Annual report pursuant to Section 13 and 15(d)

Note 17 - Related Parties

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Note 17 - Related Parties
12 Months Ended
Dec. 31, 2019
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]
17.
Related Parties 
 
During
2019,
2018
 and
2017,
there were certain transactions between us and other companies our CEO either controlled or in which he had an ownership interest.  Our CEO owns an aircraft that the Company used for business purposes and the CEO used for his personal matters pursuant to his employment contract, and these costs were paid by the Company.  Airplane services transactions were approximate
ly
$1.2
million,
$1.3
m
illion and 
$1.2
million for the years
2019,
2018
 and
2017,
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 tota
led
$22.8
 million,
$21.0
million and 
$22.8
million in
2019,
2018
 and
2017,
respectively.  The spouse received commissions partially based on services rendered to W&T which were approximately
$0.2
million in
2019,
2018
 and
2017.
  During
2018,
an entity controlled by our CEO participated in the Senior Second Lien Note issuance for an
$8.0
million principal commitment on the same terms as the other lenders.  See Note
4
for information on a related party transaction concerning Monza.