1.009B
YoY Change -5.87% 19.75%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$746.0K $65.98M
YoY Change -101.13% -238.15%
Depreciation, Depletion And Amortization $20.77M $39.13M
YoY Change -46.92% 15.87%
Cash From Operating Activities $44.96M $84.32M
YoY Change -46.68% -0.61%
INVESTING ACTIVITIES
Capital Expenditures -$1.600M -$35.60M
YoY Change -95.51% 12.66%
Acquisitions
YoY Change
Other Investing Activities $1.758M $24.03M
YoY Change -92.69%
Cash From Investing Activities -$3.331M -$35.65M
YoY Change -90.66% 12.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -32.00M -$33.54M
YoY Change -4.58% 7504.54%
NET CHANGE
Cash From Operating Activities 44.96M $84.32M
Cash From Investing Activities -3.331M -$35.65M
Cash From Financing Activities -32.00M -$33.54M
Net Change In Cash 9.633M $15.14M
YoY Change -36.38% -71.34%
FREE CASH FLOW
Cash From Operating Activities $44.96M $84.32M
Capital Expenditures -$1.600M -$35.60M
Free Cash Flow $46.56M $119.9M
YoY Change -61.17% 2.99%

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
53359000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
47574000 USD
CY2021Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 18pt;"><b><i>Use of Estimates.</i></b>  The preparation of financial statements in conformity with GAAP 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 and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.</p> <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </p>
CY2021Q1 us-gaap Financing Receivable Allowance For Credit Losses Policy For Uncollectible Amounts
FinancingReceivableAllowanceForCreditLossesPolicyForUncollectibleAmounts
<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0); text-indent: 18pt;"><i><b>Credit Risk and Allowance for Credit Losses.</b> </i> Our revenue has been concentrated in certain major oil and gas companies.  For the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2021</em>, and the year ended <em style="font: inherit;"> December 31, 2020</em>, approximat<span style="background-color:#ffffff;">ely 67% and </span>62%, respectively, of our revenue was from three major oil and gas companies and a substantial majority of our receivables were from sales with major oil and gas companies.  We also have receivables related to joint interest arrangements primarily with mid-size oil and gas companies with a substantial majority of the net receivable balance concentrated in less than <em style="font: inherit;">ten</em> companies.  A loss methodology is used to develop the allowance for credit losses on material receivables to estimate the net amount to be collected.  The loss methodology uses historical data, current market conditions and forecasts of future economic conditions.  Our maximum exposure at any time would be the receivable balance.  The receivables, <i>Joint interest and other, net</i>, reported on the Condensed Consolidated Balance Sheets are reduced for the allowance for credit losses.  The allowance for credit losses was $9.1 million as of <em style="font: inherit;"> March 31, 2021 </em>and <em style="font: inherit;"> December 31, 2020. </em></p> <p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </p>
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
9100000 USD
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7901478000 USD
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
668969000 USD
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
686878000 USD
CY2021Q1 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
2701000 USD
CY2020Q4 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
2752000 USD
CY2021Q1 wti Unamortized Bond Insurance Premiums
UnamortizedBondInsurancePremiums
5163000 USD
CY2020Q4 wti Unamortized Bond Insurance Premiums
UnamortizedBondInsurancePremiums
4717000 USD
CY2021Q1 us-gaap Prepaid Royalties
PrepaidRoyalties
4536000 USD
CY2020Q4 us-gaap Prepaid Royalties
PrepaidRoyalties
4473000 USD
CY2021Q1 us-gaap Supplies
Supplies
1966000 USD
CY2020Q4 us-gaap Supplies
Supplies
1429000 USD
CY2021Q1 us-gaap Other Assets Current
OtherAssetsCurrent
984000 USD
CY2020Q4 us-gaap Other Assets Current
OtherAssetsCurrent
461000 USD
CY2021Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
15350000 USD
CY2020Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
13832000 USD
CY2021Q1 us-gaap Oil And Gas Property Full Cost Method Gross
OilAndGasPropertyFullCostMethodGross
8570371000 USD
CY2020Q4 us-gaap Oil And Gas Property Full Cost Method Gross
OilAndGasPropertyFullCostMethodGross
8567509000 USD
CY2021Q1 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
20845000 USD
CY2020Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
20847000 USD
CY2021Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
8591216000 USD
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
8588356000 USD
CY2021Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7922247000 USD
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
11218000 USD
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
11509000 USD
CY2021Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
1591000 USD
CY2020Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
2094000 USD
CY2021Q1 us-gaap Other Long Term Investments
