$WTI
W&T OFFSHORE INC

2021 Q3 Form 10-Q Financial Statement

#000155837021010262 Filed on August 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2020 Q2
Revenue $133.9M $132.8M $55.24M
YoY Change 84.71% 140.45% -58.99%
Cost Of Revenue $39.49M $47.55M $28.30M
YoY Change 8.49% 68.03% -29.78%
Gross Profit $94.46M $85.28M $26.90M
YoY Change 161.65% 217.01% -71.5%
Gross Profit Margin 70.52% 64.2% 48.7%
Selling, General & Admin $19.98M $20.77M $10.10M
YoY Change 3.54% 105.6% -51.21%
% of Gross Profit 21.16% 24.35% 37.55%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $26.29M $24.92M $29.48M
YoY Change 4.63% -15.46% -22.56%
% of Gross Profit 27.83% 29.23% 109.6%
Operating Expenses $46.27M $51.72M $39.60M
YoY Change 4.22% 30.6% -32.65%
Operating Profit -$24.96M $33.56M -$28.04M
YoY Change 27.91% -219.67% -175.02%
Interest Expense $18.91M $16.53M $14.82M
YoY Change 33.78% 11.57% 21.37%
% of Operating Profit 49.26%
Other Income/Expense, Net $0.00 $0.00 -$751.0K
YoY Change -100.0% -100.0% 57.11%
Pretax Income -$43.87M -$64.41M -$14.64M
YoY Change 27.53% 339.97% -159.29%
Income Tax -$5.900M -$12.70M -$8.700M
% Of Pretax Income
Net Earnings -$37.96M -$51.67M -$5.904M
YoY Change 184.61% 775.2% -116.22%
Net Earnings / Revenue -28.34% -38.9% -10.69%
Basic Earnings Per Share -$0.27 -$0.36
Diluted Earnings Per Share -$266.8K -$0.36 -$41.20K
COMMON SHARES
Basic Shares Outstanding 142.4M 142.2M 141.8M
Diluted Shares Outstanding 142.3M 142.2M

Balance Sheet

Concept 2021 Q3 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $257.6M $209.1M $36.50M
YoY Change 355.9% 473.01% -44.44%
Cash & Equivalents $257.6M $209.1M $36.51M
Short-Term Investments
Other Short-Term Assets $223.0K $1.170M $76.00K
YoY Change -54.86% 1439.47% -98.5%
Inventory
Prepaid Expenses
Receivables $38.33M $50.22M $22.38M
Other Receivables $20.00K $0.00 $0.00
Total Short-Term Assets $382.6M $301.8M $106.1M
YoY Change 241.88% 184.44% -58.14%
LONG-TERM ASSETS
Property, Plant & Equipment $653.9M $657.7M $713.1M
YoY Change -5.81% -7.77% 35.95%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $3.034M $2.995M $3.100M
YoY Change -5.19% -3.39%
Other Assets $63.78M $42.40M $27.54M
YoY Change 148.76% 53.97% -62.58%
Total Long-Term Assets $860.8M $837.2M $836.6M
YoY Change 2.77% 0.07% 36.19%
TOTAL ASSETS
Total Short-Term Assets $382.6M $301.8M $106.1M
Total Long-Term Assets $860.8M $837.2M $836.6M
Total Assets $1.243B $1.139B $942.7M
YoY Change 30.95% 20.82% 8.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $78.78M $54.62M $52.37M
YoY Change 114.14% 4.31% -46.5%
Accrued Expenses $196.5M $100.4M $22.67M
YoY Change 341.94% 342.75% 16.28%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $46.20M $36.77M
YoY Change
Total Short-Term Liabilities $379.8M $244.4M $114.4M
YoY Change 194.99% 113.55% -45.5%
LONG-TERM LIABILITIES
Long-Term Debt $696.2M $717.9M $624.2M
YoY Change 11.43% 15.01% -1.61%
Other Long-Term Liabilities $83.81M $56.26M $29.00M
YoY Change 151.97% 94.01% -52.76%
Total Long-Term Liabilities $780.0M $774.2M $653.2M
YoY Change 18.54% 18.52% -6.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $379.8M $244.4M $114.4M
Total Long-Term Liabilities $780.0M $774.2M $653.2M
Total Liabilities $1.160B $1.019B $767.7M
YoY Change 47.41% 32.68% -15.25%
SHAREHOLDERS EQUITY
Retained Earnings -$824.8M -$786.9M -$712.2M
YoY Change 13.69% 10.49% -16.97%
Common Stock $552.1M $551.3M $549.1M
YoY Change 0.35% 0.39% 0.41%
Preferred Stock
YoY Change
Treasury Stock (at cost) $24.17M $24.17M $24.17M
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares $2.869M $2.869M $2.869M
Shareholders Equity -$296.9M -$259.8M -$187.2M
YoY Change
Total Liabilities & Shareholders Equity $1.243B $1.139B $942.7M
YoY Change 30.95% 20.82% 8.64%

