$WTI
W&T OFFSHORE INC

2014 Q2 Form 10-Q Financial Statement

#000156459014003341 Filed on August 07, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q4 2013 Q2
Revenue $263.0M $244.9M $235.4M
YoY Change 11.73% 3.28% 9.22%
Cost Of Revenue $61.80M $75.90M $68.20M
YoY Change -9.38% 22.62% 10.71%
Gross Profit $201.2M $169.0M $167.1M
YoY Change 20.41% -3.54% 8.58%
Gross Profit Margin 76.5% 69.0% 70.99%
Selling, General & Admin $25.50M $27.50M $26.30M
YoY Change -3.04% 11.79% 40.64%
% of Gross Profit 12.67% 16.27% 15.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $128.2M $138.6M $99.90M
YoY Change 28.33% 32.89% 16.24%
% of Gross Profit 63.72% 82.01% 59.78%
Operating Expenses $153.7M $166.1M $126.2M
YoY Change 21.79% 28.76% 20.53%
Operating Profit $34.40M $622.0K $53.82M
YoY Change -36.08% -98.67% -45.69%
Interest Expense -$32.40M -$21.30M -$6.200M
YoY Change 422.58% 33.13% -142.16%
% of Operating Profit -94.18% -3424.44% -11.52%
Other Income/Expense, Net $0.00
YoY Change
Pretax Income $15.11M -$18.50M $34.82M
YoY Change -56.6% -161.06% -60.31%
Income Tax $5.273M -$6.600M $12.42M
% Of Pretax Income 34.9% 35.68%
Net Earnings $9.837M -$11.89M $22.40M
YoY Change -56.08% -171.3% -58.19%
Net Earnings / Revenue 3.74% -4.85% 9.51%
Basic Earnings Per Share
Diluted Earnings Per Share $128.1K -$158.0K $297.9K
COMMON SHARES
Basic Shares Outstanding 75.25M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2013 Q4 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.80M $15.80M $9.300M
YoY Change 155.91% 29.51% 8.14%
Cash & Equivalents $23.85M $15.80M $9.276M
Short-Term Investments
Other Short-Term Assets $38.60M $30.00M $37.20M
YoY Change 3.76% 15.83% -56.18%
Inventory
Prepaid Expenses
Receivables $121.0M $96.75M $103.6M
Other Receivables $100.0K $0.00 $39.50M
Total Short-Term Assets $183.6M $173.6M $189.6M
YoY Change -3.16% -27.7% -4.87%
LONG-TERM ASSETS
Property, Plant & Equipment $2.324B $2.276B $2.179B
YoY Change 6.66% 10.45% 34.01%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $18.64M $20.46M $51.70M
YoY Change -63.94% 2.57% 168.32%
Total Long-Term Assets $2.366B $2.334B $2.230B
YoY Change 6.09% 10.66% 33.28%
TOTAL ASSETS
Total Short-Term Assets $183.6M $173.6M $189.6M
Total Long-Term Assets $2.366B $2.334B $2.230B
Total Assets $2.550B $2.507B $2.420B
YoY Change 5.36% 6.74% 29.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $140.5M $145.2M $123.1M
YoY Change 14.13% 17.22% 42.78%
Accrued Expenses $31.30M $28.00M $13.50M
YoY Change 131.84% 33.2% -15.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $280.9M $293.1M $259.6M
YoY Change 8.21% 6.74% 3.8%
LONG-TERM LIABILITIES
Long-Term Debt $1.224B $1.205B $1.100B
YoY Change 11.35% 10.83% 61.69%
Other Long-Term Liabilities $301.3M $13.39M $315.8M
YoY Change -4.59% 50.29% 5297.37%
Total Long-Term Liabilities $1.224B $1.219B $1.415B
YoY Change -13.5% 11.15% 106.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $280.9M $293.1M $259.6M
Total Long-Term Liabilities $1.224B $1.219B $1.415B
Total Liabilities $1.505B $1.512B $1.838B
YoY Change -18.1% 10.27% 96.36%
SHAREHOLDERS EQUITY
Retained Earnings $161.2M
YoY Change -4.7%
Common Stock $403.6M
YoY Change 1.86%
Preferred Stock
YoY Change
Treasury Stock (at cost) $24.17M
YoY Change 0.0%
Treasury Stock Shares
Shareholders Equity $553.4M $540.6M $582.2M
YoY Change
Total Liabilities & Shareholders Equity $2.550B $2.507B $2.420B
YoY Change 5.36% 6.74% 29.22%

