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

Annual report pursuant to Section 13 and 15(d)

SUPPLEMENTAL OIL AND GAS DISCLOSURES - UNAUDITED (Tables)

SUPPLEMENTAL OIL AND GAS DISCLOSURES - UNAUDITED (Tables)

12 Months Ended

Dec. 31, 2022

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

Net capitalized costs related to oil, NGLs and natural gas producing activities are as follows (in thousands):


	Year Ended December 31,
	2022		2021		2020
Net capitalized costs:
Proved oil and natural gas properties and equipment	$	8,813,404	$	8,636,408	$	8,567,509
Accumulated depreciation, depletion and amortization related to oil, NGLs and natural gas activities		(8,088,271)		(7,981,271)		(7,890,889)
Net capitalized costs related to producing activities	$	725,133	$	655,137	$	676,620

Depreciation, depletion and amortization ($/Boe)		7.32		6.50		6.34

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

The following costs were incurred in oil, NGLs and natural gas property acquisition, exploration, and development activities (in thousands):


	Year Ended December 31,
	2022		2021		2020
Costs incurred:⁽¹⁾
Proved properties acquisitions	$	78,565	$	2,197	$	8,118
Exploration ⁽²⁾		24,498		18,444		7,727
Development		77,282		47,218		23,528
Total costs incurred in oil and gas property acquisition, exploration and development activities	$	180,345	$	67,859	$	39,373

(1)

^{Includes net additions from capitalized ARO of}^$88.8^million,^$36.2^{million, and}^$15.2^{million during 2022, 2021, and 2020, respectively. These adjustments for ARO are associated with acquisitions, liabilities incurred, divestitures and revisions of estimates.}

(2)

^{Includes seismic costs of}^$5.6^million,^$^0.1^{million, and}^$0.3^{million incurred during 2022, 2021, and 2020, respectively.}^{Includes geological and geophysical costs charged to expense of}^$5.5^million,^$5.7^{million, and}^$4.5^{million during 2022, 2021, and 2020, respectively.}

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

The following sets forth estimated quantities of net proved oil, NGLs and natural gas reserves:



		NGLs	Natural Gas	Oil Equivalent
	Oil (MMBbls)	(MMBbls)	(Bcf)	(MMBoe)
Proved reserves as of December 31, 2019	37.8	24.5	571.1	157.4
Revisions of previous estimates	(0.9)	(5.9)	31.6	(1.4)
Extensions and discoveries	0.2	—	0.2	0.2
Purchase of minerals in place	0.7	0.5	14.8	3.6
Sales of minerals in place	—	—	—	—
Production	(5.6)	(1.7)	(48.4)	(15.4)
Proved reserves as of December 31, 2020	32.2	17.4	569.3	144.4
Revisions of previous estimates	10.0	3.1	83.0	27.1
Extensions and discoveries	—	—	—	—
Purchase of minerals in place	—	—	0.1	—
Production	(5.0)	(1.4)	(44.8)	(13.9)
Proved reserves as of December 31, 2021	37.2	19.1	607.6	157.6
Revisions of previous estimates	4.5	1.2	64.3	16.3
Extensions and discoveries	—	—	—	—
Purchase of minerals in place	4.5	0.2	7.5	6.0
Production	(5.6)	(1.6)	(44.8)	(14.6)
Proved reserves as of December 31, 2022	40.6	18.9	634.6	165.3

Year-end proved developed reserves:
2022	31.1	17.6	576.0	144.8
2021	27.6	17.8	549.2	137.0
2020	24.0	16.5	550.2	132.2

Year-end proved undeveloped reserves:
2022⁽¹⁰⁾	9.5	1.3	58.6	20.5
2021	9.6	1.3	58.4	20.6
2020	8.2	0.9	19.1	12.2

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

The following presents the standardized measure of discounted future net cash flows related to the Company’s proved oil, NGLs and natural gas reserves together with changes therein (in thousands):


	Year Ended December 31,
	2022		2021		2020
Standardized Measure of Discounted Future Net Cash Flows
Future cash inflows	$	8,855,730	$	5,178,215	$	2,561,189
Future costs:
Production		(2,894,652)		(2,061,752)		(1,257,421)
Development and abandonment		(990,329)		(976,500)		(707,357)
Income taxes		(1,005,917)		(358,954)		(60,503)
Future net cash inflows before 10% discount		3,964,832		1,781,009		535,908
10% annual discount factor		(1,701,871)		(625,019)		(42,202)
Total	$	2,262,961	$	1,155,990	$	493,706

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


	December 31,
	2022		2021		2020
Oil ($/Bbl)	$	91.50	$	65.25	$	37.78
NGLs ($/Bbl)		41.92		26.83		10.29
Natural gas ($/Mcf)		6.85		3.68		2.05

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

The change in the standardized measure of discounted future net cash flows relating to the Company’s proved oil, NGLs and natural gas reserves is as follows (in thousands):


	Year Ended December 31,
	2022		2021		2020
Changes in Standardized Measure
Standardized measure, beginning of year	$	1,155,990	$	493,706	$	986,900
Increases (decreases):
Sales and transfers of oil and gas produced, net of production costs		(672,665)		(370,456)		(168,563)
Net changes in price, net of future production costs		1,368,626		980,922		(503,676)
Extensions and discoveries, net of future production and development costs		—		—		2,767
Changes in estimated future development costs		(18,617)		(25,357)		(15,881)
Previously estimated development costs incurred		3,313		613		1,384
Revisions of quantity estimates		249,117		289,637		(65,218)
Accretion of discount		138,077		43,993		111,760
Net change in income taxes		(369,307)		(181,795)		87,713
Purchases of reserves in-place		225,205		319		44,621
Sales of reserves in-place		—		—		—
Changes in production rates due to timing and other		183,222		(75,592)		11,899
Net (decrease) increase		1,106,971		662,284		(493,194)
Standardized measure, end of year	$	2,262,961	$	1,155,990	$	493,706

- 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.

+ References + Details

- 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