|12 Months Ended|
Dec. 31, 2017
|Related Party Transactions [Abstract]|
16. Related Parties
During 2017, 2016 and 2015, there were certain transactions between us and other companies our CEO either controlled or in which he had an ownership interest. In addition, there were transactions with a company that employs the spouse of our CEO. Our CEO owns an aircraft that the Company used and reimbursed him for such use and for his use pursuant to his employment contract. Airplane services were charged to us at rates that were either equal to or below rates charged by non-related, third-party companies. Airplane services transactions were approximately $1.2 million, $1.1 million and $1.1 million for the years 2017, 2016 and 2015, respectively. Our CEO has ownership interests in certain wells operated by us (such ownership interests pre-date our initial public offering). Revenues are disbursed and expenses are collected in accordance with ownership interest. Proportionate insurance premiums were paid to us and proportionate collections of insurance reimbursements attributable to damage on certain wells were disbursed. A company that provides marine transportation and logistics services to W&T employs the spouse of our CEO. The rates charged for these marine and transportation services were either equal to or below rates charged by non-related, third-party companies. Payments to such company totaled $22.8 million in 2017. The spouse received commissions partially based on services rendered to W&T which were approximately $0.2 million 2017 and less than $0.2 million for both 2016 and 2015. During 2015, an entity controlled by our CEO participated in the Second Lien Term Loan for a $5.0 million principal commitment on the same terms as the other lenders.
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
Reference 1: http://www.xbrl.org/2003/role/presentationRef