$WTI
W&T OFFSHORE INC

2024 Q2 Form 10-Q Financial Statement

#000155837024007815 Filed on May 10, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $142.8M $140.8M
YoY Change 13.14% 6.88%
Cost Of Revenue $73.99M $70.83M
YoY Change 12.07% 8.66%
Gross Profit $68.77M $69.96M
YoY Change 14.31% 5.14%
Gross Profit Margin 48.17% 49.69%
Selling, General & Admin $29.93M $28.06M
YoY Change 23.71% 7.68%
% of Gross Profit 43.52% 40.1%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $36.67M $33.94M
YoY Change 2.17% 50.0%
% of Gross Profit 53.33% 48.51%
Operating Expenses $75.01M $69.96M
YoY Change 24.82% 24.51%
Operating Profit -$6.236M -$4.000K
YoY Change -8883.1% -100.04%
Interest Expense -$10.16M -$5.195M
YoY Change 7.06% -135.31%
% of Operating Profit
Other Income/Expense, Net -$1.250M -$5.230M
YoY Change -501.93% 2144.64%
Pretax Income -$20.02M -$10.43M
YoY Change 119.75% -130.1%
Income Tax -$4.636M $1.045M
% Of Pretax Income
Net Earnings -$15.39M -$11.47M
YoY Change 27.08% -144.12%
Net Earnings / Revenue -10.78% -8.15%
Basic Earnings Per Share -$0.10 -$0.08
Diluted Earnings Per Share -$0.10 -$0.08
COMMON SHARES
Basic Shares Outstanding 146.9M 146.9M
Diluted Shares Outstanding 146.9M 146.9M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $123.4M $94.82M
YoY Change -28.11% -46.55%
Cash & Equivalents $123.4M $94.82M
Short-Term Investments
Other Short-Term Assets $874.0K $1.101M
YoY Change -96.61% 4134.62%
Inventory
Prepaid Expenses
Receivables $71.55M $66.96M
Other Receivables $2.223M $1.901M
Total Short-Term Assets $247.9M $207.7M
YoY Change -2.61% -22.18%
LONG-TERM ASSETS
Property, Plant & Equipment $802.4M $825.6M
YoY Change 7.21% 14.03%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $33.40M $32.74M
YoY Change -65.38% -27.08%
Total Long-Term Assets $900.6M $918.8M
YoY Change 6.25% 8.94%
TOTAL ASSETS
Total Short-Term Assets $247.9M $207.7M
Total Long-Term Assets $900.6M $918.8M
Total Assets $1.149B $1.126B
YoY Change 4.21% 1.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $89.13M $75.97M
YoY Change 32.45% -0.02%
Accrued Expenses $29.00M $15.56M
YoY Change 39.79% -40.65%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $14.93M $6.987M
YoY Change -51.15% -77.32%
Total Short-Term Liabilities $234.4M $192.0M
YoY Change 12.03% 5.27%
LONG-TERM LIABILITIES
Long-Term Debt $377.0M $384.2M
YoY Change 1.06% 3.16%
Other Long-Term Liabilities $16.67M $16.67M
YoY Change -96.63% -60.3%
Total Long-Term Liabilities $393.6M $400.9M
YoY Change -54.66% -3.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $234.4M $192.0M
Total Long-Term Liabilities $393.6M $400.9M
Total Liabilities $628.0M $592.9M
YoY Change -41.71% -0.66%
SHAREHOLDERS EQUITY
Retained Earnings -$560.5M -$543.6M
YoY Change 5.58% 4.79%
Common Stock $589.7M $588.6M
YoY Change 1.7% 1.87%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.005M $20.76M
YoY Change
Total Liabilities & Shareholders Equity $1.149B $1.126B
YoY Change 4.21% 1.46%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$15.39M -$11.47M
YoY Change 27.08% -144.12%
Depreciation, Depletion And Amortization $36.67M $33.94M
YoY Change 2.17% 50.0%
Cash From Operating Activities $37.45M $11.64M
YoY Change 42.94% -50.32%
INVESTING ACTIVITIES
Capital Expenditures $6.769M $87.62M
YoY Change -72.57% 1064.68%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$6.769M -$87.62M
YoY Change -68.11% 558.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.124M -2.539M
YoY Change -80.21% -99.14%
NET CHANGE
Cash From Operating Activities 37.45M 11.64M
Cash From Investing Activities -6.769M -87.62M
Cash From Financing Activities -2.124M -2.539M
Net Change In Cash 28.55M -78.52M
YoY Change -595.54% -72.35%
FREE CASH FLOW
Cash From Operating Activities $37.45M $11.64M
Capital Expenditures $6.769M $87.62M
Free Cash Flow $30.68M -$75.98M
YoY Change 1918.22% -577.48%