Cashflow Statement

Concept 2021 Q3 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$37.96M -$51.67M -$5.904M
YoY Change 184.61% 775.2% -116.22%
Depreciation, Depletion And Amortization $26.29M $24.92M $29.48M
YoY Change 4.63% -15.46% -22.56%
Cash From Operating Activities $65.10M $1.194M $9.200M
YoY Change 207.06% -87.02% -57.21%
INVESTING ACTIVITIES
Capital Expenditures -$10.17M -$4.256M -$4.900M
YoY Change 747.42% -13.14% -88.19%
Acquisitions
YoY Change
Other Investing Activities $6.695M -$1.276M
YoY Change
Cash From Investing Activities -$3.474M -$5.632M -$4.900M
YoY Change 189.5% 14.94% -88.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -13.19M 160.2M -15.40M
YoY Change -1140.0% 3750.0%
NET CHANGE
Cash From Operating Activities 65.10M 1.194M 9.200M
Cash From Investing Activities -3.474M -5.632M -4.900M
Cash From Financing Activities -13.19M 160.2M -15.40M
Net Change In Cash 48.44M 155.7M -11.10M
YoY Change 142.18% -1502.9% -45.59%
FREE CASH FLOW
Cash From Operating Activities $65.10M $1.194M $9.200M
Capital Expenditures -$10.17M -$4.256M -$4.900M
Free Cash Flow $75.27M $5.450M $14.10M
YoY Change 236.01% -61.35% -77.62%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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-106020000
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
46498000
wti Proceeds From Payments For Derivative Instrument Operating Activities
ProceedsFromPaymentsForDerivativeInstrumentOperatingActivities
-41130000
wti Proceeds From Payments For Derivative Instrument Operating Activities
ProceedsFromPaymentsForDerivativeInstrumentOperatingActivities
37566000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
47469000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-13006000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-2207000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
11390000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-34984000
wti Increase Decrease In Joint Interest Receivables
IncreaseDecreaseInJointInterestReceivables
910000
wti Increase Decrease In Joint Interest Receivables
IncreaseDecreaseInJointInterestReceivables
-4743000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
17605000
us-gaap Increase Decrease In Income Taxes
IncreaseDecreaseInIncomeTaxes
-92000
us-gaap Increase Decrease In Income Taxes
IncreaseDecreaseInIncomeTaxes
2008000
us-gaap Asset Retirement Obligation Cash Paid To Settle
AssetRetirementObligationCashPaidToSettle
11213000
us-gaap Asset Retirement Obligation Cash Paid To Settle
AssetRetirementObligationCashPaidToSettle
2164000
wti Increase Decrease In Cash Advances From Joint Venture Partners
IncreaseDecreaseInCashAdvancesFromJointVenturePartners
-3925000
wti Increase Decrease In Cash Advances From Joint Venture Partners
IncreaseDecreaseInCashAdvancesFromJointVenturePartners
5850000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
30386000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-31274000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
46194000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
93478000
us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
5856000
us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
14138000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
3078000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
25811000
us-gaap Payments To Acquire Oil And Gas Property And Equipment
PaymentsToAcquireOilAndGasPropertyAndEquipment
0
us-gaap Payments To Acquire Oil And Gas Property And Equipment
PaymentsToAcquireOilAndGasPropertyAndEquipment
456000
wti Purchases Of Furniture Fixtures And Other
PurchasesOfFurnitureFixturesAndOther
-2000
wti Purchases Of Furniture Fixtures And Other
PurchasesOfFurnitureFixturesAndOther
70000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-8932000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-40475000
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
25000000
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
80000000
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
50000000
us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
0
us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
23930000
us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
215000000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
6840000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
128160000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-48930000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
165422000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
4073000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
43726000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
32433000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
209148000
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
36506000
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:17.85pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates. </span>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>
CY2020Q4 wti Unamortized Bond Insurance Premiums
UnamortizedBondInsurancePremiums
4717000
CY2021Q2 us-gaap Prepaid Royalties
PrepaidRoyalties
4544000
CY2020Q4 us-gaap Prepaid Royalties
PrepaidRoyalties
4473000
CY2021Q2 us-gaap Supplies
Supplies
4775000
