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

Annual report pursuant to Section 13 and 15(d)

Supplemental Guarantor Information - Condensed Consolidating Statement of Operations (Details)

Supplemental Guarantor Information - Condensed Consolidating Statement of Operations (Details) (USD $)
In Thousands, unless otherwise specified

3 Months Ended

12 Months Ended

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Condensed Income Statements Captions [Line Items]

^[1],[2]

^[1],[2]

^[1],[2]

^[1],[2]

Operating costs and expenses:

Lease operating expenses

Production taxes

Gathering and transportation

Depreciation, depletion and amortization

Asset retirement obligations accretion

General and administrative expenses

Derivative (gain) loss

Total costs and expenses

Operating income

^[1],[2]

^[1],[2]

^[1],[2]

^[1],[2]

Interest expense:

Other income, net

Income (loss) before income tax expense (benefit)

Income tax expense (benefit)

Net income (loss)

^[1],[2]

^[1],[2]

^[1],[2]

^[1],[2]

Condensed Income Statements Captions [Line Items]

Operating costs and expenses:

Lease operating expenses

Production taxes

Gathering and transportation

Depreciation, depletion and amortization

Asset retirement obligations accretion

General and administrative expenses

Derivative (gain) loss

Total costs and expenses

Operating income

Earnings of affiliates

Interest expense:

Other income, net

Income (loss) before income tax expense (benefit)

Income tax expense (benefit)

Net income (loss)

Guarantor Subsidiaries

Condensed Income Statements Captions [Line Items]

Operating costs and expenses:

Lease operating expenses

Gathering and transportation

Depreciation, depletion and amortization

Asset retirement obligations accretion

General and administrative expenses

Total costs and expenses

Operating income

Interest expense:

Income (loss) before income tax expense (benefit)

Income tax expense (benefit)

92

Net income (loss)

Operating costs and expenses:

Earnings of affiliates

Interest expense:

Income (loss) before income tax expense (benefit)

Net income (loss)

[1]

The sum of the individual quarterly earnings per share may not agree with year-to-date earnings per share because each quarterly calculation is based on the income for that quarter and the weighted average number of shares outstanding during that quarter.

[2]

In January 2014, we identified that we had been receiving an erroneous million British thermal unit (“MMBtu”) conversion factor from a third party that had the effect of understating natural gas production at our Viosca Knoll 783 field (Tahoe). The incorrect conversion factor had been used on all natural gas production from the field since we acquired it in 2011. The use of the incorrect conversion factor did not affect revenues, operating cash flows or royalty payments to the federal government but did impact reported natural gas production and the calculation of depletion expense. We performed an analysis of the information, assessing both quantitative and qualitative factors, and determined that the impact on our net income reported for prior annual periods, as well as the impact to our earnings trend, was not material to 2011 and 2012 results, thus the adjustment was recognized in the fourth quarter of 2013.