$WTI
W&T OFFSHORE INC

2018 Q1 Form 10-Q Financial Statement

#000156459018010716 Filed on May 03, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q3 2017 Q1
Revenue $134.2M $110.3M $124.4M
YoY Change 7.89% 2.68% 60.06%
Cost Of Revenue $36.80M $35.10M $40.20M
YoY Change -8.46% -6.4% -9.66%
Gross Profit $97.40M $75.10M $84.20M
YoY Change 15.68% 7.44% 153.61%
Gross Profit Margin 72.57% 68.1% 67.69%
Selling, General & Admin $20.60M $20.10M $20.00M
YoY Change 3.0% 9.84% -9.5%
% of Gross Profit 21.15% 26.76% 23.75%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $38.10M $36.40M $40.00M
YoY Change -4.75% -29.32% -37.21%
% of Gross Profit 39.12% 48.47% 47.51%
Operating Expenses $58.70M $56.60M $60.00M
YoY Change -2.17% -18.91% -29.99%
Operating Profit $38.74M $15.70M $28.20M
YoY Change 37.39% -126.94% -116.92%
Interest Expense $10.96M $11.55M $11.29M
YoY Change -2.94% -148.14% -145.18%
% of Operating Profit 28.3% 73.59% 40.06%
Other Income/Expense, Net $333.0K $41.00K -$191.0K
YoY Change -274.35% -43.84% -85.38%
Pretax Income $27.75M $4.187M $16.71M
YoY Change 66.05% -90.06% -108.55%
Income Tax $109.0K $5.484M -$7.588M
% Of Pretax Income 0.39% 130.98% -45.41%
Net Earnings $27.64M -$1.297M $24.30M
YoY Change 13.75% -102.82% -112.75%
Net Earnings / Revenue 20.59% -1.18% 19.53%
Basic Earnings Per Share
Diluted Earnings Per Share $198.8K -$9.448K $176.7K
COMMON SHARES
Basic Shares Outstanding 137.7M
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q1 2017 Q3 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $130.7M $106.2M $126.1M
YoY Change 3.65% 44.69% -65.97%
Cash & Equivalents $130.7M $106.2M $126.1M
Short-Term Investments
Other Short-Term Assets $20.20M $1.977M $2.862M
YoY Change 605.8% -8.0% -23.0%
Inventory
Prepaid Expenses
Receivables $62.80M $61.00M $61.80M
Other Receivables $65.10M $11.70M $11.90M
Total Short-Term Assets $278.8M $193.9M $217.0M
YoY Change 28.48% 35.59% -50.52%
LONG-TERM ASSETS
Property, Plant & Equipment $573.4M $555.3M $538.1M
YoY Change 6.56% -5.34% -33.35%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $90.00M $86.10M $39.60M
YoY Change 127.27% 68.82% -25.14%
Total Long-Term Assets $663.4M $693.5M $637.5M
YoY Change 4.06% 0.57% -25.89%
TOTAL ASSETS
Total Short-Term Assets $278.8M $193.9M $217.0M
Total Long-Term Assets $663.4M $693.5M $637.5M
Total Assets $942.2M $887.4M $854.5M
YoY Change 10.26% 6.58% -34.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $77.40M $72.20M $81.40M
YoY Change -4.91% -13.33% -11.52%
Accrued Expenses $23.29M $26.55M $20.50M
YoY Change 13.62% 35.46% -48.1%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $22.86M $11.15M $8.300M
YoY Change 175.4% 26.67% -94.03%
Total Short-Term Liabilities $171.6M $159.4M $198.7M
YoY Change -13.63% -28.5% -47.01%
LONG-TERM LIABILITIES
Long-Term Debt $967.5M $982.6M $1.011B
YoY Change -4.28% -3.12% -24.91%
Other Long-Term Liabilities $66.99M $67.03M $277.9M
YoY Change -75.89% -75.47% -4.93%
Total Long-Term Liabilities $1.034B $67.03M $1.289B
YoY Change -19.72% -94.79% -21.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $171.6M $159.4M $198.7M
Total Long-Term Liabilities $1.034B $67.03M $1.289B
Total Liabilities $1.206B $226.5M $1.487B
YoY Change -18.91% -85.01% -26.13%
SHAREHOLDERS EQUITY
Retained Earnings -$1.068B -$1.119B
YoY Change
Common Stock $547.0M $545.4M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $24.17M $24.17M
YoY Change
Treasury Stock Shares $2.869M $2.869M
Shareholders Equity -$544.6M -$597.3M -$632.8M
YoY Change
Total Liabilities & Shareholders Equity $942.2M $887.4M $854.5M
YoY Change 10.26% 6.58% -34.21%

