2022 Q4 Form 10-Q Financial Statement

#000155837022017011 Filed on November 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $189.7M $266.5M $133.9M
YoY Change 14.56% 98.95% 84.71%
Cost Of Revenue $69.02M $59.01M $39.49M
YoY Change 52.75% 49.43% 8.49%
Gross Profit $120.7M $207.5M $94.46M
YoY Change 0.23% 119.65% 161.65%
Gross Profit Margin 63.62% 77.86% 70.52%
Selling, General & Admin $30.44M $35.25M $19.98M
YoY Change 35.03% 76.37% 3.54%
% of Gross Profit 25.22% 16.99% 21.16%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $34.25M $27.49M $26.29M
YoY Change 15.82% 4.57% 4.63%
% of Gross Profit 28.38% 13.25% 27.83%
Operating Expenses $64.68M $69.36M $46.27M
YoY Change 24.13% 49.88% 4.22%
Operating Profit $56.00M $138.1M -$24.96M
YoY Change -18.01% -653.44% 27.91%
Interest Expense $9.833M $16.85M $18.91M
YoY Change -162.5% -10.9% 33.78%
% of Operating Profit 17.56% 12.2%
Other Income/Expense, Net -$15.52M $600.0K $0.00
YoY Change -317.76% -100.0%
Pretax Income $50.31M $83.12M -$43.87M
YoY Change -15.72% -289.48% 27.53%
Income Tax $6.859M $16.40M -$5.900M
% Of Pretax Income 13.63% 19.73%
Net Earnings $43.45M $66.72M -$37.96M
YoY Change -11.15% -275.75% 184.61%
Net Earnings / Revenue 22.9% 25.04% -28.34%
Basic Earnings Per Share $0.46 -$0.27
Diluted Earnings Per Share $0.30 $0.46 -$266.8K
COMMON SHARES
Basic Shares Outstanding 143.2M 143.2M 142.4M
Diluted Shares Outstanding 145.9M 142.3M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $461.4M $447.1M $257.6M
YoY Change 87.7% 73.59% 355.9%
Cash & Equivalents $461.4M $447.1M $257.6M
Short-Term Investments
Other Short-Term Assets $33.00K $44.00K $223.0K
YoY Change -42.11% -80.27% -54.86%
Inventory
Prepaid Expenses
Receivables $66.15M $89.20M $38.33M
Other Receivables $0.00 $0.00 $20.00K
Total Short-Term Assets $570.3M $610.6M $382.6M
YoY Change 59.18% 59.59% 241.88%
LONG-TERM ASSETS
Property, Plant & Equipment $735.2M $730.0M $653.9M
YoY Change 10.52% 11.63% -5.81%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.453M $3.193M $3.034M
YoY Change -3.16% 5.24% -5.19%
Other Assets $47.55M $65.68M $63.78M
YoY Change -7.08% 2.99% 148.76%
Total Long-Term Assets $861.5M $879.7M $860.8M
YoY Change 3.18% 2.2% 2.77%
TOTAL ASSETS
Total Short-Term Assets $570.3M $610.6M $382.6M
Total Long-Term Assets $861.5M $879.7M $860.8M
Total Assets $1.432B $1.490B $1.243B
YoY Change 20.0% 19.86% 30.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $65.16M $72.05M $78.78M
YoY Change -3.34% -8.54% 114.14%
Accrued Expenses $74.04M $154.2M $196.5M
YoY Change -30.24% -21.5% 341.94%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $582.2M $35.45M $46.20M
YoY Change 1255.33% -23.27%
Total Short-Term Liabilities $792.3M $380.8M $379.8M
YoY Change 144.26% 0.26% 194.99%
LONG-TERM LIABILITIES
Long-Term Debt $111.2M $666.0M $696.2M
YoY Change -83.84% -4.34% 11.43%
Other Long-Term Liabilities $59.13M $94.84M $83.81M
YoY Change 6.76% 13.16% 151.97%
Total Long-Term Liabilities $170.3M $760.8M $780.0M
YoY Change -77.09% -2.46% 18.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $792.3M $380.8M $379.8M
Total Long-Term Liabilities $170.3M $760.8M $780.0M
Total Liabilities $962.7M $1.142B $1.160B
YoY Change -9.84% -1.57% 47.41%
SHAREHOLDERS EQUITY
Retained Earnings -$544.8M -$588.2M -$824.8M
YoY Change -29.79% -28.68% 13.69%
Common Stock $576.6M $557.4M $552.1M
YoY Change 4.28% 0.95% 0.35%
Preferred Stock
YoY Change
Treasury Stock (at cost) $24.17M
YoY Change 0.0%
Treasury Stock Shares $2.869M
Shareholders Equity $7.634M -$55.02M -$296.9M
YoY Change
Total Liabilities & Shareholders Equity $1.432B $1.490B $1.243B
YoY Change 20.0% 19.86% 30.95%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income $43.45M $66.72M -$37.96M
YoY Change -11.15% -275.75% 184.61%
Depreciation, Depletion And Amortization $34.25M $27.49M $26.29M
YoY Change 15.82% 4.57% 4.63%
Cash From Operating Activities $12.68M $89.09M $65.10M
YoY Change -43.34% 36.86% 207.06%
INVESTING ACTIVITIES
Capital Expenditures $11.75M -$8.326M -$10.17M
YoY Change -170.34% -18.12% 747.42%
Acquisitions
YoY Change
Other Investing Activities $6.343M -$2.451M $6.695M
YoY Change 282.11% -136.61%
Cash From Investing Activities -$5.403M -$10.78M -$3.474M
YoY Change -64.07% 210.22% 189.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.951M -8.909M -13.19M
YoY Change -147.26% -32.44%
NET CHANGE
Cash From Operating Activities 12.68M 89.09M 65.10M
Cash From Investing Activities -5.403M -10.78M -3.474M
Cash From Financing Activities 6.951M -8.909M -13.19M
Net Change In Cash 14.23M 69.41M 48.44M
YoY Change -293.09% 43.29% 142.18%
FREE CASH FLOW
Cash From Operating Activities $12.68M $89.09M $65.10M
Capital Expenditures $11.75M -$8.326M -$10.17M
Free Cash Flow $933.0K $97.42M $75.27M
YoY Change -97.61% 29.43% 236.01%

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20818000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
79848000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
66511000
CY2022Q3 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
6620000
CY2021Q3 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
5473000
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
19536000
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
17368000
CY2022Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
23047000
CY2021Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
13391000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
51790000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
38090000
CY2022Q3 us-gaap Costs And Expenses
CostsAndExpenses
128369000
CY2021Q3 us-gaap Costs And Expenses
CostsAndExpenses
85765000
us-gaap Costs And Expenses
CostsAndExpenses
333218000
us-gaap Costs And Expenses
CostsAndExpenses
271055000
CY2022Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
138116000
CY2021Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
48181000
us-gaap Operating Income Loss
OperatingIncomeLoss
398079000
us-gaap Operating Income Loss
OperatingIncomeLoss
