$WTI
W&T OFFSHORE INC

2017 Q1 Form 10-Q Financial Statement

#000156459017008678 Filed on May 04, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $124.4M $77.72M
YoY Change 60.06% -39.24%
Cost Of Revenue $40.20M $44.50M
YoY Change -9.66% -16.51%
Gross Profit $84.20M $33.20M
YoY Change 153.61% -55.5%
Gross Profit Margin 67.69% 42.72%
Selling, General & Admin $20.00M $22.10M
YoY Change -9.5% -15.65%
% of Gross Profit 23.75% 66.57%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $40.00M $63.70M
YoY Change -37.21% -49.24%
% of Gross Profit 47.51% 191.87%
Operating Expenses $60.00M $85.70M
YoY Change -29.99% -43.51%
Operating Profit $28.20M -$166.6M
YoY Change -116.92% -50.63%
Interest Expense $11.29M -$25.00M
YoY Change -145.18% 17.92%
% of Operating Profit 40.06%
Other Income/Expense, Net -$191.0K -$1.306M
YoY Change -85.38%
Pretax Income $16.71M -$195.4M
YoY Change -108.55% -45.52%
Income Tax -$7.588M -$4.900M
% Of Pretax Income -45.41%
Net Earnings $24.30M -$190.5M
YoY Change -112.75% -25.32%
Net Earnings / Revenue 19.53% -245.14%
Basic Earnings Per Share
Diluted Earnings Per Share $176.7K -$2.493M
COMMON SHARES
Basic Shares Outstanding 137.7M
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $126.1M $370.6M
YoY Change -65.97% 4311.9%
Cash & Equivalents $126.1M $370.6M
Short-Term Investments
Other Short-Term Assets $2.862M $3.717M
YoY Change -23.0% -83.1%
Inventory
Prepaid Expenses
Receivables $61.80M $44.90M
Other Receivables $11.90M $0.00
Total Short-Term Assets $217.0M $438.6M
YoY Change -50.52% 314.52%
LONG-TERM ASSETS
Property, Plant & Equipment $538.1M $807.3M
YoY Change -33.35% -63.32%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $39.60M $52.90M
YoY Change -25.14% 65.31%
Total Long-Term Assets $637.5M $860.2M
YoY Change -25.89% -61.48%
TOTAL ASSETS
Total Short-Term Assets $217.0M $438.6M
Total Long-Term Assets $637.5M $860.2M
Total Assets $854.5M $1.299B
YoY Change -34.21% -44.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $81.40M $92.00M
YoY Change -11.52% -28.29%
Accrued Expenses $20.50M $39.50M
YoY Change -48.1% 40.07%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $8.300M $139.0M
YoY Change -94.03%
Total Short-Term Liabilities $198.7M $375.0M
YoY Change -47.01% 85.46%
LONG-TERM LIABILITIES
Long-Term Debt $1.011B $1.346B
YoY Change -24.91% -5.64%
Other Long-Term Liabilities $277.9M $292.3M
YoY Change -4.93% -22.79%
Total Long-Term Liabilities $1.289B $1.638B
YoY Change -21.35% -9.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $198.7M $375.0M
Total Long-Term Liabilities $1.289B $1.638B
Total Liabilities $1.487B $2.013B
YoY Change -26.13% -3.3%
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 -$632.8M -$714.5M
YoY Change
Total Liabilities & Shareholders Equity $854.5M $1.299B
YoY Change -34.21% -44.47%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $24.30M -$190.5M
YoY Change -112.75% -25.32%
Depreciation, Depletion And Amortization $40.00M $63.70M
YoY Change -37.21% -49.24%
Cash From Operating Activities $81.20M $29.70M
YoY Change 173.4% -43.86%
INVESTING ACTIVITIES
Capital Expenditures -$24.20M -$12.90M
YoY Change 87.6% -84.46%
Acquisitions
YoY Change
Other Investing Activities $1.200M -$19.70M
YoY Change -106.09% -62.26%
Cash From Investing Activities -$23.00M -$32.60M
YoY Change -29.45% -75.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.300M 288.1M
YoY Change -100.8% 330.0%
NET CHANGE
Cash From Operating Activities 81.20M 29.70M
Cash From Investing Activities -23.00M -32.60M
Cash From Financing Activities -2.300M 288.1M
Net Change In Cash 55.90M 285.2M
YoY Change -80.4% -1964.05%
FREE CASH FLOW
Cash From Operating Activities $81.20M $29.70M
Capital Expenditures -$24.20M -$12.90M
Free Cash Flow $105.4M $42.60M
YoY Change 147.42% -68.65%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2017Q1 us-gaap Lease Operating Expense
LeaseOperatingExpense
40164000
CY2017Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-191000
CY2016Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2017Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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1928000
CY2017Q1 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
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CY2017Q1 us-gaap Production Tax Expense
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CY2017Q1 us-gaap Gas Gathering Transportation Marketing And Processing Costs
GasGatheringTransportationMarketingAndProcessingCosts
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CY2017Q1 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
39990000
CY2016Q1 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
116559000
CY2017Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
412000
CY2016Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
1684000
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1928000
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2536000
CY2017Q1 wti Cash Proceeds Payments On Derivative Settlements Net Operating Activities
CashProceedsPaymentsOnDerivativeSettlementsNetOperatingActivities
713000
CY2016Q1 wti Cash Proceeds Payments On Derivative Settlements Net Operating Activities
CashProceedsPaymentsOnDerivativeSettlementsNetOperatingActivities
4105000
CY2017Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
105000
CY2016Q1 us-gaap Deferred Income Tax Expense Benefit
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CY2017Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
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CY2016Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
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CY2017Q1 wti Increase Decrease In Joint Interest Receivables
IncreaseDecreaseInJointInterestReceivables
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CY2016Q1 wti Increase Decrease In Joint Interest Receivables
IncreaseDecreaseInJointInterestReceivables
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CY2017Q1 us-gaap Increase Decrease In Insurance Settlements Receivable