Cashflow Statement

Concept 2018 Q1 2017 Q3 2017 Q1
OPERATING ACTIVITIES
Net Income $27.64M -$1.297M $24.30M
YoY Change 13.75% -102.82% -112.75%
Depreciation, Depletion And Amortization $38.10M $36.40M $40.00M
YoY Change -4.75% -29.32% -37.21%
Cash From Operating Activities $74.98M $64.70M $81.20M
YoY Change -7.66% 2980.95% 173.4%
INVESTING ACTIVITIES
Capital Expenditures -$38.30M -$35.30M -$24.20M
YoY Change 58.26% 451.56% 87.6%
Acquisitions
YoY Change
Other Investing Activities -$3.000M $6.500M $1.200M
YoY Change -350.0% -296.97% -106.09%
Cash From Investing Activities -$41.27M -$28.80M -$23.00M
YoY Change 79.44% 196.91% -29.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.057M -2.100M -2.300M
YoY Change -10.57% -97.69% -100.8%
NET CHANGE
Cash From Operating Activities 74.98M 64.70M 81.20M
Cash From Investing Activities -41.27M -28.80M -23.00M
Cash From Financing Activities -2.057M -2.100M -2.300M
Net Change In Cash 31.65M 33.80M 55.90M
YoY Change -43.38% -134.31% -80.4%
FREE CASH FLOW
Cash From Operating Activities $74.98M $64.70M $81.20M
Capital Expenditures -$38.30M -$35.30M -$24.20M
Free Cash Flow $113.3M $100.0M $105.4M
YoY Change 7.48% 1076.47% 147.42%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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LongTermDebtCurrent
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CY2018Q1 wti Payment In Kind Notes Interest And Other Payable Non Current
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CY2018Q1 us-gaap Other Nonoperating Income Expense
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CY2018Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2017Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2017Q4 us-gaap Preferred Stock Value
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CY2018Q1 us-gaap Natural Gas Production Revenue
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CY2017Q1 wti Cash Proceeds Payments On Derivative Settlements Net Operating Activities
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CY2018Q1 wti Increase Decrease In Joint Interest Receivables
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CY2018Q1 wti Increase Decrease In Cash Advances From Joint Venture Partners
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CY2017Q1 wti Increase Decrease In Cash Advances From Joint Venture Partners
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CY2017Q1 us-gaap Payments To Acquire Investments
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CY2018Q1 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 substantially all of its 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 interests 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;) and through our proportionately consolidated interest in Monza Energy LLC, as described in more detail below under the subheading &#8220;-Recent Events&#8221; in this Note and in Note 4 herein.</font></p></div>
CY2018Q1 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>
CY2018Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="margin-bottom:10pt;margin-top:12pt;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;text-indent:3.57%;">Reclassification.<font style="font-weight:normal;font-style:normal;">&nbsp;&nbsp;Certain reclassifications have been made to prior periods&#8217; financial statements to conform to the current presentation as follows:&nbsp;&nbsp;Within the </font><font style="font-weight:normal;">Net Cash Provided by Operating Activities</font><font style="font-weight:normal;font-style:normal;"> of the Condensed Consolidated Statements of Cash Flows, adjustments were made to certain line items, of which did not change the total amount previous reported.&nbsp;&nbsp;The adjustments did not affect the Condensed Consolidated Balance Sheets or the Condensed Consolidated Statements of Operations.</font></p></div>
CY2018Q1 wti Number Of New Loans For Which Maturities Will Be Accelerated
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CY2018Q1 us-gaap Settlement Liabilities Current
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3480000
CY2017Q4 us-gaap Settlement Liabilities Current
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3480000
CY2018Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
354000
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
430000
CY2018Q1 us-gaap Escrow Deposit
EscrowDeposit
49500000
CY2017Q4 us-gaap Escrow Deposit
EscrowDeposit
49500000
CY2018Q1 wti Appeal Bond Deposit Assets Noncurrent
AppealBondDepositAssetsNoncurrent
6925000
CY2017Q4 wti Appeal Bond Deposit Assets Noncurrent
AppealBondDepositAssetsNoncurrent
6925000
CY2018Q1 us-gaap Other Long Term Investments
OtherLongTermInvestments
2593000
CY2017Q4 us-gaap Other Long Term Investments
OtherLongTermInvestments
2511000
CY2018Q1 wti Unamortized Brokerage Fee
UnamortizedBrokerageFee
1724000
CY2018Q1 wti Proportional Consolidation Adjustment In Other Asset
