$WTI
W&T OFFSHORE INC

2016 Q1 Form 10-Q Financial Statement

#000156459016017924 Filed on May 05, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $77.72M $127.9M
YoY Change -39.24% -49.75%
Cost Of Revenue $44.50M $53.30M
YoY Change -16.51% -4.14%
Gross Profit $33.20M $74.60M
YoY Change -55.5% -62.49%
Gross Profit Margin 42.72% 58.32%
Selling, General & Admin $22.10M $26.20M
YoY Change -15.65% -15.21%
% of Gross Profit 66.57% 35.12%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $63.70M $125.5M
YoY Change -49.24% 1.78%
% of Gross Profit 191.87% 168.23%
Operating Expenses $85.70M $151.7M
YoY Change -43.51% -1.62%
Operating Profit -$166.6M -$337.5M
YoY Change -50.63% -1006.67%
Interest Expense -$25.00M -$21.20M
YoY Change 17.92% -21.19%
% of Operating Profit
Other Income/Expense, Net -$1.306M
YoY Change
Pretax Income -$195.4M -$358.7M
YoY Change -45.52% -2110.81%
Income Tax -$4.900M -$103.6M
% Of Pretax Income
Net Earnings -$190.5M -$255.1M
YoY Change -25.32% -2379.87%
Net Earnings / Revenue -245.14% -199.44%
Basic Earnings Per Share
Diluted Earnings Per Share -$2.493M -$3.361M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $370.6M $8.400M
YoY Change 4311.9% -58.62%
Cash & Equivalents $370.6M $23.67M
Short-Term Investments
Other Short-Term Assets $3.717M $22.00M
YoY Change -83.1% -18.52%
Inventory
Prepaid Expenses
Receivables $44.90M $75.40M
Other Receivables $0.00 $0.00
Total Short-Term Assets $438.6M $105.8M
YoY Change 314.52% -38.49%
LONG-TERM ASSETS
Property, Plant & Equipment $807.3M $2.201B
YoY Change -63.32% -2.71%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $52.90M $32.00M
YoY Change 65.31% -46.84%
Total Long-Term Assets $860.2M $2.233B
YoY Change -61.48% -3.84%
TOTAL ASSETS
Total Short-Term Assets $438.6M $105.8M
Total Long-Term Assets $860.2M $2.233B
Total Assets $1.299B $2.339B
YoY Change -44.47% -6.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $92.00M $128.3M
YoY Change -28.29% 11.27%
Accrued Expenses $39.50M $28.20M
YoY Change 40.07% -10.76%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $139.0M
YoY Change
Total Short-Term Liabilities $375.0M $202.2M
YoY Change 85.46% -23.98%
LONG-TERM LIABILITIES
Long-Term Debt $1.346B $1.426B
YoY Change -5.64% 19.48%
Other Long-Term Liabilities $292.3M $378.6M
YoY Change -22.79% 26.54%
Total Long-Term Liabilities $1.638B $1.805B
YoY Change -9.24% 20.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $375.0M $202.2M
Total Long-Term Liabilities $1.638B $1.805B
Total Liabilities $2.013B $2.082B
YoY Change -3.3% 6.92%
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 -$714.5M $257.0M
YoY Change
Total Liabilities & Shareholders Equity $1.299B $2.339B
YoY Change -44.47% -6.23%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income -$190.5M -$255.1M
YoY Change -25.32% -2379.87%
Depreciation, Depletion And Amortization $63.70M $125.5M
YoY Change -49.24% 1.78%
Cash From Operating Activities $29.70M $52.90M
YoY Change -43.86% -61.13%
INVESTING ACTIVITIES
Capital Expenditures -$12.90M -$83.00M
YoY Change -84.46% -12.91%
Acquisitions
YoY Change
Other Investing Activities -$19.70M -$52.20M
YoY Change -62.26% 196.59%
Cash From Investing Activities -$32.60M -$135.2M
YoY Change -75.89% 19.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 288.1M 67.00M
YoY Change 330.0% -460.22%
NET CHANGE
Cash From Operating Activities 29.70M 52.90M
Cash From Investing Activities -32.60M -135.2M
Cash From Financing Activities 288.1M 67.00M
Net Change In Cash 285.2M -15.30M
YoY Change -1964.05% -432.61%
FREE CASH FLOW
Cash From Operating Activities $29.70M $52.90M
Capital Expenditures -$12.90M -$83.00M
Free Cash Flow $42.60M $135.9M
YoY Change -68.65% -41.27%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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AssetsCurrent
169310000
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CY2015Q4 us-gaap Furniture And Fixtures Gross
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CY2015Q4 us-gaap Property Plant And Equipment Gross
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CY2015Q4 us-gaap Deferred Tax Assets Net Noncurrent
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CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2016Q1 us-gaap Prepaid Expense And Other Assets Current
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CY2016Q1 us-gaap Assets Current
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CY2016Q1 us-gaap Oil And Gas Property Full Cost Method Gross
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CY2016Q1 us-gaap Furniture And Fixtures Gross
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CY2016Q1 us-gaap Property Plant And Equipment Gross
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CY2016Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2016Q1 us-gaap Deferred Tax Assets Net Noncurrent
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32553000
CY2016Q1 us-gaap Value Of Properties Other Than That Attributable To Proved Reserves
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CY2015Q1 us-gaap Gas Gathering Transportation Marketing And Processing Costs
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4824000
CY2016Q1 us-gaap Impairment Of Oil And Gas Properties
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CY2015Q1 us-gaap Impairment Of Oil And Gas Properties
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CY2015Q1 us-gaap General And Administrative Expense
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CY2015Q1 us-gaap Interest Costs Incurred
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-4105000
CY2016Q1 us-gaap Increase Decrease In Other Receivables
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-4979000
CY2015Q1 us-gaap Increase Decrease In Other Receivables
