$WTI
W&T OFFSHORE INC

2015 Q1 Form 10-Q Financial Statement

#000156459015003517 Filed on May 07, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $127.9M $254.5M
YoY Change -49.75% -1.82%
Cost Of Revenue $53.30M $55.60M
YoY Change -4.14% -6.24%
Gross Profit $74.60M $198.9M
YoY Change -62.49% -0.5%
Gross Profit Margin 58.32% 78.15%
Selling, General & Admin $26.20M $30.90M
YoY Change -15.21% 13.19%
% of Gross Profit 35.12% 15.54%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $125.5M $123.3M
YoY Change 1.78% 13.22%
% of Gross Profit 168.23% 61.99%
Operating Expenses $151.7M $154.2M
YoY Change -1.62% 13.22%
Operating Profit -$337.5M $37.23M
YoY Change -1006.67% -38.29%
Interest Expense -$21.20M -$26.90M
YoY Change -21.19% 21.17%
% of Operating Profit -72.26%
Other Income/Expense, Net
YoY Change
Pretax Income -$358.7M $17.84M
YoY Change -2110.81% -57.04%
Income Tax -$103.6M $6.648M
% Of Pretax Income 37.27%
Net Earnings -$255.1M $11.19M
YoY Change -2379.87% -57.96%
Net Earnings / Revenue -199.44% 4.4%
Basic Earnings Per Share
Diluted Earnings Per Share -$3.361M $148.1K
COMMON SHARES
Basic Shares Outstanding 75.59M
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.400M $20.30M
YoY Change -58.62% 65.04%
Cash & Equivalents $23.67M $20.34M
Short-Term Investments
Other Short-Term Assets $22.00M $27.00M
YoY Change -18.52% 13.45%
Inventory
Prepaid Expenses
Receivables $75.40M $121.5M
Other Receivables $0.00 $3.200M
Total Short-Term Assets $105.8M $172.0M
YoY Change -38.49% -19.89%
LONG-TERM ASSETS
Property, Plant & Equipment $2.201B $2.262B
YoY Change -2.71% 7.77%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $32.00M $60.20M
YoY Change -46.84% 219.28%
Total Long-Term Assets $2.233B $2.323B
YoY Change -3.84% 8.16%
TOTAL ASSETS
Total Short-Term Assets $105.8M $172.0M
Total Long-Term Assets $2.233B $2.323B
Total Assets $2.339B $2.495B
YoY Change -6.23% 5.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $128.3M $115.3M
YoY Change 11.27% 2.74%
Accrued Expenses $28.20M $31.60M
YoY Change -10.76% -19.11%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $202.2M $266.0M
YoY Change -23.98% 1.33%
LONG-TERM LIABILITIES
Long-Term Debt $1.426B $1.194B
YoY Change 19.48% 12.61%
Other Long-Term Liabilities $378.6M $299.2M
YoY Change 26.54% 3510.04%
Total Long-Term Liabilities $1.805B $1.493B
YoY Change 20.9% 39.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $202.2M $266.0M
Total Long-Term Liabilities $1.805B $1.493B
Total Liabilities $2.082B $1.947B
YoY Change 6.92% 46.32%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $257.0M $547.3M
YoY Change
Total Liabilities & Shareholders Equity $2.339B $2.495B
YoY Change -6.23% 5.61%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$255.1M $11.19M
YoY Change -2379.87% -57.96%
Depreciation, Depletion And Amortization $125.5M $123.3M
YoY Change 1.78% 13.22%
Cash From Operating Activities $52.90M $136.1M
YoY Change -61.13% -19.86%
INVESTING ACTIVITIES
Capital Expenditures -$83.00M -$95.30M
YoY Change -12.91% -30.29%
Acquisitions
YoY Change
Other Investing Activities -$52.20M -$17.60M
YoY Change 196.59%
Cash From Investing Activities -$135.2M -$112.9M
YoY Change 19.75% -17.43%
FINANCING ACTIVITIES
Cash Dividend Paid $7.563M
YoY Change 25.63%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 67.00M -18.60M
YoY Change -460.22% -43.74%
NET CHANGE
Cash From Operating Activities 52.90M 136.1M
Cash From Investing Activities -135.2M -112.9M
Cash From Financing Activities 67.00M -18.60M
Net Change In Cash -15.30M 4.600M
YoY Change -432.61% 14275.0%
FREE CASH FLOW
Cash From Operating Activities $52.90M $136.1M
Capital Expenditures -$83.00M -$95.30M
Free Cash Flow $135.9M $231.4M
YoY Change -41.27% -24.51%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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LeaseOperatingExpense
53331000
CY2015Q1 us-gaap Production Tax Expense
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CY2015Q1 us-gaap Impairment Of Oil And Gas Properties
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CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2014Q1 us-gaap Income Tax Expense Benefit
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CY2014Q1 us-gaap Net Income Loss
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CY2014Q1 us-gaap Earnings Per Share Basic And Diluted
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CY2015Q1 us-gaap Common Stock Dividends Per Share Declared
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CY2014Q1 us-gaap Common Stock Dividends Per Share Declared
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CY2015Q1 us-gaap Stockholders Equity Other
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CY2015Q1 us-gaap Amortization Of Financing Costs And Discounts