121366000
CY2022Q3 us-gaap Interest Expense
InterestExpense
16849000
CY2021Q3 us-gaap Interest Expense
InterestExpense
18910000
us-gaap Interest Expense
InterestExpense
54915000
us-gaap Interest Expense
InterestExpense
50474000
CY2022Q3 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-38749000
CY2021Q3 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-73137000
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-109892000
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-179156000
CY2022Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
600000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1229000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-964000
CY2022Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
83118000
CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-43866000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
234501000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-109228000
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
16397000
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-5902000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
46801000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-18846000
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
66721000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-37964000
us-gaap Net Income Loss
NetIncomeLoss
187700000
us-gaap Net Income Loss
NetIncomeLoss
-90382000
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.46
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.27
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.30
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.64
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.46
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.27
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.30
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.64
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
143116000
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
142297000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
143026000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
142231000
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
145882000
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
142297000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
144696000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
142231000
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
-124369000
CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Other
AdjustmentsToAdditionalPaidInCapitalOther
2645000
CY2022Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
0
CY2022Q3 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
14000
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
66721000
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
-55017000
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
-259783000
CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Other
AdjustmentsToAdditionalPaidInCapitalOther
858000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-37964000
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
-296889000
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
-247180000
us-gaap Adjustments To Additional Paid In Capital Other
AdjustmentsToAdditionalPaidInCapitalOther
5179000
us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
716000
us-gaap Net Income Loss
NetIncomeLoss
187700000
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
-55017000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
-208286000
us-gaap Adjustments To Additional Paid In Capital Other
AdjustmentsToAdditionalPaidInCapitalOther
1779000
us-gaap Net Income Loss
NetIncomeLoss
-90382000
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
-296889000
us-gaap Profit Loss
ProfitLoss
187700000
us-gaap Profit Loss
ProfitLoss
-90382000
us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
99384000
us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
83879000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
6114000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
4095000
us-gaap Share Based Compensation
ShareBasedCompensation
5179000
us-gaap Share Based Compensation
ShareBasedCompensation
1779000
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-109892000
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-179156000
wti Proceeds From Payments For Derivative Instrument Operating Activities
ProceedsFromPaymentsForDerivativeInstrumentOperatingActivities
-1022000
wti Proceeds From Payments For Derivative Instrument Operating Activities
ProceedsFromPaymentsForDerivativeInstrumentOperatingActivities
-39554000
wti Derivative Cash Premium Payments
DerivativeCashPremiumPayments
-46111000
wti Derivative Cash Premium Payments
DerivativeCashPremiumPayments
-32368000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
40171000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-18826000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
34276000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-504000
wti Increase Decrease In Joint Interest Receivables
IncreaseDecreaseInJointInterestReceivables
7070000
wti Increase Decrease In Joint Interest Receivables
IncreaseDecreaseInJointInterestReceivables
2172000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
26816000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
30473000
us-gaap Increase Decrease In Income Taxes
IncreaseDecreaseInIncomeTaxes
1480000
us-gaap Increase Decrease In Income Taxes
IncreaseDecreaseInIncomeTaxes
-153000
us-gaap Asset Retirement Obligation Cash Paid To Settle
AssetRetirementObligationCashPaidToSettle
61285000
us-gaap Asset Retirement Obligation Cash Paid To Settle
AssetRetirementObligationCashPaidToSettle
19744000
wti Increase Decrease In Cash Advances From Joint Venture Partners
IncreaseDecreaseInCashAdvancesFromJointVenturePartners
-12055000
wti Increase Decrease In Cash Advances From Joint Venture Partners
IncreaseDecreaseInCashAdvancesFromJointVenturePartners
