Quarterly report pursuant to Section 13 or 15(d)

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

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Acquisitions and Divestitures - Business Acquisition Pro Forma Information Incremental Items (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Business Acquisition [Line Items]        
Revenues $ 126,228 $ 234,521 $ 403,201 $ 752,031
DD&A 97,329 128,671 326,138 380,213
G&A 16,515 21,007 57,038 64,277
Interest expense 28,754 21,783 77,816 64,703
Capitalized (2,203) (2,191) (6,010) (6,422)
Income tax expense (18,520) $ 904 (166,228) 12,825
Woodside Properties        
Business Acquisition [Line Items]        
Revenues 5,800   19,200  
Direct operating expenses 2,400   7,500  
DD&A 3,400   11,400  
Income tax expense $ 0   $ 100  
Woodside Properties | Pro Forma        
Business Acquisition [Line Items]        
Revenues [1],[2]       22,887
Direct operating expenses [1],[2]       4,417
DD&A [2],[3]       8,385
G&A [2],[4]       400
Interest expense [2],[5]       330
Capitalized [2],[6]       (19)
Income tax expense [2],[7]       $ 3,281
[1] Revenues and direct operating expenses for the Woodside Properties were derived from the historical financial records of Woodside.
[2] The adjustments for the period presented are from the beginning of the period to May 20, 2014.
[3] 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.
[4] Consists of estimated incremental insurance costs related to the Woodside Properties.
[5] The Woodside Properties acquisition was assumed to be funded entirely with borrowed funds. Interest expense was computed using assumed borrowings of $55.0 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.
[6] 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.
[7] Income tax expense was computed using the 35% federal statutory rate.