us-gaap Financing Receivable Allowance For Credit Losses Policy For Uncollectible Amounts
FinancingReceivableAllowanceForCreditLossesPolicyForUncollectibleAmounts
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Credit Risk and Allowance for Credit Losses. </span>Our revenue has been concentrated in certain major oil and gas companies. For the six months ended June 30, 2021, and the year ended December 31, 2020, approximately 64% and 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 ten 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 related to joint interest billings are reported on the Condensed Consolidated Balance Sheets net of the allowance for credit losses. The allowance for credit losses was $9.1 million as of June 30, 2021 and December 31, 2020.</p>
CY2021Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
9100000
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
9100000
CY2021Q2 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
14021000
CY2020Q4 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
2752000
CY2021Q2 wti Unamortized Bond Insurance Premiums
UnamortizedBondInsurancePremiums
6195000
CY2020Q4 us-gaap Supplies
Supplies
1429000
CY2021Q2 us-gaap Other Assets Current
OtherAssetsCurrent
1170000
CY2020Q4 us-gaap Other Assets Current
OtherAssetsCurrent
461000
CY2021Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
30705000
CY2020Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
13832000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
8588356000
CY2021Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7947171000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7901478000
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
11509000
CY2021Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
1333000
CY2021Q2 us-gaap Oil And Gas Property Full Cost Method Gross
OilAndGasPropertyFullCostMethodGross
8583983000
CY2020Q4 us-gaap Oil And Gas Property Full Cost Method Gross
OilAndGasPropertyFullCostMethodGross
8567509000
CY2021Q2 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
20845000
CY2020Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
20847000
CY2021Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
8604828000
CY2021Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
657657000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
686878000
CY2021Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
10783000
CY2020Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
2094000
CY2020Q4 us-gaap Other Long Term Investments
OtherLongTermInvestments
2699000
CY2021Q2 wti Unamortized Brokerage Fee
UnamortizedBrokerageFee
0
CY2021Q2 us-gaap Other Long Term Investments
OtherLongTermInvestments
2995000
CY2021Q2 wti Proportional Consolidation Adjustment In Other Asset
ProportionalConsolidationAdjustmentInOtherAsset
4209000
CY2020Q4 wti Proportional Consolidation Adjustment In Other Asset
ProportionalConsolidationAdjustmentInOtherAsset
1782000
CY2021Q2 us-gaap Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
21005000
CY2020Q4 us-gaap Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
2762000
CY2021Q2 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
2070000
CY2020Q4 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
998000
CY2021Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
42395000
CY2020Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
22470000
CY2020Q4 wti Unamortized Brokerage Fee
UnamortizedBrokerageFee
626000
CY2021Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
100363000
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
29880000
CY2020Q2 wti Proceeds From Paycheck Protection Program Under Cares Act
ProceedsFromPaycheckProtectionProgramUnderCaresAct
8400000
CY2021Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
56259000
CY2020Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
32938000
CY2021Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
36771000
CY2021Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
717916000
CY2020Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
625286000
CY2021Q2 us-gaap Long Term Debt
LongTermDebt
754687000
CY2021Q2 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
751267000
CY2020Q4 us-gaap Long Term Debt
LongTermDebt
625286000
CY2020Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
473352000
CY2021Q2 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
23888000
CY2020Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
392704000
us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
11213000
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
11895000
us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
417000
us-gaap Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
10200000
CY2021Q2 us-gaap Asset Retirement Obligation
AssetRetirementObligation
404003000
CY2021Q2 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
380115000
CY2021Q2 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
-15357000
CY2020Q2 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
22578000
us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
-23602000
us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
31970000
CY2021Q2 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-66083000
CY2020Q2 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-37992000