9999000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
65566000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
65551000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
326851000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
111291000
us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
29966000
us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
16025000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
8237000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-3619000
us-gaap Payments To Acquire Oil And Gas Property And Equipment
PaymentsToAcquireOilAndGasPropertyAndEquipment
51474000
us-gaap Payments To Acquire Oil And Gas Property And Equipment
PaymentsToAcquireOilAndGasPropertyAndEquipment
0
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-89677000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-12406000
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
80000000
us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
215000000
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
33837000
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
11778000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
1290000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
8249000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-716000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-35843000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
114973000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
201331000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
213858000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
250216000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
43726000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
451547000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
257584000
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
CY2022Q3 wti Collateral For Bonds Posted Related To Appeal With Ibla
CollateralForBondsPostedRelatedToAppealWithIbla
8200000
CY2022Q3 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
4900000
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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;background:#ffffff;">Reclassification – </span><span style="background:#ffffff;">For presentation purposes, as of September 30, 2021, </span><i style="font-style:italic;background:#ffffff;">Derivative (gain) loss </i><span style="background:#ffffff;">has been reclassified from “Operating income” on the Condensed Consolidated Statement of Operations in order to conform to the current period presentation. Such reclassification had no effect on the Company’s results of operations, financial position or cash flows.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:17.85pt;margin:0pt 0pt 12pt 0pt;"><span style="background:#ffffff;">For presentation purposes, as of September 30, 2021, </span><i style="font-style:italic;background:#ffffff;">Gathering and transportation</i><span style="background:#ffffff;"> and </span><i style="font-style:italic;background:#ffffff;">Production taxes </i><span style="background:#ffffff;">have been combined into one line item within “Operating income” on the Condensed Consolidated Statement of Operations in order to conform to the current period presentation. Such reclassification had no effect on the Company’s results of operations, financial position or cash flows.</span></p>
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:17.85pt;margin:0pt 0pt 12pt 0pt;">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, 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.</p>
CY2022Q3 wti Oil And Gas Joint Interest Billing Receivables Allowance For Credit Loss Current
OilAndGasJointInterestBillingReceivablesAllowanceForCreditLossCurrent
11600000
CY2021Q4 wti Oil And Gas Joint Interest Billing Receivables Allowance For Credit Loss Current
OilAndGasJointInterestBillingReceivablesAllowanceForCreditLossCurrent
10000000.0
us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
-96315000
us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
-53627000
CY2022Q3 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
93540000
CY2021Q3 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-43111000
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-13577000
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-125529000
CY2022Q3 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-38749000
CY2022Q3 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
28747000
CY2021Q4 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
21086000
CY2022Q3 wti Unamortized Bond Insurance Premiums
UnamortizedBondInsurancePremiums
7475000
CY2021Q4 wti Unamortized Bond Insurance Premiums
UnamortizedBondInsurancePremiums
5400000
CY2022Q3 us-gaap Prepaid Royalties
PrepaidRoyalties
12978000
CY2021Q4 us-gaap Prepaid Royalties
PrepaidRoyalties
8441000
CY2022Q3 us-gaap Supplies
Supplies
1213000
CY2021Q4 us-gaap Supplies
Supplies
4522000
CY2022Q3 wti Prepayments To Joint Interest Partners
PrepaymentsToJointInterestPartners
1953000
CY2021Q4 wti Prepayments To Joint Interest Partners
PrepaymentsToJointInterestPartners
2808000
CY2022Q3 us-gaap Deferred Finance Costs Current Net
DeferredFinanceCostsCurrentNet
604000
CY2021Q4 us-gaap Deferred Finance Costs Current Net
DeferredFinanceCostsCurrentNet
1065000
CY2022Q3 us-gaap Other Assets Current
OtherAssetsCurrent
44000
CY2021Q4 us-gaap Other Assets Current
OtherAssetsCurrent
57000
CY2022Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
53014000
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
43379000
CY2022Q3 wti Dispute Related To Royalty Deductions Noncurrent
DisputeRelatedToRoyaltyDeductionsNoncurrent
7564000
CY2021Q4 wti Dispute Related To Royalty Deductions Noncurrent
DisputeRelatedToRoyaltyDeductionsNoncurrent
5177000
CY2022Q3 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
75079000
CY2021Q4 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
37989000
