W&T Offshore, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Acquisitions and Divestitures - Business Acquisition Pro Forma Information Incremental Items (Details)

Acquisitions and Divestitures - Business Acquisition Pro Forma Information Incremental Items (Details) (USD $)
In Thousands, unless otherwise specified

3 Months Ended

12 Months Ended

7 Months Ended

12 Months Ended

3 Months Ended

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Business Acquisition [Line Items]

^[1],[2]

^[1],[2]

^[1],[2]

^[1],[2]

511,102

451,529

356,232

G&A

86,999

81,874

82,017

Interest expense

86,922

85,639

63,268

(8,526)

(4,459)

28,774

47,547

Woodside Properties

Business Acquisition [Line Items]

Revenues

28,400

Direct operating expenses

5,500

DD&A

11,000

Income tax expense

4,200

Woodside Properties | Pro Forma

Business Acquisition [Line Items]

Revenues

22,887

^[3],[4]

62,949

^[3]

Direct operating expenses

4,417

^[3],[4]

9,583

^[3]

DD&A

8,374

^[4],[5]

20,476

^[5]

G&A

300

^[4],[6]

800

^[6]

Interest expense

329

^[4],[7]

987

^[7]

Capitalized

(19)

^[4],[8]

164

^[8]

Income tax expense

3,320

^[4],[9]

10,829

^[9]

Callon Properties

Business Acquisition [Line Items]

Revenues

5,800

32,500

Direct operating expenses

1,300

6,600

DD&A

2,400

16,400

Income tax expense

700

3,300

Callon Properties | Pro Forma

Business Acquisition [Line Items]

Revenues

34,030

^[10],[11]

48,559

^[10]

Direct operating expenses

6,405

^[10],[11]

8,525

^[10]

DD&A

14,931

^[11],[12]

17,578

^[12]

G&A

(361)

^[11],[13]

Interest expense

1,383

^[11],[14]

1,660

^[14]

Capitalized

(164)

^[11],[15]

295

^[15]

Income tax expense

4,143

^[11],[9]

7,175

^[9]

Newfield Properties

Business Acquisition [Line Items]

Revenues

121,100

127,100

29,600

Direct operating expenses

23,500

26,700

5,400

DD&A

60,500

57,600

11,900

Income tax expense

13,000

15,000

4,300

Newfield Properties | Pro Forma

Business Acquisition [Line Items]

Revenues

105,705

^[16],[17]

Direct operating expenses

33,186

^[16],[17]

Insurance costs

475

^[16],[18]

DD&A

53,408

^[16],[19]

G&A

(553)

^[16],[20]

Interest expense

12,060

^[16],[21]

Capitalized

(643)

^[16],[22]

Income tax expense

$ 2,720

^[16],[9]

[1]	The sum of the individual quarterly earnings per share may not agree with year-to-date earnings per share because each quarterly calculation is based on the income for that quarter and the weighted average number of shares outstanding during that quarter.
[2]	In January 2014, we identified that we had been receiving an erroneous million British thermal unit (“MMBtu”) conversion factor from a third party that had the effect of understating natural gas production at our Viosca Knoll 783 field (Tahoe). The incorrect conversion factor had been used on all natural gas production from the field since we acquired it in 2011. The use of the incorrect conversion factor did not affect revenues, operating cash flows or royalty payments to the federal government but did impact reported natural gas production and the calculation of depletion expense. We performed an analysis of the information, assessing both quantitative and qualitative factors, and determined that the impact on our net income reported for prior annual periods, as well as the impact to our earnings trend, was not material to 2011 and 2012 results, thus the adjustment was recognized in the fourth quarter of 2013.
[3]	Revenues and direct operating expenses for the Woodside Properties were derived from the historical financial records of Woodside.
[4]	The adjustments for 2014 are for the period from January 1, 2014 to May 20, 2014.
[5]	DD&A was estimated using the full-cost method and determined as the incremental DD&A expense due to adding the Woodside Properties’ costs, reserves and production into our full cost pool in order to compute such amounts. The purchase price allocated to unevaluated properties for oil and natural gas interests was excluded from the DD&A expense estimation. ARO was estimated by W&T management.
[6]	Estimated insurance costs related to the Woodside Properties.
[7]	The acquisition was assumed to be funded entirely with borrowed funds. Interest expense was computed using assumed borrowings of $54.8 million, which equates to the cash component of the acquisition purchase price, and an interest rate of 1.8%, which equates to the rates applied to incremental borrowings on the revolving bank credit facility.
[8]	The change to capitalized interest was computed for the addition to the pool of unevaluated properties and the capitalization interest rate was adjusted for the assumed borrowings. The negative amount represents a decrease to net expenses.
[9]	Income tax expense was computed using the 35% federal statutory rate.
[10]	Revenues and direct operating expenses for the Callon Properties were derived from the historical financial records of Callon.
[11]	The adjustments for 2013 are for the period from January 1, 2013 to the respective property transfer date, all of which occurred in the fourth quarter of 2013.
[12]	DD&A was estimated using the full-cost method and determined as the incremental DD&A expense due to adding the Callon Properties’ costs, reserves and production into our currently existing full cost pool in order to compute such amounts. The purchase price allocated to unevaluated properties for oil and natural gas interests was excluded from the DD&A expense estimation. ARO was estimated by W&T management.
[13]	G&A adjustments related to incremental transaction expenses, which were assumed to be funded from cash on hand, and were adjusted from the 2013 results.
[14]	The acquisition was assumed to be funded entirely with borrowed funds. Interest expense was computed using assumed borrowings of $83.0 million, which equates to the cash component of the transaction, and an interest rate of 2.0%, which equates to the rates applied to incremental borrowings on the revolving bank credit facility.
[15]	The change to capitalized interest was computed for the addition to the pool of unevaluated properties and the capitalization interest rate was adjusted for the assumed borrowings. A positive amount represents an increase to net expenses and a negative amount represents a decrease to net expenses.
[16]	The adjustments are for the period from January 1, 2012 to October 5, 2012.
[17]	Revenues and direct operating expenses for the Newfield Properties were derived from the historical financial records of Newfield.
[18]	Incremental costs for insurance were estimated from the incremental costs to add the Newfield Properties to W&T’s insurance programs. The direct operating costs for the Newfield Properties described above excluded insurance costs.
[19]	DD&A was estimated using the full-cost method and determined as the incremental DD&A expense due to adding the Newfield Properties’ costs, reserves and production into our currently existing full cost pool in order to compute such amounts. The purchase price allocated to unevaluated properties for oil and natural gas interests was excluded from the DD&A expense estimation. ARO was estimated by W&T management.
[20]	G&A adjustments related to incremental transaction expenses, which were assumed to be funded from cash on hand, and were adjusted from 2012 results.
[21]	The acquisition was assumed to be funded entirely with borrowed funds. Interest expense was computed using assumed borrowings of $205.8 million, which equates to the cash component of the transaction, and an interest rate of 7.7%, which equates to the effective yield on net proceeds for the additional senior notes issued shortly after the acquisition closed.
[22]	Incremental capitalized interest was computed for the addition to the pool of unevaluated properties and the capitalization interest rate was adjusted for the assumed borrowings. The negative amount represents a decrease to net expenses.