Quarterly report pursuant to Section 13 or 15(d)

Summary of Pro Forma Information Incremental Items, Callon Properties (Detail)

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Summary of Pro Forma Information Incremental Items, Callon Properties (Detail) (USD $)
In Thousands, unless otherwise specified
 3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Business Acquisition [Line Items]        
Revenues $ 244,555 $ 185,946 $ 739,160 $ 637,345
Lease operating expenses 67,346 53,411 194,935 170,349
Depreciation, depletion, amortization and accretion 104,143 77,462 312,911 251,894
Incurred 21,373 14,791 64,157 43,409
Capitalized interest 2,573 3,383 7,537 9,899
Income tax expense (benefit) 8,033 (2,175) 35,358 33,959
Callon Properties | Pro Forma
        
Business Acquisition [Line Items]        
Revenues 9,537 [1] 11,130 [1] 27,641 [1] 33,536 [1]
Lease operating expenses 1,459 [1] 1,614 [1] 4,915 [1] 4,628 [1]
Insurance and acquisition costs, net 510 [2] 510 [2] 1,531 [2] 1,214 [2]
Depreciation, depletion, amortization and accretion 3,615 [3] 4,822 [3] 10,735 [3] 13,095 [3]
Incurred 382 [4] 382 [4] 1,146 [4] 1,146 [4]
Capitalized interest 4 [5] 219 [5] (74) [5] 398 [5]
Income tax expense (benefit) $ 1,248 [6] $ 1,254 [6] $ 3,286 [6] $ 4,569 [6]
[1] Revenues and direct operating expenses for the Callon Properties were derived from the unaudited historical financial records of Callon
[2] Incremental costs for insurance were estimated from the incremental costs to add the Callon Properties included in the First Close to W&T’s insurance programs. The direct operating expenses for the Callon Properties described above exclude insurance costs
[3] DD&A was estimated using the full-cost method and determined as the incremental DD&A expense due to adding the Callon Properties’ costs, reserves and production into our currently existing full cost pool in order to compute such amounts. The purchase price allocation included $7.2 million that was allocated to the pool of unevaluated properties for oil and natural gas interests. Accordingly, no DD&A expense was estimated for the unevaluated properties. ARO was estimated by W&T management
[4] The acquisition was assumed to be funded entirely with borrowed funds. Interest expense was computed using assumed borrowings of $76.4 million, which equates to the cash component of the transaction, and an interest rate of 2.0%, which equates to the rates applied to incremental borrowings on the revolving bank credit facility
[5] The change to capitalized interest was computed for the addition to the pool of unevaluated properties and the capitalization interest rate was adjusted for the assumed borrowings. Positive amounts represent increases to net expenses. The negative amount represents a decrease to net expenses
[6] Income tax expense was computed using the 35% federal statutory rate