CY2022Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
10812000
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
11227000
CY2022Q3 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
1386000
CY2021Q4 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
996000
CY2022Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
94841000
CY2021Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
55389000
CY2022Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
35450000
CY2021Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
42960000
CY2022Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
665973000
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
687938000
CY2022Q3 us-gaap Long Term Debt
LongTermDebt
701423000
CY2022Q3 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
690343000
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
730898000
CY2021Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
718294000
CY2021Q3 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-73137000
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-109892000
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-179156000
wti Realized Gain Or Loss Through Restructuring Of Strike Prices
RealizedGainOrLossThroughRestructuringOfStrikePrices
138000000.0
CY2022Q3 wti Realized Gain Or Loss Through Restructuring Of Strike Prices
RealizedGainOrLossThroughRestructuringOfStrikePrices
138000000.0
CY2021Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
424495000
us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
61285000
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
19536000
wti Asset Retirement Obligation Liabilities Acquired
AssetRetirementObligationLiabilitiesAcquired
33202000
us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
138000
us-gaap Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
37524000
CY2022Q3 us-gaap Asset Retirement Obligation
AssetRetirementObligation
453610000
CY2022Q3 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
54886000
CY2022Q3 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
398724000
CY2022Q3 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
-132289000
CY2021Q3 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
-30026000
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-109892000
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-179156000
wti Proceeds From Payments For Derivative Instrument Operating Activities
ProceedsFromPaymentsForDerivativeInstrumentOperatingActivities
-1022000
wti Proceeds From Payments For Derivative Instrument Operating Activities
ProceedsFromPaymentsForDerivativeInstrumentOperatingActivities
-39554000
wti Derivative Cash Premium Payments
DerivativeCashPremiumPayments
-46111000
wti Derivative Cash Premium Payments
DerivativeCashPremiumPayments
-32368000
wti Cash Receipts Related To Natural Gas Call Contracts Through Restructuring Of Strike Prices
CashReceiptsRelatedToNaturalGasCallContractsThroughRestructuringOfStrikePrices
105300000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2645000
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
858000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5179000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1779000
CY2022Q3 wti Incentive Compensation Total
IncentiveCompensationTotal
7736000
CY2021Q3 wti Incentive Compensation Total
IncentiveCompensationTotal
4786000
wti Incentive Compensation Total
IncentiveCompensationTotal
13337000
wti Incentive Compensation Total
IncentiveCompensationTotal
12720000
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.30
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.64
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1973000
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
16400000
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.197
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-5900000
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.135
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
46800000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.200
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-18800000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.173
CY2022Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
15200000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
24400000
us-gaap Income Taxes Paid
IncomeTaxesPaid
5200000
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
66721000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-37964000
us-gaap Net Income Loss
NetIncomeLoss
187700000
us-gaap Net Income Loss
NetIncomeLoss
-90382000
CY2022Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
1265000
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
2166000
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
65456000
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-37964000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
185534000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-90382000
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
143116000
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
142297000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
143026000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
142231000
CY2022Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2766000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1670000
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
145882000
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
142297000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
144696000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
142231000
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.46
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.27
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.30
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.64
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.46
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.27

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