ProportionalConsolidationAdjustmentInOtherAsset
2387000
CY2018Q1 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
1285000
CY2017Q4 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
1457000
CY2018Q1 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
49500000
CY2017Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
49500000
CY2018Q1 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
11124000
CY2017Q4 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
11015000
CY2018Q1 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
6369000
CY2017Q4 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
6351000
CY2018Q1 wti Payment In Kind Notes Interest And Other Payable Unamortized Discount Premium And Debt Issuance Costs Net
PaymentInKindNotesInterestAndOtherPayableUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
3612000
CY2017Q4 wti Payment In Kind Notes Interest And Other Payable Unamortized Discount Premium And Debt Issuance Costs Net
PaymentInKindNotesInterestAndOtherPayableUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
3956000
CY2018Q1 wti Payment In Kind Notes Interest And Other Payable
PaymentInKindNotesInterestAndOtherPayable
100549000
CY2017Q4 wti Payment In Kind Notes Interest And Other Payable
PaymentInKindNotesInterestAndOtherPayable
102262000
CY2018Q1 wti Payment In Interest Current
PaymentInInterestCurrent
22858000
CY2017Q4 wti Payment In Interest Current
PaymentInInterestCurrent
22925000
CY2018Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
3612000
CY2018Q1 us-gaap Long Term Debt
LongTermDebt
990339000
CY2017Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
300446000
CY2018Q1 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
4536000
CY2018Q1 wti Asset Retirement Obligation Disposition Of Properties
AssetRetirementObligationDispositionOfProperties
297000
CY2018Q1 us-gaap Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
8820000
CY2018Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
306483000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
13363792
CY2018Q1 wti Share Based Compensation Paid In Shares And Cash
ShareBasedCompensationPaidInSharesAndCash
1219000
CY2017Q1 wti Share Based Compensation Paid In Shares And Cash
ShareBasedCompensationPaidInSharesAndCash
1928000
CY2018Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
256000
CY2017Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
675000
CY2018Q1 wti Incentive Compensation Charged To Operating Income Loss
IncentiveCompensationChargedToOperatingIncomeLoss
4751000
CY2017Q1 wti Incentive Compensation Charged To Operating Income Loss
IncentiveCompensationChargedToOperatingIncomeLoss
1928000
CY2018Q1 wti Income Tax Expense Benefit Excluding Interest On Uncertain Positions
IncomeTaxExpenseBenefitExcludingInterestOnUncertainPositions
0
CY2017Q1 wti Income Tax Expense Benefit Excluding Interest On Uncertain Positions
IncomeTaxExpenseBenefitExcludingInterestOnUncertainPositions
0
CY2018Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0
CY2017Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0
CY2018Q1 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
0
CY2017Q1 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
0
CY2018Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
0
CY2017Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
0
CY2018Q1 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
13000000
CY2018Q1 us-gaap Income Taxes Receivable Noncurrent
IncomeTaxesReceivableNoncurrent
52100000
CY2018Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
165700000
CY2017Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
171500000
CY2018Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
1145000
CY2017Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
1058000
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
26495000
CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
23241000
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
138845000
CY2017Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
137513000
CY2014Q4 wti Number Of Deepwater Wells Abandoned
NumberOfDeepwaterWellsAbandoned
3
CY2010Q4 wti Additional Royalty Due To Disallowed Deductions
AdditionalRoyaltyDueToDisallowedDeductions
4700000
CY2017Q1 wti Additional Royalty Payments Related To Unbundling
AdditionalRoyaltyPaymentsRelatedToUnbundling
4700000
CY2017Q1 wti Bonds Posted To Appeal Ibla Decision
BondsPostedToAppealIBLADecision
7200000
CY2017Q1 wti Collateral For Bonds Posted Related To Appeal With Ibla
CollateralForBondsPostedRelatedToAppealWithIBLA
6900000
CY2018Q1 wti Royalty Payment Processing Revised Period
RoyaltyPaymentProcessingRevisedPeriod
P84M
CY2018Q1 wti Percentage Of Subsidiary Owned By Parent
PercentageOfSubsidiaryOwnedByParent
1.00
CY2018Q1 us-gaap Interest Costs Incurred
InterestCostsIncurred
11323000
CY2017Q1 us-gaap Interest Costs Incurred
InterestCostsIncurred
11294000

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