Quarterly report pursuant to Section 13 or 15(d)

Supplemental Guarantor Information

v2.4.0.6
Supplemental Guarantor Information
3 Months Ended
Mar. 31, 2012
Supplemental Guarantor Information [Abstract]  
Supplemental Guarantor Information

14. Supplemental Guarantor Information

Our payment obligations under the 8.50% Senior Notes and the Credit Agreement (see Note 6) are fully and unconditionally guaranteed by certain of our wholly-owned subsidiaries, W&T Energy VI, LLC and W&T Energy VII, LLC, which does not have any active operations (together, the "Guarantor Subsidiaries").

The following unaudited condensed consolidating financial information presents the financial condition, results of operations and cash flows of W&T Offshore, Inc. (when referred to on a stand-alone basis, the "Parent Company") and the Guarantor Subsidiaries, together with consolidating adjustments necessary to present the Company's results on a consolidated basis.

                                 
           Consolidated  
     Parent     Guarantor            W&T  
     Company     Subsidiaries      Eliminations     Offshore, Inc.  
     (In thousands)  

Revenues

   $ 140,226      $ 70,629       $ —        $ 210,855   
    

 

 

   

 

 

    

 

 

   

 

 

 

Operating costs and expenses:

                                 

Lease operating expenses

     42,081        10,324         —          52,405   

Production taxes

     288        —           —          288   

Gathering and transportation

     3,072        1,481         —          4,553   

Depreciation, depletion, amortization and accretion

     51,411        22,681         —          74,092   

General and administrative expenses

     16,657        1,472         —          18,129   

Derivative loss

     23,840        —           —          23,840   
    

 

 

   

 

 

    

 

 

   

 

 

 

Total costs and expenses

     137,349        35,958         —          173,307   
    

 

 

   

 

 

    

 

 

   

 

 

 

Operating income

     2,877        34,671         —          37,548   

Earnings of affiliates

     22,536        —           (22,536     —     

Interest expense:

                                 

Incurred

     10,129        —           —          10,129   

Capitalized

     (1,412     —           —          (1,412
    

 

 

   

 

 

    

 

 

   

 

 

 

Income before income tax expense

     16,696        34,671         (22,536     28,831   

Income tax expense (benefit)

     (1,953     12,135         —          10,182   
    

 

 

   

 

 

    

 

 

   

 

 

 

Net income

   $ 18,649      $ 22,536       $ (22,536   $ 18,649