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

Annual report pursuant to Section 13 and 15(d)

Note 19 - Supplemental Oil and Gas Disclosures - Unaudited (Tables)

Note 19 - Supplemental Oil and Gas Disclosures - Unaudited (Tables)

12 Months Ended

Dec. 31, 2020

Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure [Table Text Block]

	*December 31,*
	*2020*			*2019*			*2018*
Net capitalized costs:
Proved oil and natural gas properties and equipment	$	8,567.5		$	8,532.2		$	8,169.9
Accumulated depreciation, depletion and amortization related to oil, NGLs and natural gas activities		(7,890.9	)		(7,793.3	)		(7,665.1	)
Net capitalized costs related to producing activities	$	676.6		$	738.9		$	504.8

Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure [Table Text Block]

	*Year Ended December 31,*
	*2020*		*2019*		*2018*
Costs incurred: (1)
Proved properties acquisitions	$	8.1	$	223.8	$	24.1
Exploration (2) (3)		7.4		30.6		49.9
Development		23.6		114.5		56.2
Total costs incurred in oil and gas property acquisition, exploration and development activities	$	39.1	$	368.9	$	130.2

Schedule of Amortization Expense Per Unit of Production [Table Text Block]

	*Year Ended December 31,*
	*2020*		*2019*		*2018*
Depreciation, depletion, amortization and accretion per Boe	$	7.82	$	10.01	$	11.24

Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities [Table Text Block]

										*Total Energy Equivalent Reserves (1)*
	*Oil (MMBbls)*			*NGLs (MMBbls)*			*Natural Gas (Bcf)*			*Oil Equivalent (MMBoe)*			*Natural Gas Equivalent (Bcfe)*
Proved reserves as of Dec. 31, 2017		34.4			7.8			192.2			74.2			445.3
Revisions of previous estimates (2)		11.6			2.8			40.4			21.1			126.7
Extensions and discoveries (3)		0.5			0.3			7.7			2.1			12.6
Purchase of minerals in place (4)		1.5			0.4			9.4			3.4			20.7
Sales of minerals in place (5)		(2.2	)		(0.2	)		(7.2	)		(3.5	)		(21.2	)
Production		(6.7	)		(1.3	)		(32.0	)		(13.3	)		(80.0	)
Proved reserves as of Dec. 31, 2018		39.1			9.8			210.5			84.0			504.1
Revisions of previous estimates (6)		1.4			(1.5	)		(16.9	)		(3.0	)		(18.2	)
Extensions and discoveries (7)		0.9			0.1			1.2			1.1			6.7
Purchase of minerals in place (8)		3.1			17.4			417.6			90.1			540.9
Production		(6.7	)		(1.3	)		(41.3	)		(14.8	)		(89.0	)
Proved reserves as of Dec. 31, 2019		37.8			24.5			571.1			157.4			944.5
Revisions of previous estimates (9)		(0.9	)		(5.9	)		31.6			(1.4	)		(8.8	)
Extensions and discoveries (10)		0.2			0.0			0.2			0.2			1.3
Purchase of minerals in place (11)		0.7			0.4			14.8			3.6			21.8
Production		(5.6	)		(1.7	)		(48.4	)		(15.4	)		(92.3	)
Proved reserves as of Dec. 31, 2020		32.2			17.3			569.3			144.4			866.5

Year-end proved developed reserves:
2020		24.0			16.5			550.2			132.2			793.3
2019		28.0			21.7			504.9			133.8			802.9
2018		31.5			7.8			166.8			67.0			402.2

Year-end proved undeveloped reserves:
2020 (12)		8.2			0.9			19.1			12.2			73.2
2019		9.8			2.8			66.2			23.6			141.6
2018		7.6			2.0			43.7			17.0			101.9

Schedule Of Prices Weighted By Field Production Related To The Proved Reserves [Table Text Block]

	*December 31,*
	*2020*		*2019*		*2018*		*2017*
Oil - per barrel	$	37.78	$	58.11	$	65.21	$	46.58
NGLs per barrel		10.29		18.72		29.73		22.65
Natural gas per Mcf		2.05		2.63		3.13		2.86

Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves Disclosure [Table Text Block]

	*Year Ended December 31,*
	*2020*			*2019*			*2018*
Standardized Measure of Discounted Future Net Cash Flows
Future cash inflows	$	2,561.2		$	4,153.8		$	3,500.9
Future costs:
Production		(1,257.4	)		(1,901.1	)		(958.5	)
Development and abandonment		(707.4	)		(794.7	)		(628.3	)
Income taxes		(60.5	)		(170.5	)		(293.9	)
Future net cash inflows before 10% discount		535.9			1,287.5			1,620.2
10% annual discount factor		(42.2	)		(300.6	)		(553.2	)
Total	$	493.7		$	986.9		$	1,067.0

Schedule of Changes in Standardized Measure of Discounted Future Net Cash Flows [Table Text Block]

	*Year Ended December 31,*
	*2020*			*2019*			*2018*
Changes in Standardized Measure
Standardized measure, beginning of year	$	986.9		$	1,067.0		$	740.6
Increases (decreases):
Sales and transfers of oil and gas produced, net of production costs		(168.6	)		(315.8	)		(398.1	)
Net changes in price, net of future production costs		(503.7	)		(376.4	)		571.5
Extensions and discoveries, net of future production and development costs		2.8			27.0			53.6
Changes in estimated future development costs		(15.9	)		(6.0	)		(114.7	)
Previously estimated development costs incurred		1.4			19.3			48.4
Revisions of quantity estimates		(65.2	)		116.4			307.6
Accretion of discount		111.8			107.4			50.5
Net change in income taxes		87.7			62.9			(133.4	)
Purchases of reserves in-place		44.6			298.3			27.8
Sales of reserves in-place		—			—			(54.1	)
Changes in production rates due to timing and other		11.9			(13.2	)		(32.7	)
Net (decrease) increase		(493.2	)		(80.1	)		326.4
Standardized measure, end of year	$	493.7		$	986.9		$	1,067.0

- Definition

Tabular disclosure of the net quantities of an enterprise's interests in proved developed and undeveloped reserves of (a) crude oil (including condensate and natural gas liquids), (b) natural gas (including coal bed methane), (c) synthetic oil, (d) synthetic gas, and (e) other nonrenewable natural resources that are intended to be upgraded during the period as of the beginning of the period, changes in quantities during the period, and as of the end of the period.

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- Definition

Tabular disclosure of the future net cash flows relating to proved oil and gas reserves and oil and gas subject to purchase under long-term agreements in which the enterprise participates in the operation of the properties on which the oil and gas is located or otherwise serves as the producer. This information is presented in aggregate and for each geographic area for which reserve quantities are disclosed.

+ References + Details