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CY2015Q1 us-gaap Increase Decrease In Income Taxes
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-325000
CY2015Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2015Q1 us-gaap Asset Retirement Obligation Cash Paid To Settle
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CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2016Q1 us-gaap Production Tax Expense
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63733000
CY2016Q1 us-gaap Gain Loss On Derivative Instruments Net Pretax
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2493000
CY2015Q1 us-gaap Costs And Expenses
CostsAndExpenses
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CY2016Q1 us-gaap Interest Costs Incurred
InterestCostsIncurred
27814000
CY2016Q1 us-gaap Interest Costs Capitalized Adjustment
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343000
CY2015Q1 us-gaap Interest Costs Capitalized Adjustment
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CY2016Q1 us-gaap General And Administrative Expense
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CY2015Q1 us-gaap Production Tax Expense
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637000
CY2015Q1 us-gaap Depreciation Amortization And Accretion Net
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125467000
CY2016Q1 us-gaap Operating Income Loss
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CY2016Q1 us-gaap Costs And Expenses
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CY2016Q1 us-gaap Long Term Debt Current
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138999000
CY2015Q4 us-gaap Property Plant And Equipment Net
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990049000
CY2016Q1 us-gaap Increase Decrease In Income Taxes
IncreaseDecreaseInIncomeTaxes
-310000
CY2016Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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28005000
CY2016Q1 us-gaap Payments To Explore And Develop Oil And Gas Properties
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CY2016Q1 wti Increase Decrease In Operating Capital Associated With Investing Activities
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CY2015Q4 us-gaap Treasury Stock Shares
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CY2015Q1 us-gaap Proceeds From Long Term Lines Of Credit
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CY2016Q1 us-gaap Proceeds From Sales Of Assets Investing Activities
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CY2016Q1 us-gaap Proceeds From Long Term Lines Of Credit
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CY2016Q1 us-gaap Repayments Of Long Term Lines Of Credit
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CY2015Q1 us-gaap Repayments Of Long Term Lines Of Credit
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CY2015Q1 us-gaap Proceeds From Payments For Other Financing Activities
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-50000
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2015Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2015Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2016Q1 us-gaap Nature Of Operations
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<div> <p style="margin-bottom:0pt;margin-top:12pt;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. (with 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 with operations offshore in the Gulf of Mexico.&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 its 100%-owned subsidiary, W &amp; T Energy VI, LLC (&#8220;Energy VI&#8221;).&nbsp;&nbsp;On October 15, 2015, a substantial amount of our interest in onshore acreage was sold, which is described in Note 2.&nbsp;&nbsp;</font></p></div>
CY2016Q1 us-gaap Use Of Estimates
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<div> <p style="margin-bottom:0pt;margin-top:12pt;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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CY2016Q1 wti Supplemental Bonding Outstanding Orders Amount
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CY2016Q1 wti Supplemental Bonding Required By Bureau Of Ocean Energy Management
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CY2016Q1 wti Supplemental Bonding Required By Bureau Of Ocean Energy Management
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CY2016Q1 wti Number Of Supplemental Bonding Order
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CY2016Q1 wti Number Of Supplemental Bonding Order
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CY2016Q1 wti Present Value Discounted Percentage
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CY2015Q4 us-gaap Derivative Assets Current
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CY2015Q4 wti Prepaid Insurance And Surety Bonds
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CY2015Q4 us-gaap Prepaid Royalties
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CY2016Q1 wti Secured Debt Leverage Ratio
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CY2016Q1 wti Incentive Compensation Charged To Operating Income Loss
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CY2015Q1 wti Incentive Compensation Charged To Operating Income Loss
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CY2015Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2016Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2015Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2016Q1 us-gaap Common Stock Dividends Per Share Cash Paid
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CY2016Q1 wti Claims Submitted Related To Removal Of Wreck Expenses
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CY2016Q1 wti Percentage Of Subsidiary Owned By Parent
PercentageOfSubsidiaryOwnedByParent
1.00

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