OtherLongTermInvestments
2872000 USD
CY2020Q4 us-gaap Other Long Term Investments
OtherLongTermInvestments
2699000 USD
CY2021Q1 wti Unamortized Brokerage Fee
UnamortizedBrokerageFee
0 USD
CY2020Q4 wti Unamortized Brokerage Fee
UnamortizedBrokerageFee
626000 USD
CY2021Q1 wti Proportional Consolidation Adjustment In Other Asset
ProportionalConsolidationAdjustmentInOtherAsset
4073000 USD
CY2020Q4 wti Proportional Consolidation Adjustment In Other Asset
ProportionalConsolidationAdjustmentInOtherAsset
1782000 USD
CY2021Q1 us-gaap Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
1731000 USD
CY2020Q4 us-gaap Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
2762000 USD
CY2021Q1 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
1128000 USD
CY2020Q4 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
998000 USD
CY2021Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
22613000 USD
CY2020Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
22470000 USD
CY2021Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
64420000 USD
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
29880000 USD
CY2021Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
31780000 USD
CY2020Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
32938000 USD
CY2021Q1 us-gaap Long Term Debt
LongTermDebt
593838000 USD
CY2020Q4 us-gaap Long Term Debt
LongTermDebt
625286000 USD
CY2021Q1 us-gaap Long Term Debt
LongTermDebt
593838000 USD
CY2021Q1 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
538087000 USD
CY2020Q4 us-gaap Long Term Debt
LongTermDebt
625286000 USD
CY2020Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
473352000 USD
CY2020Q1 wti Proceeds From Payments For Derivative Instrument Operating Activities
ProceedsFromPaymentsForDerivativeInstrumentOperatingActivities
4404000 USD
CY2020Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
392704000 USD
CY2021Q1 us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
962000 USD
CY2021Q1 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
5868000 USD
CY2021Q1 us-gaap Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
1287000 USD
CY2021Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
398897000 USD
CY2021Q1 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
26402000 USD
CY2021Q1 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
372495000 USD
CY2021Q1 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
-8244000 USD
CY2020Q1 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
9392000 USD
CY2021Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-16334000 USD
CY2020Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
52520000 USD
CY2021Q1 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-24578000 USD
CY2020Q1 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
61912000 USD
CY2021Q1 wti Proceeds From Payments For Derivative Instrument Operating Activities
ProceedsFromPaymentsForDerivativeInstrumentOperatingActivities
-4604000 USD
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
10347591
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
454000 USD
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1048000 USD
CY2021Q1 wti Cash Based Discretionary Incentive Compensation
CashBasedDiscretionaryIncentiveCompensation
7600000 USD
CY2021Q1 wti Cash Based Discretionary Incentive Compensation
CashBasedDiscretionaryIncentiveCompensation
3500000 USD
CY2021Q1 wti Incentive Compensation Total
IncentiveCompensationTotal
3975000 USD
CY2020Q1 wti Incentive Compensation Total
IncentiveCompensationTotal
5528000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-200000 USD
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6500000 USD
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.214 pure
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.090 pure
CY2021Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
22000000.0 USD
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
22400000 USD
CY2020Q1 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
1900000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-746000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
65980000 USD
CY2021Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
0 USD
CY2020Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
791000 USD
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-746000 USD
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
65189000 USD
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
142151000
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
141546000
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.01
CY2020Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.46
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2010Q4 wti Additional Royalty Due To Disallowed Deductions
AdditionalRoyaltyDueToDisallowedDeductions
4700000 USD
CY2017Q3 wti Bonds Posted To Appeal Ibla Decision
BondsPostedToAppealIBLADecision
7200000 USD
CY2017Q3 wti Collateral For Bonds Posted Related To Appeal With Ibla
CollateralForBondsPostedRelatedToAppealWithIBLA
6900000 USD
CY2021Q1 wti Collateral For Bonds Posted Related To Appeal With Ibla
CollateralForBondsPostedRelatedToAppealWithIBLA
8200000 USD

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