$WTI
W&T OFFSHORE INC

2019 Q1 Form 10-Q Financial Statement

#000156459019015116 Filed on May 02, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $116.1M $134.2M
YoY Change -13.51% 7.89%
Cost Of Revenue $43.50M $36.80M
YoY Change 18.21% -8.46%
Gross Profit $72.60M $97.40M
YoY Change -25.46% 15.68%
Gross Profit Margin 62.54% 72.57%
Selling, General & Admin $20.90M $20.60M
YoY Change 1.46% 3.0%
% of Gross Profit 28.79% 21.15%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $33.77M $38.10M
YoY Change -11.38% -4.75%
% of Gross Profit 46.51% 39.12%
Operating Expenses $54.70M $58.70M
YoY Change -6.81% -2.17%
Operating Profit -$30.98M $38.74M
YoY Change -179.96% 37.39%
Interest Expense $16.28M $10.96M
YoY Change 48.53% -2.94%
% of Operating Profit 28.3%
Other Income/Expense, Net -$331.0K $333.0K
YoY Change -199.4% -274.35%
Pretax Income -$47.59M $27.75M
YoY Change -271.5% 66.05%
Income Tax $200.0K $109.0K
% Of Pretax Income 0.39%
Net Earnings -$47.76M $27.64M
YoY Change -272.8% 13.75%
Net Earnings / Revenue -41.14% 20.59%
Basic Earnings Per Share
Diluted Earnings Per Share -$340.2K $198.8K
COMMON SHARES
Basic Shares Outstanding 140.6M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $86.10M $130.7M
YoY Change -34.12% 3.65%
Cash & Equivalents $86.12M $130.7M
Short-Term Investments
Other Short-Term Assets $3.353M $20.20M
YoY Change -83.4% 605.8%
Inventory
Prepaid Expenses
Receivables $58.90M $62.80M
Other Receivables $54.10M $65.10M
Total Short-Term Assets $233.2M $278.8M
YoY Change -16.36% 28.48%
LONG-TERM ASSETS
Property, Plant & Equipment $518.6M $573.4M
YoY Change -9.56% 6.56%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $90.60M $90.00M
YoY Change 0.67% 127.27%
Total Long-Term Assets $609.3M $663.4M
YoY Change -8.15% 4.06%
TOTAL ASSETS
Total Short-Term Assets $233.2M $278.8M
Total Long-Term Assets $609.3M $663.4M
Total Assets $842.5M $942.2M
YoY Change -10.58% 10.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $71.40M $77.40M
YoY Change -7.75% -4.91%
Accrued Expenses $31.50M $23.29M
YoY Change 35.23% 13.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $22.86M
YoY Change 175.4%
Total Short-Term Liabilities $218.6M $171.6M
YoY Change 27.38% -13.63%
LONG-TERM LIABILITIES
Long-Term Debt $634.0M $967.5M
YoY Change -34.47% -4.28%
Other Long-Term Liabilities $73.14M $66.99M
YoY Change 9.18% -75.89%
Total Long-Term Liabilities $707.1M $1.034B
YoY Change -31.64% -19.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $218.6M $171.6M
Total Long-Term Liabilities $707.1M $1.034B
Total Liabilities $1.215B $1.206B
YoY Change 0.76% -18.91%
SHAREHOLDERS EQUITY
Retained Earnings -$894.1M -$1.068B
YoY Change -16.25%
Common Stock $545.6M $547.0M
YoY Change -0.26%
Preferred Stock
YoY Change
Treasury Stock (at cost) $24.17M $24.17M
YoY Change 0.0%
Treasury Stock Shares $2.869M $2.869M
Shareholders Equity -$372.6M -$544.6M
YoY Change
Total Liabilities & Shareholders Equity $842.5M $942.2M
YoY Change -10.58% 10.26%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$47.76M $27.64M
YoY Change -272.8% 13.75%
Depreciation, Depletion And Amortization $33.77M $38.10M
YoY Change -11.38% -4.75%
Cash From Operating Activities $84.85M $74.98M
YoY Change 13.16% -7.66%
INVESTING ACTIVITIES
Capital Expenditures -$31.60M -$38.30M
YoY Change -17.49% 58.26%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$3.000M
YoY Change -100.0% -350.0%
Cash From Investing Activities -$31.58M -$41.27M
YoY Change -23.48% 79.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -441.0K -2.057M
YoY Change -78.56% -10.57%
NET CHANGE
Cash From Operating Activities 84.85M 74.98M
Cash From Investing Activities -31.58M -41.27M
Cash From Financing Activities -441.0K -2.057M
Net Change In Cash 52.82M 31.65M
YoY Change 66.88% -43.38%
FREE CASH FLOW
Cash From Operating Activities $84.85M $74.98M
Capital Expenditures -$31.60M -$38.30M
Free Cash Flow $116.4M $113.3M
YoY Change 2.79% 7.48%

Facts In Submission

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<p style="margin-bottom:6pt;margin-top:10pt;text-indent:3.57%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Operations.<font style="font-weight:normal;font-style:normal;">&nbsp;&nbsp;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. and its 100%-owned subsidiary, W &amp; T Energy VI, LLC, and through our proportionately consolidated interest in Monza Energy LLC (&#8220;Monza&#8221;), as described in more detail in Note 4.</font></p>
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CY2019Q1 us-gaap Prior Period Reclassification Adjustment Description
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CY2014Q4 wti Number Of Deepwater Wells Abandoned
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AdditionalRoyaltyDueToDisallowedDeductions
4700000
CY2017Q1 wti Additional Royalty Due To Disallowed Deductions
AdditionalRoyaltyDueToDisallowedDeductions
4700000
CY2017Q1 wti Bonds Posted To Appeal Ibla Decision
BondsPostedToAppealIBLADecision
7200000
CY2017Q1 wti Collateral For Bonds Posted Related To Appeal With Ibla
CollateralForBondsPostedRelatedToAppealWithIBLA
6900000
CY2019Q1 wti Royalties In Kind Liability Reserve
RoyaltiesInKindLiabilityReserve
2200000
CY2018 wti Royalties In Kind Liability Reserve
RoyaltiesInKindLiabilityReserve
2100000
CY2019Q1 wti Royalty Payment Processing Revised Period
RoyaltyPaymentProcessingRevisedPeriod
P84M
CY2019Q1 wti Incremental Payments For Royalties Related To Unbundling
IncrementalPaymentsForRoyaltiesRelatedToUnbundling
100000
CY2018Q1 wti Incremental Payments For Royalties Related To Unbundling
IncrementalPaymentsForRoyaltiesRelatedToUnbundling
100000

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0001564590-19-015116.txt Edgar Link pending
0001564590-19-015116-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
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report.css Edgar Link pending
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wti-10q_20190331.htm Edgar Link pending
wti-20190331.xml Edgar Link completed
wti-20190331.xsd Edgar Link pending
wti-20190331_cal.xml Edgar Link unprocessable
wti-20190331_def.xml Edgar Link unprocessable
wti-20190331_lab.xml Edgar Link unprocessable
wti-20190331_pre.xml Edgar Link unprocessable
wti-ex311_9.htm Edgar Link pending
wti-ex312_8.htm Edgar Link pending
wti-ex321_7.htm Edgar Link pending