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-82418000
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
14528000
CY2021Q2 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-81440000
CY2020Q2 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-15414000
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-106020000
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
46498000
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-106020000
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
46498000
wti Proceeds From Payments For Derivative Instrument Operating Activities
ProceedsFromPaymentsForDerivativeInstrumentOperatingActivities
-41130000
wti Proceeds From Payments For Derivative Instrument Operating Activities
ProceedsFromPaymentsForDerivativeInstrumentOperatingActivities
37566000
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
10347591
us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
1
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
1442109
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
467000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1019000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
921000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2067000
CY2021Q2 wti Cash Based Discretionary Incentive Compensation
CashBasedDiscretionaryIncentiveCompensation
3800000
wti Cash Based Discretionary Incentive Compensation
CashBasedDiscretionaryIncentiveCompensation
7600000
wti Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Term For Performance Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedTermForPerformancePeriod
P0Y6M
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.679
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.001
wti Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Term For Cash Payment
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedTermForCashPayment
P2Y3M18D
wti Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Discount Rate Used To Discount Expected Cash Payment
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsDiscountRateUsedToDiscountExpectedCashPayment
0.121
CY2021Q2 wti Incentive Compensation Total
IncentiveCompensationTotal
3959000
CY2020Q2 wti Incentive Compensation Total
IncentiveCompensationTotal
1178000
wti Incentive Compensation Total
IncentiveCompensationTotal
7935000
wti Incentive Compensation Total
IncentiveCompensationTotal
6706000
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-12700000
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-8700000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-12900000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-2200000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.198
CY2021Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.198
CY2020Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.597
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.039
CY2021Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
22800000
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
22400000
CY2021Q2 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
0
CY2020Q4 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
0
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
0
CY2021Q2 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
0
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
1900000
CY2020Q2 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
1900000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-51672000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-5904000
us-gaap Net Income Loss
NetIncomeLoss
-52418000
us-gaap Net Income Loss
NetIncomeLoss
60076000
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
0
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
707000
CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-51672000
CY2020Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-5904000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-52418000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
59369000
CY2021Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
142244000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
141571000
CY2020Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
141597000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
142197000
CY2021Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.36
CY2020Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.04
CY2021Q2 wti Collateral For Bonds Posted Related To Appeal With Ibla
CollateralForBondsPostedRelatedToAppealWithIBLA
8200000
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.37
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.42
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
880000
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1665000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
899000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2010Q4 wti Additional Royalty Due To Disallowed Deductions
AdditionalRoyaltyDueToDisallowedDeductions
4700000
CY2017Q3 wti Bonds Posted To Appeal Ibla Decision
BondsPostedToAppealIBLADecision
7200000
CY2017Q3 wti Collateral For Bonds Posted Related To Appeal With Ibla
CollateralForBondsPostedRelatedToAppealWithIBLA
6900000

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