Facts In Submission

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W&T OFFSHORE, INC.
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CY2023Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
9552000
CY2024Q1 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
275000
CY2024Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
312000
CY2023Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
6354000
CY2024Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1469000
CY2024Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-483000
CY2023Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-723000
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2539000
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-294089000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-78516000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
177755000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
465774000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
99239000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
181806000
CY2024Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2024Q1 wti Loss Contingency Estimate Of Possible Loss Of Decommissioning Obligations
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20800000
CY2024Q1 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
492066000
CY2023Q1 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
459347000
CY2010Q4 wti Additional Royalty Due To Disallowed Deductions
AdditionalRoyaltyDueToDisallowedDeductions
4700000
CY2024Q1 wti Decommissioning Obligation Expense
DecommissioningObligationExpense
2600000
CY2024Q1 wti Loss Contingency Decommissioning Obligation Expense
LossContingencyDecommissioningObligationExpense
5300000
CY2024Q1 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 10pt 0pt;"><b style="font-style:normal;font-weight:bold;">Use of Estimates</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-indent:18pt;margin:0pt 0pt 10pt 0pt;"><span style="font-weight:normal;">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.</span> </p>
CY2024Q1 us-gaap Long Term Debt
LongTermDebt
391228000
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
390604000
CY2024Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
6987000
CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
29368000
CY2024Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
384241000
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
361236000
CY2024Q1 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
3755000
CY2023Q1 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
-230000
CY2024Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
1122000
CY2023Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
39470000
CY2024Q1 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
4877000
CY2023Q1 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
39240000
CY2024Q1 us-gaap Long Term Debt
LongTermDebt
391228000
CY2024Q1 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
403079000
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
390604000
CY2023Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
402066000
CY2023Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
498815000
CY2022Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
466430000
CY2024Q1 us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
3788000
CY2023Q1 us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
8642000
CY2024Q1 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
7969000
CY2023Q1 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
7510000
CY2024Q1 wti Asset Retirement Obligation Liabilities Acquired
AssetRetirementObligationLiabilitiesAcquired
18161000
CY2023Q1 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
110000
CY2024Q1 us-gaap Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
8654000
CY2023Q1 us-gaap Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
3798000
CY2024Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
529811000
CY2023Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
469206000
CY2024Q1 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
37745000
CY2023Q1 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
9859000
CY2024Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.01
CY2024Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1500000
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.100
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.100
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.250
CY2024Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
24800000
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
23200000
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-11474000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
26005000
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
146857000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
146418000
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2308000
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
146857000
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
148726000
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.08
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.18
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.08
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.17
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1982000
CY2024Q1 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
2801000
CY2023Q4 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
1180000
CY2024Q1 wti Unamortized Bond Insurance Premiums
UnamortizedBondInsurancePremiums
7474000
CY2023Q4 wti Unamortized Bond Insurance Premiums
UnamortizedBondInsurancePremiums
6631000
CY2024Q1 us-gaap Prepaid Royalties
PrepaidRoyalties
8562000
CY2023Q4 us-gaap Prepaid Royalties
PrepaidRoyalties
7872000
CY2024Q1 us-gaap Supplies
Supplies
1404000
CY2023Q4 us-gaap Supplies
Supplies
1492000
CY2024Q1 us-gaap Other Assets Current
OtherAssetsCurrent
1101000
CY2023Q4 us-gaap Other Assets Current
OtherAssetsCurrent
272000
CY2024Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
21342000
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
17447000
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 us-gaap Interest Payable Current
InterestPayableCurrent
5405000
CY2023Q4 us-gaap Interest Payable Current
InterestPayableCurrent
13479000
CY2024Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2384000
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
9473000
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1473000
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1455000
CY2024Q1 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
5046000
CY2023Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
6267000
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1251000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1304000
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
15559000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
31978000
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
94822000
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
173338000
CY2024Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
4417000
CY2023Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
4417000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
99239000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
177755000
CY2024Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
3236000
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
845000
CY2024Q1 wti Dividends Declared But Not Paid On Unvested Share Based Awards
DividendsDeclaredButNotPaidOnUnvestedShareBasedAwards
38000
CY2024Q1 us-gaap Asset Retirement Obligation Period Increase Decrease
AssetRetirementObligationPeriodIncreaseDecrease
26815000
CY2023Q1 us-gaap Asset Retirement Obligation Period Increase Decrease
AssetRetirementObligationPeriodIncreaseDecrease
3908000

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