Cashflow Statement

Concept 2014 Q2 2013 Q4 2013 Q2
OPERATING ACTIVITIES
Net Income $9.837M -$11.89M $22.40M
YoY Change -56.08% -171.3% -58.19%
Depreciation, Depletion And Amortization $128.2M $138.6M $99.90M
YoY Change 28.33% 32.89% 16.24%
Cash From Operating Activities $138.4M $86.90M $127.6M
YoY Change 8.46% 158.63% 12.82%
INVESTING ACTIVITIES
Capital Expenditures -$119.1M -$129.0M -$163.5M
YoY Change -27.16% -23.12% 58.89%
Acquisitions
YoY Change
Other Investing Activities -$39.20M -$67.40M
YoY Change -57.53%
Cash From Investing Activities -$158.3M -$196.3M -$163.5M
YoY Change -3.18% -39.88% 58.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 23.40M 110.0M 33.00M
YoY Change -29.09% -63.1% -430.0%
NET CHANGE
Cash From Operating Activities 138.4M 86.90M 127.6M
Cash From Investing Activities -158.3M -196.3M -163.5M
Cash From Financing Activities 23.40M 110.0M 33.00M
Net Change In Cash 3.500M 600.0K -2.900M
YoY Change -220.69% -88.46% 2800.0%
FREE CASH FLOW
Cash From Operating Activities $138.4M $86.90M $127.6M
Capital Expenditures -$119.1M -$129.0M -$163.5M
Free Cash Flow $257.5M $215.9M $291.1M
YoY Change -11.54% 7.2% 34.77%