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CY2016Q1 us-gaap Increase Decrease In Insurance Settlements Receivable
IncreaseDecreaseInInsuranceSettlementsReceivable
-12000
CY2017Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
81183000
CY2017Q1 us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
23338000
CY2017Q1 wti Increase Decrease In Operating Capital Associated With Investing Activities
IncreaseDecreaseInOperatingCapitalAssociatedWithInvestingActivities
-1168000
CY2016Q1 us-gaap Proceeds From Sales Of Assets Investing Activities
ProceedsFromSalesOfAssetsInvestingActivities
1000000
CY2017Q1 us-gaap Payments To Acquire Furniture And Fixtures
PaymentsToAcquireFurnitureAndFixtures
853000
CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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-23023000
CY2016Q1 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
340000000
CY2016Q1 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
52000000
CY2017Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-245000
CY2016Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
83000
CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-2301000
CY2017Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
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CY2015Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
85414000
CY2017Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
276500000
CY2016Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
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CY2017Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
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CY2016Q4 wti Payment In Kind Notes Interest And Other Payable
PaymentInKindNotesInterestAndOtherPayable
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CY2017Q1 wti Payment In Kind Notes Interest And Other Payable Current
PaymentInKindNotesInterestAndOtherPayableCurrent
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CY2016Q4 wti Payment In Kind Notes Interest And Other Payable Current
PaymentInKindNotesInterestAndOtherPayableCurrent
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CY2017Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
4962000
CY2017Q1 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>
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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CY2016Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2016Q1 wti Obligation To Secure Financial Assurances
ObligationToSecureFinancialAssurances
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CY2016Q1 wti Expected Rescindment Of Obligation To Secure Financial Assurances
ExpectedRescindmentOfObligationToSecureFinancialAssurances
260800000
CY2014Q1 wti Under Payment Of Royalty
UnderPaymentOfRoyalty
30000
CY2014Q1 wti Under Payment Of Royalty Percentage
UnderPaymentOfRoyaltyPercentage
0.000045
CY2014Q1 wti Statutory Fine Payment Relative To Underpayment
StatutoryFinePaymentRelativeToUnderpayment
2300000
CY2017Q1 wti Statutory Fine Payment Relative To Underpayment
StatutoryFinePaymentRelativeToUnderpayment
1100000
CY2016Q4 us-gaap Accrued Liabilities Current And Noncurrent
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CY2017Q1 us-gaap Long Term Debt
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CY2016Q4 us-gaap Long Term Debt
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CY2017Q1 us-gaap Asset Retirement Obligation
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CY2017Q1 us-gaap Accrued Liabilities Current And Noncurrent
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CY2010Q4 wti Additional Royalty Due To Disallowed Deductions
AdditionalRoyaltyDueToDisallowedDeductions
4700000
CY2017Q1 wti Additional Royalty Payments Related To Unbundling
AdditionalRoyaltyPaymentsRelatedToUnbundling
4700000
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
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CY2017Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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CY2016Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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CY2017Q1 wti Royalty Payment Processing Revised Period
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CY2017Q1 us-gaap Loss Contingency Accrual At Carrying Value
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CY2017Q1 wti Percentage Of Subsidiary Owned By Parent
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CY2017Q1 us-gaap Increase Decrease In Other Receivables
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CY2016Q1 us-gaap Increase Decrease In Other Receivables
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CY2017Q1 us-gaap Derivative Assets Current
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CY2017Q1 wti Prepaid Accrued Insurance And Surety Bonds
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CY2016Q4 wti Prepaid Accrued Insurance And Surety Bonds
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CY2017Q1 us-gaap Prepaid Royalties
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CY2016Q4 us-gaap Prepaid Royalties
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CY2016Q4 us-gaap Other Assets Current
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CY2017Q1 us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization Cumulative
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CY2017Q1 us-gaap Property Plant And Equipment Gross
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CY2017Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2016Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2017Q1 us-gaap Interest Payable Current
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CY2016Q4 us-gaap Interest Payable Current
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CY2017Q1 wti Payment In Kind Notes Interest And Other Payable
PaymentInKindNotesInterestAndOtherPayable
145251000

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