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CY2015Q1 us-gaap Share Based Compensation
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CY2014Q1 wti Cash Payments Receipts On Derivative Settlements
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4670000
CY2015Q1 us-gaap Deferred Income Tax Expense Benefit
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CY2014Q1 us-gaap Deferred Income Tax Expense Benefit
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CY2015Q1 us-gaap Increase Decrease In Accounts Receivable
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CY2014Q1 us-gaap Increase Decrease In Accounts Receivable
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CY2015Q1 us-gaap Increase Decrease In Other Receivables
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-14533000
CY2014Q1 us-gaap Increase Decrease In Other Receivables
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CY2015Q1 us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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CY2014Q1 us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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-35000
CY2015Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2014Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2014Q1 us-gaap Asset Retirement Obligation Cash Paid To Settle
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CY2015Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2014Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2015Q1 us-gaap General And Administrative Expense
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CY2015Q1 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
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CY2015Q1 us-gaap Income Tax Expense Benefit
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CY2015Q1 us-gaap Net Income Loss
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CY2015Q1 us-gaap Earnings Per Share Basic And Diluted
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CY2015Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-358669000
CY2015Q1 us-gaap Depreciation Amortization And Accretion Net
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125467000
CY2015Q1 us-gaap Gas Gathering Transportation Marketing And Processing Costs
GasGatheringTransportationMarketingAndProcessingCosts
4824000
CY2014Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
187000
CY2014Q1 us-gaap Share Based Compensation
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CY2015Q1 us-gaap Payments To Explore And Develop Oil And Gas Properties
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CY2014Q1 us-gaap Payments To Explore And Develop Oil And Gas Properties
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CY2014Q1 us-gaap Payments To Acquire Furniture And Fixtures
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CY2014Q1 us-gaap Proceeds From Long Term Lines Of Credit
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CY2014Q1 us-gaap Repayments Of Long Term Lines Of Credit
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CY2014Q1 us-gaap Payments Of Dividends
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CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2014Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2015Q1 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; &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#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. (on a stand-alone basis, the &#8220;Parent Company&#8221;) and our 100%-owned subsidiary, W &amp; T Energy VI, LLC (&#8220;Energy VI&#8221;).</font></p></div>
CY2015Q1 us-gaap Use Of Estimates
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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%;">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>
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CY2015Q1 wti Present Value Discounted Percentage
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CY2014Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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CY2014Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2015Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2015Q1 us-gaap Dividends Payable Amount Per Share
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CY2014Q1 wti Under Payment Of Royalty
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CY2014Q1 wti Under Payment Of Royalty Percentage
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CY2015Q1 wti Claims Submitted Related To Removal Of Wreck Expenses
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CY2010Q4 us-gaap Gain Contingency Unrecorded Amount
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CY2015Q1 wti Percentage Of Subsidiary Owned By Parent
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