W&T Offshore, Inc. Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Contracted Volumes and Weighted Average Prices of Open Derivative Contracts

The following table reflects the contracted volumes and weighted average prices under the terms of the Company’s open Henry Hub (NYMEX) derivative contracts as of March 31, 2025:


		Average		Costless Collar				Puts
		Daily	Total	Weighted		Weighted		Weighted
	Instrument	Volumes	Volumes	Floor Price		Ceiling Price		Floor Price
Period	Type	(Mmbtu)	(Mmbtu)		($/Mmbtu)		($/Mmbtu)		($/Mmbtu)
Apr 2025 - Dec 2025	costless collar	70,000	19,250,000	$	4.02	$	5.32	$	—
Apr 2025 - Dec 2025	puts	62,182	17,100,000	$	—	$	—	$	2.27
Jan 2026 - Dec 2026	puts	55,890	20,400,000	$	—	$	—	$	2.35
Jan 2027 - Dec 2027	puts	52,603	19,200,000	$	—	$	—	$	2.37
Jan 2028 - Apr 2028	puts	49,587	6,000,000	$	—	$	—	$	2.50

⁽¹⁾	MMbtu – Million British Thermal Units

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location

The fair value of the Company’s derivative financial instruments was recorded in the Condensed Consolidated Balance Sheets as follows (in thousands):


	March 31,		December 31,
	2025		2024
Prepaid expenses and other current assets	$	5,481	$	868
Other assets		3,805		4,150
Accrued liabilities		5,430		3,731
Other liabilities		—		—

The impact of commodity derivative contracts on the Condensed Consolidated Statements of Operations were as follows (in thousands):


	Three Months Ended March 31,
	2025		2024
Realized loss (gain)	$	3,639	$	(3,755)
Unrealized gain		(882)		(1,122)
Derivative loss (gain), net	$	2,757	$	(4,877)

Schedule of Net Values and Estimated Fair Values of Debt Instruments

The following table presents the net values and estimated fair values of the Company’s debt (in thousands):


	March 31, 2025				December 31, 2024
	Net Value		Fair Value		Net Value		Fair Value
Term Loan	$	—	$	—	$	112,132	$	109,727
11.75% Notes		—		—		272,081		278,765
10.75% Notes		341,172		339,283		—		—
TVPX Loan		8,875		9,199		9,010		9,395
Total	$	350,047	$	348,482	$	393,223	$	397,887