Facts In Submission

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us-gaap Nature Of Operations
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<div> <p style="margin-top:10pt;margin-bottom:0pt;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;text-indent:3.57%;">Operations.<font style="font-weight:normal;font-style:normal;">&nbsp;&nbsp;</font><font style="font-weight:normal;font-style:normal;">W&amp;T Offshore, Inc. and subsidiaries, referred to herein as &#8220;W&amp;T&#8221; or the &#8220;Company,&#8221; is an independent oil and natural gas producer focused primarily in the Gulf of Mexico and onshore Texas.&nbsp;&nbsp;The Company is active in the exploration, development and acquisition of oil and natural gas properties.&nbsp;&nbsp;Our interest in fields, leases, structures and equipment are primarily owned by W&amp;T Offshore, Inc. (the &#8220;Parent Company&#8221;) and our wholly-owned subsidiary, W&amp;T Energy VI, LLC (&#8220;Energy VI&#8221;).</font></p></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="margin-bottom:0pt;margin-top:10pt;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;text-indent:3.57%;">Reclassifications. <font style="font-weight:normal;font-style:normal;">Certain reclassifications have been made to prior periods&#8217; financial statements to conform to the current presentation.&nbsp;&nbsp;The change in </font><font style="font-weight:normal;">Insurance receivables</font><font style="font-weight:normal;font-style:normal;"> was combined with the change in </font><font style="font-weight:normal;">Joint interest and other receivables</font><font style="font-weight:normal;font-style:normal;"> on the Condensed Consolidated Statement of Cash Flows.</font></p></div>
us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
30338000
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
10112000
wti Asset Retirement Obligations Liabilities Assumed Through Acquisition
AssetRetirementObligationsLiabilitiesAssumedThroughAcquisition
15086000
us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
755000
us-gaap Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
7566000
CY2014Q2 us-gaap Asset Retirement Obligation
AssetRetirementObligation
357603000
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:10pt;margin-bottom:0pt;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;text-indent:3.57%;">Use of Estimates.<font style="font-weight:normal;font-style:normal;">&nbsp;&nbsp;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.&nbsp;&nbsp;Actual results could differ from those estimates.</font></p></div>
CY2014Q2 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.0850
CY2013Q4 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.0850
us-gaap Debt Instrument Payment Terms
DebtInstrumentPaymentTerms
Interest on the 8.50% Senior Notes is payable semi-annually in arrears on June 15 and December 15.
CY2013 us-gaap Debt Instrument Payment Terms
DebtInstrumentPaymentTerms
Interest on the 8.50% Senior Notes is payable semi-annually in arrears on June 15 and December 15.
us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2019-06-15
CY2014Q2 wti Realized Gain Loss On Commodity Contracts
RealizedGainLossOnCommodityContracts
-9640000
CY2013Q2 wti Realized Gain Loss On Commodity Contracts
RealizedGainLossOnCommodityContracts
1961000
wti Realized Gain Loss On Commodity Contracts
RealizedGainLossOnCommodityContracts
-14310000
wti Realized Gain Loss On Commodity Contracts
RealizedGainLossOnCommodityContracts
-2310000
CY2014Q2 us-gaap Unrealized Gain Loss On Commodity Contracts
UnrealizedGainLossOnCommodityContracts
-3439000
CY2013Q2 us-gaap Unrealized Gain Loss On Commodity Contracts
UnrealizedGainLossOnCommodityContracts
10879000
us-gaap Unrealized Gain Loss On Commodity Contracts
UnrealizedGainLossOnCommodityContracts
-6261000
us-gaap Unrealized Gain Loss On Commodity Contracts
UnrealizedGainLossOnCommodityContracts
11783000
CY2013Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
141000
CY2013Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral
141000
CY2014Q2 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
600000
CY2013Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
400000
CY2014Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
750000000
CY2013Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
0
CY2014Q2 wti Increase In Production
IncreaseInProduction
254
wti Increase In Production
IncreaseInProduction
518
CY2014Q2 wti Adjustment To Depreciation Depletion Amortization
AdjustmentToDepreciationDepletionAmortization
700000
wti Adjustment To Depreciation Depletion Amortization
AdjustmentToDepreciationDepletionAmortization
1500000
CY2014Q2 wti Reduction In Net Income
ReductionInNetIncome
500000
wti Reduction In Net Income
ReductionInNetIncome
1000000
CY2013Q3 wti Asset Retirement Obligation Reversal Related To Sale Of Facilities
AssetRetirementObligationReversalRelatedToSaleOfFacilities
15600000
CY2013Q3 wti Adjustment For Effective Date To Sell Properties
AdjustmentForEffectiveDateToSellProperties
4300000
CY2014Q2 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
15543000
CY2013Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
9423000
CY2013Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
141000
CY2014Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
15543000
CY2013Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
9282000
CY2014Q2 us-gaap Unsecured Long Term Debt
UnsecuredLongTermDebt
900000000
CY2013Q4 us-gaap Unsecured Long Term Debt
UnsecuredLongTermDebt
900000000
CY2014Q2 us-gaap Debt Instrument Unamortized Premium
DebtInstrumentUnamortizedPremium
14262000
CY2013Q4 us-gaap Debt Instrument Unamortized Premium
DebtInstrumentUnamortizedPremium
15421000
CY2014Q2 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
310000000
CY2014Q2 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
439400000
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
5032939
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
43840
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
18815
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
19445
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
43210
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
15.96
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
18.60
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
18.00
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
16.20
CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
3887000
CY2013Q2 us-gaap Share Based Compensation
ShareBasedCompensation
2695000
CY2014Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1360000
CY2013Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
943000
wti Incentive Compensation Charged To Operating Income Loss
IncentiveCompensationChargedToOperatingIncomeLoss
12734000
wti Incentive Compensation Charged To Operating Income Loss
IncentiveCompensationChargedToOperatingIncomeLoss
12644000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.362
CY2013Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.357
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.358
CY2014Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.350
CY2013Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
9500000
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
3000000
CY2013 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
59100000
CY2014Q2 us-gaap Participating Securities Distributed And Undistributed Earnings
ParticipatingSecuritiesDistributedAndUndistributedEarnings
100000
CY2013Q2 us-gaap Participating Securities Distributed And Undistributed Earnings
ParticipatingSecuritiesDistributedAndUndistributedEarnings
275000
us-gaap Participating Securities Distributed And Undistributed Earnings
ParticipatingSecuritiesDistributedAndUndistributedEarnings
219000
us-gaap Participating Securities Distributed And Undistributed Earnings
ParticipatingSecuritiesDistributedAndUndistributedEarnings
556000
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
9737000
CY2013Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
22121000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
20807000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
48458000
CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
75605000
CY2013Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
75223000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
75581000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
75215000
CY2013Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
859000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
864000
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.20
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.17
CY2014Q1 wti Under Payment Of Royalty
UnderPaymentOfRoyalty
30000
CY2014Q1 wti Under Payment Of Royalty Percentage
UnderPaymentOfRoyaltyPercentage
0.000045
CY2014Q1 us-gaap Loss Contingency Damages Awarded Value
LossContingencyDamagesAwardedValue
2300000
CY2014Q2 us-gaap Loss Contingency Receivable
LossContingencyReceivable
46300000
CY2009 us-gaap Increase Decrease In Royalties Payable
IncreaseDecreaseInRoyaltiesPayable
5300000
CY2010Q3 us-gaap Gain Contingency Unrecorded Amount
GainContingencyUnrecordedAmount
4700000
CY2014Q2 us-gaap Payments For Losses And Loss Adjustment Expense
PaymentsForLossesAndLossAdjustmentExpense
400000
us-gaap Payments For Losses And Loss Adjustment Expense
PaymentsForLossesAndLossAdjustmentExpense
300000
CY2013Q2 us-gaap Payments For Losses And Loss Adjustment Expense
PaymentsForLossesAndLossAdjustmentExpense
100000
us-gaap Payments For Losses And Loss Adjustment Expense
PaymentsForLossesAndLossAdjustmentExpense
100000
CY2014Q2 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
500000
CY2013Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
200000

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